Pay Upfront, Trade Hard: New Warrant Incentive Program Launches
Published Date: 9/26/2025
Notice
Summary
24X National Exchange is launching a cool new Warrant Performance Incentive Program where members can prepay $500,000 in fees to earn the chance to buy shares in the parent company. To keep their rewards, members must hit certain trading volume goals during set periods. This program kicks off soon and offers a fresh way for active traders to benefit financially while boosting market action.
Analyzed Economic Effects
6 provisions identified: 2 benefits, 2 costs, 2 mixed.
Must Prepay $500,000 to Join
If you want to participate, you must prepay $500,000 in Exchange fees (the "Prepayment Fee"). The Exchange will apply that $500,000 to Program Exchange Fees on your invoice (connectivity, market data, membership and transaction fees, but excluding rebates and CAT fees); the prepayment does not expire and is applied until $500,000 of Program Exchange Fees are consumed.
Warrants Vest Only If Volume and Market Share Met
Participants receive warrants that only vest if (1) the Participant meets the Target Volume each Measurement Period (Target Volume = 5% of the Exchange's average daily trading volume for that Measurement Period) and (2) 24X meets the 24X Minimum Overall Market Share (0.50% CADV for each Measurement Period of Year 2 and 1.00% CADV for each Measurement Period of Year 3). The Program Period runs from September 29, 2025 through December 31, 2027 and Measurement Periods are defined by quarter (Year 1 is Sept 29–Dec 31, 2025).
Number of Units, Exercise Price, and Time Limits
A total of 1,098,040 Non-Voting Common Units (10% of fully diluted outstanding Units as of September 29, 2025) are available across the Program: Year 1 = 219,608 units (2%), Year 2 = 329,412 units (3%), Year 3 = 549,020 units (5%). Exercisable vested warrants allow purchase at $0.01 per Unit, and each vested warrant is exercisable from vesting until September 29, 2032 (the seventh anniversary of September 29, 2025).
Liquidity Program — Sellback at Discounted FMV
Beginning after January 1, 2029, Qualifying Participants (those who exercised warrants and hold Units) may sell portions of their Non-Voting Common Units back to 24X US Holdco on a schedule: for 2029 and 2030 up to 10% at 50% of Fair Market Value (FMV); 2031 up to 30% at 60% of FMV; 2032 up to 60% at 70% of FMV; 2033 up to 90% at 80% of FMV; 2034 up to 100% at 90% of FMV. In a Change of Control situation 24X US Holdco may purchase 100% at the applicable percentage (and after 2034 at 100% FMV).
Overnight Trading Gets 5X Credit but Is Capped
Trading during 24X Overnight Trading receives a 5X multiplier toward meeting Target Volume, but 24X Overnight Trading contributions are capped at 50% of the Target Volume (post-multiplier) for each Measurement Period. The 5X Overnight Multiplier applies from the date 24X Overnight Trading commences.
Strict Eligibility Rules — Broker-Dealers Only
Only 24X Members that are in good standing, registered broker-dealers under Section 15 of the Exchange Act, and qualify as accredited investors under Regulation D may join the Program. Applicants must also execute the subscription and confidentiality agreements and tender the Prepayment Fee by required deadlines (e.g., by September 26, 2025 to join at Program start).
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-13648 — Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Except Accounts Pursuant to Section 530A of the Internal Revenue Code From the Requirements of FINRA Rule 3210 (Accounts At Other Broker-Dealers and Financial Institutions)
FINRA is updating its rules to exclude certain accounts protected under a new tax law (Section 530A) from extra paperwork and approval steps. This change helps financial pros handle these special accounts more easily, starting right away with no extra costs. If you work with broker-dealers or financial institutions, this means smoother account management from now on!
2026-13713 — Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Partial Amendment No. 1 to Proposed Rule Change To Amend FINRA Rule 2210 (Communications With the Public)
FINRA wants to update its rules to let financial firms share predictions about investment returns when talking to the public, but only if they follow certain safety steps. This change affects anyone in the finance world who communicates about investments and aims to make info clearer and more honest. The SEC is reviewing these updates, with decisions and possible money impacts expected soon.
Previous / Next Documents
Previous: 2025-18672 — Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Form S-1 Registration Statement
The SEC is asking for comments to extend the use of Form S-1, which companies use to register their public stock offerings. About 900 companies spend lots of time and money—over 145,000 hours and $260 million yearly—getting this form ready with help from outside experts. The SEC wants to make sure this process stays useful and not too burdensome, so they’re inviting feedback now.
Next: 2025-18674 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rules 4.13, 5.1, and 8.32 To Permit P.M.-Settled Options on the Cboe Magnificent 10 Index
Cboe Exchange wants to let traders buy and sell options on the Magnificent 10 Index that settle in the afternoon instead of the morning. This change affects investors who trade these options, offering more flexible timing with monthly and quarterly expirations. If approved, this could start soon and might open up new ways to manage money with these popular tech stocks.