Axiom for 24/5 Trading
The Institutional Guide to 24/5 Equities: Solving the Overnight Transparency Gap
The shift toward a 23-hour U.S. equities cycle has transformed the overnight session from a low-volume niche into a primary theater for price formation and global demand capture. However, for institutional desks, this shift introduces a critical regulatory and operational void: the absence of the National Best Bid and Offer (NBBO) outside of core hours.
Without a standardized “North Star” for pricing, firms face heightened execution risk and fragmented liquidity across unlinked venues.
Download the Axiom 24/5 Technical Brief to learn how to institutionalize your overnight infrastructure and eliminate the “best-price” discovery gap.
The Critical Barriers to 24/5 Trading
Institutional participation in extended hours is often throttled by three core operational challenges:
- Fragmentation-Induced Information Asymmetry: Liquidity across Blue Ocean ATS, Bruce ATS™, and MOON ATS® is currently split. Without a single view, firms risk suboptimal execution and missed liquidity.
- The Pricing Reference Void: Industry bodies publish the NBBO only during regular trading hours. Consequently, firms manually calculate their own best-price references across multiple venues, which increases the risk of trade errors and compliance oversights
- Integration Debt: Every additional overnight venue requires a bespoke integration, increasing time-to-market and compounding long-term maintenance costs.
Axiom: The Industry’s First Consolidated Overnight Feed
Exegy Axiom provides the first managed Data-as-a-Service (DaaS) solution to consolidate the fragmented overnight landscape into a single, high-availability feed.
Key features explored in the report include:
- Overnight Best Bid and Offer (OBBO™): A consolidated feed that functions like a SIP for the overnight session, calculating the best price across all three major ATSs.
- Detailed Liquidity Discovery: Unlike the traditional NBBO, the OBBO provides detailed volumes available at best prices in each venue for immediate discovery.
- Flexible Delivery: Choose between Top-of-Book (L1) or Depth-of-Book (L2) options, delivered via cross-connect at Exegy’s New York point of presence (NY4/NY2).
- Operational Simplicity: Reduce the need for ongoing upkeep, data normalization, and symbology alignment.
Institutionalize Your Overnight Strategy
Fragmented data shouldn’t be the bottleneck for global liquidity capture. Transition to a managed market data model that provides the resilience and transparency required by modern capital markets.
Download the Full Technical Brief
