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Friday, October 10, 2025

UTP Vendor Alert #2025 - 26
Updated Launch for 24X National Exchange (24X)

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • As announced in UTP Vendor Alert 2025-13, the UTP Operating Committee has received a request from 24X National Exchange LLC (“24X”), to join the UTP Plan.
  • The following Market Center Originator ID will be added as allowable values for UTP Quotation Data Feed (UQDF) and UTP Trade Data Feed (UTDF) data feeds:
    • 24X National Exchange LLC ("G")
  • On September 26, 20205, 24X National Exchange LLC (24X) announced that it is delaying its launch to October 14, 2025.
  • 24X will maintain a rollout schedule at https://equities.24exchange.com/announcements and recommends direct data recipients monitor the 24x Exchange web site for any future changes to the schedule.

What changes have been requested by 24X?

24X has notified the UTP SIP of its plans to begin quotation and trading as a national securities exchange for Nasdaq-listed securities. 24X will be active under the UTP plan and is expected to go-live Tuesday October 14, 2025.

24X National Exchange will be launched in two stages. The first stage will open in the second half of 2025. The second stage is subject to Equity Data Plans making changes that would facilitate overnight trading hours and 24X National Exchange making an additional rule filing with the SEC confirming the changes and the Exchange's ability to comply with the Securities Exchange Act. Once this is known, additional Vendor Alerts will be published.

How will this affect the UTP data feeds?

When 24X, as a national securities exchange, begins quoting and trading in Nasdaq-listed symbols, quotation and trade data will be disseminated via the following UTP data feeds:

  • UTP Quotation Data Feed (UQDF): UQDF subscribers will receive 24X BBO quotation via UTP Participant Quotation message format for all Nasdaq-listed securities. 24X quotes will be identified by the market center originator identifier value of "G" in the UQDF message header. In addition, firms will also see the "G" market center value in the National Best Bid and Offer (NBBO) Appendage and Closing Quote Recap message formats.
  • UTP Trade Data Feed (UTDF): 24X trade transactions will be disseminated with the “G” market center originator identifier and the sub-market center identifier of “space” via UTDF.

Will 24X offer any nightly or Saturday testing opportunities?

Yes, the UTP SIP in coordination with 24X will support the following testing opportunities associated with their activation:

Type of Testing Scheduled Dates Description
Evening Test Transmissions Nightly beginning in July 2025 through production launch Each weeknight between 9:30 pm – 10:30 pm, the test data will be available on the “Test Broadcast” IP Multicast channels. No registration is required to participate in evening testing.
Saturday User Acceptance Test (UAT) 24X schedule:
August 23, 2025;
September 6, 2025;
FINAL Confidence test September 27, 2025 		24X will enter data and process this through the SIP. As it is generated, the UTP SIP will disseminate the data via the UTP data feed production channels.
Production Launch Tuesday October 14, 2025 24X plans for a production implementation October 14, 2025. 24X will maintain a rollout schedule on their Announcements Page and recommends direct data recipients monitor the 24X web site for any future changes to the schedule.

Who should I contact for additional information?