July 26, 2024 - In a letter filed with the Securities and Exchange Commission (SEC) today, the FIA Principal Traders Group (FIA PTG) responded to the SEC’s institution of proceedings in connection with 24X National Exchange’s (24X) application for registration as a national securities exchange. 24X seeks to offer the trading of certain securities 23 hours per day, seven days per week, with a few exceptions. While FIA PTG is generally supportive of innovation and being responsive to the demands of the marketplace, the application has significant implications for the regulatory, technological, and operational underpinnings of the equity securities markets and will result in significant costs for the industry broadly, all of which must be considered in connection with the Application.
FIA PTG encouraged the Commission to confer with the industry through roundtables and other open forums before making a determination on this Application. These novel issues are best addressed through thoughtful policy and rulemaking rather than through one-off exemptions. The decision to significantly extend the trading hours of a regulated exchange is a significant one and should not be made without thorough analysis and a detailed implementation plan.
