24X National Exchange Expands Warrant Performance Incentive Program
24X National Exchange LLC has filed a proposed rule change to expand its warrant performance incentive program for participants. The changes aim to enhance liquidity and trading volume during extended hours when the exchange launches 23-hour weekday operations in December 2026. Key updates include increasing available equity, lowering entry costs for broker-dealers, extending the program through June 2028, and simplifying vesting conditions tied directly to participants' performance. The original program offered non-voting equity representing 10% of parent company 24X US Holdings LLC. The new proposal adds an additional 22.25%, with vesting based on trading volume rather than market share requirements, making it easier for broker-dealers to participate and contribute liquidity. The proposed rule change is set to take effect from October 1, 2026, ahead of the December launch date. The changes are intended to incentivize more participants in building a robust extended-hours trading environment on 24X.
Topics: 24X equity incentives liquidity trading hours