[Federal Register Volume 89, Number 43 (Monday, March 4, 2024)]
[Notices]
[Pages 15621-15622]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-04427]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-99614; File No. 10-242]


Self-Regulatory Organizations; 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

February 27, 2024.
    On February 6, 2024, 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.\1\ The 
Applicant's Form 1 application provides detailed information on how 24X 
proposes to satisfy the requirements of the Exchange Act.
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    \1\ 15 U.S.C. 78f. 24X filed a Form 1 application on Mar. 25, 
2022. See Securities Exchange Act Release No. 95007 (May 31, 2022), 
87 FR 34333 (June 6, 2022) (``2022 Form 1 Application''). 24X 
withdrew the 2022 Form 1 Application on Feb. 16, 2023. See 
Securities Exchange Act Release No. 97043 (Mar. 3, 2023), 88 FR 
14663 (Mar. 9, 2023).
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    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 15622]]

regulations thereunder with respect to 24X are satisfied.\2\
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    \2\ 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. One novel 
feature of 24X's Form 1 application is that 24X proposes to enter into 
an agreement with MEMX Technologies, LLC to license the technology 
underlying 24X.\3\ The Form 1 application provides that liquidity would 
be derived from quotes as well as orders to buy and orders to sell 
submitted to 24X electronically by 24X members from remote locations. 
24X proposes to have one class of membership open to registered broker-
dealers. Another 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.\4\ 24X has proposed specific rules to govern trading 
outside of regular trading hours.\5\
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    \3\ See Exhibits C and E to 24X's Form 1 application.
    \4\ See proposed 24X Rule 11.1 (describing the hours of trading 
and trading days for 24X).
    \5\ For example, see proposed 24X Rule 11.16 (describing what 
orders are eligible for execution outside of regular trading hours).
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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 www.sec.gov/rules/other.shtml 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 application, including whether the application is consistent 
with the Exchange Act.
    Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
file number 10-242 on the subject line.

Paper Comments

     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 10-242. 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 (https://www.sec.gov/rules/other.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to 24X's Form 1 application 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 a.m. and 3 
p.m. Copies of the filing also will be available for inspection and 
copying at the principal office of the Exchange. Do not include 
personal identifiable information in submissions; you should submit 
only information that you wish to make available publicly. We may 
redact in part or withhold entirely from publication submitted material 
that is obscene or subject to copyright protection. All submissions 
should refer to file number 10-242 and should be submitted on or before 
April 18, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(16) and (a)(71)(i).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-04427 Filed 3-1-24; 8:45 am]
BILLING CODE 8011-01-P