Robinhood and Bruce ATS plan weekend US equity trading, pending regulatory review

Robinhood used its HOOD Summit event on 29 September 2026 to announce plans to let customers trade “a selection of U.S. equities 24/7, including weekends”. Its newsroom post describes the service as “coming soon, pending regulatory review”; the post’s subheading says “coming early next year”. Robinhood says the service would start with a curated list of stocks and ETFs and would run on Bruce ATS, an alternative trading system operated by Bruce Markets LLC.

Bruce Markets published its own announcement the same day, describing an agreement “to extend U.S. equity trading throughout the weekend, subject to regulatory review”. The firm said it “expects the new weekend session to launch in the coming months”. Bruce’s headline calls this the “first continuous weekend U.S. equities trading”; that is the company’s description, which The Midpoint has not tested.

What is live and what is not

Live today: Bruce ATS runs five overnight sessions a week. Not live: any Saturday trading, any Sunday trading before 8:00pm ET, or any session from Friday morning to Sunday evening. Neither company has given a launch date, and neither has said which regulator is conducting the review.

Bruce ATS is an NMS Stock ATS. The SEC’s Form ATS-N list shows Bruce Markets filed its initial Form ATS-N on 16 December 2024, effective from 7 March 2025 (file 013-00206). On EDGAR, the most recent Form ATS-N filing as of 27 October 2026 is an updating amendment filed on 3 April 2026, almost six months before the weekend announcement.

That filing describes the trading session as running “from Sunday evening through Friday morning from 8:00:00 P.M. ET to 4:00:00 A.M. ET”, and states that Bruce ATS “does not operate outside of these hours or during the regular trading hours of the national securities exchanges”.

Under Rule 304 of Regulation ATS, a material change to an NMS Stock ATS’s operations requires a Material Amendment to Form ATS-N at least 30 calendar days before implementation. The SEC can declare an amendment ineffective within 30 calendar days of filing; it does not approve one. Only the cover page of a Material Amendment is made public on filing, with the full amendment published after the review period. The public record may therefore show limited detail on a weekend session until close to any launch.

How Bruce ATS works today

The details below come from Bruce’s current Form ATS-N.

• Access: subscribers must be SEC-registered broker-dealers in good standing with at least one self-regulatory organisation.
• Orders and matching: only firm limit orders with a time-in-force of Day or IOC are accepted. Orders can be entered from 7:50pm ET and queue until 8:00pm, after which matching runs on price/time priority. Unexecuted orders are cancelled at 4:00am ET.
• Price bands: each session uses 20% reference price bands, set from the last print reported to the SIP at or before 7:30pm ET.
• Holidays: the ATS does not operate on the night before an exchange holiday.
• Trade reporting: executions are reported to the FINRA/Nasdaq TRF under the MPID “BOSS”, with a modifier for execution outside normal market hours. Trades executed between 8:00pm and midnight are reported “as/of” by 4:15am ET on the next business day. Trades on “weekends and exchange holidays”, which under the current schedule means the Sunday evening session, are reported “as/of” by 4:15am ET on the next business day.
• Clearing and settlement: the filing describes Bruce Markets as “counterparty to all trades”, using Apex Clearing, an affiliate, to submit them to NSCC for clearing and DTC for settlement. Trades settle through Continuous Net Settlement and generally settle on the first business day after the trade.
• Technology and data: the Nasdaq Execution Platform, known as Ocean and provided by Operations & Compliance Network, LLC, supplies software and support for the order book, matching engine and data feeds. Bruce Markets Holdings has engaged Nasdaq Data Business to distribute Bruce ATS market data.
• Affiliates: Bruce Markets, Apex Clearing and PEAK6 Capital Management are “under common majority ultimate beneficial ownership” and recognised as affiliates. Apex Clearing and PEAK6 Capital Management are both Bruce ATS subscribers; PEAK6 Capital Management may enter orders in a principal capacity.

Ownership and relationships

According to Bruce’s 29 September release, the weekend expansion is backed by new strategic investments from PEAK6 Investments, its majority shareholder, and Robinhood Markets. Apex Fintech Solutions, Fidelity Investments, Nasdaq Ventures, NH Investment & Securities, tastytrade and Webull remain investors. A June 2025 item on Bruce’s website already listed Robinhood among the venue’s backers. Under the plan, Robinhood would be both a distributor of the weekend product and an investor in the venue that runs it.

Bruce said it would expand its use of Nasdaq’s trading technology, with clearing, carrying and custody services provided by Apex Clearing Corporation.

Where it fits in Robinhood’s hours

Robinhood describes weekend trading as an extension of its 24 Hour Market, which it says launched in 2023 and offers hundreds of stocks and ETFs from 8:00pm ET on Sunday to 8:00pm ET on Friday. The post’s disclosures warn of “lower liquidity, increased volatility, greater spreads, and pricing uncertainty” in extended-hours trading.

The exchange and SIP timetable

The SEC approved amendments to the UTP Plan and the CTA/CQ Plans on 26 June 2026 to extend SIP operating hours. The UTP SIP’s Vendor Alert 2026-20 says that from 6 December 2026 the SIP will run from 9:00pm ET on Sunday to 8:00pm ET on Friday, with a planned one-hour maintenance window each evening from about 8:00pm. Cboe’s EDGX overnight FAQ, current as of 23 September, says US exchange overnight trading is expected to begin on 6 December 2026, provided that milestones covering SEC approval, DTCC and the SIPs are met. The Midpoint has covered that timetable separately, along with the ATS-specific band and clearing changes.

None of these schedules covers the period from Friday 8:00pm ET to Sunday 9:00pm ET. A weekend session on that timetable would run with no SIP and no exchange trading.

Why it matters

• Price formation: on current schedules, weekend prints would form without a consolidated quote, auctions or exchange liquidity. Desks would need a view on how far weekend prices should feed into Sunday-evening and Monday-open reference prices. Bruce’s current bands are set from a 7:30pm ET SIP print, which has no weekend equivalent.
• Brokers and post-trade: trade reporting, settlement-date and margin treatment for Saturday executions are not described in any public filing. Bruce’s existing as/of reporting for Sunday-evening trades shows the mechanism it uses now, not how a full weekend would work.
• Market makers: liquidity providers would quote without lit exchanges or listed derivatives open for hedging in most instruments. Robinhood’s own risk disclosure points to wider spreads and lower liquidity in extended hours.
• Disclosure: with Robinhood as both investor and distributor, and with Bruce’s operator, its clearing firm and a trading subscriber under common ownership, compliance teams will look to the Form ATS-N record, including any Material Amendment, for how weekend order handling, access and conflicts are described. The SEC’s FY 2027 examination priorities already single out extended-hours trading.

Sources

1. Robinhood, “Robinhood Puts the Power of Hedge Funds in Every Trader’s Pocket”, 29 Sep 2026 — https://robinhood.com/us/en/newsroom/hood-summit-2026/
2. Bruce Markets, “Markets to Be Open Seven Days a Week…”, 29 Sep 2026 — https://www.brucemarkets.com/markets-to-be-open-seven-days-a-week-bruce-markets-to-launch-first-continuous-weekend-us-equities-trading-with-strategic-investments-led-by-peak6-and-robinhood/
3. SEC, “Form ATS-N Filings and Information” — https://www.sec.gov/about/divisions-offices/division-trading-markets/alternative-trading-systems/form-ats-n-filings-information
4. SEC EDGAR, Bruce Markets LLC Form ATS-N filings (CIK 0001767041) — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001767041&type=ATS-N&dateb=&owner=include&count=40
5. Bruce Markets LLC, Form ATS-N/UA, filed 3 Apr 2026 — https://www.sec.gov/Archives/edgar/data/1767041/000176704126000004/primary_doc.xml
6. 17 CFR 242.304 — https://www.ecfr.gov/current/title-17/chapter-II/part-242/subject-group-ECFR3dd95cf4d3f6730/section-242.304
7. SEC Release No. 34-105780 (UTP Plan), 26 Jun 2026 — https://www.sec.gov/files/rules/sro/nms/2026/34-105780.pdf
8. SEC Release No. 34-105779 (CTA/CQ Plans), 26 Jun 2026 — https://www.sec.gov/files/rules/sro/nms/2026/34-105779.pdf
9. UTP Vendor Alert #2026-20, 6 Jul 2026 — https://www.nasdaqtrader.com/TraderNews.aspx?id=UTP2026-20
10. Cboe, EDGX Equities Overnight Trading FAQ (current as of 23 Sep 2026) — https://www.cboe.com/document/tech-spec/content/technical-specifications/cboe-u.s.-equities-overnight-trading-faq