“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 of US stocks in all world markets. “
24 Exchange has filed key elements of a Form 1 draft application with the United States Securities and Exchange Commission for a license to operate a national stock exchange.
This is a significant change from the crypto and currency trading platform which completed its first physical cryptocurrency trade last month under its ‘Class T’ digital asset business license. From the Bermuda Monetary Authority.
The SEC filing is aimed at obtaining clearance for its proposed exchange, 24X National Exchange LLC, which would operate 24 hours a day, 365 days a year on the 24 Exchange institutional-grade platform.
The plan, submitted for SEC approval, calls for 24X National Exchange to allow trading in US stocks with a minimum increment of one thousandth of a share.
Dmitri Galinov, CEO and Founder of 24 Exchange, said: “If approved, this new US stock exchange will allow any retail trader to benefit from the proven stability, strength and profitability that only the platform -form of 24 Exchange can offer.
“We designed this new exchange to provide retail traders all over the world with increased access to trading US stocks on a 24-hour basis and with the lower trading fees that are our hallmark. We believe this will help create new job opportunities for brokers to meet the need for 24/7 staffing as we expect our low minimum share increases will attract a large number of participants. retail worldwide. “
Paul Adcock, Head of Equities at 24 Exchange, added: “Traders are most at risk when the market is closed in their geographic area. 24 Exchange will eliminate this problem by offering 24/7 retail trading of US stocks in all world markets.
“This new national stock exchange is 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 able to deliver an unparalleled set of benefits to retail US equity traders wherever they are.
The timing of SEC review and approval will be determined solely by the agency. “An SEC national stock exchange license represents the highest levels of regulatory oversight and oversight – as well as investor protection, resilience and quality – that a global platform can achieve,” Mr. Galinov.
24 Exchange plans to start offering cryptocurrency derivatives trading capability with Undeliverable Futures (NDF) contracts in BTC and ETH in the coming months.
The business is operated by 24 Exchange Bermuda Limited, regulated by the Bermuda Monetary Authority for the purpose of conducting digital asset business, in accordance with the Digital Asset Business Act.
24 Exchange recently purchased New York-based 11B Technologies for an undisclosed amount. The acquired company provides brokerage solutions and integrations for OTC sites, brokers and professionals. 11B provides low latency connectivity and software solutions for 24 Exchange in FX and Spot FX swaps.
In March, 24 Exchange set a record NDF ADV (single count) of $ 456 million, as well as a record single-day same-month volume in NDF FX when they exceeded $ 800 million.
CEO Dmitri Galinov presented the company’s innovative plan to offer institutional cryptocurrency exchanges with crypto NDFs to a panel of distinguished judges during Whale Day at Bitcoin 2021. 24 Exchange won the Pitch Day competition.