24 Exchange Eyes Next Phase of Extended-Hours Trading
24 Exchange CEO Dmitri Galinov on building 23/5 U.S. equities trading, the pending SEC SIP exemption, and the path to overnight trading.
Date Published
24 Exchange won Best in 24-Hour Trading at the 2026 Global Markets Choice Awards, and Markets Media sat down with founder and CEO Dmitri Galinov to trace the origins of the platform and the road ahead for 23/5 U.S. equities trading.
Galinov said the team recognized a global appetite for 23/5 U.S. equities trading roughly five years ago, drawing on its experience operating FX NDF and crypto trading platforms. A key driver was the growing base of retail investors across Asia who are disadvantaged by traditional U.S. market hours, and the absence of an SEC-regulated venue built to serve them around the clock under the full range of investor protections.
After securing SEC approval in 2024, 24X is now awaiting a decision on a requested temporary exemption from the Securities Information Processor (SIP) plan that would allow overnight trading to begin before December. The exchange is powered by MEMX technology and has roughly three dozen major broker-dealers signed on, with more in discussions to join the 23/5 national exchange.
As the first SEC-approved exchange fully dedicated to 23/5 U.S. equities trading, 24X has focused on reliability, low costs, and attracting liquidity — including a retail pricing program launched in March offering a $0.0038 (38-mil) rebate, and a warrants program that lets members and sponsored participants earn equity in the exchange for their order flow. If the SIP exemption is granted, Galinov said overnight trading on 24X could commence as soon as late June or mid-July.