Exegy Unveils Overnight Consolidated BBO Feed for later than-Hours Equity Trading
Market data and trading technology provider Exegy has announced the launch of the first-ever overnight consolidated Best Bid and Offer (BBO) feed, designed to support price discovery across U.S. equities traded outside standard market hours. The new feed aggregates pricing from all three active later than-hours Alternative Trading Systems (ATS), addressing a long-standing structural gap in overnight market transparency.
The Overnight Best Bid and Offer (OBBO) feed consolidates data from Bruce ATSâ„¢, Blue Ocean ATS, and MOON ATS, delivering a real-time view of the best available prices across these venues. By offering a consolidated feed similar in concept to a (SIP), Exegy removes the need for market participants to independently calculate best prices during overnight sessions.
The OBBO feed will be delivered via Exegy’s data-as-a-service platform, Axiom, enabling clients to capture liquidity that does not appear on traditional platform feeds once core trading hours end. The launch reflects growing institutional demand for robust market infrastructure as equity trading continues to extend beyond the standard trading day.
Closing the Overnight Price Discovery Gap
later than-hours equity trading has historically been fragmented, with liquidity spread across multiple ATSs and limited consolidated data available to market participants. Exegy’s new OBBO feed directly addresses this challenge by providing a single, real-time reference point for best prices across all major overnight venues.
According to Exegy, the consolidated feed enables more efficient execution and improved decision-making for firms operating across global time zones. With increasingly active overnight, the ability to access reliable best-price information is becoming critical to managing execution quality and risk.
Arnaud Derasse, Chief Technology Officer at Exegy, said the initiative reflects shifting market behaviour. He noted that as participants operate across time zones and extend trading activity, demand for comprehensive later than-hours data has accelerated, making consolidated overnight pricing a key infrastructure requirement.
Takeaway
ATS Connectivity Expands Through Axiom
In parallel with the OBBO launch, Exegy is expanding direct connectivity to later than-hours ATS venues through its Axiom platform. Connectivity to is already live, while access to Bruce ATSâ„¢ and MOON ATS is currently in development and expected to be delivered during the first quarter.
All three venues will be accessible via Exegy’s New York point of presence, with clients able to subscribe to either Top-of-Book (Level 1) or Depth-of-Book (Level 2) data. The OBBO service itself will be offered as a standalone feed, built using the Top-of-Book data from each ATS.
Industry participants have welcomed the expanded access. Matt Fuchs, EVP of Market Data at OTC Markets Group, said that as markets move toward a 24/5 trading model, reliable access to overnight liquidity is essential, and the integration of MOON ATS data into Axiom assists investors operate across U.S. equities around the clock.
Takeaway
Supporting the Shift Toward 24/5 Markets
The introduction of an overnight consolidated BBO feed aligns with broader structural changes in , where trading activity is gradually shifting toward extended and near-continuous hours. Institutional investors are increasingly viewking infrastructure that supports execution, monitoring, and risk management outside traditional sessions.
Exegy positions the OBBO feed as part of its wider strategy to anticipate market evolution and deliver tools that adapt to changing liquidity patterns. By incorporating overnight ATS data into its global , the firm aims to ensure clients can participate effectively as trading hours continue to expand.
The launch builds on recent enhancements to Axiom’s coverage, including the integration of real-time, low-latency Canadian equity data via the TMX Information Processor in late 2025. Together, these initiatives underscore Exegy’s focus on delivering comprehensive, consolidated data answers as markets move closer to a continuous trading model.
