New National Exchange Proposed by 24X Would Offer U.S. Equities Trading Around-the-Clock with Minimum Increments of One One-Thousandth of a Share
Published: Oct. 5, 2021 at 8:00 AM EDT|Updated: 2 hours ago
HAMILTON, Bermuda, Oct. 5, 2021 /PRNewswire/ -- 24 Exchange, the only global platform offering both cryptocurrency and FX trading on a single technology, announced today that it filed key portions of a Form 1 application in draft form with the U.S. 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.
The proposed exchange, 24X National Exchange LLC, would operate around the clock, 365 days-a-year on 24 Exchange's robust institutional-grade platform. Subject to SEC approval, 24X National Exchange would enable trades in U.S. equities with a minimum increment of one one-thousandth of a share.
Dmitri Galinov, 24 Exchange CEO and Founder, said, "If approved, this new U.S. 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. We have designed this new exchange to offer retail traders anywhere in the world increased access to U.S. 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, added, "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 U.S. 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 U.S. 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.
Mr. Galinov concluded, "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."
24 Exchange expects to begin offering cryptocurrency derivatives trading capability with non-deliverable forwards (NDFs) in BTC and ETH in the coming months.
About 24 Exchange
24 Exchange is a multi-asset class trading platform that allows market participants to exchange their exposures at the lowest possible cost. 24 Exchange's mission is to enable members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day. 24 Exchange lowers the cost of exchanging assets in the global markets while delivering creative and unique workflows catered to each asset class. 24 Exchange is operated by 24 Exchange Bermuda Limited. 24 Exchange Bermuda Limited is regulated by the Bermuda Monetary Authority for the purposes of conducting Digital Asset Business, pursuant to the Digital Asset Business Act.
More information is available at https://www.24exchange.net/.
Media Contact:
Eric Andrus
KARV Communications
eca@karvcommunications.com
+1-212-333-0275
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SOURCE 24 Exchange
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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