24 Exchange’s Form 1 Application for a License to Create a New 24 Hour National Securities Exchange Accepted by SEC

February 28, 2024 - 24 Exchange has announced that the SEC recently accepted the company’s updated Form 1 application for a license to create a new national securities exchange, and posted the application here to commence the public comment period.

If approved, this new U.S. equities exchange, 24X National Exchange LLC, will be the first fully electronic exchange in the U.S. that allows around the clock trading of securities.

The new exchange proposal includes:

•  1) Around-the-clock trades in U.S. equities including holidays and weekends, with brief scheduled operational pauses to accommodate routine software upgrades, functionality testing, and other industry IT needs: one hour pause on business days, Sundays, and holidays with a three-hour pause on Saturdays.
  
  
• 2) Retail customers anywhere in the world will be able to trade in U.S. equities on 24X National Exchange via broker-dealers who are registered Members of the Exchange.
  
  
• 3) 24X National Exchange would run on a proven, state-of-the-art technology platform provided by MEMX.

The application to the SEC to form a new exchange was submitted in October 2021. At the 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."

Author

Sam Low is the Founder of LiquidityFinder. With over 18 years in working with FX trading technology, Sam has deep experience in the FX (forex) trading industry, working with brokers, liquidity providers and end traders themselves.  You can message Sam directly here.