{"id":745,"date":"2026-07-24T21:44:58","date_gmt":"2026-07-24T15:35:28","guid":{"rendered":"https:\/\/www.tiingo.com\/blog\/?p=745"},"modified":"2026-07-27T00:20:00","modified_gmt":"2026-07-27T04:20:00","slug":"24x-exchange-overnight-trading-sec-exemption","status":"publish","type":"post","link":"https:\/\/www.tiingo.com\/blog\/24x-exchange-overnight-trading-sec-exemption\/","title":{"rendered":"24X National Exchange&#8217;s Overnight Trading Bid: Inside the SEC Exemption Request"},"content":{"rendered":"<blockquote>\n<p><strong>A note from Rishi:<\/strong> We&#8217;ve been following the 24X comment file for some time now. While we now have overnight data via Blue Ocean, as a data provider, we&#8217;re constantly looking to increase coverage and add new venues when possible. Please see our research below as we&#8217;ve been tracking this exemption process. And if you need overnight data now, please see our <a href=\"https:\/\/www.tiingo.com\/products\/boats-blue-ocean-ats-real-time-overnight-stock-prices\">Blue Ocean ATS API<\/a>, which is available in real-time streaming and REST APIs today. Enjoy!<\/p>\n<\/blockquote>\n<p>24X National Exchange wants to run the first true overnight session on a US stock exchange. Not an ATS, not a workaround. An actual registered exchange, trading while most of the country is asleep. They asked the SEC for permission to start early, before the market&#8217;s official quote system is ready for those hours, and the industry wrote in to argue about it. Loudly.<\/p>\n<p>There are 21 comment letters in this docket, and they do not agree with each other. Here is what the filings actually say.<\/p>\n<p>The short version:<\/p>\n<ul>\n<li><strong>What 24X requested:<\/strong> a temporary, conditional exemption, which they call the &#8220;Temporary Quotation Reporting Exemption,&#8221; from certain requirements of Rule 602 of Regulation NMS, certain quotation-reporting requirements of the UTP and CQ Plans, and the Section 19(g)(1) requirement to follow a handful of 24X&#8217;s own rules that currently keep its overnight session shut.<\/li>\n<li><strong>When:<\/strong> filed December 15, 2025 by 24X General Counsel David Sassoon. The SEC published a notice and request for comment on February 25, 2026 (<a href=\"https:\/\/www.sec.gov\/files\/rules\/other\/2026\/34-104894.pdf\">Release No. 34-104894<\/a>, File No. S7-2026-06), with <a href=\"https:\/\/www.federalregister.gov\/documents\/2026\/03\/02\/2026-04081\/notice-of-an-application-of-the-24x-national-exchange-llc-for-a-temporary-conditional-exemption-from\">Federal Register publication<\/a> on March 2, 2026.<\/li>\n<li><strong>Status:<\/strong> pending. As of July 2026 the SEC has not granted it, denied it, or done anything else with it since that notice.<\/li>\n<\/ul>\n<h2>Who is 24X National Exchange?<\/h2>\n<p>24X is the first exchange the SEC approved to run 23 hours a day, five days a week. Registration was approved on November 27, 2024, and the exchange opened on October 15, 2025 with the sessions everyone already knows: pre-market, core, and post-market, 4:00am to 8:00pm ET on weekdays. &#8220;Our launch marks a milestone in the evolution of U.S. equities markets to trading around-the-clock,&#8221; founder and CEO Dmitri Galinov said that day.<\/p>\n<p>The full vision is continuous trading from 8:00pm ET Sunday to 8:00pm ET Friday, with a one-hour maintenance pause every night from 8:00 to 9:00pm ET.<\/p>\n<p>What is still missing is the piece the company is named after. The overnight window, 9:00pm to 4:00am ET, Sunday through Thursday nights. 24X calls it the &#8220;24X Market Session,&#8221; and it&#8217;s the entire reason this exemption request exists.<\/p>\n<h2>What 24X actually asked the SEC for<\/h2>\n<p>Here is how 24X frames it. They aren&#8217;t asking to rewrite the rules, only to be excused from a few of them for a while, given the circumstances. Or at least, that&#8217;s their belief. A lot of commenters see it very differently, and we&#8217;ll get to them.<\/p>\n<p>The request went in under Section 36 of the Exchange Act along with Rules 602 and 608(e) of Regulation NMS, and it covers three things during the overnight session only:<\/p>\n<ol>\n<li><strong>Certain requirements of Rule 602 of Regulation NMS<\/strong>, the rule governing how exchanges report and display quotations, for quoting during the 24X Market Session.<\/li>\n<li><strong>Certain quotation-reporting requirements of the UTP Plan and CQ Plan<\/strong>, &#8220;until the UTP Plan and the CQ Plan establish a mechanism to collect, consolidate and disseminate quotations during the 24X Market Session.&#8221;<\/li>\n<li><strong>The Section 19(g)(1) requirement to comply with several of 24X&#8217;s own rules<\/strong>, the ones that legally bar it from opening the overnight session until the Equity Data Plans can consolidate overnight quotes, and that put its overnight rule filing on an 18-month clock.<\/li>\n<\/ol>\n<p>What do they put up in return? Six conditions, and they aren&#8217;t trivial. 24X would publish a real-time proprietary feed carrying overnight quotes and last-sale data, free to anyone who wants it. It would say plainly on its own website that consolidated data is not available for those hours and that its feed is the only place to get the quotes. It would keep complying fully with Rules 601 and 602 and the data plans for its 4:00am to 8:00pm sessions. It would report overnight trades to the tape on a delayed basis. It would hand the SEC quarterly volume data for as long as the relief is in effect. And NSCC would need Commission-approved rules to clear and settle those trades before a single one happens.<\/p>\n<p>The relief is also written to expire on its own. It lapses the moment the data plans can consolidate and disseminate overnight quotes, and it is severable by time band, so if the plans light up part of the window first, the exemption dies for those hours and survives only for the rest.<\/p>\n<p>As the SEC&#8217;s notice put it, the relief &#8220;would permit investors to begin trading overnight on a national securities exchange, not just in the over-the-counter market.&#8221;<\/p>\n<h2>Why 24X is asking, and why early<\/h2>\n<p>Why does any of this need an exemption? Because the market&#8217;s official quote system doesn&#8217;t run overnight yet.<\/p>\n<p>During the day, the SIPs (Securities Information Processors) take every exchange&#8217;s prices and merge them into the consolidated tape, which produces the NBBO, the national best bid and offer. One official scoreboard for the whole market. You&#8217;ve probably never thought about it. You never have to poll a dozen venues to find the best price, because the scoreboard already did it for you.<\/p>\n<p>Overnight, that scoreboard is dark. No SIP, no NBBO, no official consolidated data of any kind. And 24X&#8217;s own rulebook, written as a condition of its 2024 approval, says it can&#8217;t open the overnight session until the scoreboard turns on.<\/p>\n<p>Here&#8217;s the part I can speak to from our own experience. What makes market data expensive and slow has never really been the bytes, it&#8217;s the licensing and the rules wrapped around them. We&#8217;ve spent years on the paperwork side of this business, and I&#8217;ve watched how long it takes to move a data agreement even when everyone involved wants the same outcome. That&#8217;s true no matter which way you come down on this filing. It&#8217;s also why a projected date from a committee lands differently for a new venue than it does for the firms already trading.<\/p>\n<p>24X says it tried the front door first, for years. Per its application, it &#8220;spent more than three years working to convince the Equity Data Plans&#8230;to extend their hours.&#8221; A &#8220;24-Hour Committee&#8221; was finally formed in June 2024, but the answer that came back was a date, not a fix: 24X says it &#8220;was given a projected timeline of November\/December 2026 for overnight trading support&#8230;well beyond the 18-month period anticipated when the Commission approved 24X.&#8221;<\/p>\n<p>Meanwhile the overnight session is already running. Just not on an exchange. <a href=\"\/blog\/blue-ocean-ats-overnight-stock-data\/\">Blue Ocean ATS<\/a> and Bruce ATS trade NMS securities every night, report those trades on a delayed basis, and, in the application&#8217;s words, have &#8220;no obligation to provide [their] best priced orders for public display.&#8221; 24X argues it shouldn&#8217;t have to sit out while off-exchange venues run the session, and it worries that &#8220;more established exchanges may determine to form or acquire alternative trading systems and begin trading overnight, similar to&#8230;Blue Ocean ATS&#8230;and Bruce ATS.&#8221; There&#8217;s a global argument too: &#8220;Allowing overnight trading on a U.S. registered national securities exchange may attract order flow that would otherwise be directed to overseas markets.&#8221;<\/p>\n<p>So that is what &#8220;early&#8221; means in early exemption: let 24X open the 9:00pm to 4:00am session now, months ahead of the SIPs, with a free proprietary feed and a disclosure standing in for the consolidated tape until it shows up.<\/p>\n<h2>Who is for it, who is wary<\/h2>\n<p>The SEC&#8217;s notice asked, among other things, whether the relief squares with Section 11A(a)(1)(C) of the Exchange Act, which is Congress&#8217;s way of saying quote and trade information should be available. That question runs straight through the <a href=\"https:\/\/www.sec.gov\/rules-regulations\/public-comments\/s7-2026-06\">public comment file<\/a>: 19 commenters across 21 filings, posted between March 3 and May 12, 2026. Eleven opposed it or asked the SEC to wait. Six supported it. One was neutral and technical, and I think it ended up mattering more than anything else in the pile. The Equity Data Plans committees filed a letter that takes no side but reinforces the December timeline.<\/p>\n<p><img decoding=\"async\" style=\"max-width: 100%; height: auto; border-radius: 12px;\" src=\"https:\/\/www.tiingo.com\/blog\/wp-content\/uploads\/2026\/07\/24x-chart1.png\" alt=\"Bar chart of the 24X SEC comment file: 11 opposed or urged waiting, 6 in favor, 1 neutral, 1 informational\" \/><\/p>\n<table>\n<thead>\n<tr>\n<th>Commenter<\/th>\n<th>Role<\/th>\n<th>Position<\/th>\n<th>Core point<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Nasdaq (Angela S. Dunn)<\/td>\n<td>Exchange<\/td>\n<td>Opposed<\/td>\n<td>Consolidated quote data is &#8220;foundational,&#8221; not discretionary<\/td>\n<\/tr>\n<tr>\n<td>Cboe (Matthew Iwamaye)<\/td>\n<td>Exchange<\/td>\n<td>Opposed<\/td>\n<td>Frustration with the SIP timeline doesn&#8217;t warrant &#8220;circumvention&#8221; of exchange requirements; urges denial<\/td>\n<\/tr>\n<tr>\n<td>IEX (John Ramsay)<\/td>\n<td>Exchange<\/td>\n<td>Opposed<\/td>\n<td>Granting it would trigger &#8220;copycat exemption requests&#8221;<\/td>\n<\/tr>\n<tr>\n<td>SIFMA (Katie Kolchin, Gerald O&#8217;Hara)<\/td>\n<td>Broker-dealer association<\/td>\n<td>Opposed; backs an alternative<\/td>\n<td>Would &#8220;erase a core structural distinction between an exchange and an ATS&#8221;; extend 24X&#8217;s filing deadline to December instead<\/td>\n<\/tr>\n<tr>\n<td>Better Markets (Benjamin L. Schiffrin)<\/td>\n<td>Investor advocate<\/td>\n<td>Opposed<\/td>\n<td>Exemptive relief shouldn&#8217;t be an &#8220;end run&#8221; around 24X&#8217;s approval conditions<\/td>\n<\/tr>\n<tr>\n<td>Bruce Markets (Jason Wallach)<\/td>\n<td>Overnight ATS<\/td>\n<td>Opposed<\/td>\n<td>The proposal &#8220;unfairly discriminates against ATS operators&#8221;<\/td>\n<\/tr>\n<tr>\n<td>James J. Angel, Ph.D., CFA<\/td>\n<td>Georgetown associate professor<\/td>\n<td>In favor<\/td>\n<td>&#8220;Just say yes.&#8221; Regulated exchanges bring more surveillance than ATSs<\/td>\n<\/tr>\n<tr>\n<td>Rakuten Securities (Japan)<\/td>\n<td>Retail broker<\/td>\n<td>In favor<\/td>\n<td>Supports relief so overnight exchange trading can begin (24X disclosed its parent took capital from Rakuten)<\/td>\n<\/tr>\n<tr>\n<td>Shinhan Securities (South Korea)<\/td>\n<td>Retail broker<\/td>\n<td>In favor<\/td>\n<td>Calls the proposal a &#8220;practical and measured approach&#8221; (24X disclosed its parent took capital from Shinhan)<\/td>\n<\/tr>\n<tr>\n<td>Exegy (David Taylor)<\/td>\n<td>Market-data technology<\/td>\n<td>Neutral \/ technical<\/td>\n<td>The absence of a Plan Processor overnight &#8220;is not a technical barrier to transparency&#8221;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The opposition&#8217;s core argument is that consolidated data is a defining obligation of being an exchange, and I&#8217;d say Nasdaq put the strongest version of it on paper. Nasdaq&#8217;s Angela S. Dunn, Principal Associate General Counsel, put it plainly on April 1, 2026: &#8220;Consolidated equity market data, and quotation information in particular, is not a discretionary component of the national market system. It is foundational.&#8221;<\/p>\n<p>SIFMA&#8217;s Katie Kolchin and Gerald O&#8217;Hara pushed the same point further on April 23, 2026, and their version is the one I keep thinking about: &#8220;If an exchange were exempted from quoting to the SIPs, it would erase a core structural distinction between an exchange and an ATS, as well as potentially destabilize NBBO formation.&#8221; They also offered a middle path, which is easy to miss in a stack of letters that mostly say no. SIFMA said it would support &#8220;granting an extension of the deadline for 24X to file the 24X Market Session proposed rule change to align with the December 2026 timing the SIPs are targeting.&#8221; Give them more time, in other words, rather than an exemption.<\/p>\n<p>Then there is the worry about what comes next. IEX&#8217;s John Ramsay, Chief Market Policy Officer, filed the most recent letter in the docket on May 12, 2026: &#8220;Granting the exemption to this one exchange will also undoubtedly trigger copycat exemption requests from other markets.&#8221; Joseph Saluzzi of Themis Trading had said it more bluntly back on March 5, warning approval would &#8220;open the extended hours trading floodgates.&#8221;<\/p>\n<p>The objection I didn&#8217;t see coming came from inside the overnight market itself. Bruce Markets runs one of the ATSs already trading those hours, and you might assume it would welcome company. It did not. CEO Jason Wallach wrote on March 31, 2026 that &#8220;the Proposal unfairly discriminates against ATS operators, including Bruce Markets, by putting them at a structural disadvantage and imposes an unnecessary burden on competition.&#8221;<\/p>\n<p>On the other side, Georgetown&#8217;s James J. Angel wrote the shortest and most quotable letter of the bunch on March 10, 2026. Three words: &#8220;Just say yes.&#8221; His reasoning: &#8220;Since we already have 24-hour trading, it is best that it be on regulated national securities exchanges. This will create the highest level of investor protection because of the surveillance&#8230;conducted by national securities exchanges that are not conducted by ATSs.&#8221; He&#8217;s also the only independent academic in the supportive column, which I think is worth knowing when you weigh the rest.<\/p>\n<p>The rest of the support came from the demand side: three brokers abroad whose clients want US stocks at a civilized local hour, a proprietary trading firm, and a fintech investor. Rakuten Securities of Japan wrote on March 16, 2026 that it &#8220;respectfully submits this letter in support of the request by 24X National Exchange for temporary exemptive relief to permit the commencement of overnight exchange trading.&#8221; One disclosure belongs right next to that: 24X disclosed that its parent company has taken capital from two of its supporters, Rakuten and Shinhan.<\/p>\n<p><img decoding=\"async\" style=\"max-width: 100%; height: auto; border-radius: 12px;\" src=\"https:\/\/www.tiingo.com\/blog\/wp-content\/uploads\/2026\/07\/24x-chart2.png\" alt=\"Bar chart showing 24X exemption positions by commenter type: all three exchanges opposed; supporters were four brokers and trading firms, one fintech investor and one academic\" \/><\/p>\n<p>So how do I weigh a record like that? By raw count it&#8217;s close to even. By institutional weight it isn&#8217;t. Every other exchange that filed lined up against it, along with the main broker-dealer association, the leading investor advocate, and a competing overnight venue. The supporters were four brokers and trading firms, a fintech investor, and one academic, James Angel of Georgetown. Also worth noting who stayed home: NYSE, Blue Ocean, OTC Markets, and the big market makers didn&#8217;t file a word.<\/p>\n<h2>24X&#8217;s response: the data already exists<\/h2>\n<p>24X answered in April with a <a href=\"https:\/\/www.sec.gov\/comments\/s7-2026-06\/s7202606-763747-2344775.pdf\">response letter<\/a> (filed April 23, press-released April 29), and its central move is factual rather than philosophical. The &#8220;no consolidated data&#8221; objection, 24X argues, is already out of date. &#8220;In February of this year, Exegy Inc. launched a consolidated data feed for overnight markets that includes an Overnight BBO (&#8216;OBBO&#8217;) quotation service,&#8221; the letter says, noting that dxFeed and Webull offer overnight consolidated data too.<\/p>\n<p>This is where that neutral, technical letter starts doing real work. Exegy CEO David Taylor took no position on the merits, but he did write: &#8220;The absence of a formal Plan Processor during these hours is not a technical barrier to transparency.&#8221; If you&#8217;re 24X, that one sentence from a vendor with no dog in the fight is worth more than a dozen supportive letters from customers.<\/p>\n<p>General Counsel David Sassoon kept the scope tight: &#8220;The proposed relief is narrowly tailored to be in effect only until the Equity Data Plans are ready for overnight trading.&#8221; And then the sharper line: &#8220;Market innovation and advancement should not be contingent on the pace of decision making of the Equity Data Plans when there are alternative market data vehicles available.&#8221;<\/p>\n<p>CEO Dmitri Galinov made the investor-protection case in the April 29, 2026 announcement:<\/p>\n<blockquote>\n<p>&#8220;Overnight trading is already happening today on less-regulated venues that offer limited transparency. Our proposal simply allows that activity to take place on a regulated exchange, with the full suite of investor protections, surveillance, and transparency that comes with it.&#8221;<\/p>\n<\/blockquote>\n<h2>Where it stands, and what everyone expects<\/h2>\n<p>Here&#8217;s the part that changed how I read the whole question. Since the comment period closed, the other two things 24X was waiting on have landed:<\/p>\n<ul>\n<li><strong>The consolidated tape:<\/strong> the SEC <a href=\"https:\/\/www.sec.gov\/files\/rules\/sro\/nms\/2026\/34-105779.pdf\">approved the SIP plan amendments<\/a> on June 26, 2026. Extended hours, 9:00pm ET Sunday to 8:00pm ET Friday with that 8:00 to 9:00pm pause, go live <strong>December 6, 2026<\/strong>.<\/li>\n<li><strong>Clearing:<\/strong> NSCC&#8217;s <a href=\"https:\/\/www.federalregister.gov\/documents\/2026\/06\/01\/2026-10836\/self-regulatory-organizations-national-securities-clearing-corporation-order-approving-proposed-rule\">24&#215;5 clearing<\/a> went live June 28, 2026, Sunday 8:00pm ET to Friday 8:00pm ET.<\/li>\n<li><strong>The exemption:<\/strong> still pending. The only SEC action remains that February 25, 2026 notice.<\/li>\n<\/ul>\n<p>Which means the exemption is now the only gate left. Everything else 24X needs is either built or scheduled.<\/p>\n<p>24X has said it expects to launch 23\/5 trading in the second half of 2026. Dates in this business move, and some already have: 24X&#8217;s own deadline to file its overnight rule change slipped seven months, from May 27, 2026 to December 27, 2026 (<a href=\"https:\/\/www.sec.gov\/files\/rules\/sro\/24x\/2026\/34-105497.pdf\">Release No. 34-105497<\/a>).<\/p>\n<p>And if you&#8217;re looking for a decision date to circle, there isn&#8217;t one. A Section 36 exemption isn&#8217;t a rule filing, so no statutory clock forces the SEC to act by any particular day. Open-ended waiting is normal here.<\/p>\n<h2>What happens if 24X gets it<\/h2>\n<p>If the SEC grants the relief, 24X becomes the first registered national securities exchange trading the real overnight window. The notice itself asks whether other exchanges should then get the same treatment. The Commission knows it would be opening a door, not making an exception for one company.<\/p>\n<p>What would it actually feel like to trade there at 2am? Different from the day session, in ways you&#8217;d want to know before you send an order. There would be no overnight NBBO, because the scoreboard stays dark until December, so 24X&#8217;s free feed plus its own website disclosure is what you&#8217;d have. Trades hit the tape late. The Order Protection Rule and the LULD Plan, as 24X&#8217;s letter notes, &#8220;only apply during regular trading hours,&#8221; so neither one covers you overnight, exactly as they don&#8217;t cover you in today&#8217;s pre-market and post-market sessions.<\/p>\n<p>24X does layer on overnight-specific protections: it halts any security whose primary listing market has halted it, requires risk disclosures for overnight orders, and stays bound by Reg SCI and its Section 6 exchange obligations the entire time. Then, when the Equity Data Plans can finally consolidate overnight quotes, the exemption switches itself off.<\/p>\n<p>If the SEC doesn&#8217;t grant it, 24X&#8217;s overnight launch simply waits for December 6, 2026, and the question becomes moot on its own.<\/p>\n<h2>The bottom line<\/h2>\n<p>24X asked for a head start of a few months. The heavyweights in the comment file said wait for the tape. 24X and its supporters said the waiting is the actual problem, and pointed at private vendors who already solved the data piece.<\/p>\n<p>The SEC can grant it with conditions, deny it, or simply let December arrive and settle it. As of July 2026 it&#8217;s done none of those. Which way it goes is the SEC&#8217;s call. It&#8217;s pending, and anyone who tells you they know how this ends is guessing.<\/p>\n<p>One last note from our side. Whatever the SEC decides, the overnight session isn&#8217;t waiting on it. Those hours already trade every night on the ATSs, and the data is already available to anyone who wants it. We carry <a href=\"\/blog\/blue-ocean-ats-overnight-stock-data\/\">real-time overnight data<\/a> from Blue Ocean ATS today, and if you want the wider map of venues, mechanics, and what&#8217;s coming next, start with our guide to <a href=\"\/blog\/overnight-stock-data-api\/\">overnight stock data<\/a>. We&#8217;ll keep following this one as it moves.<\/p>\n<p><em>Update, July 26, 2026: added two charts summarizing the comment file, reconciled the commenter count against the SEC docket index, and added further primary-source links.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A note from Rishi: We&#8217;ve been following the 24X comment file for some time now. While we now have overnight data via Blue Ocean, as a data provider, we&#8217;re constantly looking to increase coverage and add new venues when possible. Please see our research below as we&#8217;ve been tracking this exemption process. And if you [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":746,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"osom_blocks_metabox":"","inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-745","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-data","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.1 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>24X Overnight Trading: Inside the SEC Exemption Bid | Tiingo<\/title>\n<meta name=\"description\" content=\"24X National Exchange asked the SEC for an early exemption to trade overnight before the SIPs are ready. 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