An SEC notice dated 5 November sets out a specific fee change for 24X National Exchange: executions that remove liquidity in securities priced below $1 per share increase from 0.09% to 0.28% of the executed dollar value. The filing covers specified retail and non-retail fee codes, making the change relevant to the broker’s actual routing economics rather than simply to exchange-member subscriptions. The exchange submitted the filing on 29 October and identified 2 November as its proposed implementation date. The notice describes a rule filed for immediate effectiveness; the formal SEC review process and actual member billing should be distinguished.[1][2]
The change is large when stated correctly. On a $10,000 eligible sub-dollar transaction, 0.09% corresponds to $9 and 0.28% to $28, an increase of $19 for that execution under the quoted fee rule. The new percentage is just over three times the former percentage, a 211.1% relative increase. That illustrative calculation is for venue fees on eligible removed-liquidity executions only; it is not an estimate of a client’s brokerage commission, tax, spread or overall transaction cost.[1][2]
Verified facts and operational scope
| Item | Evidence and qualification |
|---|---|
| SEC release | 34-106835, dated 5 November 2026 |
| Exchange filing | SR-24X-2026-29; filed 29 October |
| Covered securities | Prices below US$1 per share |
| Prior taker fee | 0.09% of eligible execution dollar value |
| New taker fee | 0.28% of eligible execution dollar value |
| Original calculation on US$10,000 | US$9 → US$28, increase US$19 |
| Relative increase | Approximately 211.1% |
| Proposed implementation | 2 November 2026 |
The filing says the exchange wants to encourage members to submit liquidity-providing orders and thereby improve price discovery. That is the exchange’s stated rationale, not an independent study showing that displayed depth will increase. Whether a broker should route a particular retail order there depends on total execution quality, accessible liquidity, rebates, adverse selection, order size and the applicable best-execution framework.[1][2]
How to compare the new price with other routes
Sub-dollar shares create additional comparison problems because share-based fees can behave differently from percentage-of-notional charges. A high share count need not mean a high dollar value. Traders and analysts comparing venues should normalise fee schedules to the same order value and same price band, then check any tiering and contra-side effects. A universal “fee per share” interpretation of this particular change would be incorrect.[1][2]
This provides a concrete development to monitor as US exchanges prepare extended sessions. New trading hours are only commercially attractive if a broker can show that its routing policies, fee calculations, settlement controls and disclosures make sense over the full trading day. The 24X filing supplies a measurable input into that analysis, but no evidence of realised spread improvement or of all-hours market liquidity.[1][2]
Sources & further reading
- Release 34-106835; SR-24X-2026-29, exchange transaction-fee changes US Securities and Exchange Commission · 5 Nov 2026 · Accessed 7 Nov 2026
- 24X exchange rules and fee schedule 24X National Exchange · 5 Nov 2026 · Accessed 7 Nov 2026