On September 1, 2022, the Securities and Exchange Commission
(“SEC”) called for public comments on a proposal to
create a 24-hour securities exchange. Currently, no securities
exchange registered with the SEC allow investors to trade between
8:00 p.m. and 4:00 a.m. Eastern time.
The proposal comes from 24X National Exchange LLC
(“24X”), which filed a Form 1 application under the
Securities Exchange Act of 1934 on March 25, 2022. 24X sought
registration as a national securities exchange under Section 6 of
the Exchange Act. The Company seeks to run the exchange out of a
data center located in New York. 24X's initial application
was posted for comment in the Federal Register on June 6, 2022. In
response, the SEC received three comments, including one from the
NASDAQ and one from the New York Stock Exchange. Commentors
requested that 24X explain how it would ensure a fair and orderly
market and how the new exchange would interact with systems already
in place. The
