24 Exchange announced in the last few hours that it received approval from the US Securities and Exchange Commission. (SEC) to operate as 24X National Exchangethe first stock exchange in the US that will allow trading in US stocks 24 hours a day.
This extension of hours is subject to exchange data plans making changes to facilitate overnight trading and 24X National Exchange submitting an additional application to the SEC confirming such changes and your ability to comply with the Securities Exchange Act.
The 24X National Exchange will be subject to the SEC’s ongoing regulatory oversight and will offer the full range of investor protections. This new exchange will allow retail and institutional clients around the world to trade US stocks through brokers who are approved members of the 24X National Exchange.
The launch process
The 24X National Exchange will be launched in two stages. In the first stage, which will begin in the second half of 2025, the exchange will operate between 4:00 am and 7:00 pm ET on weekdays. The second stage, which will be implemented once the conditions mentioned above are met, It will offer trading from 8:00 pm ET on Sunday until 7:00 pm ET on Friday. There will be an operational pause one hour daily to perform software updates and functionality tests.
Dmitri Galinov, CEO and founder of 24 Exchange, stated: “The SEC approval for our new exchange is an exciting development that the 24X team has been working on for years. Traders are more exposed to risk when the market is closed in its geographic location. 24X National Exchange will seek to alleviate this problem by facilitating continuous trading in US stocks for brokers and their institutional and retail clients.”
As the first national stock exchange approved by the SEC to operate 23 hours a day on weekdays, subject to the aforementioned conditions, 24X National Exchange will initially focus on capturing the growing demand for overnight liquidity of US equities in the APAC region.
The 24X National Exchange will use a cutting-edge technology platform provided by MEMX Technologies. The new exchange’s executive team will prioritize improving customer experience through continuous technological innovations and improvements.
“With this historic SEC approval, we will build and operate a customer-oriented exchange that can quickly align with market demands and adapt to customer feedback,” Galinov added. “We look forward to delivering a superior trading experience to global clients. 24X National Exchange will deliver cost efficiency, speed, resilience and adaptability, features that the company’s institutional clients have long come to expect.”
24X National Exchange will close on US market holidays, following schedules similar to those maintained by the NYSE and Nasdaq.
Through 24X Bermuda Limited, a subsidiary of 24X National Exchange, 24 Exchange will continue to offer FX NDFs, swaps and spot trading to institutional clients. Since its launch in 2019, 24 Exchange’s multi-asset offering through a single trading interface has allowed its clients to access greater liquidity at lower costs.
About 24 Exchange
24 Exchange allows market participants to seamlessly exchange their exposures at the lowest possible cost. Its mission is to enable members to make more profitable trades in a growing range of asset classes, 24 hours a day. 24 Exchange reduces the cost of exchanging assets across global markets while offering innovative and unique workflows tailored to each asset class. More information available at https://24exchange.com/.
Source: Ambito
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