[Federal Register Volume 87, Number 108 (Monday, June 6, 2022)]
[Notices]
[Pages 34333-34334]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[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 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, 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number 10-239 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 10-239. 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 (http://www.sec.gov/rules/other.shtml). 
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


