About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Exegy to Launch First Consolidated Overnight BBO Feed for After-Hours Trading Venues

Subscribe to our newsletter

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.”

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Navigating the Build vs Buy Dilemma: Cloud Strategies for Accelerating Quantitative Research

Date: 20 May 2026 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes For many quantitative trading firms and asset managers, building a self-provisioned historical market data environment remains one of the most time-consuming and resource-intensive steps in establishing a new research capability. Sourcing data, normalising symbologies, handling corporate actions and maintaining...

BLOG

AI Emerges as Key Focus for the Buy-Side, Says SIX

Three years ago when Swiss financial data and market infrastructure provider SIX launched its first report together with Crisil Coalition Greenwich on the state of play within the buy-side, the subject of artificial intelligence barely made an appearance. Fast-forward to 2025, and AI dominates the latest report. AI is being deployed within a growing number...

EVENT

Eagle Alpha Alternative Data Conference, Spring, New York, hosted by A-Team Group

Now in its 9th year, the Eagle Alpha Alternative Data Conference managed by A-Team Group, is the premier content forum and networking event for investment firms and hedge funds.

GUIDE

Regulatory Data Handbook 2018/2019 – Sixth Edition

In a testament to the enduring popularity of the A-Team Regulatory Data Handbook, we are delighted to publish a sixth edition for 2018-19 of our comprehensive guide to all the regulations and rules that might impact data and data management at your institution. As in previous editions of the Regulatory Data Handbook, we have updated...