24 Exchange, which began by offering FX NDFs, has entered the United States after receiving approval from the Securities and Exchange Commission (SEC) to operate a securities exchange in the country.
Filling the Gap in the Market
Announced yesterday (Wednesday), the newly approved platform has been named 24X National Exchange. It will enable trading of US securities for 23 hours each workday, supporting extended trading hours.
The exchange’s services will be available to retail and institutional customers globally, allowing them to trade US equities through broker-dealers approved as members of the 24X National Exchange.
Its initial focus will be on meeting the growing demand for overnight liquidity in US equities from the Asia Pacific region.
“Traders are most at risk when the market is closed in their geographic location,” said 24 Exchange’s CEO and founder, Dmitri Galinov. “24X National Exchange will seek to alleviate this problem by facilitating around-the-clock US equities trading for broker-dealers and their institutional and retail customers.”
24 Exchange, launched in 2019, operates as a multi-asset class trading platform, offering FX NDFs, swaps, and spot trading to institutional clients. Based in Bermuda, it has established the new US-based platform as one of its affiliates.
A Two-Staged Launch
The launch of this new US exchange will occur in two stages. The first stage, in the second half of 2025, will allow operations from 4:00 AM ET to 7:00 PM ET on weekdays. The second stage will commence after meeting all remaining conditions, enabling trading from 8:00 PM ET on Sunday through 7:00 PM ET on Friday.
Similar to other round-the-clock exchanges, 24X National Exchange will include a one-hour daily operational pause for routine software updates and functionality testing.
The announcement also revealed that the new exchange will run on a technology platform provided by MEMX Technologies.
“With this historic SEC approval in place, we will build and operate a customer-driven exchange that can rapidly align with market demands and adapt quickly to client feedback,” Galinov added. “We look forward to bringing a superior trading experience to global customers.”
This article was written by Arnab Shome at www.financemagnates.com.
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