For traders and brokers working around the clock, it can be hard to come by reliable and robust data to make decisions. But that’s changing.
Nasdaq and Bruce Markets have entered a new data partnership through which Nasdaq will exclusively distribute Bruce Alternative Trading System (ATS) market data. The collaboration marks a major development in after-hours trading, enabling market participants to access Bruce ATS data through existing Nasdaq connections overnight in the United States.
“The client feedback we’ve been hearing for a while, mostly from Asia, is that they need access to clean, accurate, overnight data,” said Brandon Tepper, Senior Vice President, Global Head of Data at Nasdaq. “We’re taking that demand, as well as the partnership we have with Bruce, and merging them to fill the needs of our clients.”
The partnership evolved naturally from an existing relationship between the two companies. Bruce ATS utilizes Nasdaq’s market technology to power its trading system, through a collaboration announced last year. This foundation made expanding their collaboration into data distribution a logical next step.
Market demand for extended trading hours has grown significantly, particularly from the Asia-Pacific region where investors want to trade U.S. equities during their daytime hours. This desire for reliable overnight trading data has also become more pronounced in Europe and the United States in recent months.
As part of the new data venture, Nasdaq will leverage its extensive global distribution network to deliver Bruce ATS data to various stakeholders throughout the financial ecosystem. These include market makers and trading firms needing real-time bid and offer information; retail brokers like Webull, Robinhood, Schwab and Fidelity seeking to enable overnight trading capabilities; information portals such as Yahoo Finance and Apple Stocks wanting to display overnight data; and major data vendors like Bloomberg, Refinitiv and FactSet that service the broader market.
“When we opted to enter the marketplace business for overnight trading, there were a few key things that were very important to our approach and things we felt that the market deserved,” said Jason Wallach, CEO of Bruce Markets. “One, a trusted and reliable marketplace for retail investors and other market participants. Two, best-in-class technology. And three, experienced operators of that technology and of a marketplace. Nasdaq helps us provide all of those things to retail investors.”
The partnership delivers several key Bruce data products through Nasdaq’s distribution channels:
- Bruce Last Sale: Real-time data feed providing complete trade information for all securities traded on Bruce ATS.
- Bruce Best Bid and Offer: Real-time snapshots of liquidity with proprietary data tracking the best quotes throughout the overnight session.
- Bruce Depth of Book: Extended visibility into the complete order book, displaying every order at every price level.
Clients can access this data through existing Nasdaq distribution services, their preferred data vendor or via direct connection to the Bruce ATS matching engine.
The partnership delivers significant benefits to multiple stakeholder groups. For trading firms and brokers, it dramatically reduces time-to-market for implementing overnight trading capabilities. Instead of taking a year or more to establish new connections, firms with existing Nasdaq relationships can tap into Bruce data within days or weeks.
For Asia-Pacific investors, the partnership means greater accessibility to U.S. markets during their normal working hours. Information portals also benefit by being able to display reliable overnight trading data, giving investors better visibility into market movements that occur outside traditional U.S. trading hours.
“When we see a firm with a good idea, good technology and with a vision for the future, we like to partner and invest in them, because when they grow, we grow,” Tepper explained.
The partnership also aligns with broader market trends toward 24-hour trading. Nasdaq itself has announced plans to extend its own trading hours to a 24/5 schedule by the end of 2026. In this context, Bruce ATS and its data partnership with Nasdaq represent an important bridge toward more continuous global trading.
“Nasdaq, which represents arguably one of the most trusted market data distribution businesses in the world—and certainly the most robust from a distribution perspective—gives us the largest reach, not only domestically, but also internationally,” said Wallach. “So it’s a natural fit, and it’s a home run, both for Bruce ATS as well as our clients and their investors.”
