24X Exchange Tags Retail Orders for Better Everyday Trading
Published Date: 1/27/2026
Notice
Summary
24X National Exchange is rolling out a new rule that lets members label orders from everyday retail customers as 'retail orders.' This change helps the Exchange spot and handle these orders better, starting right away with no extra fees. Traders and investors who place retail orders will see this update in action from January 2026.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
New Qualification and Compliance Rules
To be able to send Retail Orders, a Member must be approved as a Retail Member Organization (RMO) by submitting an application, supporting documentation, and an attestation that "substantially all" orders it designates meet the rule. RMOs must maintain written policies and procedures, monitor designated order flow, obtain annual representations from broker-dealers they route for, and will be exam-reviewed by the Exchange.
Members May Label Retail Orders
Beginning with the Exchange filing on January 9, 2026, 24X will allow its Members to apply to have certain orders they submit for everyday customers identified to the Exchange as "Retail Orders." A Retail Order must originate from a natural person, meet the criteria of FINRA Rule 5320.03, not be changed in price or side, and not come from a trading algorithm.
Retail Tagging Is Internal Only
Orders designated as Retail Orders will be identifiable only to 24X and will not be labeled as such on the Exchange's market data feeds or visible to other market participants. The Exchange also states that a Retail Order designation will not change an order's priority or how the order is handled under the Exchange's rules.
Sets Up Possible Future Retail Pricing
The Exchange says the retail-designation rule will let it identify and track Retail Orders so that it can later propose a fee code or differentiated pricing for Retail Orders; any such fee changes would be proposed separately. The Exchange notes it may refile to amend its fee schedule to adopt a specific fee code or provide differentiated pricing for Retail Orders in the future.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-20466, Adviser and Regulated Fund Custody Rules; Crypto Custody Rules
The SEC is updating rules for how investment advisers and funds handle crypto assets, making sure they keep these digital investments safe and properly reported. These changes affect advisers, funds, and anyone managing crypto securities, aiming to modernize rules and improve transparency. Comments on the proposal are open until December 7, 2026, so get ready to weigh in!
2026-19260, Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4
The SEC wants to stop its federal rule that controls how shareholders can make proposals at company meetings, letting state laws and company rules take over instead. They’re also changing rules so companies can sometimes vote on proposals not in their official materials—but shareholders can opt out if they want. This affects investors and companies, with comments open until November 20, 2026, and could shake up how shareholder voices are heard and counted.
2026-18424, Political Contributions by Certain Investment Advisers
The Securities and Exchange Commission (the "Commission" or the "SEC") is proposing to rescind the political contribution rule under the Investment Advisers Act of 1940 (the "Advisers Act"), which prohibits investment advisers from providing investment advisory services for compensation to a government client for two years after an adviser or any covered associate of the adviser makes a contribution to certain categories of elected officials or candidates, among other prohibitions. In the more than fifteen years since the rule was adopted, implementation challenges associated with the political contribution rule have resulted in a range of significant unintended consequences, including compliance practices among some investment advisers that may have had the effect of restricting all political contributions by the investment advisers and their employees. Market participants also have stated that the political contribution rule is burdensome, complex, and both lacks clarity and creates a de facto strict liability standard. The Commission is of the view that other existing requirements of the Advisers Act and its associated rules, including prohibitions on fraud, fiduciary duty requirements, the compliance rule, and the code of ethics rule (defined below), are likely sufficient to address pay-to-play practices while allowing an adviser the flexibility to implement an approach that is more appropriately tailored to its particular risks, rendering the political contribution rule unnecessary. The Commission also is proposing to amend the rule under the Advisers Act pertaining to books and records consistent with the proposed rescission.
2026-18190, Transfer Agent Rules
The U.S. Securities and Exchange Commission ("SEC" or "Commission") is proposing to adopt new rules, amend existing rules, amend the existing form for registration with the Commission as a transfer agent (Form TA-1) and the existing form for reporting activities of transfer agents (Form TA-2), and rescind an existing rule governing registered transfer agents. The proposals are designed to modernize the rules governing registered transfer agents.
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
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!
Previous / Next Documents
Previous: 2026-01522, Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 3, Sections 7 and 14
Nasdaq MRX is updating its rules about how options orders and complex orders work to match similar rules from another exchange. This change affects traders using Nasdaq MRX and takes effect immediately, aiming to make trading smoother and clearer. No new fees or costs are involved, just smarter, synced-up rules starting now.
Next: 2026-01524, Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 404, Series of Options Contracts Open for Trading, To Amend the Short Term Option Series Program
MIAX is updating its rules to allow more short-term options that expire on Mondays and Wednesdays for certain stocks and ETFs. This change gives traders more chances to buy and sell options with different expiration days, starting right away. Investors who like quick trades will find more flexibility, and the market could see more action and opportunities.