Stamford, Conn. – October 08, 2026 -- 24X National Exchange LLC has filed a proposed rule change with the U.S. Securities and Exchange Commission to expand its warrant performance incentive program, adding equity worth 22.25% of parent company 24X US Holdings LLC on a fully diluted basis for participating broker-dealers.
24X adds 22.25% in new equity and extends program through June 2028
The original program, running through December 31, 2027, offered non-voting equity equal to 10% of 24X US Holdings on a fully diluted basis. The newly filed expansion (SR-24X-2026-26) can be earned starting in 2027 and across two additional quarterly measurement periods in 2028, pushing the program's end date to June 30, 2028.
Entry cost drops to $250,000 for broker-dealers seeking only new equity
Member firms seeking only the newly added equity will face a lowered entry cost of $250,000, down from $500,000 under the original terms. The filing removes the Exchange market share threshold previously required for vesting under both the original and new equity tranches.
Vesting now tied solely to trading volume, not market share
Vesting will depend on members' trading volume -- total trading volume for the original equity and maker volume for the newly added equity -- rather than Exchange market share. 24X CEO and Founder Dmitri Galinov said the restructured program ties vesting to each participant's own performance, aiming to build a deeper, more resilient market on the platform.
The proposed changes took effect immediately upon filing, with implementation beginning October 1, 2026. None of the changes apply retroactively, and all other terms of the original program remain unchanged.
23-hour weekday equity trading set to launch December 6
24X, the first national securities exchange approved by the SEC to offer 23-hour weekday trading of U.S. equities, expects to commence full 23/5 operations on December 6, 2026. The warrant program expansion is designed to attract additional broker-dealer participants and strengthen liquidity and volume during extended trading hours ahead of that launch.