Caifinance News reported on November 28th (edited by Zhou Ziyi) that the U.S. Securities and Exchange Commission (SEC) issued an order on its website last Wednesday (November 27th) approving the operation of 24 Exchange to run the 24X National Exchange. This is the first national securities exchange in the United States to allow "5X23-hour" trading, meaning trading 5 days a week, 23 hours a day.

24X National Exchange will operate under the supervision of the U.S. Securities and Exchange Commission, with its key feature being the opportunity to trade U.S. stocks for global retail and institutional clients through approved brokers.

Over the years, the startup company 24 Exchange, supported by Point 72 Ventures fund, has been working on operating a U.S. securities exchange. Initially, the company hoped to provide trading services 365 days a year, 7 days a week, 24 hours a day.

Phased Launch

The 24X National Exchange will be launched in two phases.

The first phase will open in the second half of 2025, operating from 4:00 AM to 7:00 PM Eastern Time (spanning 13 hours), with 5 trading days a week.

The second phase will start after meeting the relevant trading rules. 24X will be allowed to extend trading hours into the night, from Sunday 8:00 PM to Friday 7:00 PM Eastern Time. Each trading evening from 7:00 PM to 8:00 PM will pause for one hour for routine software upgrades and functional testing.

Once it is up and running, 24X will become the first national securities exchange approved by the U.S. Securities and Exchange Commission to provide 23-hour trading services on weekdays, aiming to meet the increasing demand for overnight U.S. stock liquidity, especially the growing demand for overnight U.S. stock liquidity in the Asia-Pacific region. It will also be required to publicly display prices to increase transparency in overnight stock prices.

24 Exchange CEO and founder Dmitri Galinov said, "Obtaining SEC approval is an exciting milestone, as the 24X team has been working towards this for years. When traders' local markets close, they face significant risks. 24X National Exchange will alleviate this issue by providing round-the-clock U.S. stock trading for broker-dealers, institutions, and retail clients."

Months ago, during a media interview, he mentioned that if 24X National Exchange receives permission, it will operate like a regular exchange, enabling participants to trade U.S. securities through exchange-registered member broker-dealers, including those with Unlisted Trading Privileges (UTP).

"In addition, the new exchange will be a good venue for trading crypto ETFs and other instruments," he said.

Leveraging an advanced platform.

This new exchange will follow the holiday schedules of major U.S. exchanges like the New York Stock Exchange and Nasdaq for market closures.

It is understood that the exchange will also utilize MEMX Technologies' advanced platform, which offers robust and reliable performance. Its executive team will be dedicated to continuously improving technology to enhance the customer experience.

Company CEO Galinov also stated, "We will establish and operate a customer-centric exchange that can quickly adapt to market demands and respond promptly to customer feedback, providing our institutional clients in the financial industry with the cost efficiency, speed, resilience, and adaptability they have long anticipated."

In addition to the newly approved 24X National Exchange, 24 Exchange will continue to provide forex non-deliverable forward (NDF), swaps, and spot trading to institutional clients through its subsidiary 24X Bermuda Limited.

Since 2019, 24 Exchange has been providing clients with higher liquidity and lower trading costs through a multi-asset platform.

24 Exchange is committed to facilitating seamless, cost-effective trading across multiple asset classes, aiming to reduce global asset trading costs. The platform supports innovative workflows tailored to each asset class for efficient trading around the clock.

Editor / jayden