Federal Register #SR-24X-2026-19

SEC Notice: 24X National Exchange LLC Proposed Transaction Rebate Amendments

This notice from the Securities and Exchange Commission (SEC) details a proposed rule change by 24X National Exchange LLC regarding transaction rebates for exchange members. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - 24X National Exchange LLC (exchange operator proposing the rule change) - Products/Services Requested: - Amendment to transaction rebates for exchange members - Decrease in rebate for non-retail displayed orders adding liquidity (from $0.0034 to $0.00295 per share) - Increase in rebate for retail and non-retail non-displayed orders adding liquidity (from $0.0025 to $0.0027 per share for securities priced at or above $1.00) - Unique or Notable Requirements: - The new rebate structure is designed to incentivize liquidity provision, support price discovery, and enhance market quality - The proposal is benchmarked against rebates offered by other exchanges (Cboe EDGX, MIAX Pearl, NYSE Texas, MEMX) and is positioned as competitive or higher - No procurement of goods or services; this is a regulatory change impacting exchange members

Description

The Securities and Exchange Commission has filed a proposed rule change by 24X National Exchange LLC to amend the transaction rebates applicable to members of the exchange. The proposed changes include decreasing the rebate for executions of non-retail orders displayed on the 24X Book and adding liquidity to the exchange, and increasing the rebate for executions of retail and non-retail orders not displayed on the 24X Book that add liquidity. The rule change aims to incentivize members to increase liquidity-providing orders, supporting price discovery and providing additional liquidity. The changes are effective June 1, 2026, and are designed to be competitive with rebates offered by other exchanges.

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