24X Bermuda
24X Bermuda operates an electronic FX trading platform for institutional clients and runs the first SEC-approved national securities exchange offering 23-hour weekday trading of US equities, serving broker-dealers and institutional traders globally.
- Company typePrivate
- Founded2019
- HeadquartersHamilton, Bermuda
- Headcount11–50
- GTM typeB2B
- OfferingServices
What 24X Bermuda does
24X Bermuda operates two electronic trading platforms from its Bermuda headquarters, founded in 2019. The original 24X Bermuda platform is a multi-asset electronic trading venue serving institutional clients since 2019, offering FX NDFs, deliverable swaps, non-deliverable swaps, and spot FX trading through a single multi-asset interface. In November 2024, the SEC approved the company's second platform — 24X National Exchange — which became the first SEC-approved national securities exchange authorized for 23-hour weekday trading of US equities; trading launched on October 14, 2025.
Both venues run on electronic, transaction-based infrastructure. Revenue is generated through maker rebates and taker fees on traded volume. The equity venue's published schedule sets a $0.0038 retail rebate per share, a $0.0034 liquidity provider rebate, and a $0.00295 take rate, positioning pricing as an explicit acquisition lever during the post-launch scale-up phase. The FX platform has recorded a daily FX NDF volume of $14.7 billion and a monthly average daily volume of $9.4 billion as of July 2026, with daily volumes climbing from approximately $9 billion in January 2026.
The customer base consists of 34+ broker-dealer members on the equity side — including Cantor Fitzgerald, Rakuten Securities, and Shinhan Securities — alongside institutional FX traders globally. The company is pursuing an Asia-Pacific distribution build-out anchored by strategic investments from Rakuten Securities (May 2025) and Shinhan Securities (November 2025), and has stood up the post-trade and connectivity layer through DTCC NSCC 24x5 clearing (June 2026), an IPC Systems partnership (May 2026), and Cantor Fitzgerald membership (February 2026). Leadership includes CEO Dmitri Galinov (prior FastMatch, Credit Suisse CrossFinder, Direct Edge, Lava Trading), Paul Adcock (NYSE), Jason Woerz (Bridgewater), and CFO Gina Tuccio (appointed November 2025); the company operates with 11-50 employees.
24X Bermuda firmographics
Firmographics- Name
- 24X Bermuda
- Legal name
- 24X Bermuda Limited
- Website
- https://24exchange.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- 24X Bermuda operates an electronic FX trading platform for institutional clients and runs the first SEC-approved national securities exchange offering 23-hour weekday trading of US equities, serving broker-dealers and institutional traders globally.
- Ownership category
- akta.pro rank
24X Bermuda industry classification
Industry- Product category
- Securities and FX Exchange
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316), Commodity Contracts Intermediation (523160), Securities and Commodity Exchanges (5232)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC)
- akta.pro secondary industries
- Non-Deliverable Forward (NDF) Trading Venues (FSAFADAE), FX Derivatives (Forwards, Options, NDFs) (FSACADAC), Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA), FX Swaps & Forwards Trading Venues (FSAFADAG)
Keywords
Where 24X Bermuda is headquartered
LocationHeadquarters
- HQ city
- Hamilton
- HQ country
- Bermuda
Offices3 records
Markets served
24X Bermuda business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations
Revenue model
- Equity Trading Fees: Transaction-based fees from equity trading, including maker rebates and taker fees. The exchange charges $0.00295/share take rate while offering rebates to liquidity providers.
- FX Trading Revenue: Revenue from FX NDF, deliverable swaps, non-deliverable swaps, and spot trading fees charged to institutional users on the Bermuda platform.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Retail Trade Pricing - $0.0038 rebate per share |
| Transaction based/ take rate | Pay-as-you-go | Liquidity Provider Rebate - $0.0034 across all tapes |
| Transaction based/ take rate | Pay-as-you-go | Standard Take Rate - $0.00295/share |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
24X Bermuda product offering
Product offeringCore offering
24X Bermuda operates an electronic multi-asset trading platform offering FX non-deliverable forwards (NDFs), deliverable swaps, non-deliverable swaps, and spot FX trading for institutional clients since 2019. Through its subsidiary 24X National Exchange LLC, the company also operates the first SEC-approved U.S. national securities exchange offering 23-hour weekday trading of U.S. equities, launched in October 2025. Revenue is generated through transaction-based fees on FX trading and maker/taker fees on equities trading.
Product overview
24X Bermuda operates two core trading platforms: 24X Bermuda (FX) and 24X National Exchange (Equities). The FX platform, operational since 2019, offers deliverable swaps, non-deliverable swaps (NDFs), and spot trading through a single multi-asset interface. The 24X National Exchange, approved by the SEC in November 2024 and launched October 2025, is the first U.S. national securities exchange to offer 23-hour weekday trading of U.S. equities. Both platforms are designed for competitive fees, institutional market access, and extended-hours trading, with the equities platform initially operating from 4:00 AM to 8:00 PM ET and targeting expansion to full 23/5 (23 hours, 5 days per week) coverage pending SIP and SEC approvals.
Differentiator
Problem solved
Functional benefit
Brands
- 24X Equities: The equities trading platform offering extended-hours trading of US equities, operating 23 hours per day during weekdays as the first SEC-approved 23/5 stock exchange.
Products and services
- 24X FX Trading Platform A multi-asset electronic trading platform offering deliverable swaps, non-deliverable swaps (NDFs), and spot FX trading to global institutional customers, providing around-the-clock liquidity across FX markets.
- 24X National Exchange The first SEC-approved national securities exchange in the U.S. offering 23-hour weekday trading of U.S. equities, enabling retail and institutional investors globally to trade NMS products via broker-dealer members during extended and overnight hours.
Quantifiable outcome
- Daily FX NDF volume record of $14.7 billion on July 31, 2026
- +2 more outcomes
Companies that use 24X Bermuda
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
24X Bermuda technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
24X Bermuda partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core.
- DTCC / NSCCcoreDTCC's National Securities Clearing Corporation (NSCC) went live with 24x5 clearing for U.S. equities—running continuously from Sundays at 8:00 PM ET through Fridays at 8:00 PM ET. This is a critical enabler for 24X's around-the-clock trading vision.
- IPC SystemscoreStrategic partnership to deliver 24X market data through IPC's resilient, low-latency global network. IPC's presence in Hong Kong, Singapore, Tokyo, Taiwan, and Sydney supports Asian market participants preparing for extended-hours access.
- Cantor Fitzgerald / CantorcoreCantor, a premier global investment bank, expanded market connectivity through membership in 24X National Exchange. Cantor Fitzgerald serves as a member facilitating institutional access to extended-hours trading.
- Transaction Network Services (TNS)coreStrategic partnership to provide market data connectivity across 23/5 trading in U.S. equities. TNS enables broker-dealers and market participants to access 24X market data for overnight trading preparation.
- MEMX Technologiescore24X National Exchange is built on MEMX technology platform for equities trading. MEMX provides the trading infrastructure including Order Entry and Market Data specifications.
Scale indicators9 records
Recent moves11 records
Expansion highlights4 records
24X Bermuda competitors and assessment
Company assessmentBroad incumbents
- Nasdaq: Major incumbent U.S. equities exchange operator with adjacent fixed-income and交易所 technology businesses; relevant peer given 24X's equities exchange and 24/5 trading ambitions.
- Cboe Global Markets: Large incumbent exchange operator with a multi-asset trading footprint (including Cboe FX, on which 24X's Head of Product previously led FX product strategy); competes across equities, FX, and derivatives venues.
- TraditionDATA / Tradition: Interdealer broker with FX/NDF trading and market data businesses (TraditionDATA, where 24X's Head of OTC Market Data previously worked); comparable institutional FX intermediation business.
- EBS (CME Group): Institutional FX trading platform operated by CME Group; directly comparable to 24X's institutional FX venue on spot and forwards/NDF functionality.
- Refinitiv (LSEG) FX: FXall/FX Trading platform operated by LSEG providing institutional FX trade execution across spot, forwards, NDFs and swaps; comparable as a large incumbent institutional FX venue.
Emerging players
- Talos: Institutional digital asset and FX trading platform; comparable as a newer institutional multi-asset trading venue competing for the same institutional FX and broader trading flow.
- Jane Street: Global liquidity provider represented on 24X's inaugural Board; relevant as a leading institutional liquidity provider in U.S. equities and as a potential strategic investor / customer of 24X.
- FastMatch: Institutional FX ECN/platform co-founded by 24X's CEO Dmitri Galinov; relevant as a prior venture by the same founder targeting institutional FX trading.
Direct peers
- IEX: U.S. equities trading venue (ATS/exchange) competing for retail and institutional order flow; comparable as a non-incumbent U.S. equities venue targeting differentiated trading experiences.
- MEMX (Members Exchange): Operator of a U.S. national securities exchange and the technology provider whose platform 24X is built on; competes for U.S. equities order flow and exchange memberships, with overlapping broker-dealer member bases.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
24X Bermuda social profiles
Digital presence24X Bermuda compliance and trust
Trust signalCompliance1 record
24X Bermuda financial estimates
Financial estimateRevenue estimate
Valuation estimate
24X Bermuda leadership team
Management profileNumber of profiles
Profiles7 records
24X Bermuda subsidiaries and ownership
Company hierarchySubsidiaries2 records
24X Bermuda funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
24X Bermuda M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about 24X Bermuda
What does 24X Bermuda do?
24X Bermuda operates an electronic multi-asset trading platform offering FX non-deliverable forwards (NDFs), deliverable swaps, non-deliverable swaps, and spot FX trading for institutional clients since 2019. Through its subsidiary 24X National Exchange LLC, the company also operates the first SEC-approved U.S. national securities exchange offering 23-hour weekday trading of U.S. equities, launched in October 2025. Revenue is generated through transaction-based fees on FX trading and maker/taker fees on equities trading.
Is 24X Bermuda a public or private company?
24X Bermuda is a private company. It is classified as venture growth investor backed and is currently operating.
When was 24X Bermuda founded?
24X Bermuda was founded in 2019. It employs 11 to 50 people.
Where is 24X Bermuda based?
24X Bermuda is headquartered in Hamilton, Bermuda.
How does 24X Bermuda make money?
Two revenue lines are on record. Equity Trading Fees are the primary driver. The others are FX Trading Revenue.
Who are 24X Bermuda's main competitors?
Broad incumbents on record are Nasdaq, Cboe Global Markets, TraditionDATA / Tradition, EBS (CME Group) and Refinitiv (LSEG) FX. Emerging players are Talos, Jane Street and FastMatch. Direct peers are IEX and MEMX (Members Exchange).
Does 24X Bermuda have an API?
No public API is recorded for 24X Bermuda.
What industry is 24X Bermuda in?
24X Bermuda's product category is Securities and FX Exchange. Its primary akta.pro industry code is FSAFANAC, FX Electronic Trading Platforms (Spot/Forwards/Swaps), with a secondary code of FSAFADAE, Non-Deliverable Forward (NDF) Trading Venues. Its NAICS code is 5231 and its SIC code is 6200.