Notice2022-12010
24X National Exchange LLC; Notice of Filing of Application for Registration as a National Securities Exchange Under Section 6 of the Securities Exchange Act of 1934
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 6, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 108 (Monday, June 6, 2022)</title>
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[Federal Register Volume 87, Number 108 (Monday, June 6, 2022)]
[Notices]
[Pages 34333-34334]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-12010]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95007; File No. 10-239]
24X National Exchange LLC; Notice of Filing of Application for
Registration as a National Securities Exchange Under Section 6 of the
Securities Exchange Act of 1934
May 31, 2022.
On March 25, 2022, 24X National Exchange LLC (``24X'' or
``Applicant'') submitted to the Securities and Exchange Commission
(``Commission'') a Form 1 application under the Securities Exchange Act
of 1934 (``Exchange Act''), seeking registration as a national
securities exchange under Section 6 of the Exchange Act. The
Applicant's Form 1 application provides detailed information on how 24X
proposes to satisfy the requirements of the Exchange Act.
The Commission is publishing this notice to solicit comments on
24X's Form 1 application. The Commission will take any comments it
receives into consideration in making its determination about whether
to grant 24X's request to be registered as a national securities
exchange. The Commission will grant the registration if it finds that
the requirements of the Exchange Act and the rules and
[[Page 34334]]
regulations thereunder with respect to 24X are satisfied.\1\
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\1\ 15 U.S.C. 78s(a).
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24X's Form 1 application states that 24X would be wholly-owned by
its parent company, 24X US Holdings LLC (``US Holdings''), which in
turn is wholly-owned by 24X Bermuda Holdings LLC (``Bermuda
Holdings'').
The Form 1 application provides that 24X would operate a fully
automated electronic trading platform for the trading of listed
equities and would not maintain a physical trading floor. It also
provides that liquidity would be derived from quotes as well as orders
to buy and orders to sell submitted to 24X electronically by Members
from remote locations. 24X proposes to have one class of membership
open to registered broker-dealers. One novel feature of 24X's proposed
trading rules is that 24X intends to allow equities trading 24 hours a
day, 7 days per week, 365 days a year.\2\ 24X has proposed specific
rules to govern trading outside of regular trading hours.\3\ Another
notable feature in 24X's Form 1 application is that it contemplates
allowing market participants to trade fractional shares.\4\
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\2\ See proposed 24X Rule 11.1 (describing the hours of trading
and trading days for 24X).
\3\ For example, see proposed 24X Rule 11.16 (describing what
orders are eligible for execution outside of regular trading hours).
\4\ See proposed 24X Rule 11.16(q) (defining the unit of trading
in stocks as one thousandth of a share).
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A more detailed description of the manner of operation of 24X's
proposed system can be found in Exhibit E to 24X's Form 1 application.
The proposed rulebook for the proposed exchange can be found in Exhibit
B to 24X's Form 1 application, and the governing documents for 24X, US
Holdings and Bermuda Holdings can be found in Exhibit A and Exhibit C
to 24X's Form 1 application. A listing of the officers and directors of
24X can be found in Exhibit J to 24X's Form 1 application. A complete
set of forms concerning membership and access can be found in Exhibit F
to 24X's Form 1 application.
24X's Form 1 application, including all of the Exhibits referenced
above, is available online at <a href="http://www.sec.gov/rules/other.shtml">www.sec.gov/rules/other.shtml</a> as well as
in the Commission's Public Reference Room. Interested persons are
invited to submit written data, views, and arguments concerning 24X's
Form 1, including whether the application is consistent with the
Exchange Act.
Comments may be submitted by any of the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#3e4c4b525b135d5153535b504a4d7e4d5b5d10595148"><span class="__cf_email__" data-cfemail="f082859c95dd939f9d9d959e8483b0839593de979f86">[email protected]</span></a>. Please include
File Number 10-239 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number 10-239. This file number
should be included on the subject line if email is used. To help the
Commission process and review your comments more efficiently, please
use only one method. The Commission will post all comments on the
Commission's internet website (<a href="http://www.sec.gov/rules/other.shtml">http://www.sec.gov/rules/other.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to 24X's Form 1 filed with the Commission, and
all written communications relating to the application between the
Commission and any person, other than those that may be withheld from
the public in accordance with the provisions of 5 U.S.C. 552, will be
available for website viewing and printing in the Commission's Public
Reference Room, 100 F Street NE, Washington, DC 20549, on official
business days between the hours of 10:00 a.m. and 3:00 p.m. All
comments received will be posted without change. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from comment submissions.
You should submit only information that you wish to make publicly
available. All submissions should refer to File Number 10-239 and
should be submitted on or before July 21, 2022.
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\5\ 17 CFR 200.30-3(a)(16) and (a)(71)(i).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\5\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-12010 Filed 6-3-22; 8:45 am]
BILLING CODE 8011-01-P
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