2026年贸易基础设施状况

How Structural Shifts are Redefining Market Dataand Trading at Quantitative Firms In association with: Table of Contents PAGE 3EXECUTIVE SUMMARY PAGE 4INTRODUCTION PAGE 5THE EXPANDING TRADING DAY AND A SHIFTINGLIQUIDITY CYCLE PAGE 7MARKET STRUCTURE CHANGES ANDTHE ACCELERATION OF MARKET DATA VOLUMES PAGE 11VOLUME IS ONLY HALF OF THE PROBLEM:DATA BURSTINESS AND VARIABILITY PAGE 12THE MATURING OF CRYPTO AND THE RISEOF CROSS-ASSET INFRASTRUCTURE PAGE 14LATENCY, CAPACITY AND THE RISKOF FALLING BEHIND PAGE 17CONCLUSION Executive Summary at quantitative trading firms globally. Thefindings reveal three recurring infrastructurechallenges: shrinking time-to-opportunity asstrategies move faster, rising operational dragfrom market data complexity and increasingdifficulty for firms in scaling performance andcoverage without adding risk or footprint. Growing complexities in market structure,trading behaviour and data volumes areplacing increased demands on tradinginfrastructure. At the same time, extendedtrading hours, accelerating market datavolumes and the growing use of crypto withinquantitative strategies are expanding thescope and complexity of modern tradingenvironments. This whitepaper summarises these challengesand examines what they imply for market datainfrastructure strategies as firms prepare forcontinued growth, variability and structuralchange. To understand how firms are responding,Exegy partnered with Acuiti to gather insightsfrom senior trading and technology leaders Key Takeaways •Cross-asset strategies including cryptoare increasing complexity:24/7 digital markets are being integratedinto quantitative workflows, adding newdata sources and volatility profiles toexisting infrastructure •Liquidity is shifting beyond the traditionaltrading day: Extended trading hours and globalparticipation are redistributing liquidityacross overnight and out of hours sessions,introducing new price signals andoperational challenges for firms set up totrade the US trading window •Preserving competitive latency isincreasingly challenging:Rising data volumes, bursts of high volumesof traffic and expanding market coveragemake it harder for firms to maintain theirrelative latency position, particularly duringperiods of volatility •Market structure changes are drivinghigher data volumes:Adjustments to tick sizes, lot definitions andrelated rules are increasing quote churn andsteadily raising market data traffic •Data variability now poses a greater riskthan steady growth:Unpredictable spikes driven by volatilityand automation are straining systems inaddition to average volume increases Introduction As capital markets move into 2026, aset of structural trends is changing thedemands placed on trading and market datainfrastructure. Trading activity continues toaccelerate, automation continues to increase,market data volumes are rising alongside sharperand more unpredictable spikes and liquidityis increasingly forming outside the traditionalUS trading day. Together, these shifts arechallenging systems originally designed for morestable, session-defined market conditions. Respondents reported missed opportunitiesduring volatile periods, increased operationalstrain from market data processing anduncertainty about their ability to scaleperformance reliably. These pressures are beingamplified by ongoing market structure changes,the expansion of extended trading hours andthe growing incorporation of crypto marketdata into quantitative workflows. This whitepaper analyses the results of a surveyand series of interviews with senior executivesat 61 firms operational in trading globally.These were proprietary trading firms (47%),hedge funds or asset managers (32%) and banktrading or execution desks (21%). Of the buysideand proprietary trading firms, 54% werediscretionary or quant, 25% market makers and21% other strategies. Respondents were fromEurope (49%), North America (34%) or Asia(16%). To better understand how firms are preparingfor this environment, Exegy partnered withAcuiti to gather insight from senior trading andtechnology leaders across quantitative tradingfirms worldwide. This whitepaper finds growingconcern about whether existing infrastructurecan keep pace with accelerating data demands,rising operational complexity and expandingmarket coverage. The expandingtrading day anda shifting liquidity cycle Liquidity conditions in US equities areincreasingly described as deteriorating,particularly during periods of volatility whendepth thins and execution becomes morechallenging. Respondents to the survey for this report reflect this perception as many firmsreport thinner liquidity on traditional venues,missed opportunities during volatile periodsand growing concern about execution qualityunder stress. growing number of venues. By some estimates,roughly half of US equity trading activity nowoccurs off exchange, driven by a sustainedshift toward alternative trading systems (ATSs),internalisers and other non