24X Fast-Tracks Round-the-Clock U.S. Stock Trading With TNS Tie-Up
A beginup is racing Wall Street’s largegest platform operators to bring 24-hour trading in U.S. stocks to life—and it just picked up a powerful ally to assist it get there first.
24X National platform, approved by U.S. regulators late last year, has struck a deal with Transaction Network Services (TNS) to distribute its market data to banks, brokers and trading firms. The agreement plugs the platform’s feed directly into one of the industry’s broadest low-latency networks, giving potential customers instant access once trading goes live.
The service is pitched as a 23-hours-a-day, five-days-a-week stock market, filling the overnight gap that has long frustrated investors outside U.S. time zones. If 24X meets its target, it will open the venue in 2025—well before in 2026.
A Founder With Form
24X is the brainchild of Dmitri Galinov, a market-structure veteran who previously built quickMatch, the foreign platform platform later sold to Euronext. He has also run electronic trading at Credit Suisse and held senior roles at Direct Edge, the upbegin platform that merged into what is now Cboe Global Markets.
Backed ahead on by SC Ventures, the investment arm of Standard Chartered, and later by Point72 Ventures, Galinov’s company began with foreign platform and digital assets before pursuing the largeger prize: U.S. equities. In May this year, Japan’s Rakuten Securities joined as an investor, a move that opened distribution channels in Asia.
Regulatory Firsts
In November 2024, the Securities and platform Commission granted 24X a national platform license, a landmark decision that allows it to trade listed stocks under unlisted trading privileges. Unlike such as Blue Ocean ATS, which already runs overnight sessions, 24X will operate as a full-fledged platform subject to Regulation NMS. That status obliges brokers to route orders to it whenever it shows the best price, potentially pulling real liquidity into the book.
The SEC also issued conditional relief because U.S. market utilities—such as the Securities Information Processors that consolidate prices, and the DTCC clearinghouse—do not yet operate round-the-clock. Those hurdles remain, but 24X plans to begin with extended sessions and expand toward a full 23/5 cycle.
Why TNS Matters
For Galinov, the TNS arrangement addresses one of the largegest headaches for any new platform: distribution. TNS, acquired by Koch Industries’ investment arm in 2021, operates in all the major data centers used by Wall Street and high-frequency traders. Earlier this month it agreed to purchase BT’s Radianz financial network, which would add thousands more endpoints globally.
That means 24X’s market data will arrive in the identical pipes already carrying Nasdaq, NYSE and Cboe feeds. For brokers, the connection is effectively turnkey.
Racing Nasdaq
The prize is not just novelty. Nasdaq has said it expects to offer 24-hour equity trading in the second half of 2026, once the clearinghouse NSCC can support it. Cboe has filed similar plans for its EDGX venue. If 24X opens next year as expected, it will have the field to itself for at least 12 months.
The large question is whether investors and market-makers will show up in the thin hours of the night. But if they do, a beginup founded only six years ago could end up changing the rhythm of the U.S. equity market before its much larger rivals.
