Non-Stop trading of U.S. stocks for a full day
The financial landscape is set to change as the 24X National Exchange, a new player in the market, prepares to launch its 23-hour weekday trading of U.S. equities on September 29, 2025. This marks the first time a national securities exchange approved by the U.S. Securities and Exchange Commission will offer nearly full-day trading of U.S. stocks.
The exchange, which will operate from 4:00 AM to 8:00 PM ET on weekdays, is positioning itself as a game-changer, especially for global investors, particularly in the Asia-Pacific region. By offering trading during their local daylight hours, 24X National Exchange aims to provide a competitive edge over existing alternative trading systems.
In comparison, major regulated exchanges like Nasdaq and NYSE have announced plans to expand into 24-hour trading but are targeting a later timeline. Nasdaq aims to enable true 24-hour trading on its main stock market in the second half of 2026, while NYSE Arca has proposed a 22-hour trading window, with details on launch dates less firm.
24X National Exchange partners with Blue Ocean Technologies and OTC Markets Group to enable 24-hour trading capabilities. The exchange also rents technology from MEMX, allowing for more economical trading. This partnership bridges the gap across time zones, offering continuous liquidity and execution support, according to Burke Dempsey, head of investment banking & capital markets at Wedbush.
Many banks are connecting to 24X National Exchange to participate in overnight trading from day one. Dmitri Galinov, founder and CEO of 24X National Exchange, mentioned that clients must be U.S. broker-dealers and are connecting to the test system built by MEMX Technologies.
The exchange offers stock in the new exchange to participants who provide order flow. This model could potentially attract a large number of participants, given the extended trading hours.
Overnight trading remains a small share of the overall market, but it is particularly attractive to investors in the Asia Pacific who want to trade U.S. equities during their daylight hours. The exchange prices are widely distributed as part of the SIP, a consolidated tape for U.S. equities.
24X National Exchange has a successful foreign exchange business, specialising in emerging markets, with over 70 global banks connected and the biggest currency trade being the South Korean won. This existing relationship with clients in Asia could give 24X National Exchange an advantage in attracting participants for its equities trading platform.
The DTCC's National Securities Clearing Corporation (NSCC) subsidiary will increase clearing hours to support extended trading, with implementation targeted for the second quarter of 2026. Dmitri Galinov, CEO of 24X National Exchange, stated that other exchanges joining the market will provide additional liquidity and establish a reliable market in overnight hours.
In summary, the 24X National Exchange is pioneering nearly full 24-hour weekday equities trading in the U.S. market, while incumbent exchanges follow with more gradual extensions expected over the next 1-2 years. The exchange's focus on serving global investors, particularly in the Asia-Pacific region, and its status as a regulated exchange could give it a competitive edge in the market.
- The 24X National Exchange, in collaboration with Blue Ocean Technologies and OTC Markets Group, plans to offer continuous liquidity and execution support through 24-hour trading capabilities, targeting global investors, especially those in the Asia-Pacific region.
- By partnering with MEMX and providing economical trading options, 24X National Exchange is attracting a significant number of banks to participate in overnight trading from day one, leveraging its existing foreign exchange business and relationships with Asian clients.
- The DTCC's National Securities Clearing Corporation (NSCC) will extend clearing hours to support extended trading hours, aligning with the 24X National Exchange's launch, and other exchanges entering the market will provide additional liquidity, cementing a reliable overnight market.
