SEC closer to approve 24X’s application for a pioneering 24/7 trading venue

Rick Steves

“Opening the first-ever exchange offering around-the-clock trading in U.S. equities is unprecedented and would create major new opportunities for broker-dealers and their institutional and retail customers around the world. 24 Exchange is excited at the potential for bringing these opportunities to the global market for U.S. equities.”

The Securities and Exchange Commission (SEC) has accepted an updated Form 1 application from 24X National Exchange LLC for a license to establish a new national securities exchange.

The acceptance initiates a public comment period on the proposal. If approved, the 24X National Exchange would become the first fully electronic exchange in the U.S. to offer around-the-clock trading of securities, including holidays and weekends.

24X National Exchange LLC closer to SEC approval

24X National Exchange LLC would leverage the advanced technology from MEMX to allow retail customers anywhere in the world to trade in U.S. equities via broker-dealers registered with 24 Exchange.

The proposed exchange is notable for its non-traditional trading hours, planning only brief operational pauses for routine maintenance: a one-hour pause on business days, Sundays, and holidays, and a three-hour pause on Saturdays. This model aims to provide flexibility and accessibility to U.S. equity markets for investors worldwide, regardless of their time zone.

24 Exchange, the company behind this initiative, operates a multi-asset class trading platform designed to facilitate cost-effective asset exchanges across various asset classes around the clock. The company, regulated by the Bermuda Monetary Authority (BMA), focuses on reducing trading costs and introducing innovative workflows tailored to different asset classes.

FinanceFeeds spoke with Dmitri Galinov, CEO of 24 Exchange, who expressed appreciation for the SEC advancing the process to the next phase by opening it for public comment. “Opening the first-ever exchange offering around-the-clock trading in U.S. equities is unprecedented and would create major new opportunities for broker-dealers and their institutional and retail customers around the world. 24 Exchange is excited at the potential for bringing these opportunities to the global market for U.S. equities.”

In an interview with FinanceFeeds Editor-in-Chief Nikolai Isayev in 2023, 24X’s Dmitri Galinov said they were preparing to resubmit Form 1 and were working with the SEC to clear several issues, including how to make the securities information processor (SIP) work 24/7, timings, and cost.

24 Exchange’s offering includes FX NDFs, FX Spot, FX Swaps, Market Access, and Crypto NDFs. All anonymous.

Last year, 24 Exchange was honored with the FinanceFeeds Award for “Exceptional Liquidity Aggregation Provider”, shining a spotlight on the company’s dedication to creating a trading environment that’s smooth, cost-efficient, and open for traders around the globe.

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