IEX, MEMX spar over new exchange’s now-approved infrastructure model
As more exchanges look to operate around-the-clock venues, the disagreement has put the practices of market tech infrastructure providers under a microscope.
On November 27, the US Securities and Exchange Commission granted 24X National Exchange’s application to become, essentially, an around-the-clock US equities exchange—the first of its kind to receive approval from the regulator. It will look to operate 23 hours a day, from Sunday to Friday, servicing both global retail and institutional investors.
24X filed its application in February with an initial proposal to operate 23 hours a day, seven days a week. The application saw an influx of comment
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