24X Exchange Rolls Out Retail Order Fees and Rebates
Published Date: 3/17/2026
Notice
Summary
24X National Exchange is rolling out new fees and rebates for retail orders placed by Retail Member Organizations starting now. This means traders and firms using 24X will see clear costs and rewards tied to their retail trades, helping everyone know what to expect. The changes take effect immediately, so get ready for a fresh way to trade with some new money moves!
Analyzed Economic Effects
7 provisions identified: 3 benefits, 2 costs, 2 mixed.
Sub‑Dollar Securities Pricing (Percentage Fees)
For securities priced below $1.00 per share, the Exchange will charge 0.15% of the transaction value for retail trades that remove liquidity and will rebate 0.15% for added displayed liquidity. Added non-displayed (including midpoint) sub-dollar rebates are 0.065% of the transaction value, and routed removed sub-dollar trades are charged 0.30% of the transaction value.
Exchange Will Subsidize Displayed Orders
The Exchange will pay a higher rebate for Added Displayed Volume ($0.0038 per share) than the fee it charges for removing such volume ($0.00295 per share) for securities at or above $1.00 per share, resulting in negative net capture initially. The Exchange says this is intended to attract RMOs and retail order flow and it may change pricing later.
Fee: Removing Liquidity ($0.00295)
The Exchange will charge $0.00295 per share for retail orders that remove liquidity from 24X in securities priced at or above $1.00 per share. This fee applies to executions indicated by fee codes such as "102," "160," and "161."
Rebate: Displayed Liquidity ($0.0038)
The Exchange will pay a rebate of $0.0038 per share for retail orders that add displayed liquidity to 24X in securities priced at or above $1.00 per share. This rebate applies to executions indicated by fee codes such as "101," "153," "154," and "162."
Rebate: Non‑Displayed and Midpoint ($0.0025)
The Exchange will pay a rebate of $0.0025 per share for retail orders that add non-displayed liquidity or that add midpoint liquidity (Midpoint Peg) in securities priced at or above $1.00 per share. Such executions use fee codes like "151," "152," and "163."
Fee: Routed Orders Removing Liquidity ($0.0030)
The Exchange will charge $0.0030 per share for retail orders routed by 24X to another market that remove liquidity on the away market for securities priced at or above $1.00 per share. Routing fees apply only when the routed order is executed.
Uniform Fees/Rebates for All RMOs
The Exchange states it will apply the listed fees and rebates equally to all Retail Member Organizations (RMOs) and does not initially differentiate based on the number of retail orders submitted or executed by an RMO.
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