What were the key theme(s) for your business in 2025?
A central theme for us in 2025 was continued and meaningful geographical diversification. Throughout the year, we focused on broadening our global reach and ensuring that our data could support a wider and more varied set of market participants. As a result, we now distribute our data to more than 135 firms across 27 countries. This broadened footprint demonstrates how interest in U.S. capital markets is growing, particularly during non-traditional hours. Our business model overall has become increasingly global. The expansion of our reach and data also reflect the growing recognition among international investors that efficient overnight trading can offer new strategic opportunities. By strengthening our international distribution network, we have laid the foundation for long-term growth and deeper engagement across multiple regions.
What was the highlight of 2025?
The standout moment of 2025 was opening our office in Korea, a milestone that represents both a strategic achievement and a powerful signal of our commitment to the Asia-Pacific region. Establishing a presence while continuing to grow our reach and team on the ground have already had a tangible impact. One of the most exciting developments following the launch was seeing Korean trading participants return to the U.S. equity markets by actively trading on Blue Ocean ATS. Their renewed engagement reinforced our belief that offering reliable, high-quality overnight access to U.S. equities aligns perfectly with the needs of traders operating in Asian time zones. This momentum validates our long-term strategy and opens the door for even deeper relationships in the entire region.
What are your expectations for 2026?
As we look toward 2026, we expect the trend of geographical diversification to accelerate further. We firmly believe that we are still in the very early stages, or as I always say, the “first inning” of what overnight trading will ultimately become. Awareness,education, access, and participation are all increasing, and as more institutions integrate overnight liquidity into their trading workflows, we anticipate meaningful growth. Over the next few years, we believe overnight trading volumes could reach 5–10% of traditional daytime volumes. This represents not just incremental activity but a structural evolution in the way global investors engage with U.S. markets.
What trends are getting underway that people may not know about but will be important?
Tokenization is the most significant industry trend emerging today. The market appears to be on the cusp of introducing multiple pathways for trading tokenized U.S. equities within the next 12–24 months. We see tokenization as a transformative force—one that could reshape settlement, enhance accessibility, and unlock more flexible trading models. As this ecosystem develops, we are preparing for a future where traditional and tokenized markets operate side by side.
