New National Exchange Proposed by 24X Would Offer U.S. Equities Trading Around-the-Clock with Minimum Increments of One One-Thousandth of a Share
October 5, 2021 - FX and Crypto trading venue 24 Exchange announced today that it 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. 24 Exchange completed its first physical cryptocurrency trade last month under its "Class T" Digital Asset Business license from the Bermuda Monetary Authority.
The proposed exchange, 24X National Exchange LLC, would operate around the clock, 365 days-a-year on 24 Exchange's robust institutional-grade platform. Subject to SEC approval, 24X National Exchange would enable trades in U.S. equities with a minimum increment of one one-thousandth of a share. This would make 24 Exchange the first U.S. stock exchange to operate continuously 24/7, including weekends and holidays. U.S. stock-trading hours on major US Exchanges are currently from 09:30 to 16.00 Eastern Standard Time.
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."
Once 24 Exchange's complete draft Form 1 application has been reviewed and commented on by the SEC, the company expects that the SEC will make the final Form 1 application available for public review and comment on the agency's website. The timing for the SEC's review and approval will be determined solely by the agency.
Mr. Galinov concluded, "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."
24 Exchange expects to begin offering cryptocurrency derivatives trading capability with non-deliverable forwards (NDFs) in BTC and ETH in the coming months.
In September, Moscow Exchange announced trading of US Stocks in USD (trading in international shares with settlement in RUB started on 24 August 2020) within its own exchange infrastructure, giving local participants access to hundreds of US companies, with liquidity provided by local market makers. Moscow Exchange plans to up that number to over 500 US companies by the end of 2021.
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