Cantor's Leap into 24-Hour Trading with 24X Exchange Membership

NEW YORK, NY – February 09, 2026 – Global investment bank Cantor has officially joined the 24X National Exchange, a move that signals a significant validation of the burgeoning near-24-hour trading model for U.S. equities. The membership, announced today, integrates Cantor into a next-generation trading venue that is pioneering extended market hours, providing the firm’s institutional clients with unprecedented access and flexibility.

This partnership places Cantor, a part of the historic Cantor Fitzgerald group of companies, at the heart of a market structure evolution. 24X National Exchange, which received landmark approval from the U.S. Securities and Exchange Commission (SEC) in 2024 to operate 23 hours a day, five days a week, launched its initial 16/5 trading phase in October 2025. By becoming a member, Cantor is not just adding another connection; it is embracing a fundamental shift in how and when U.S. stocks can be traded.

A Strategic Connectivity Blitz

Cantor's decision to join the 24X National Exchange is the latest and most prominent move in a broader strategic initiative to build a comprehensive and resilient electronic trading ecosystem. Since the beginning of 2024, the firm has been on a connectivity blitz, systematically onboarding a diverse array of new trading platforms, including Blue Ocean, Bruce Markets, and Moon ATS. This strategy is designed to diversify execution options and enhance its ability to deliver best execution for its global client base.

The integration with 24X is a cornerstone of this effort. "Cantor is focused on staying at the forefront of market access and execution for our clients,” said Pascal Bandelier, Co-CEO and Global Head of Equities at Cantor, in a statement. “Joining the 24X National Exchange strengthens our electronic trading capabilities and further supports our clients, positioning us to provide best execution and liquidity.”

This focus on technology-driven solutions is deeply embedded in Cantor's history, which includes pioneering the first electronic marketplace for U.S. government securities in 1972. Today, the firm's "Precision" algorithmic suite and direct market access offerings are central to its client services. The addition of 24X expands this toolkit, offering clients a regulated venue for executing strategies that react to global news and market movements outside of the traditional 9:30 a.m. to 4:00 p.m. ET trading window.

The Dawn of the Continuous Trading Day

The emergence of 24X National Exchange represents a pivotal moment for U.S. equity markets. For years, after-hours trading has been a fragmented landscape dominated by various Electronic Communication Networks (ECNs) with often thin liquidity. 24X aims to change that by providing a centralized, regulated national securities exchange with full SEC oversight, offering the same investor protections as established players.

"We are pleased to welcome Cantor as a member firm on the Exchange,” stated 24X National Exchange CEO and Founder Dmitri Galinov. “Cantor’s global reach, strong client relationships, and focus on best-in-class execution align closely with 24X’s mission to deliver a modern, efficient and convenient trading platform for sophisticated market participants.”

The industry is taking notice. The potential to capture trading activity from international investors in different time zones has spurred a competitive race. Major exchanges are no longer watching from the sidelines. NYSE Arca and Cboe Global Markets have both announced plans to offer 24x5 trading, while Nasdaq is targeting a similar launch in the second half of 2026. This flurry of activity underscores a market-wide consensus: the traditional trading day is becoming an anachronism in a globally interconnected financial world.

Navigating the New Frontier of Extended Hours

While the promise of a continuous market is compelling, the transition presents significant operational and regulatory challenges for the entire industry. The SEC's approval of 24X came with stipulations, including enhanced risk disclosures for investors about the unique characteristics of overnight trading, which can include lower liquidity and higher volatility.

Operationally, the move toward a 24/5 model is a massive undertaking. Market infrastructure built around a discrete trading session and overnight batch processing must be re-engineered for continuous operation. This includes critical components like the Securities Information Processors (SIPs), which disseminate real-time trade and quote data, and are now being updated to support extended hours.

Furthermore, clearing and settlement processes are being overhauled. The National Securities Clearing Corporation (NSCC), a subsidiary of the DTCC, has announced plans to extend its clearing hours to a 24x5 model by the second quarter of 2026 to support the new trading schedules. For firms like Cantor, this means adapting risk management systems, compliance monitoring, and staffing models to handle market activity around the clock, demanding significant investment in technology and personnel to ensure seamless and secure operations.

Reshaping the Battleground for Liquidity

Cantor's membership in 24X does more than just expand its own capabilities; it acts as a catalyst in the broader reshaping of the U.S. equities market. The participation of a major institutional player lends significant credibility to the extended-hours model and is likely to attract more trading volume to the new venue. This raises a critical debate about market structure: will this shift consolidate fragmented after-hours liquidity onto regulated and more transparent exchanges, thereby improving market quality? Or will it further fragment liquidity across a growing number of competing venues, making it harder to find the best price?

The answer likely lies in a combination of both. Initially, liquidity may be spread thin as multiple exchanges compete for order flow. However, the move toward a standardized, 24-hour market infrastructure could ultimately create a more efficient global marketplace for U.S. securities. For institutional clients, the ability to manage risk and react to market-moving news from Asia or Europe in real-time is a powerful advantage. This industry-wide "readiness test" is forcing all participants—from exchanges and brokers to technology vendors and regulators—to innovate and adapt to a new paradigm where the market clock never truly stops.