Market data and technology provider Exegy is set to launch an overnight best bid and offer (OBBO) consolidated feed connecting Blue Ocean, Bruce and MOON’s alternative trading systems (ATS), marking an industry first.
Arnaud Derasse
By linking all three of the after-hours ATSs, the new offering is expected to allow market participants to capture liquidity currently not accessible on traditional exchange feeds outside of normal trading hours, to address a structural gap in overnight markets.
In addition, clients using the new functionality will be able to perform best price discovery with ease, with the consolidated feed set to provide real-time information on the best price for a specific security instrument, instead of requiring clients to carry out their own calculations.
Speaking on the connection, Arnaud Derasse, chief technology officer at Exegy, explained: “As participants continue operating across time zones, we are seeing major interest towards extended or after-hours trading venues.
“The addition of these three ATSs, along with the Exegy live calculated OBBO, will enrich the consolidated market data our clients have access to via Axiom, providing them with a more complete market view with simplified overnight best price discovery.”
Read more – Institutional tide of opinion on extended trading hours not turning?
Market data access to these ATSs will be available through Exegy’s data-as-a-service solution, Axiom, which currently offers connectivity only to Blue Ocean ATS, with the other two set to follow.
The live calculated OBBO is set to launch in Q1 2026 and aligns with an uptick in interest in extending trading hours towards as 24/5 model in the US equities markets.
“As trading moves toward a true 24/5 market, access to overnight liquidity is essential,” said Matt Fuchs, executive vice president, market data at OTC Markets Group.
“With almost 15 years of building and operating ATSs, we’re thrilled to bring MOON ATS market data to Exegy’s Axiom, giving investors the tools to capture opportunities across US equities anytime, anywhere.”
Read more – Trillium Surveyor and Blue Ocean to offer 24/5 trade surveillance coverage
Extending trading hours in US equities is a key talking point across financial markets at present. Recent discussions were highlighted in the Depository Trust & Clearing Corporation’s (DTCC) industry-wide testing phase for 24/5 trading – currently scheduled to come into effect on 28 June 2026.
Many national exchanges are also expected to complete the transition to near-continuous trading between 2026 and 2027.