The U.S. Securities and Exchange Commission (SEC) has approved 24 Exchange's operation of the 24X National Exchange, the first U.S. national securities exchange to offer "5X23 hour" trading, meaning five days a week, 23 hours a day. This platform will provide global retail and institutional clients the opportunity to trade U.S. stocks under SEC regulation.
Backed by Point 72 Ventures, 24 Exchange has long advocated for the establishment of a U.S. securities exchange. Initially, the company aimed to offer 24/7 trading throughout the year. The launch of 24X National Exchange will occur in two phases. The first phase, set for the latter half of 2025, will operate from 4 AM to 7 PM Eastern Time, five days a week. The second phase will expand to include nighttime trading once regulatory conditions are met, functioning from Sunday 8 PM to Friday 7 PM Eastern Time, with a one-hour daily pause for system upgrades and testing.
Once operational, 24X will be the first SEC-approved national exchange offering 23-hour trading on weekdays, catering to the growing demand for overnight U.S. stock liquidity, particularly from the Asia-Pacific region. The exchange will be required to display prices publicly to enhance transparency in overnight stock pricing.
CEO Dmitri Galinov highlighted the significance of SEC approval, emphasizing the risk traders face when their local markets close. 24X National Exchange aims to mitigate this by providing round-the-clock U.S. stock trading for brokers, institutional, and retail clients. Additionally, Galinov indicated that the exchange could facilitate the trading of cryptocurrency ETFs and other instruments.
The exchange will align with holiday schedules of major U.S. exchanges like NYSE and NASDAQ and will utilize MEMX Technologies' advanced platform for robust performance. The executive team is committed to continuously improving technology to enhance client experience.
Besides the newly approved 24X National Exchange, 24 Exchange will continue offering foreign exchange non-deliverable forwards (NDF), swaps, and spot trading through its subsidiary, 24X Bermuda Limited. Since 2019, 24 Exchange has provided higher liquidity and lower trading costs across multiple asset classes.
