Federal Register #SR-24X-2026-26

SEC notice on proposed changes to 24X National Exchange’s warrant incentive program

The SEC notice describes a proposed change to 24X National Exchange LLC’s warrant performance incentive program, not a government procurement. - Government entity: Securities and Exchange Commission (SEC). - Organizations named: 24X National Exchange LLC, the exchange proposing the change, and 24X US Holdings LLC, whose non-voting common units are included in the program. - Proposal: Make additional non-voting common units available to participants who meet trading-volume and market-share thresholds; revise eligibility and target-volume calculations. - Prepayment terms: Existing participants who paid the $500,000 prepayment and continue to meet requirements may qualify for the additional equity. New participants may prepay $500,000 to qualify for both the original and additional equity, or $250,000 to qualify for the additional equity only. - Procurement assessment: No goods or services are being solicited, and no OEMs, product vendors, product quantities, or part numbers are identified.

Description

24X National Exchange LLC proposes amendments to its warrant performance incentive program, which allows eligible Exchange members and sponsored participants to earn the right to purchase non-voting common units in the Exchange’s parent company. The amendments would make additional units available beginning with the first 2027 measurement period, under terms that vary depending on participant eligibility and prepayment amount. New participants may prepay $500,000 to qualify for both original and additional equity, or $250,000 for additional equity only. The SEC notice solicits comments on the proposed rule change.

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