A startup stock exchange backed by billionaire Steve Cohen’s Point72 Ventures has won regulatory approval to operate almost around the clock.
The Securities and Exchange Commission on Wednesday authorized 24X National Exchange to run three trading sessions from 4 a.m. to 7 p.m. ET on weekdays, with plans to add overnight trading from 8 p.m. to 4 a.m., pending certain data requirements.
“The SEC’s approval of our new exchange is a thrilling development that the 24X Team has been working toward for many years,” said CEO Dmitri Galinov in a statement.
The move has sparked debate on Wall Street. Critics, including advocacy group Better Markets, warn of potential harm to retail investors trading in less liquid overnight markets.
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“Retail investors will only get the best prices in a bad market, thereby losing money if they had traded during normal business hours,” said Benjamin Schiffrin, Better Markets’ director of securities policy.
The development follows growing demand for extended trading hours, with firms like Robinhood Markets Inc (Nasdaq: HOOD) and Interactive Brokers Group Inc (Nasdaq: IBKR) already offering 24-hour trading through alternative systems. The New York Stock Exchange has also filed for approval to trade 22 hours daily.
24X plans to operate from Sunday evening through Friday evening, with one-hour breaks starting at 7 p.m.
Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
