24X National Exchange Slashes Fees to Woo Liquidity Providers Ahead of 23/5 Launch
Event summary
- 24X National Exchange launched a new retail pricing program on March 2, 2026, offering $0.0038 rebate for equities over $1.00 with no tiers.
- The exchange also introduced a $0.0034 rebate for adding liquidity across all tapes on stocks above $1.00, while the take rate remains at $0.00295/share.
- Trading on 24X National Exchange began in October 2025 with extended hours from 4:00 a.m. to 8:00 p.m. ET on weekdays.
- The exchange plans to launch 23/5 trading of U.S. equities in the second half of 2026.
The big picture
24X National Exchange is positioning itself as a disruptor in the equities trading space by offering extended hours and competitive pricing. The move comes amid growing demand for more flexible trading options, particularly among retail investors. The exchange's ability to attract liquidity providers will be critical to its success as it prepares to launch 23/5 trading later this year.
What we're watching
- Liquidity Attraction
- How the aggressive rebate structure will affect liquidity provider participation and order flow dynamics.
- Competitive Positioning
- Whether 24X can sustain its pricing advantage against traditional exchanges as it scales.
- Regulatory Compliance
- The pace at which the SEC reviews and approves extended-hours trading models like 23/5.
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