24X National Exchange (T24X) is a new SEC-registered national securities exchange that launched as an IBKR Smart Routing destination on September 29, 2025. The exchange features innovative auction-based trading designed to:
- Enhance price discovery
- Reduce trading costs
- Minimize high-frequency trading impact
- Improve overall execution quality
Getting Started
No action required. T24X is automatically integrated into IBKR's Smart Routing system and will be used when it offers the best execution for your orders.
Supported Products
T24X supports all NMS (National Market System) products, including:
- All NYSE and NASDAQ listed stocks
- ETFs (Exchange-Traded Funds)
- Other exchange-traded products on U.S. national exchanges
Trading Hours
Exchange Trading Hours: 4:00 AM - 8:00 PM ET
| Session | Hours |
| Pre-market | 4:00 AM - 9:30 AM ET |
| Regular Hours | 9:30 AM - 4:00 PM ET |
| After-hours | 4:00 PM - 8:00 PM ET |
Order Types
T24X supports these standard order types:
- Market orders
- Limit orders
- Immediate-or-Cancel (IOC)
- Fill-or-Kill (FOK)
- Midpoint Peg orders
- Primary Peg orders
Fee Structure
T24X uses a simplified remove/add liquidity model:
| Remove Liquidity | Add Liquidity | |
| Trades >= $1.00 | USD 0.00295 | USD (0.00295) |
| Trades >= $1.00 Hidden Volume | USD 0.0030 | USD (0.0025) |
| Trades >= $1.00, Routed | USD 0.0030 | N/A |
| Trades < $1.00 | Trade Value * 0.0028 | Trade Value * (0.00075) |
| Trades < $1.00 Hidden Volume | Trade Value * 0.0028 | Trade Value * (0.00065) |
| Trades < $1.00, Routed | Trade Value * 0.003 | N/A |
Note: Exchange fees are subject to IBKR's standard fee structure. Refer to your IBKR commission schedule for complete details.
Tracking Your T24X Trades
T24X executions are identified with exchange code "T24X" in:
- Trade confirmations
- Execution reports in Client Portal
- Account statements