24X National Exchange Plans to Expand Warrant Performance Incentive Program

The changes are designed to enhance liquidity and volume during extended hours trading once 24X launches 23/5 operations in December

STAMFORD, Conn., Oct. 8, 2026 /PRNewswire/ -- 24X National Exchange LLC ("24X" or the "Exchange"), the first national securities exchange approved by the U.S. Securities and Exchange Commission ("SEC") to offer 23-hour weekday trading of U.S. equities, has filed a proposed rule change with the SEC to expand its warrant performance incentive program (the "Program") for Exchange participants.

The change will expand the equity available to Program participants, lower the cost of entry for certain broker-dealers who become 24X participants, extend the Program through June 2028, and simplify the conditions for warrants to vest.

"24X National Exchange was predicated on the idea of around-the-clock access to U.S. equities. This expansion of our warrant program is designed to further that vision by offering liquidity providers a meaningful ownership stake in the Exchange's growth," said 24X CEO and Founder Dmitri Galinov. "As a new exchange, we want to do our part to bring greater liquidity and volume to trading during extended hours. By expanding the equity available, lowering the cost of entry, and tying vesting to each participant's own performance, we're making it simpler and more rewarding for additional broker-dealers to help us build a deep, resilient market on 24X."

Under the original Program, which runs through December 31, 2027, 24X made available non-voting equity representing 10% of the Exchange's parent company, 24X US Holdings LLC, on a fully diluted basis.

The new equity, representing an additional 22.25% of 24X US Holdings on a fully diluted basis, can be earned beginning in 2027 and during two new quarterly measurement periods in 2028, extending the Program through June 30, 2028. The entry cost for member firms would be lowered to $250,000 (from $500,000) for those seeking only the newly added equity.

In addition, no Exchange market share threshold is required for vesting with respect to both the original equity and the newly added equity. Vesting will instead depend only on members' trading volume (total trading volume for the original equity and maker volume for the newly added equity), not on Exchange market share, with the goal of providing participants a competitive venue for liquidity tied directly to equity in 24X.

The proposed rule change (SR-24X-2026-26) was filed for immediate effectiveness, with implementation beginning October 1, 2026. None of the changes apply retroactively, and all other terms of the Program remain unchanged. The filing is available at https://equities.24exchange.com/regulation. The proposed changes come as 24X gears up for the official launch of 23-hour weekday trading of U.S. equities, which the Exchange expects to commence on December 6.

About 24X
24X Bermuda Holdings LLC ("24 Exchange") is a privately held company with two primary operating subsidiaries: 24X Bermuda Limited, which allows seamless and cost-effective exchange of currency exposures, metals; and 24X National Exchange LLC, the first national securities exchange approved by the SEC to operate 23 hours each weekday. 24X's mission is to enable cost-effective trades across a growing range of asset classes around the clock. 24X lowers the cost of exchanging assets in the global markets while delivering creative and unique workflows catered to each asset class. More information is available at https://24exchange.com/. 24X National Exchange enables retail and institutional customers around the world to trade in U.S. equities via broker-dealers who are approved members. More information about 24X National Exchange is available at https://equities.24exchange.com/home.

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SOURCE 24 Exchange