SITREP #008 · WEEKLY SITUATION REPORT · 31 AUG–07 SEP 2026

The Amendments You Cannot See

BlueOcean overnight notional fell 35.1 percent to $12.25B in the week it made 18 symbols unavailable, and the semiconductor complex fell even with SOXL set aside. Underneath the tape, five material Form ATS-N amendments are invisible to anyone reading the current disclosures, and one of them is six days old.

Sapinover Intelligence · Monday, September 7, 2026 · US cash equities and Treasuries closed for Labor Day. Overnight figures computed from the three-venue pipeline and verified against the master parquet; filings read at source on SEC EDGAR; non-reporting verified against FINRA directly.

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//The Stack

Five layers of market plumbing, and where each one stands this week. Click any layer for the detail.

01The Tape

Five sessions, all short of the twenty-day average. Monday carried the last night of SOXL and the halted names; from Tuesday the venue traded without them.

Breadth is the share of names whose overnight VWAP printed above the prior close, on Complete rows only. Monday is computed on 411 of 835 rows and should be read loosely; the other nights are near-complete. This week the reference-gap measure coincides with breadth every night. Moon's Monday reads zero in the collection and, per #007, cannot be told from a failed scrape, so it is shown as unconfirmed and excluded from that night's total.

Bruce Markets ran $2.92B against $3.25B, down 10 percent, and its share of the three-venue tape rose from 14.5 to 18.9 percent. That is the same arithmetic as last week's note on Bruce: it did not grow, it shrank less than the venue beside it, and the halted names were BlueOcean's to lose.

The semis basket, on the pinned names

The basket is the one pinned in #005 and it is not adjusted for the halt, on purpose. SOXL and KORU are in it and both were made unavailable from Tuesday. The 47.7 to 36.5 move is therefore two things at once. Take SOXL out of both weeks and the rest of the basket still went from 38.5 to 33.4 percent of the tape, in a week Micron rose 9 percent and Nvidia 6 percent in the day session. The complex got less concentrated overnight while it rallied by day, which is the same shape #007 recorded in the Nvidia earnings week.

The names underneath

Median timing differential is the overnight VWAP against the next regular-session open, in basis points of the prior close, median across the sessions the name traded. Positive means the overnight print sat below where the day opened.

Micron was the largest name on the tape at $947.6M with a median timing differential of plus 47 basis points, and it closed the week up 9 percent. SOXS, the inverse wrapper, was fifth at $445.3M with a median of minus 54 basis points, and fell 10.2 percent on Friday alone. Those two rows are the overnight tape and the day session agreeing about direction in the same names. SOXL appears once, for Monday night, at $384.5M. It is the last BlueOcean print in that symbol.

02The Week That Was

The indexes finished a five-session week close to flat and split on Friday. SPY closed $770.19, down 0.39 percent on the day and up 0.11 percent on the week. QQQ $718.96, up 0.18 and 0.35. IWM $296.01, up 0.28 and 0.09. DIA $534.08, down 0.53 and 0.18. The VIX closed 14.53 Friday, having touched 16.34 at Tuesday's close before fading. The 10-year Treasury yield ended at 4.78 percent.

Jobs. August nonfarm payrolls rose 162,000 against a consensus near 53,000, with unemployment unchanged at 4.1 percent. July was revised to a gain of 21,000 from a loss of 23,000. That print, not the weekend's headlines, is the reason the front and middle of the curve firmed into the close.

Apple. AAPL fell 2.51 percent Friday to $319.97, flat on the week, and accounts for the Dow's underperformance against the Nasdaq. John Ternus became chief executive on September 1. The company's September 9 event, at 10:00 AM Pacific, is his first product launch in the role.

Hormuz. Over the weekend the United States struck three Iranian oil tankers, and Iran's Revolutionary Guard said it hit three tankers and three US-linked vessels in the Strait of Hormuz. WTI printed $92.47 in Monday's holiday session, up 10.9 percent from the prior Friday. Energy was already the week's leading sector before the weekend, with XLE up 2.2 percent through Friday. We report the strikes as the wire services described them and attribute nothing beyond that.

Semis by day. Micron up 6.1 percent Friday and 9.0 on the week, Nvidia up 5.9 on the week, SOXL up 9.9 percent Friday and SOXS down 10.2. Broadcom, which reported in the week, finished down 3.0 percent. MicroStrategy rose 12.2 percent on the week with bitcoin near $80,000.

03A Fifth Overnight Venue

IntelligentCross filed a Form ATS-N/MA on August 31, 2026 (CIK 0001708826, file 013-00116) introducing an Overnight Trading Session on its ASPEN book and Hosted Pools. As filed: order entry from 7:45 PM ET, trading 8:00 PM ET to 9:30 AM ET the following business day, limit orders only with Day, IOC or Good-Till-Time instructions, and unexecuted orders cancelled at the end of the session. The whole thing is expressly subject to the availability of trade reporting facilities to report the resulting transactions the next calendar day.

The design choice worth reading twice, in the venue's own words: the ATS will not utilise the NBBO during the OTS and will apply a static “Reference Price Band” to each stock enabled for trading. It also adds Overnight Support Personnel with access to confidential trading information.

This makes the overnight cohort a five-venue category rather than three: BlueOcean, Bruce, Moon, IBKR Eos, and IntelligentCross once live. It is not yet trading. The no-NBBO design follows from the rulebook rather than from taste. Trade-through is defined only during regular trading hours under Rules 600(b)(105) and 600(b)(88), so each venue writes its own reference: BlueOcean a 15 percent band, Bruce and Moon 20 percent asymmetric bands, IntelligentCross a static band of its own.

IntelligentCross also filed on August 17 to let a subscriber send orders to the ATS and have them forwarded to the IntelligentCross smart order router without entering the matching engine, opt-in only, by FIX tag or session-level configuration. Two material amendments in a fortnight, one building a session and one building a bypass. Neither is in the venue's current restated form.

04The Amendments You Cannot See

A Form ATS-N material amendment does not always restate the form. It can be filed as a cover page only: EDGAR serves a coverpage.xml describing the change and returns 404 for primary_doc.xml. Until the venue next files a full restated form, the most recent one on file does not contain the amendment, and a reader of “the current Form ATS-N” does not see it.

How common is the practice? Sweeping every broker-dealer operator in our ATS-N corpus for calendar 2026 returns 28 cover-page-only filings, and all 28 are material amendments. Zero updating amendments were filed this way. The practice is specific to the filings that change how a venue works.

Most of those 28 have since been absorbed, because the venue filed a restated form later in the year. What matters to a reader today is the ones that have not. As of this edition there are five:

The newest is six days old. On September 1, National Financial Services, the Fidelity broker-dealer that operates CrossStream, amended Item 3 and Part III Items 11, 13, 14 and 19 to state that a Custom Counterparty Group “may be configured to include orders from a single subscriber for purposes of intra-subscriber matching,” while clarifying that such groups “affect only order interaction eligibility and do not change the ATS’s priority, pricing, allocation, matching, or execution rules.” Items 13 and 14 are counterparty selection and segmentation. That is the bilateral layer, amended at a major broker’s pool, five days before the reopen, and CrossStream's newest restated form is from April.

This lands on our own work

Our segmentation census of August 30 reads “the current Form ATS-N of every operating NMS Stock ATS.” On the day it was built, three cover-page amendments were outstanding and it could not see them: PureStream's of August 13, Admiral's of August 13, and IntelligentCross's of August 17. We are saying so here rather than quietly re-running it. Any venue-disclosure census has to walk the amendment cover pages alongside the restated forms. Ours now does.

05Who Is Actually Building

Set the filing record against the FINRA tape and the ranking tells you very little about which venues are changing. Notional is the 35 complete weeks from December 15, 2025 through the week beginning August 10, 2026, across the 36 ATSs reporting under Rule 4552, 34 of them NMS-equity.

BIDS trades a trillion dollars and has stopped filing. Cboe has owned BIDS since 2021. Its last material amendment, March 12, was not a trading feature: it disclosed that certain Cboe personnel provide shared services to BIDS and have access to historical confidential trading information, and that this information sits on database systems Cboe maintains. Three updating amendments since, and nothing functional. Before March, its last functional change was June 2023.

LeveL did the opposite and has now paused. LeveL shipped 21 material amendments to BIDS’s seven, iterating on one question: who is allowed to meet whom. Its last was May 11, adding Minimum Fill Size and a Maximum Contra Side Order Quantity, the latter available only in unilateral, bilateral and multilateral arrangements. That second one lets a subscriber cap how large its counterparty can be. Nothing material in four months.

06Rules In Motion

Rules 611 and 610(e) are under a live SEC rescission proposal, Release 34-105655 of June 11, 2026, file S7-2026-20. Proposed, not adopted. Of the 102 substantive comment letters in that file, 97 cite Rule 611 and 77 cite 610(e).

That is a separate question from whether Rule 611 reaches the overnight session, which it does not and never has. If the rescission is adopted, the design freedom overnight venues already exercise becomes available in the day session too, which is why the filings in section 03 read as a preview rather than a curiosity.

Two compliance dates sit just ahead and neither has moved. Amended Rule 605’s first wave lands at the end of September, with the odd-lot and price-improvement wave at the end of December. Amended 605 still excludes not-held orders. The SIP extends to 23x5 on December 6.

The rail

07Forward Calendar

Cash equities, listed options and cash Treasuries were closed today. Friday's cash trades settle Tuesday on T+1 with the holiday skipped. The overnight ATS session beginning 8:00 PM ET tonight carries trade date Tuesday, September 8, and is the first US equity price discovery since Friday's close for anyone not in futures. After a week in which the tape ran 35 percent lighter and the halted names are gone, a soft print tonight is the base case, not a signal.

• Tue Sep 8. US cash reopens. First clean price discovery window for the weekend's crude move and Friday's Apple decline.
• Wed Sep 9. Apple event, 10:00 AM Pacific. First launch under Ternus.
• Thu Sep 10. PPI, 8:30 AM ET.
• Fri Sep 11. CPI, 8:30 AM ET. The last inflation print before the FOMC.
• Sep 15-16. FOMC, decision and press conference Wednesday afternoon.
• End Sep. Amended Rule 605 wave one.
• Oct 2. SIP UAT weekends begin.
• Dec 6. SIP 23x5 production launch.

08Get SITREP

##Sources

SITREP is a weekly situation report on market structure. Overnight notional figures reflect Sapinover's overnight pipeline and are not comparable to full-market consolidated volume. This analysis is for information only and is not investment advice, a recommendation, or a solicitation. For methodology see the support page.