24X National Exchange Expands Warrant Program for Extended Trading
News related to:24X National Exchange LLC · 2 min read
STAMFORD, Conn., Oct. 8, 2026 /CourierPR/ -- 24X National Exchange LLC, the first national securities exchange approved by the U.S. Securities and Exchange Commission to offer 23-hour weekday trading of U.S. equities, has announced plans to expand its 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.
The warrant performance incentive program, which runs through December 31, 2027, will be extended to June 30, 2028. Under the original program, 24X made available non-voting equity representing 10% of the Exchange's parent company, 24X US Holdings LLC, on a fully diluted basis. Now, the program will include an additional 22.25% of 24X US Holdings on a fully diluted basis, which can be earned beginning in 2027 and during two new quarterly measurement periods in 2028.
The entry cost for member firms seeking only the newly added equity will be lowered to $250,000, from the original $500,000.
The new equity will be tied to participants' trading volume, with no requirement for an Exchange market share threshold for vesting.
The proposed rule change, filed as SR-24X-2026-26, was submitted 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.
24X National Exchange aims to enable cost-effective trades across a growing range of asset classes around the clock. The company's mission is to deliver creative and unique workflows catered to each asset class, lowering the cost of exchanging assets in the global markets. 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, the expansion of the warrant program is seen as a significant step towards achieving its vision.
The changes are part of 24X's broader strategy to enhance liquidity and volume during extended hours trading. The expanded program is expected to attract more liquidity providers, thereby contributing to a more robust and resilient market on 24X. The company believes that by offering a meaningful ownership stake, it can incentivize broker-dealers to contribute more actively to the exchange's growth.
The new equity available through the program represents a substantial increase in the total equity available to participants. This move is designed to make the program more accessible to a wider range of broker-dealers, thereby increasing the overall participation in the program. The reduction in the entry cost from $500,000 to $250,000 is expected to make the program more attractive to smaller firms and individual participants.
The program's extension through June 2028 is also aimed at providing participants with a longer-term incentive to contribute to the exchange's growth. The new quarterly measurement periods in 2028 will allow for regular assessment of participants' performance, ensuring that the program remains relevant and effective.
In summary, the expansion of the warrant performance incentive program is a significant step for 24X National Exchange as it prepares for its 23-hour weekday trading launch. The changes are expected to enhance liquidity and volume during extended hours trading, contributing to the overall growth and success of the exchange.