24 Exchange Seeks Expansion into 24-Hour Equities Trading
Posted by Colin Lambert. Last updated: October 5, 2021
FX and cryptocurrency trading platform 24 Exchange has filed key portions of a Form 1 application in draft form with the US Securities and Exchange Commission for a license to operate a national securities exchange.
24 Exchange completed its first physical cryptocurrency trade last month under its “Class T” Digital Asset Business license from the Bermuda Monetary Authority and is now seeking to launch 24X National Exchange LLC, which would operate around the clock, 365 days-a-year. Subject to SEC approval, 24X National Exchange would enable trades in US equities with a minimum increment of one one-thousandth of a share.
“If approved, this new US equities exchange will enable any retail trader to benefit from the proven stability, strength, and cost efficiencies that only 24 Exchange’s platform can deliver,” says Dmitri Galinov, 24 Exchange CEO and founder. “We have designed this new exchange to offer retail traders anywhere in the world increased access to US equities trades on a 24-hour basis and with the lower trading fees that are a hallmark of our company. We believe it will help create new job opportunities for brokers to meet the need for 24/7 staffing – as we expect our low minimum share increments to attract large numbers of retail participants from around the globe.”
Paul Adcock, head of equities at 24 Exchange, adds, “Traders are most at-risk when the market is closed in their geographic location. 24 Exchange will eliminate this problem by offering 24/7 retail trading in US equities across all global markets. This new national equities exchange is being created by a management team with proven expertise in building a number of pioneering and successful trading platforms for a range of asset classes. We are confident that the 24 Exchange platform will be capable of delivering an unmatched set of benefits to retail US equities traders wherever they are located.”
Once 24 Exchange’s complete draft Form 1 application has been reviewed and commented on by the SEC, the company expects that the SEC will make the final Form 1 application available for public review and comment on the agency’s website. The timing for the SEC’s review and approval will be determined solely by the agency.
“A national securities exchange license from the SEC represents the highest levels of regulatory scrutiny and oversight – as well as of investor protections, resilience and quality – that a global platform can achieve,” says Galinov.