Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Revise the Hours of Operation of the Exchange

<NOTICE> SECURITIES AND EXCHANGE COMMISSION <DEPDOC>[Release No. 34-104086; File No. SR-24X-2025-07]</DEPDOC> <SUBJECT>Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Revise the Hours of Operation of the Exchange</SUBJECT> <DATE>September 26, 2025.</DATE> Pursuant to Section 19(b)(1)  <SU>1</SU> <FTREF/> of the Securities Exchange Act of 1934 (“Act”)  <SU>2</SU> <FTREF/> and Rule 19b-4 thereunder, <SU>3</SU> <FTREF/> notice is hereby given that, on September 24, 2025, 24X National Exchange LLC (“24X” or the “Exchange”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. <FTNT> <SU>1</SU>  15 U.S.C. 78s(b)(1). </FTNT> <FTNT> <SU>2</SU>  15 U.S.C. 78a. </FTNT> <FTNT> <SU>3</SU>  17 CFR 240.19b-4. </FTNT> <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD> The Exchange proposes to revise the hours of operation of the Exchange. Specifically, the Exchange proposes to change the end time of the Post-Market Session to 8 p.m. E.T. rather than 7 p.m. E.T., to correspondingly revise the definition of the 24X Market Session to preserve a one-hour trading pause (the “Trading Pause”), <SU>4</SU> <FTREF/> and to make other conforming changes. The proposed rule change is available on the Exchange's website at <E T="03">https://equities.24exchange.com/regulation</E> and at the principal office of the Exchange. <FTNT> <SU>4</SU>   <E T="03">See</E> 24X Rule 11.5(c)(2). </FTNT> <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change</HD> <HD SOURCE="HD3">1. Purpose</HD> The Exchange is filing this proposed rule change to revise the hours of operation of the Exchange. Specifically, the Exchange proposes to change the end time of the Post-Market Session to 8 p.m. E.T. rather than 7 p.m. E.T., to correspondingly revise the definition of the 24X Market Session  <SU>5</SU> <FTREF/> to preserve the Trading Pause, and to make other conforming changes to reflect the changes to these market session definitions. <FTNT> <SU>5</SU>  Pursuant to 24X Rule 1.5(c), the Exchange will not commence operation of the 24X Market Session until certain requirements are met. </FTNT> <HD SOURCE="HD3">a. Background</HD> 24X was approved by the Securities and Exchange Commission as a national securities exchange on November 27, 2024  <SU>6</SU> <FTREF/> and plans to commence operations on September 29, 2025. 24X Rules currently provide for trading sessions that span from 4 a.m. E.T. to 7 p.m. E.T. on each U.S. Business Day:  <SU>7</SU> <FTREF/> (1) the “Core Market Session,” which will operate between 9:30 a.m. E.T. and 4 p.m. E.T. on U.S. Business Days, <SU>8</SU> <FTREF/> (2) the “Pre-Market Session,” which will operate between 4 a.m. E.T. and 9:30 a.m. E.T. on U.S. Business Days, <SU>9</SU> <FTREF/> and (3) the “Post-Market Session,” which will operate between 4 p.m. E.T. and 7 p.m. E.T. on U.S. Business Days. <SU>10</SU> <FTREF/> The current 24X Rules also provide that once certain requirements are met, another trading session, the “24X Market Session,”  <SU>11</SU> <FTREF/> would operate between 8 p.m. E.T. and 4 a.m. E.T. on Sunday, Monday, Tuesday, Wednesday, and Thursday nights that precede a U.S. Business Day. <SU>12</SU> <FTREF/> 24X Rules also provide for the Trading Pause from 7 p.m. E.T. until 8 p.m. E.T. on Monday, Tuesday, Wednesday, and Thursday nights. <SU>13</SU> <FTREF/> <FTNT> <SU>6</SU>   <E T="03">See</E> Securities Exchange Act Release No. 101777 (November 27, 2024), 89 FR 97092 (December 6, 2024). </FTNT> <FTNT> <SU>7</SU>   <E T="03">See</E> 24X Rule 1.5(ll) defining “U.S. Business Day.” </FTNT> <FTNT> <SU>8</SU>   <E T="03">See</E> 24X Rule 1.5(l) defining the “Core Market Session.” </FTNT> <FTNT> <SU>9</SU>   <E T="03">See</E> 24X Rule 1.5(z) defining the “Pre-Market Session.” </FTNT> <FTNT> <SU>10</SU>   <E T="03">See</E> 24X Rule 1.5(y) defining the “Post-Market Session.” </FTNT> <FTNT> <SU>11</SU>   <E T="03">See</E> 24X Rule 1.5(c) defining the “24X Market Session.” </FTNT> <FTNT> <SU>12</SU>   <E T="03">See</E> 24X Rule 1.5(c). </FTNT> <FTNT> <SU>13</SU>   <E T="03">See</E> 24X Rule 11.15(c)(2). This Trading Pause will permit 24X to address the technical implications of a 23-hour trading day and will facilitate industry-wide testing, internal market testing, and systems updates and improvements. </FTNT> 24X, however, will not commence operation of the 24X Market Session until certain requirements are met. Specifically, Rule 1.5(c) requires 24X, prior to commencing operation of the 24X Market Session, to file a proposed rule change, pursuant to Section 19(b) of the Exchange Act and the rules thereunder, to amend its rules confirming that 24X is able to comply with its obligations under the Exchange Act during the 24X Market Session and that the Equity Data Plans  <SU>14</SU> <FTREF/> are prepared to collect, consolidate, process, and disseminate quotation and transaction information at all times during the 24X Market Session (“24X Market Session Proposed Rule Change”). The 24X Market Session Proposed Rule Change must be filed with the Commission and be approved, or otherwise become effective pursuant to Exchange Act Section 19(b), before 24X can offer trading during the 24X Market Session. <SU>15</SU> <FTREF/> Because the 24X Market Session will not operate until the aforementioned requirements of 24X Rule 1.5(c) are met, 24X will commence trading on September 29, 2025 by operating only the Pre-Market Session, Core Market Session, and Post-Market Session. <FTNT> <SU>14</SU>  The term “Equity Data Plans” is defined in 24X Rule 1.5(o) to mean “the effective national market system plan(s) that govern the collection, consolidation, processing and dissemination of consolidated equity market data via the exclusive securities information processors (“SIPs”), including (1) Consolidated Tape Association Plan (“CTA Plan”), (2) Consolidated Quotation Plan (“CQ Plan”), (3) the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis (“UTP Plan”), and (4) any successor thereto to the named Plan(s).” </FTNT> <FTNT> <SU>15</SU>   <E T="03">See</E> 24X Rules 1.5(c) and 11.16. </FTNT> <HD SOURCE="HD3">b. Proposed Rule Change</HD> The Exchange proposes to modify its rules to change the end time of the Post-Market Session, change the start time of the 24X Market Session to preserve the Trading Pause, and make other conforming changes. Specifically, the Exchange proposes to amend Rule 1.5(y) (Post-Market Session) so that the Post-Market Session would end at 8 p.m. E.T. instead of 7 p.m. E.T. With this proposal, the Exchange would offer the current timing of the Post-Market Session available on other national securities exchanges. <SU>16</SU> <FTREF/> The Exchange also proposes to correspondingly amend Rule 1.5(c) (24X Market Session) so that the 24X Market Session would commence, when applicable, at 9 p.m. E.T. rather than 8 p.m. E.T., in order to preserve the Trading Pause. <FTNT> <SU>16</SU>   <E T="03">See, e.g.,</E> Nasdaq Equity 1, Section 1(a)(9). </FTNT> The proposed revised hours of the Post-Market and 24X Market Sessions would not substantively change the operation of the Exchange and would allow the Exchange to operate for the same number of hours each day as contemplated in the Exchange's existing rules once the 24X Market Session becomes operative in accordance with the requirements described above. In addition, all NMS stocks would continue to be eligible for trading in the proposed revised hours of the Post-Market Session. Moreover, as discussed below, the existing safeguards applicable to the Post-Market Session including, among other things, operational safeguards, availability of consolidated last sale and quotation information, specific disclosures to investors regarding the heightened risks of after-hours trading, and market surveillance capabilities would be applicable to the proposed revised hours of the Post-Market and 24X Market Sessions. For the avoidance of doubt, it should be clear that the 24X Market Session will only become effective consistent with the requirements of Rule 1.5(c). <SU>17</SU> <FTREF/> <FTNT> <SU>17</SU>   <E T="03">See supra</E> notes 11-12. </FTNT> <HD SOURCE="HD3">c. Other Conforming Changes</HD> In addition to the foregoing rule changes, the Exchanges also proposes to correspondingly amend: (i) Rule 11.15(c)(2) (Trading Pauses) to move the start time of the Trading Pause from 7 p.m. E.T. to 8 p.m. E.T.; (ii) Rule 1.5(b) (24X Trading Day) to modify the definition of the 24X Trading Day; (iii) Rule 11.1(a) and (d) (Hours of ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 23k characters. Full document text is stored and available for version comparison. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━