SITREP #013 · WEEKLY SITUATION REPORT · 2 – 6 NOV 2026
The Record Night
Our three overnight ATSs printed $15.79 billion on election night, the largest session since the three-venue series began on March 2. The week ran $41.2 billion, up 37 percent, and Bruce Markets carried 41 percent of it. The same night, the first venue operating under the SEC's Innovation Exemption printed five trades.
00BLUF
Three venues printed $15.79B, 305 million shares and 2.72 million trades on the session that ran from Tuesday evening into Wednesday morning, election night. It is the largest night in the three-venue series, which begins March 2, and it beat June 23 by $0.13B, about 0.8 percent. Against a trailing 20-session average of $5.18B it was 3.05 times a normal night.
The record is a three-venue record. On BlueOcean alone, June 23 at $13.52B is still the biggest night of the year. What made the total a record was Bruce Markets: $5.97B, nearly double its previous best of $3.10B on October 30. The week as a whole ran $41.2B, up 37 percent on the week before and the fourth-largest week in the series, and Bruce carried $17.07B of it, 41 percent of the tape.
The same night, the first venue live under the SEC's Innovation Exemption printed five trades worth $40,296. Since early October the OCC has issued its core GENIUS Act rule and DTCC's Tokenization Service has gone live. The SIPs go 23x5 on December 6, four weeks from now.
//The Stack
Five layers of market plumbing, and where each one stands this week. Click any layer for the detail.
01The Record Night
Five sessions by overnight trade date. Each row is the session that runs from the previous evening into the morning of that date, so the Wednesday row is election night.
| Night | BlueOcean | Bruce | Moon | Three venues | Breadth up |
|---|---|---|---|---|---|
| MON 11-02 | not delivered | $2,183M | $116M | $2.30B | n/a |
| TUE 11-03 | $2.48B | $1,557M | $66M | $4.11B | 53.6% |
| WED 11-04 | $9.57B | $5,969M | $251M | $15.79B | 32.1% |
| THU 11-05 | $4.81B | $3,061M | $168M | $8.04B | 45.7% |
| FRI 11-06 | $6.49B | $4,295M | $168M | $10.96B | 57.3% |
Notional in millions. Breadth is the share of BlueOcean overnight names printing up into the open. BlueOcean's November 2 file has not been delivered, so that row and the week total count Bruce and Moon only for that session. Week $41.19B against $30.01B the week before, +37 percent.
The venue split on the night: BlueOcean $9.57B (60.6 percent), Bruce Markets $5.97B (37.8 percent) and Moon ATS $0.25B (1.6 percent). The tape stayed heavy afterwards. The November 6 session ran $10.96B, with Bruce at $4.30B, its second-largest night on file, and Bruce's five largest nights have all come in the last two weeks.
The names underneath
| Symbol | Name | Week notional | Note |
|---|---|---|---|
| SOXL | Direxion Semis 3x | $5,482M | $1.98B on election night alone |
| QQQ | Invesco QQQ | $3,104M | Index wrapper |
| SOXS | Direxion Semis 3x Bear | $2,716M | The other side of the same trade |
| MU | Micron | $2,307M | Memory |
| SNDK | SanDisk | $1,770M | Memory |
| TQQQ | ProShares QQQ 3x | $1,625M | Leveraged wrapper |
| NVDA | Nvidia | $1,144M | |
| SPCX | SpaceX | $1,079M | |
| AMD | Advanced Micro Devices | $1,072M | Reported Q3 after the Nov 3 close |
| SKHY | SK hynix | $863M | Asian chip selloff |
Summed across the three venues' top-100 lists for the five sessions.
02What Arrived Inside the Window
Three catalysts landed between 8 PM and 4 AM ET: the midterm results, AMD's third-quarter report after Tuesday's close, and a selloff in Asian semiconductors, with Samsung and SK Hynix each down more than 4.5 percent and the KOSPI down 4 percent intraday. We cannot separate the election from the earnings; both arrived in the same window.
The book priced the chip story. Technology posted a median overnight indication of −135 bps, with only 16 percent of names positive, and BlueOcean breadth fell to 32.1 percent, the low of the week. SOXL ($1.98B) and SOXS ($1.04B) were 19.2 percent of the entire session, both sides of the same trade, and leveraged and inverse ETFs together were 31.8 percent of the night. The full composition is in the record night report.
03The Step Change: Bruce Grew, BlueOcean Did Not Shrink
From March through August, BlueOcean held between 85.7 and 88.9 percent of the two-venue overnight tape every month. Then 79.5 percent in September, 71.0 percent in October and 61.6 percent on the record night. The cause is growth on one side, not loss on the other: Bruce averaged $0.75B a night from March to August and $2.72B since September, while BlueOcean's average rose from $5.01B to $5.35B.
The overnight market is no longer a one-venue market with satellites. That matters for routing, for best-execution reviews and for anyone measuring overnight liquidity from a single feed.
04Tokenization: The Plumbing Went Live
The same night our three venues printed $15.79B, the first venue operating under the SEC's Innovation Exemption opened for business. On November 4, TSV LLC began permissioned AMM trading in issuer-sponsored Canton Strategic Holdings stock: five trades, $40,296 gross, a stock token against a stablecoin. Small, but it is the first venue live under the exemption, which took effect September 17.
The larger moves since early October were in the plumbing. The OCC issued its core GENIUS Act implementation rule on October 21, published October 23; the Act and the rule take effect January 18, 2027, while the Federal Reserve and Treasury rules remain proposals. DTCC's Tokenization Service went live on October 28 on Canton and DTCC's private Besu network, with 20 DTC participants signed. Deutsche Börse announced 24/7 trading in DAX 40 securities through 360X request-for-quote outside core hours, and ESMA opened a call for evidence on tokenized collateral in central clearing.
Still not law: the CLARITY Act. Senate cloture failed 49 to 50 on September 15, a motion to reconsider is pending, and the 119th Congress ends January 3. Every event is dated and linked to its primary source in our regulation tracker.
05What We Shipped
The platform guide. A narrated walk through the platform in 14 chapters, 8 minutes 47 seconds, each chapter linked to the page it shows. Watch it here.
Market Structure Workbench. Six engineering guides to the plumbing behind every order: order books, FIX, matching engines, smart order routing and TCP/UDP transport, each with an animated architecture map and synthetic event replays. Free to explore, with three replays open.
Tokenization Intelligence. A regulation tracker of 72 dated events since May and a venue-by-venue check of what each tokenized stock product legally is. Our equity tokenization essay is now interactive, fed by the same tracker.
23/5 Readiness Map (open beta). Test a trading stack for overnight hours: session clock, simulator, FIX inspector, and a channel for corrections. Open the map.
FIX 24-Hour Markets FAQ, interactive edition. The full version 1.0 text, searchable, with tags linked to the FIX specification, reproduced with the permission of FIX Protocol Ltd. Read it.
Fee Finder. Price an execution at any exchange or ATS, by tier and with regulatory fees, including sub-dollar rates. Institutional.
Everything, findable. The research page lists every publication, newest first, and the search palette (Ctrl or Cmd + K) covers every page on the site. Both refresh weekly.
06Forward Calendar
- November 30. Fed GENIUS comments due. Comments close on the Federal Reserve's September proposals implementing the GENIUS Act.
- December 6. SIP 23x5 production launch. Consolidated market data extends to Sunday 9 PM through Friday 8 PM ET. A night like November 4 will print to a consolidated tape in real time rather than only to each venue's own feed.
- January 3. The 119th Congress ends. The CLARITY Act dies with it unless the Senate acts first.
- January 18, 2027. GENIUS takes effect. The Act and the OCC's implementing rule.
The rail
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##Sources
Primary sources for this edition
- Overnight tape: Sapinover overnight ATS dataset; three-venue nightly summaries and BlueOcean breadth from venue_overview.json (pipeline-data GitHub Release, generated November 7, synced November 9).
- Record-night composition, catalysts and the two-venue share trend: Sapinover, The record overnight session, November 4, 2026.
- Tokenization: Sapinover regulation tracker, as of November 7, 2026, each event linked to its primary source (OCC, SEC, DTCC, Deutsche Börse, ESMA, congress.gov).
- SIP 23x5 production date: the SIP operating committees' published implementation schedule.
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.