SEC Approves First 24-Hour Stock Exchange

The Securities and Exchange Commission has approved the first round-the-clock stock exchange in the US, signaling a major shift in traditional trading hours. 24 Exchange (24X), backed by Steve Cohen’s Point72 Ventures, received regulatory approval for a two-phase implementation plan.

The exchange will initially operate during regular market hours before expanding to overnight sessions from Sunday through Thursday, between 8 PM and 4 AM. The move responds to growing retail investor demand for extended trading hours, particularly from traders accustomed to 24/7 cryptocurrency markets.

“Traders are most at-risk when the market is closed in their geographic location,” said Dmitri Galinov, 24X’s CEO and founder. The new exchange aims to bridge this gap, providing a regulated “lit” market where trades become part of the official record, unlike existing “dark pool” after-hours trading.

However, institutional investors have raised concerns about potential market volatility during low-volume overnight sessions. Tyler Gellasch, CEO of Healthy Markets Association, warned that small overnight trades could trigger significant price movements affecting larger positions.

The approval comes as the New York Stock Exchange seeks to extend its trading day to 22 hours, reflecting the industry’s broader shift toward extended trading hours. Before launching overnight sessions, 24X must coordinate with rival exchanges to manage the consolidated price tape system.

The development marks a significant evolution in U.S. equity markets, traditionally limited by settlement complexities and investor protection regulations, while other markets like Treasuries and major currencies have long operated nearly continuously.