New 24X Exchange Drops Fees and Rewards for Traders on Launch Day
Published Date: 9/10/2025
Notice
Summary
24X National Exchange is launching on September 29, 2025, and rolling out its first-ever fees and rebates for members who trade on the platform. This means traders will see clear costs and rewards tied to their activity right from day one. If you’re a member, get ready to know exactly what you’ll pay and earn when using 24X!
Analyzed Economic Effects
10 provisions identified: 5 benefits, 2 costs, 3 mixed.
24X launches with published fees on Sept. 29, 2025
24X National Exchange will begin operating as a national securities exchange on September 29, 2025, and will implement the Fee Schedule on that date. The Fee Schedule applies in all trading sessions and takes effect when the Exchange opens on September 29, 2025.
Exchange adopts maker-taker pricing model
24X will operate a maker-taker model where Members that add liquidity receive rebates and Members that remove liquidity pay fees. The Exchange states these fees and rebates apply equally to all Members and across all trading sessions.
Fee: Removed volume (>= $1) is $0.00295/share
For executions in securities priced at or above $1.00 per share that remove liquidity from the 24X Book, the Exchange proposes a standard fee of $0.00295 per share. This fee applies to Removed Volume in all trading sessions.
Rebate: Added displayed liquidity pays $0.00295/share
For executions in securities priced at or above $1.00 per share that are displayed on the 24X Book and add liquidity, the Exchange proposes a standard rebate of $0.00295 per share. For displayed liquidity in Sub-Dollar Securities (priced below $1.00), the Exchange proposes a rebate of 0.075% of total dollar value.
Routing fees: $0.0030/share and 0.30% for sub-dollar
For orders routed to another market that are executed and remove liquidity at the destination, the Exchange proposes a standard routing fee of $0.0030 per share for securities priced at or above $1.00. For Sub-Dollar Securities routed and executed away, the proposal charges 0.30% of total dollar value. The Exchange will not charge for routed orders that do not execute.
Sub-dollar securities pricing: varied fees and rebates
For securities priced below $1.00 per share, the Exchange proposes: (a) a Removed Sub-Dollar Volume fee of 0.28% of the transaction's total dollar value when removing liquidity; (b) an Added Sub-Dollar Volume rebate of 0.075% of total dollar value for displayed or non-displayed midpoint liquidity; and (c) a 0.065% rebate for added non-displayed liquidity that is not midpoint.
Rebate: Added non-displayed and midpoint peg liquidity
For executions in securities priced at or above $1.00 per share that add non-displayed liquidity (not including a Midpoint Peg instruction), the Exchange proposes a rebate of $0.00250 per share. For Added Non-Displayed Volume that includes a Midpoint Peg instruction, the proposed rebate is $0.00295 per share.
Fees/rebates apply equally to all Members (no volume tiers)
The proposed Fee Schedule does not vary fees or rebates based on the number of orders submitted or transactions executed; all fees and rebates described are applicable to all Members regardless of a Member's overall trading volume. The Exchange states the fees and rebates apply equally to all Members.
No charge for routed orders unless executed
The Exchange will charge routing fees only if a routed order executes on the away market; there is no charge for orders that are routed but are not filled. Routing services are optional and members can choose other providers.
Initial pricing creates zero net capture on displayed trades ≥ $1
For transactions priced at or above $1.00 per share, the Exchange will pay the same rebate for Added Displayed Volume ($0.00295 per share) as it charges for Removed Volume ($0.00295 per share), meaning the Exchange will have no net capture on such displayed transactions initially. The Exchange may modify pricing later after gaining participation.
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