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Overnight/Extended Equity Trading Moves: 24X Seeks Exemption, Nasdaq Awaits SEC Decision on 23-Hour Trading
Two separate filings advance the push toward around-the-clock U.S. equity trading. 24X National Exchange is seeking a temporary SEC exemption from Reg NMS and equity data plan requirements to launch overnight trading (9pm\u2013am ET, Sun\u2013Thu) before consolidated SIP data support is ready (now expected December 2026), and the SEC has opened it for public comment. Separately, Nasdaq's proposal to extend trading to 23 hours a day, five days a week has had its SEC decision deadline extended from February 27 to April 13, 2026 \u2014 a routine procedural delay. Both remain pending with no approvals yet.
IEX RELEVANT If either the 24X exemption or Nasdaq's 23-hour proposal advances, IEX would face pressure to expand into overnight/extended trading or risk ceding market share in a fundamentally reshaped competitive landscape.
Combined from 2 filings
2026-03-02
24X National Exchange
Notice of an Application of the 24X National Exchange LLC for a Temporary, Conditional Ex…
🔵 IEX Competitive Intel
FINRA and the newly launched Texas Stock Exchange (TXSE) have agreed to a regulatory sharing arrangement where FINRA takes on examination and enforcement duties for broker-dealers who are members of both organizations, covering rules that are substantially similar between the two. The SEC has approved this plan, which is a standard administrative step that all new exchanges go through to avoid redundant regulatory oversight of shared broker-dealer members. In practice, nothing changes for most market participants — this is housekeeping that lets TXSE launch without duplicating compliance burdens already handled by FINRA.
IEX RELEVANT The SEC approving this FINRA-TXSE regulatory sharing plan is a meaningful milestone confirming TXSE is operationally advancing toward launch, which would add a new competitor exchange to the U.S. equity market and potentially compete with IEX for order flow and listings.
Proposal history
2026-02-02
notice of filing
Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d-2; Notice of F…