Exegy is set to introduce what it describes as the first consolidated Overnight Best Bid and Offer (OBBO) feed covering all three US after-hours equity trading venues, addressing a gap in overnight price discovery as markets move toward extended and near-continuous trading models.
The new feed, due to be launched within the next few weeks according to the company, will aggregate top-of-book data from Blue Ocean ATS, Bruce ATS, and MOON ATS, enabling market participants to access a consolidated view of best prices during overnight sessions without having to calculate BBOs themselves. Structured in a manner comparable to a Securities Information Processor (SIP), the OBBO service is designed to simplify overnight market data consumption and support more consistent execution and analysis outside traditional trading hours.Exegy will deliver the consolidated feed through its data-as-a-service platform, Axiom. Connectivity to Blue Ocean ATS is already supported, with Bruce ATS and MOON ATS connectivity expected to follow during the first quarter.
“We will launch the OBBO at the same time as Bruce ATS and MOON ATS go live,” Arnaud Derasse, Exegy’s CTO, tells TradingTech Insight. “The Blue Ocean overnight feed is already live and has active customers, while the other two venues are being connected now. Since a consolidated BBO service only makes sense with multiple data contributors, the service will become available once all three ATSs are connected and contributing to the dataset.”
The initiative reflects growing institutional interest in after-hours and overnight trading, driven by global participation across time zones and the gradual evolution of US equities markets toward a 24/5 operating model. While liquidity during these sessions remains fragmented, Exegy’s approach aims to make overnight price formation more transparent and operationally accessible.
“The data shows a clear surge in overnight trading across all three venues, particularly since November and December, when volumes more than doubled,” Derasse points out. “What was once dismissed as ‘FOMO’ is now proving to be real, durable activity, with meaningful participation, especially from Asia. That shift in behaviour has accelerated demand for access to these venues and created a clear opportunity to deliver an overnight BBO service.”
All three venues will be available via Exegy’s New York point of presence, with clients able to choose between top-of-book (L1) and depth-of-book (L2) data for individual exchanges. The OBBO feed will be offered as a consolidated service, derived from each venue’s L1 feeds.“There are four core options,” says Derasse. “Clients can take the Blue Ocean, Bruce and MOON feeds individually, or they can take the OBBO service, which adds a calculation layer and a value-added dataset. While firms could build this themselves, our focus is on simplicity and performance—delivering a consolidated best bid and offer without the operational overhead. With direct connectivity from NY4 and OBBO calculated on our FPGA-accelerated platform, it provides an all-in-one view of the best price, available quantity and where that liquidity sits.”
The launch forms part of Exegy’s broader expansion of its global market data coverage. In late 2025, the firm added real-time Canadian equity data via the TMX Information Processor, extending its reach beyond US markets and reinforcing its focus on low-latency, consolidated data services.
As extended-hours trading continues to gain traction, the availability of consolidated overnight market data is likely to become an increasingly important component of institutional trading and analytics infrastructure.
“A useful comparison is the SIP in US equities,” notes Derasse. “During normal trading hours, the SIP provides the NBBO and underpins execution obligations within the spread. But none of that exists overnight, there is currently no SIP operating during those hours, and while overnight coverage has been discussed, it is unlikely to arrive before late 2026 at the earliest. In the meantime, we are effectively providing a SIP-like service – an NBBO equivalent – from 8pm to 4am, and that is the core rationale behind the product.”
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