24 Exchange applies for SEC license to offer US equities worldwide
“Traders are most at-risk when the market is closed in their geographic location. 24 Exchange will eliminate this problem by offering 24/7 retail trading in U.S. equities across all global markets.”
24 Exchange has filed key portions of a Form 1 application in draft form with the U.S. Securities and Exchange Commission for a license to operate a national securities exchange.
This is a significant move from the crypto and FX trading platform which has completed its first physical cryptocurrency trade last month under its “Class T” Digital Asset Business license from the Bermuda Monetary Authority.
The filing with the SEC is aimed to obtain authorization for its proposed exchange, 24X National Exchange LLC, which would operate around the clock, 365 days-a-year on 24 Exchange’s institutional-grade platform.
The plan, subject to SEC approval, is for 24X National Exchange to enable trades in U.S. equities with a minimum increment of one one-thousandth of a share.
Dmitri Galinov, 24 Exchange CEO and Founder, said: “If approved, this new U.S. equities exchange will enable any retail trader to benefit from the proven stability, strength, and cost efficiencies that only 24 Exchange’s platform can deliver.
“We have designed this new exchange to offer retail traders anywhere in the world increased access to U.S. equities trades on a 24-hour basis and with the lower trading fees that are a hallmark of our company. We believe it will help create new job opportunities for brokers to meet the need for 24/7 staffing — as we expect our low minimum share increments to attract large numbers of retail participants from around the globe.”
Paul Adcock, Head of Equities at 24 Exchange, added, “Traders are most at-risk when the market is closed in their geographic location. 24 Exchange will eliminate this problem by offering 24/7 retail trading in U.S. equities across all global markets.
“This new national equities exchange is being created by a management team with proven expertise in building a number of pioneering and successful trading platforms for a range of asset classes. We are confident that the 24 Exchange platform will be capable of delivering an unmatched set of benefits to retail U.S. equities traders wherever they are located.”
The timing for the SEC’s review and approval will be determined solely by the agency. “A national securities exchange license from the SEC represents the highest levels of regulatory scrutiny and oversight – as well as of investor protections, resilience and quality — that a global platform can achieve”, Mr. Galinov added.
24 Exchange expects to begin offering cryptocurrency derivatives trading capability with non-deliverable forwards (NDFs) in BTC and ETH in the coming months.
The firm is operated by 24 Exchange Bermuda Limited, regulated by the Bermuda Monetary Authority for the purposes of conducting Digital Asset Business, pursuant to the Digital Asset Business Act.
24 Exchange has recently bought the NY-based 11B Technologies for an undisclosed sum. The acquired company provides brokerage solutions and integrations for OTC venues, brokers and professionals. 11B has been providing low latency software and connectivity solutions for 24 Exchange in FX Swaps and FX Spot.
In March, 24 Exchange set a record for NDF ADV (single-counted) of $456 million, as well as a single-day record volume that same month in FX NDFs when in excess of $800 million traded.
CEO Dmitri Galinov pitched the company’s innovative plan for offering institutional cryptocurrency trading with crypto NDFs to a distinguished panel of judges during Whale Day at Bitcoin 2021. 24 Exchange won the Pitch Day competition.