24X cuts fees for sub-dollar stock trades
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
24X National Exchange is lowering the fee its members pay when their orders remove liquidity in stocks priced below $1. The fee drops from 0.15% to 0.09% of the total trade value for both retail and non-retail orders. The change mainly affects broker-dealers and exchange members routing orders in low-priced securities. 24X says the lower fee is meant to attract more order flow, improve liquidity, and support tighter spreads. The change took effect immediately, though the SEC can suspend it within 60 days if needed.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Reduces the fee for non-retail orders that remove liquidity in sub-dollar securities from 0.15% to 0.09% of total dollar value
- Applies the same reduced 0.09% fee to retail orders that remove liquidity in sub-dollar securities
- Makes the fee change effective immediately, while allowing SEC review and possible suspension within 60 days
Obligations
What this law requires
24X Exchange members whose non-retail orders remove liquidity from the 24X Book in securities priced below $1.00 per share must pay a transaction fee of 0.09% of the total dollar value of the execution instead of 0.15%.
24X Exchange members whose retail orders remove liquidity from the 24X Book in securities priced below $1.00 per share must pay a transaction fee of 0.09% of the total dollar value of the execution instead of 0.15%.
24X National Exchange must apply the amended 0.09% fee for removed sub-dollar volume and removed retail sub-dollar volume equally to all members, regardless of the member's overall trading volume on the Exchange.
Any person submitting comments to the SEC on this proposed rule change must refer to file number SR-24X-2026-13 and should use only one submission method.
Commenters must not include personally identifiable information in submissions because comments are posted publicly on the SEC website.