24X National Exchange
24X Bermuda Limited operates a multi-asset electronic trading platform featuring FX NDF/NDS trading and the first SEC-approved 23/5 U.S. equities exchange, serving global institutional traders and Asia-Pacific broker-dealer members seeking extended-hours access to U.S. markets.
- Company typePrivate
- Founded2021
- HeadquartersStamford, United States
- Headcount—
- GTM typeB2B
- OfferingServices
What 24X National Exchange does
24X Bermuda Limited, operating under DBA 24X / 24X National Exchange, is a Bermuda-domiciled multi-asset electronic trading platform founded in 2021. Its core business consists of two operational engines: (i) 24X Bermuda's FX Non-Deliverable Forward (NDF) and FX Non-Deliverable Swap (NDS) trading platform serving global institutional users, with single-day volume records reaching $12.2 billion on May 6, 2026 and weekly average daily volume of $9.7 billion in early March 2026; and (ii) 24X National Exchange LLC, a Delaware-incorporated, SEC-registered national securities exchange that launched trading on October 15, 2025 as the first U.S. equities venue authorized for 23-hour weekday (23/5) trading, currently operating 4:00 AM to 8:00 PM ET with a planned overnight session of 9:00 PM to 4:00 AM ET pending SEC SIP exemption (anticipated December 2026).
The equities exchange is built on the MEMX Technologies matching engine with standard FIX-protocol connectivity, integrated pre-trade risk management, proposed MEMOIR proprietary market data feeds, and FX NDF clearing via a direct LCH ForexClear connection; equities clearing is provided by DTCC NSCC under a 24x5 central-counterparty model that went live June 29, 2026. Technology and market data partnerships with TNS (September 2025) and IPC Systems (May 2026) extend distribution into APAC hubs (Hong Kong, Singapore, Tokyo, Taiwan, Sydney).
The firm monetizes via transaction-based fees on equities and FX NDFs (with a $0.0038/share retail rebate introduced March 2026), market data dissemination, and broker-dealer membership fees, supplemented by a warrants-for-flow program that grants exchange equity to members and sponsored participants in exchange for order flow. The company has attracted strategic equity investments from Rakuten Securities (May 2025) and Shinhan Securities (December 2025), has signed approximately three dozen major U.S. broker-dealers as members including Cantor, and is led by CEO Dmitri Galinov (founder, ex-FastMatch sold to Euronext), President Jason Woerz (ex-Bridgewater Global Head of Execution), and newly appointed CFO Gina Tuccio (February 2026), with operations headquartered in Hamilton, Bermuda and U.S. equities operations in Stamford, Connecticut.
24X National Exchange firmographics
Firmographics- Name
- 24X National Exchange
- Legal name
- 24X Bermuda Limited
- Website
- https://24exchange.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Short description
- 24X Bermuda Limited operates a multi-asset electronic trading platform featuring FX NDF/NDS trading and the first SEC-approved 23/5 U.S. equities exchange, serving global institutional traders and Asia-Pacific broker-dealer members seeking extended-hours access to U.S. markets.
- Ownership category
- akta.pro rank
24X National Exchange industry classification
Industry- Product category
- Securities Exchange
- NAICS
- Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (523160)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Electronic Communication Networks (ECNs) & Alternative Trading Systems (ATS) — Equities (FSAFAAAD)
- akta.pro secondary industries
- Non-Deliverable Forward (NDF) Trading Venues (FSAFADAE), FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC), FX Swaps & Forwards Trading Venues (FSAFADAG)
Keywords
Where 24X National Exchange is headquartered
LocationHeadquarters
- HQ city
- Stamford
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
24X National Exchange business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain
Revenue model
- Equities Transaction / Trading Fees: 24X National Exchange charges transaction fees for trading U.S. equities during extended hours. Offers a retail pricing program with a $0.0038 (38-mil) rebate for retail orders, and a warrants program allowing members and sponsored participants to earn equity in the exchange for their order flow.
- FX NDF Trading Volume: 24X Bermuda generates revenue from FX Non-Deliverable Forward (NDF) trading volume. The exchange has set multiple single-day volume records, including $12.2 billion on May 6, 2026, with average weekly ADV reaching $9.7 billion.
- Market Data Dissemination: Exchange disseminates proprietary market data (top-of-book, depth-of-book, last-sale, historical data) during extended trading sessions. Proposed to provide data free to exchange members and vendors during overnight session, monetizing through broader market share and member acquisition.
- Membership Fees: 24X Exchange membership is available for U.S. broker-dealers, who pay membership fees and connect their clients (retail and institutional) to the platform for extended-hours trading.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Retail Pricing Program - $0.0038 rebate per share |
| Other | Pay-as-you-go | Market Data - Free during overnight session |
| Other | Pay-as-you-go | Warrants Program for Members |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
24X National Exchange product offering
Product offeringCore offering
24X National Exchange operates the first SEC-approved U.S. national securities exchange offering 23-hour weekday trading in U.S. equities (currently 4:00 AM to 8:00 PM ET). Through its 24X Bermuda parent entity, the firm also operates a global FX trading platform for Non-Deliverable Forward (NDF) and Non-Deliverable Swap (NDS) products serving institutional clients worldwide. Members access the equities exchange via the MEMX Technologies platform using FIX protocol, with clearing handled through DTCC's NSCC 24x5 service.
Product overview
24X National Exchange operates a multi-product trading platform consisting of: (1) 24X National Exchange - the SEC-approved U.S. equities exchange offering 23/5 trading hours (currently 4 AM-8 PM ET, expanding to overnight pending regulatory approval), powered by MEMX Technologies infrastructure; (2) 24X Bermuda's FX NDF and FX Non-Deliverable Swaps trading platforms serving global institutional users; and (3) the planned 24X Market Session for overnight equities trading. The platform targets global investors seeking extended access to U.S. markets beyond traditional trading hours, with clearing provided through DTCC's NSCC.
Differentiator
Problem solved
Functional benefit
Products and services
- 24X National Exchange The first SEC-approved national securities exchange in the U.S. offering 23-hour per day weekday trading (23/5) of U.S. equities to global investors through approved broker-dealer members. Currently operates from 4:00 AM to 8:00 PM ET, with plans to expand to overnight trading pending SEC SIP exemption approval.
- FX NDF Trading Platform 24X Bermuda's FX Non-Deliverable Forward trading platform serving global institutional users, which has set multiple volume records exceeding $12 billion in daily trading volume.
- FX Non-Deliverable Swaps (NDS) FX Non-Deliverable Swap product launched on 24X's global platform, expanding the firm's range of FX offerings alongside the existing NDF trading capabilities for institutional users.
- 24X Equities Trading Platform The equities trading interface providing access to 24X National Exchange, offering real-time market data, trading capabilities, and integration with MEMX Technologies platform infrastructure.
- Retail Pricing Program A retail-oriented pricing program offering a $0.0038 (38-mil) rebate per share, designed to attract retail order flow and liquidity providers to the 24X National Exchange.
Quantifiable outcome
- Single-day FX NDF volume record of $12.2 billion (May 6, 2026)
- +3 more outcomes
Companies that use 24X National Exchange
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles3 records
24X National Exchange technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
24X National Exchange partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and strategic.
- DTCC / NSCCcoreDTCC's National Securities Clearing Corporation (NSCC) went live with 24x5 clearing for U.S. equities on June 29, 2026, 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 marketplace vision, applying central counterparty guarantee to extended-hours trades.
- MEMX Technologiescore24X National Exchange is built on MEMX Technologies platform, which provides the matching engine, order entry, and market data infrastructure for the equities trading platform. MEMX serves as the core technology backbone for the exchange.
- IPC SystemscoreIPC Systems and 24X National Exchange announced a strategic partnership to deliver 24X market data through IPC's resilient, low-latency global network. IPC's presence in financial hubs including Hong Kong, Singapore, Tokyo, Taiwan, and Sydney helps participants coordinate workflows and prepare for extended-hours market access.
- Cantor (Cantor Fitzgerald)strategicCantor, a premier global investment bank and part of Cantor Fitzgerald group, expanded market connectivity by becoming a member of 24X National Exchange. This enables Cantor to offer its clients access to 24X's extended-hours U.S. equities trading platform.
- Transaction Network Services (TNS)core24X National Exchange partnered with TNS to provide market data connectivity across 23/5 trading in U.S. equities. TNS delivers 24X market data through its resilient, low-latency global network supporting broker-dealers and market participants preparing for SEC-regulated overnight weekday trading.
- LCH ForexClearcore24 Exchange launched a new direct connection to LCH ForexClear, completing its first FX NDF production trade through this connection. This integration provides centralized clearing for FX NDF trades on the platform.
Scale indicators10 records
Recent moves9 records
Expansion highlights7 records
24X National Exchange competitors and assessment
Company assessmentDirect peers
- MEMX: Operator of the Members Exchange (MEMX), a U.S. equities exchange launched in 2020. Most comparable as a venture-backed alternative equities exchange competing with NYSE/Nasdaq, and also24X's core technology infrastructure provider — making it both a peer and a critical vendor.
- IEX: Investors Exchange, a U.S. national securities exchange operated as an ATS-style venue focused on fair trading. Comparable as a venture-backed alternative equities exchange targeting institutional traders with differentiated market structure.
- MIAX: Miami International Holdings operates multiple U.S. equities and options exchanges. Comparable as a multi-asset exchange operator building differentiated trading venues with similar regulatory and infrastructure requirements.
- LMAX Group: Institutional FX exchange operator offering execution in spot FX, metals, and derivatives. Comparable as a regulated electronic exchange targeting institutional FX flow, similar to 24X's FX NDF/NDS business.
Broad incumbents
- Cboe Global Markets: Major U.S. exchange operator running equities, options, and FX (Cboe FX) venues. Comparable across24X's equities and FX NDF/NDS business lines, and the most likely incumbent to launch competing extended-hours offerings.
- Nasdaq: One of the two dominant U.S. equities exchanges with deep liquidity and established international distribution. Comparable as the benchmark venue24X is positioning against for U.S. equities trading hours and global access.
- NYSE: The largest U.S. equities exchange by listings and volume. Comparable as the primary incumbent24X's broker-dealer members and global investors already route flow to, and against which 24X is competing on extended-hours access.
- Euronext: Pan-European multi-asset exchange operator that acquired FastMatch (24X CEO Galinov's prior company). Comparable as a multi-asset exchange with equities and FX capabilities, and a relevant precedent for 24X's exit trajectory.
Emerging players
- CLS Group: Operator of the largest FX settlement and netting service globally. Comparable as institutional FX market infrastructure serving the same FX NDF trading workflows and counterparties that 24X is courting on its platform.
- Tradeweb: Electronic trading platform for fixed income, derivatives, and ETFs. Comparable as a multi-asset electronic venue serving institutional clients, with overlapping FX and equity-adjacent product offerings.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
24X National Exchange social profiles
Digital presence24X National Exchange financial estimates
Financial estimateRevenue estimate
Valuation estimate
24X National Exchange leadership team
Management profileNumber of profiles
Profiles6 records
24X National Exchange subsidiaries and ownership
Company hierarchySubsidiaries2 records
24X National Exchange funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
24X National Exchange 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 National Exchange
What does 24X National Exchange do?
24X National Exchange operates the first SEC-approved U.S. national securities exchange offering 23-hour weekday trading in U.S. equities (currently 4:00 AM to 8:00 PM ET). Through its 24X Bermuda parent entity, the firm also operates a global FX trading platform for Non-Deliverable Forward (NDF) and Non-Deliverable Swap (NDS) products serving institutional clients worldwide. Members access the equities exchange via the MEMX Technologies platform using FIX protocol, with clearing handled through DTCC's NSCC 24x5 service.
Is 24X National Exchange a public or private company?
24X National Exchange is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was 24X National Exchange founded?
24X National Exchange was founded in 2021.
Where is 24X National Exchange based?
24X National Exchange is headquartered in Stamford, United States, in the North America region.
How does 24X National Exchange make money?
Four revenue lines are on record. Equities Transaction / Trading Fees are the primary driver. The others are FX NDF Trading Volume, market Data Dissemination and membership Fees.
Who are 24X National Exchange's main competitors?
Direct peers on record are MEMX, IEX, MIAX and LMAX Group. Broad incumbents are Cboe Global Markets, Nasdaq, NYSE and Euronext. Emerging players are CLS Group and Tradeweb.
Does 24X National Exchange have an API?
No public API is recorded for 24X National Exchange.
What industry is 24X National Exchange in?
24X National Exchange's product category is Securities Exchange. Its primary akta.pro industry code is FSAFAAAD, Electronic Communication Networks (ECNs) & Alternative Trading Systems (ATS) — Equities, with a secondary code of FSAFADAE, Non-Deliverable Forward (NDF) Trading Venues. Its NAICS code is 523210 and its SIC code is 6200.