SITREP #009 · WEEKLY SITUATION REPORT · 08–13 SEP 2026

The Night the Halts Ended

BlueOcean stopped halting symbols for fair access reasons from the Thursday session. Ten of the eighteen names printed that night. The six that had traded in August printed at 50 percent of their August pace, and SOXL volume at Bruce fell by half. Memory regained overnight share in a week it fell by day, and two more cover-page amendments took the count of material changes missing from the current forms to seven.

Sapinover Intelligence · Sunday, September 13, 2026 · Overnight figures computed from the three-venue pipeline and verified against the master parquet; venue notice read on the operator's service alerts page; filings read at source on SEC EDGAR.

00BLUF

//The Stack

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

01The Tape

Four sessions. Tuesday's trade date is the first after a Monday holiday and it is large for the same reason it was large after Martin Luther King Jr. Day and Presidents' Day: BlueOcean printed 2.45 times the rest of the week on September 8, against 2.32 times on January 20 and 1.83 times on February 17. Set Tuesday aside and Wednesday to Friday averaged $2.29B, 7.0 percent above the $2.14B of Tuesday to Friday the week before.

Breadth is the share of BlueOcean names whose overnight VWAP printed above the prior close. Every row was Complete this week. The share that opened above the prior close ran 52.3, 42.3, 21.0 and 77.3 percent: Wednesday and Thursday opened 30.1 and 32.5 points below the overnight bid, and Friday opened 14.3 points above it. Friday is the session that began Thursday at 8:00 PM ET.

The three venues ran $16.23B against $15.46B. Bruce ran $3.42B, 21.0 percent of the three-venue tape against 18.9 percent the week before, and its nightly share peaked at 24.0 percent on Thursday before falling to 18.5 percent on Friday, the night BlueOcean had its halted names back. Moon ran $343M and reported every night.

The semis basket, on the pinned names

Semis went from 36.5 to 39.9 percent and memory from 18.7 to 24.7. SOXL traded on one night of four, so we checked the move without it: ex-SOXL, the basket rose from 33.4 to 38.2 percent. Last week the complex shrank on its own. This week it came back on its own.

The day session went the other way in the memory names. Micron fell 4.1 percent on the week and SanDisk 6.1 percent, while AMD rose 8.1, Intel 7.5 and SK hynix 7.4. The overnight tape gave memory more of its dollars in a week the largest memory names lost ground.

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. Negative means the overnight print sat above where the day opened.

Micron and SanDisk were the only two names above a billion dollars, and both carried a median timing differential near minus 75 basis points: the overnight print sat above the next open in a week both names fell. SOXL's single night back carried plus 476 basis points, and SOXL rose 5.2 percent on Friday.

02The Night the Halts Ended

BlueOcean posted this on its service alerts page: “Beginning Thursday, September 10 at 8pm EST, Blue Ocean ATS will no longer halt symbols for Rule 301(b)(5) Fair Access reasons.” It listed the same eighteen names as its August 31 notice. The September notice gave the reason for the halts that the August notice had not.

The tape agrees with the notice to the session. None of the eighteen printed on BlueOcean from September 1 through September 10. Ten printed on the trade date that began Thursday night. The tape also says something the notice did not: only six of the eighteen had traded on BlueOcean in August at all. Three of the others last printed on July 31, and the rest in June, May or never. Whether a name was halted earlier or simply did not trade, the tape cannot say, so the return rate below is computed on the six with an August history.

August averages are over all 21 August trade dates. The six names with an August history printed $302.2M against $606.7M a night, 50 percent; the four without added $22.8M. The tape records a symbol-night only at or above $50,000 notional, so “did not print” means below that floor or not at all. The other eight names on the list did not print on September 11: ALP, COIG and YXI had printed in August on two, seven and one nights; ALBG, QCMD and XPEG last printed in July, FUTG in May, and MLECW has never appeared on the tape.

Where SOXL traded, before, during and after

SOXL notional per night, from each venue's top-100 list. The seven halt nights are September 1 to 4 and 8 to 10. September 8 is the holiday Tuesday and Bruce's largest SOXL night of the window at $130.7M; on the six ordinary nights alone, Bruce averaged $59.8M, Moon $10.5M and the three venues $70.3M. Moon's August average counts four nights where SOXL was absent from its list as zero.

During the halt, SOXL overnight shrank rather than moved. Bruce went from $39.7M a night to $70.0M and Moon from $5.1M to $13.2M. The increase, $38.4M, is 8.3 percent of the $463.1M a night that BlueOcean stopped printing; set the holiday Tuesday aside and it is 5.5 percent. Three-venue SOXL fell 84 percent, or 86 on the ordinary nights. On the first night back the three-venue figure was $272.7M, 54 percent of August, and Bruce's SOXL was roughly half what it had been the night before. Bruce's whole tape fell $49M that night; $47M of it was SOXL.

Figure 1 · The eighteen names, by venue, with 21-day trailing averages

Click to expand

Lower panel: each halt night against BlueOcean's trailing 21-day baseline of $607M. Gold is the amount Bruce and Moon printed above their own trailing baselines; the rest did not appear on any overnight venue.

Measured against 21-day trailing baselines taken on August 31, the eighteen names had been running $607M a night on BlueOcean, $83M at Bruce and $14M at Moon. Over the seven halt nights Bruce and Moon printed $302M above their own baselines, 7.1 percent of what BlueOcean stopped printing. The other 92.9 percent did not appear on any overnight venue. Two nights account for most of the 7.1: the holiday Tuesday, at 24 percent, and September 10, at 13 percent; the other five ran between minus 1 and 5 percent. For SOXL alone the split is 8.3 and 91.7. Bruce's top-100 list cuts off between $0.5M and $1.6M on those nights, so even if every one of the eighteen sat just under it, the unseen amount is at most 4.8 percent of the baseline. Between 88 and 93 percent of the halted dollars were absent from the overnight tape, whichever way it is cut.

Figure 2 · SOXL alone

Click to expand

SOXL was 76 percent of the cohort's August baseline. The same construction: 8.3 percent of BlueOcean's $463M a night appeared at Bruce or Moon over the seven halt nights, 5.5 percent with the holiday Tuesday set aside.

The tape tells us what each venue printed and nothing about who sent the orders, so the Bruce figure is a coincidence in time, reported as that. A second night will say more than the first, and the week that starts tonight is the first full one without halts since August.

What is on file

Rule 301(b)(5) applies fair access obligations to an ATS that, in at least four of the preceding six calendar months, had 5 percent or more of the average daily share volume in a stock. An NMS Stock ATS discloses that status in Part III, Item 25 of Form ATS-N, and a change is disclosed on an ATS-N/OFA, a self-filed amendment due within seven calendar days under Rule 304(a)(2)(i)(D). An OFA is a routine disclosure, and Blue Ocean has filed them before for individual symbols.

Blue Ocean's newest restated form, filed July 31, answers Item 25(a) No, and in Part III, Item 20(a) says BOATS “may suspend trading on a symbol-by-symbol basis for approaching or exceeding Fair Access thresholds and all symbols for approaching or exceeding Reg SCI thresholds.” The September 10 notice is a service alert, not a filing. The one Blue Ocean filing this week, dated September 9, amends Items 7 and 11 and leaves Item 20(a) as it was. For now the notice and the form on file say different things about the same practice, and the form is the one a subscriber's compliance team reads.

03The Week That Was

Four sessions, four losses for the small caps, one Friday rally. SPY closed $764.29, up 0.85 percent on Friday and down 0.77 percent on the week. QQQ $714.88, up 0.87 and down 0.57. DIA $525.79, up 0.97 and down 1.55. IWM $288.89, up 0.41 on Friday and down 2.41 on the week, the weakest of the four. The S&P 500 closed at 7,656.98. The VIX finished at 15.84, down 11.2 percent on Friday from 17.84 on Thursday and up from 14.53 a week earlier.

CPI. The August Consumer Price Index rose 0.4 percent seasonally adjusted and 3.4 percent over twelve months. Gasoline rose 3.9 percent and accounted for more than a third of the monthly increase. Core rose 0.3 percent, above expectations. The 10-year Treasury yield ended the week at 4.97 percent against 4.78, and the 5-year at 4.79 against 4.55. Estimates of the probability of a September rate increase published after the print ranged from about half to 85 percent, depending on the market quoted.

The pipeline. Saudi Arabia shut its East-West crude pipeline, the route that carries oil from the Eastern Province to the Red Sea port of Yanbu, after drone attacks on the morning of Thursday, September 10 that were reported as launched from Iraq. Brent settled at $107.63 on Thursday and $104.61 on Friday, up 8.7 percent on the week. WTI settled at $100.05, up 9.4 percent. We report the attacks as the wire services described them and attribute nothing further.

Semis by day. AMD up 8.1 percent on the week, Intel 7.5, SK hynix 7.4, SOXL 3.9. Nvidia down 5.2, Micron 4.1, SanDisk 6.1. Dell rose 12.0 percent on Friday alone. MicroStrategy fell 8.3 percent on the week.

04Two More You Cannot See

Last week we counted the material Form ATS-N amendments filed as a cover page only and not yet absorbed by a restated form: five. EDGAR shows two ATS-N filings in the week since, both material amendments, both cover page only, both filed as of September 9 and accepted on September 11. No venue filed a restated form, so none of the five was absorbed. The count is seven.

Blue Ocean amended Part III, Items 7 and 11 to state that subscribers and sponsored participants “may no longer designate orders as ‘POST-ONLY’ as the ATS will no longer support such functionality.” The order type was introduced in the July 31 amendment, which is also the restated form this one sits against.

IntelligentCross established a Hosted Pool with “random” match priority: orders eligible to match at the same price “are re-ranked in random priority at the time of the Match Event, and filled sequentially according to the randomized ordering.” The pool otherwise operates like the venue's other Hosted Pools. At the same price, arriving first no longer earns the first fill in that pool.

That is IntelligentCross's third material amendment since its July 24 restated form, and all three sit outside it: a smart-order-router pass-through on August 17, an overnight trading session on August 31, and now a pool without time priority. Calendar 2026 has seen 30 cover-page-only filings across the same sixteen venues we counted last week, every one a material amendment.

05Rules In Motion

The FOMC meets September 15 and 16, a meeting with a Summary of Economic Projections. In July the Committee held the target range at 3.50 to 3.75 percent on a 9 to 3 vote, and all three dissenters preferred to raise it by a quarter point. The overnight session that follows Wednesday's 2:00 PM statement is the first place the decision trades outside futures once cash closes.

The first monthly reports under amended Rule 605 are due at the end of September, and amended 605 still excludes not-held orders. Rules 611 and 610(e) remain under the rescission proposal in Release 34-105655, proposed and not adopted.

On December 6 consolidated market data extends to 23x5, Sunday 9:00 PM through Friday 8:00 PM ET. Overnight ATS sessions open at 8:00 PM. The first hour of every weeknight session will still trade with no consolidated quote or last sale behind it, and Rule 611 does not reach the session in any hour.

The rail

06Forward Calendar

The overnight session beginning 8:00 PM ET tonight carries trade date Monday, September 14, and opens the first full week of BlueOcean trading without fair access halts since August. Three-venue SOXL at 54 percent of its August pace on one night is the number to test against.

• Sun Sep 13, 8:00 PM ET. Overnight session opens. First read on crude after Friday's settle below Thursday's.
• Tue Sep 15 to Wed Sep 16. FOMC with projections. Statement Wednesday, 2:00 PM ET.
• Wed Sep 16, 8:00 PM ET. The first overnight session after the decision.
• End Sep. Amended Rule 605 wave one.
• Oct 2. SIP UAT weekends begin.
• Dec 6. SIP 23x5 production launch.

07Get SITREP

Correction, September 15, 2026. An earlier version of this edition said the share of names opening above the prior close matched overnight breadth every night. A pipeline defect meant the stored field we read held the breadth measure itself. Recomputed from prices, the opened-above share was 52.3, 42.3, 21.0 and 77.3 percent, against breadth of 56.3, 72.4, 53.5 and 63.0.

##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.