🔵 IEX Competitive Intel
24X National Exchange, a relatively new entrant in the U.S. equity market, is establishing its initial fee schedule specifically for retail orders handled by Retail Member Organizations. The exchange is adopting an aggressive maker-taker structure — charging $0.00295/share to remove liquidity but paying $0.0038/share to add displayed liquidity, intentionally running at a loss on displayed retail orders to attract order flow and build market share. Because this is a fee filing, it took effect immediately upon filing (no SEC approval required), meaning these rates are live now, though the SEC retains the right to suspend them within 60 days if it finds a public interest concern.
IEX RELEVANT 24X is an emerging competitor actively using aggressive maker-taker rebates — including negative net capture — to attract retail order flow, directly competing with IEX's investor-protection-oriented, no-rebate model for the same pool of retail and institutional equity order flow.
Cboe BZX proposed a rule change in January 2026 to modify its opening auction process so that under certain market conditions, the auction would be delayed to improve price discovery and produce execution prices that better reflect current market conditions. The SEC is extending its review deadline from March 13 to April 27, 2026 — this is a routine procedural extension, not a substantive judgment on the merits; the proposal is still alive and the SEC simply needs more time to evaluate it. Nothing changes for market participants yet, and the proposal could still be approved, disapproved, or sent to formal proceedings by the new deadline.
IEX RELEVANT If approved, Cboe BZX's ability to dynamically delay its opening auction to improve price discovery could make it a more competitive venue for opening-price-sensitive order flow, potentially encroaching on differentiation strategies around auction quality that IEX or its competitors use to attract institutional investors.
Proposal history
2026-04-30
proceedings order
Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Ru…
24X National Exchange, a new entrant in the U.S. equity exchange space, is raising its rebate for displayed liquidity adds from $0.00295 to $0.0034 per share while cutting its midpoint liquidity rebate from $0.00295 to $0.0025 per share — explicitly running at negative net capture on displayed orders to attract order flow and build market share. This is an immediately effective fee change, meaning it is already in force without requiring SEC approval; the SEC has 60 days to suspend it if it sees a problem, but routine fee changes like this are rarely challenged. In practice, 24X is aggressively subsidizing displayed liquidity to lure market makers and liquidity providers away from established venues, accepting short-term losses in hopes of gaining enough critical mass to eventually operate profitably.
IEX RELEVANT 24X's aggressive subsidization of displayed liquidity — offering one of the highest displayed add rebates in the market at $0.0034 and explicitly running negative net capture — signals a new competitor intensifying the maker-taker rebate arms race, which puts indirect pressure on IEX's no-rebate, investor-protection-focused fee model and could draw liquidity providers away from IEX toward higher-rebate venues.