The US Securities and Exchange Commission (SEC) issued an order on its website on Wednesday (November 27th) approving the operation of 24X National Exchange, the first national securities exchange in the United States to allow "5X23 hour" trading, which is 23 hours a day, 5 days a week.
The 24X National Exchange will operate under the supervision of the US Securities and Exchange Commission, and its biggest highlight is that it will provide opportunities for global retail and institutional clients to trade US stocks through approved brokers.
For many years, 24 Exchange, a startup supported by Point 72 Ventures, has been driving the operation of a US stock exchange. The company initially hoped to provide trading services 24 hours a day, 7 days a week, 365 days a year.
Start in stages
The 24X National Exchange will be launched in two phases.
The first phase will be open in the second half of 2025, from 4am to 7pm Eastern Time (spanning 13 hours), with 5 trading days per week.
The second phase will be launched after meeting relevant trading rules, and 24X will be allowed to add night trading hours from 8pm on Sunday to 7pm on Friday Eastern Time, with a one hour pause from 7pm to 8pm on each trading day for routine software upgrades and functional testing.
Once put into operation, 24X will become the first national securities exchange approved by the US Securities and Exchange Commission to provide 24-hour trading services on weekdays, aiming to meet the growing demand for overnight US stock liquidity, especially the expanding demand for overnight US stock liquidity in the Asia Pacific region. It will also be required to publicly display prices to increase transparency of overnight stock prices.
Dmitri Galinov, CEO and founder of 24 Exchange, said, "Obtaining SEC approval is an exciting development that the 24X team has been working on for many years. When the market in the trader's region closes, they face significant risks. 24X National Exchange will alleviate this issue by providing round the clock US stock trading for broker dealers, their institutions, and retail clients
A few months ago, he stated in a media interview that if licensed, 24X National Exchange would operate like a regular exchange, while also allowing participants to trade US securities, including those with unlisted trading privileges (UTP), through broker dealers registered as members of the exchange.
In addition, the new exchange will be a great place to facilitate trading of cryptocurrency ETFs with other instruments, "he said.
Relying on advanced platforms
This new exchange will follow the holiday schedule of major US exchanges such as the New York Stock Exchange and Nasdaq to be closed.
It is understood that the exchange will also adopt MEMX Technologies' advanced platform, which has powerful and reliable performance. Its execution team will be committed to continuously improving technology to enhance customer experience.
CEO Galinov also stated, "We will establish and operate a customer-oriented exchange that can quickly adapt to market demand and respond to customer feedback, providing our financial institution clients with the cost efficiency, speed, resilience, and adaptability they have long expected
In addition to the newly approved 24X National Exchange, 24 Exchange will continue to provide institutional clients with non deliverable forward foreign exchange (NDF), swaps, and spot trading through its subsidiary 24X Bermuda Limited.
Since 2019, 24 Exchange has been providing customers with higher liquidity and lower transaction costs through a multi asset platform.
24 Exchange is committed to promoting seamless and cost-effective transactions across multiple asset classes, with the aim of reducing global asset trading costs. The platform supports innovative workflows tailored to each asset class to achieve efficient trading for up to 24 hours.