🔴 Top Stories
24X National Exchange is asking the SEC for a temporary exemption that would allow it to launch overnight trading (9pm–4am ET, Sunday through Thursday) before the consolidated market data infrastructure (SIPs) is ready to support it — a prerequisite that was baked into 24X's original approval. The SIP plans have told 24X that overnight data support won't be ready until December 2026, which blows past the 18-month deadline in 24X's own rules. The SEC is publishing this application for public comment, meaning no decision has been made yet — this is an early procedural step, not an approval; the SEC could grant it, deny it, or attach additional conditions. If granted, overnight trading on a registered national exchange could begin months earlier than expected, but market participants would only have access to 24X's proprietary data feed rather than consolidated tape data during those hours.
IEX RELEVANT If the SEC grants this exemption, it sets a precedent for overnight exchange trading without full consolidated tape coverage, potentially opening a new competitive frontier where IEX would need to decide whether to pursue similar exemptive relief or risk ceding overnight equity market share to 24X and any other exchange that follows suit.
Nasdaq filed a proposal in late December 2025 to extend U.S. equity trading hours to 23 hours a day, five days a week — a major structural change that would dramatically expand when stocks can be traded on its exchange. The SEC is taking more time to review the proposal, extending its decision deadline from February 27 to April 13, 2026; this is a routine procedural extension, not a rejection, and simply means the SEC needs more time to analyze a complex and consequential proposal that has already attracted public comments. Nothing changes for market participants yet — the extended hours are not approved — but the clock is running and a substantive SEC decision (approve, disapprove, or open formal disapproval proceedings) is expected by mid-April 2026.
IEX RELEVANT If Nasdaq wins approval for 23-hour trading, IEX would face competitive pressure to expand its own trading hours or risk losing market share, and the proposal could fundamentally reshape the competitive dynamics of U.S. equity exchange operations in ways that challenge IEX's current market structure model.
Proposal history
2026-01-13
notice of filing
Notice of Filing of Proposed Rule Change To Extend the Exchange's U.S. Equities Trading H…
2026-04-15
approval order
Notice of Filing of Amendment Nos. 2 and 3 and Order Granting Accelerated Approval of a P…
🔵 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…