Bruce Markets

What Bruce Markets does

Bruce Markets LLC operates Bruce ATS, an SEC-registered, FINRA/SIPC-member Alternative Trading System that provides overnight trading in U.S. Reg NMS equities from 8:00 PM to 4:00 AM ET, Sunday through Thursday nights. The platform is built on Nasdaq's enterprise-grade exchange technology and supports price/time-priority matching with ±20% price protection bands, day limit orders, IOC orders, and standard FIX 4.2 connectivity via Equinix NY4 or supported extranets. Market data products (Bruce Last Sale, Bruce BBO, and Bruce Depth of Book) are distributed globally through Nasdaq Data Services as exclusive administrator and a network of partners including dxFeed, Yonhap Infomax, Kaiko, BSO, OptionsIT, and Viewtrade.

Bruce Markets generates revenue primarily through transaction fees on trades executed by U.S. registered broker-dealer subscribers, with secondary income from market data licensing. The firm sells only to U.S. registered broker-dealers as direct subscribers, while foreign broker-dealers and financial institutions access the venue through those U.S. intermediaries. Bruce Markets is backed by a consortium of strategic investors — Fidelity Investments, Nasdaq Ventures, Robinhood, Webull, Apex Fintech Solutions, PEAK6 Investments, tastytrade, and NH Investment and Securities — most of whom also act as trading participants or distribution partners, giving the venue institutional-grade liquidity and global retail reach spanning Korea, Japan, Singapore, Hong Kong, India, and Canada in addition to the U.S. retail-heavy flow (54.7% of shares traded) that underpins the platform's odd-lot transparency innovation.

Name

Bruce Markets

Legal name

Bruce Markets LLC

Website

https://brucemarkets.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Bruce Markets operates Bruce ATS, an SEC-registered Alternative Trading System providing overnight (8 PM–4 AM ET) trading in U.S. equities to broker-dealers, retail platforms, and global investors on Nasdaq-built technology.

Ownership category

akta.pro rank

Product category

Alternative Trading System (Electronic Trading Venue)

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Electronic Communication Networks (ECNs) & Alternative Trading Systems (ATS) — Equities (FSAFAAAD)

akta.pro secondary industry

Multi-Asset Alternative Trading Systems (ATS) / Multilateral Trading Facilities (MTF) (FSAFAEAC)

Keywords

• Overnight equities trading
• Alternative trading system
• Market data feeds
• Institutional trading venue
• ATS technology

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Trading Execution Fees: Bruce Markets generates revenue through trading execution fees on the Bruce ATS platform. As an ATS operator, the company earns fees from broker-dealer subscribers executing trades during overnight hours. The platform enables trading of NMS securities during extended overnight hours from 8:00 PM to 4:00 AM ET.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Bruce Markets operates Bruce ATS, an Alternative Trading System providing institutional-grade overnight trading for U.S. Reg NMS equity securities from 8:00 PM to 4:00 AM ET, Sunday through Thursday nights. The platform enables broker-dealers and their clients to execute trades in U.S. equities during extended hours with price/time priority matching, ±20% price protection bands, and FIX 4.2 protocol connectivity, complemented by market data feeds (Last Sale, BBO, Depth of Book) distributed via Nasdaq Data Services.

Product overview

Bruce Markets operates Bruce ATS, an Alternative Trading System for overnight U.S. equities trading. The core product is Bruce ATS itself, a trading venue for U.S. Reg NMS securities operating from 8:00 PM to 4:00 AM ET. Supporting this core trading platform are Bruce ATS Market Data feeds (Level 1, Level 2, and Last Sale) distributed through Nasdaq Data Services and multiple redistributor partners. The company also offers odd-lot transparency in its BBO feed, a feature that sets it apart by including retail-sized orders in top-of-book pricing. Bruce Markets connects to the market through a network of connectivity partners including Equinix NY4, BT Radianz, Colt, ICE, Pico, and others. Bruce ATS is backed by Nasdaq technology infrastructure and distributes data through exchanges including Nasdaq, Yonhap Infomax, Kaiko, and dxFeed.

Differentiator

Problem solved

Functional benefit

Products and services

• Bruce ATS An Alternative Trading System (ATS) providing institutional-grade overnight trading for U.S. Reg NMS equity securities from 8:00 PM to 4:00 AM ET, Sunday through Thursday nights. Built on Nasdaq technology, it offers price/time priority matching, ±20% price protection bands, and supports day limit orders and IOC orders via FIX 4.2 protocol. Available only to U.S.-registered broker-dealer subscribers as direct participants, with foreign broker-dealers accessing the venue via U.S. intermediary subscribers.
• Bruce ATS Market Data Feeds Real-time overnight market data products for Bruce ATS distributed via Nasdaq Data Services, comprising Bruce Last Sale (complete and up-to-date trade information for all securities traded on Bruce ATS), Bruce Best Bid and Offer (BBO) snapshots of liquidity throughout the overnight session, and Bruce Depth of Book (visibility into every order at every price level in the Bruce order book). Data is available directly from the matching engine or through Nasdaq data distribution channels and redistributors.

Quantifiable outcome

• 54.7% of shares traded on Bruce ATS come from retail investors, demonstrating strong retail participation
• +3 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration19 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered major and core.

• KaikomajorTechnology or Integration · 2 April 2026Kaiko integrated Bruce Markets data into its 24/7 equity Reference Rates. The partnership strengthens institutional-grade pricing infrastructure for overnight markets by incorporating Bruce ATS trading data alongside other institutional sources into Kaiko's consolidated reference rates, particularly for next-generation perpetual products.
• Yonhap InfomaxmajorTechnology or Integration · 21 October 2025Bruce ATS integrated with Yonhap Infomax, South Korea's leading financial information provider, enabling Yonhap Infomax clients to access real-time market data from Bruce ATS. This partnership supports Bruce's expansion in the Korean financial ecosystem and broader Asian market access to U.S. overnight trading.
• Clear StreetcoreTechnology or Integration · 9 October 2025Clear Street integrated Bruce ATS into its cloud-native trading platform, enabling clients to trade NMS securities during extended overnight hours from 8:00 PM to 4:00 AM ET. The integration is part of Clear Street's 24/6 trading framework which already includes Blue Ocean ATS, MOON ATS, and OTC Overnight, expanding access to additional overnight trading venues with expanded liquidity through smart order routing.
• Nasdaq (Technology)coreTechnology or Integration · 25 June 2025Bruce ATS is built on Nasdaq's enterprise-grade technology and market technology. Nasdaq provides the trading technology infrastructure and serves as the exclusive global data administrator for Bruce ATS market data, enabling seamless distribution through Nasdaq's established data delivery connections.
• Nasdaq Data ServicescoreChannel Partner/ Reseller/ Distributor · 25 June 2025Nasdaq Data Services serves as the exclusive global data administrator for Bruce ATS market data. The partnership delivers seamless data integration enabling brokers and traders to access Bruce ATS data through Nasdaq's proven data delivery connections, including Bruce Last Sale, Bruce BBO, and Bruce Depth of Book feeds.
• dxFeedmajorTechnology or IntegrationdxFeed is a global provider of market data and financial technology solutions that integrated Bruce ATS data into its market data offerings, providing global and U.S.-based traders access to real-time, delayed, and historical data from Bruce ATS for overnight U.S. equities trading.
• Crypto.commajorChannel Partner/ Reseller/ DistributorCrypto.com integrated overnight stock trading feature supported by Bruce ATS as a routing destination and source of overnight market data. Crypto.com provides users broader access to U.S. equities outside traditional market hours through its digital-first investing platform, bridging traditional and modern investing.
• Equinix NY4coreTechnology or IntegrationBruce ATS connectivity is available directly at Equinix NY4 data center, providing low-latency access for trading participants connecting to the overnight trading platform.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• IEX: Established U.S. equities ATS and exchange operator with a retail-investor-friendly brand (Investors Exchange). Overlaps with Bruce's mission of providing better execution quality and transparency to retail flow, though within regular trading hours.
• Nasdaq: Both Bruce's technology provider (via Nasdaq's matching engine and data services) and a broader exchange competitor. A move by Nasdaq into overnight equities trading would directly threaten Bruce's market position.
• Cboe Global Markets: Major U.S. exchange operator across equities and derivatives with extended-hours offerings. A potential entrant into overnight equities and a relevant comparable for institutional-grade matching technology and market data products.

Direct peers

• Blue Ocean Technologies: Operator of Blue Ocean ATS, the established incumbent in overnight U.S. equities trading. Directly competes with Bruce ATS for the same broker-dealer subscribers and overnight order flow, with deeper liquidity and a longer operating history.
• Virtu Financial: Global liquidity provider that operates crossing networks and ATS venues (e.g., POSIT) and participates on Bruce ATS. Comparable in providing institutional-grade U.S. equities execution infrastructure, with both competing and partnering overlap.
• OTC Overnight: Overnight U.S. equities venue referenced alongside Bruce and Blue Ocean in broker smart-order-routing frameworks (e.g., Clear Street's 24/6 platform). Direct competitor for the same overnight liquidity pool.
• Moon ATS: Alternative Trading System focused on overnight U.S. equities. Competes head-to-head with Bruce ATS for overnight order flow from retail brokerages and international broker-dealers seeking U.S. extended-hours access.

Others

• Kaiko: Institutional market data and reference rate provider that has integrated Bruce ATS data into its 24/7 equity Reference Rates. Comparable as ecosystem infrastructure supporting overnight equities, though operating in the data layer rather than as a competing trading venue.

Emerging players

• 24 Exchange: Emerging trading venue pursuing 23-hour-a-day trading across multiple asset classes including equities. Shares Bruce's extended-hours thesis and targets similar broker-dealer and international demand, though focused on a broader multi-asset mandate.
• Members Exchange (MEMX): Newer U.S. equities exchange with a member-driven, retail-aligned model. Competes for U.S. equities trading flow and overlaps with Bruce in serving broker-dealers seeking lower-cost, transparent execution infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds1 record

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bruce Markets