New Exchange Sets Aggressive Pricing
24X National Exchange, a new U.S. securities exchange, has launched an aggressive new pricing program to attract liquidity providers and retail traders. The move is a direct challenge to established exchanges, aiming to capture market share through lower costs.
The new exchange is offering a $0.0034 rebate for those who add liquidity and maintaining a take rate of $0.00295 per share for stocks trading above $1.00, a move designed to attract more retail limit orders. This simplified, no-tiers pricing is a direct challenge to the complex fee schedules of established exchanges. Behind 24X is founder and CEO Dmitri Galinov, a fintech entrepreneur who previously founded and led FastMatch, a foreign exchange trading platform he sold to Euronext in 2017. The exchange's management team includes veterans from the New York Stock Exchange, Bridgewater Associates, and Cboe. The company received SEC approval to become the first national securities exchange to offer trading 23 hours a day on weekdays. Trading initially commenced in October 2025 with shorter extended hours from 4:00 a.m. to 8:00 p.m. ET, with the goal of expanding to a nearly round-the-clock schedule later this year. 24X's strategy heavily targets overseas investors, particularly in the Asia-Pacific region, who want to trade U.S. equities during their local business hours. This global focus is underscored by strategic investments from Japan's Rakuten Securities and Korea's Shinhan Securities, both aiming to provide 24-hour U.S. stock trading to their clients. The exchange's board of directors includes high-profile executives from firms that will be key to its liquidity, such as a market structure strategist from Jane Street and a head of Americas market structure from UBS. This launch positions 24X ahead of larger competitors like Nasdaq, which has also announced plans for 24-hour trading but is not expected to launch its service until the second half of 2026, pending its own regulatory approvals.
