Exegy frames the challenge around four converging pressures. First, asset-class boundaries are dissolving as equities, derivatives, digital assets, tokenised instruments and prediction markets require unified treatment rather than separate data stacks. Second, liquidity growth in MENA, APAC and LATAM is pushing firms to add regional connectivity faster than their operational footprints can absorb. Third, the rise of near-continuous 24/5 trading, anchored in the US by overnight alternative trading systems (ATS) including Blue Ocean, Bruce and MOON, has created a persistent liquidity environment without standardised price references. Fourth, market fragmentation across hundreds of venues, dark pools and decentralised protocols is generating compounding integration debt that Exegy labels the “infrastructure tax.”
The numbers cited to support these claims are substantive. Average daily message traffic on Abu Dhabi’s reached a peak depth of €87.4 million in March 2026. Shanghai’s Layer 2 message volumes climbed from 106.5 million per day in 2024 to 180.9 million in 2026. MOON ATS overnight notional activity surged more than 200% between late 2025 and early 2026, a move Exegy attributes partly to South Korean brokerages holding a record $171.8 billion in US equity positions that diversified away from single-venue reliance after a 2024 market outage. Brazil’s B3 is projecting $85 billion in foreign capital inflows in 2026, nearly triple the prior year.
6 trillion in notional volume during 2025 with a lean operational structure, a data point Exegy uses to illustrate how software-defined infrastructure can support institutional throughput without proportional overhead. Prediction market platform Polymarket recorded 2025 volumes exceeding $22 billion, with 2026 activity already pacing to break $30 billion.
Source link







