Updated: 05 Oct 2021 19:51
Bermuda-based fintech operation, 24 Exchange has filed key elements of a Form 1 draft application with the United States Securities and Exchange Commission for a license to operate a national stock exchange.
24 Exchange, the only global platform offering both cryptocurrency and foreign exchange transactions on a single technology, completed its first physical cryptocurrency trade last month under its digital asset business license. Bermuda Monetary Authority “Class T”.
He said the proposed exchange, 24X National Exchange LLC, will operate 24 hours a day, 365 days a year on the solid, institutional grade 24 Exchange platform.
Subject to SEC approval, 24X National Exchange would allow trading in US stocks with a minimum increment of one thousandth of a share.
Dmitri Galinov, CEO and Founder of 24 Exchange, said: âIf approved, this new US stock exchange will allow any retail trader to benefit from the proven stability, strength and profitability that only the platform -form of 24 Exchange can offer.
âWe designed this new exchange to provide retail traders all over the world with increased access to trading US stocks on a 24-hour basis and with the lower trading fees that are our hallmark.
“We believe this will help create new job opportunities for brokers to meet the need for 24/7 staffing, as we expect our low minimum share increases will attract a large number of retail participants from around the world. “
Paul Adcock, Head of Equities at 24 Exchange, added: âTraders are most at risk when the market is closed in their geographic area. 24 Exchange will eliminate this problem by offering 24/7 retail trading of US stocks in all world markets.
âThis new national stock exchange is created by a management team with proven expertise in building a number of pioneering and successful trading platforms for a range of asset classes. We are confident that the 24 Exchange platform will be able to deliver an unmatched set of benefits to retail US equity traders wherever they are. “
After 24 Exchange’s draft complete Form 1 request has been reviewed and commented on by the SEC, the company said it expects the SEC to make the final Form 1 request available for public review and comments on the agency’s website. The timing of the SEC’s review and approval will be determined solely by the agency, he said.
Mr Galinov said: âA national SEC stock exchange license represents the highest levels of regulatory oversight and oversight – as well as investor protection, resilience and quality – that a global platform can. to reach.”
24 Exchange is operated by 24 Exchange Bermuda Limited, which is regulated by the BMA, for the purpose of conducting digital asset business in accordance with the Digital Asset Business Act.
Dmitri Galinov, CEO and founder of 24 Exchange (file photo)