24 Exchange Targets 24/7 Routing With SIP Offline, Galinov Says

24 Exchange plans to offer brokers 24/7 order routing to alternative trading systems and single-dealer platforms even when the Securities Information Processor goes dark, CEO Dmitri Galinov said at the STA Annual Market Structure Conference in Washington, D.C.

Galinov laid out the plan in a TabbFORUM interview with CEO Bruce Morris, recorded for FORUM TV. The conversation covered three linked pressure points: the race toward 24/7 trading, the potential rescission of SEC Rule 611, and the mechanics of keeping liquidity and best execution intact outside traditional market hours.

Each of those items lands on a different desk. Routing teams own the first. Compliance owns the second. Trading desks and market makers own the third. Galinov's argument connects all three.

What does 24/7 routing actually solve?

The concrete problem Galinov identified is infrastructure. Exchanges are preparing for expanded trading hours. But the plumbing that supports ordinary trading — public price data chief among it — does not run around the clock.

The SIP is the consolidated feed that stitches together quotes from the exchanges. When it is offline, the standard reference for price discovery disappears. Galinov said 24 Exchange plans to bridge that gap by routing orders to ATSs and single-dealer platforms continuously, regardless of SIP availability.

For a buy-side desk, that changes the workflow question. Today, an order that arrives on Saturday waits. Under the model Galinov described, it can reach a venue that quotes overnight, provided that venue is wired into the routing network.

For sell-side smart order routers, it adds a new decision layer: which counterparties are reachable at 3 a.m., and at what cost.

Where does Rule 611 fit?

Galinov and Morris also discussed the potential rescission of SEC Rule 611, the order-protection provision of Regulation NMS that requires trades to occur at the best displayed price across protected quotes.

The rule was built for a market with a defined trading day and a functioning consolidated tape, and it sits at the center of the current debate over whether it still serves its purpose.

A rescission would be a structural event, not a technical one. It would remove the obligation to route to protected quotations, which in turn changes how brokers weigh venue selection, speed and price improvement. Pair that with a 24/7 session where the SIP is offline and the protected-quote concept has no feed to reference, and the two debates fold into one.

Galinov sees a major shift coming in how broker-dealers and market makers access liquidity as exchanges prepare for expanded hours, according to the interview.

What is claimed versus what is built?

Separate the two categories. Mandated: nothing yet. Rule 611 rescission remains a possibility under discussion, not a filed rule change with a compliance date in this interview. Proposed: 24 Exchange's continuous routing service to ATSs and single-dealer platforms, described by its own CEO, so treat it as a company plan rather than a measured market outcome.

Measured: the infrastructure gap itself. The SIP does not run 24/7 today, and exchanges have publicly moved toward longer sessions. Those are the fixed points.

What remains open is liquidity depth. Round-the-clock access means little if spreads widen overnight or if the ATSs reachable at odd hours carry thin books. Galinov framed liquidity maintenance beyond traditional hours as a central challenge, and no volume data in the interview quantified after-hours depth.

Why the timing matters now

The interview's venue is itself a signal. The STA Annual Market Structure Conference gathers the equity-trading infrastructure crowd in Washington, D.C., the same community that would debate a Rule 611 rescission and its knock-on effects.

The interview was tagged across currencies and commodities, derivatives, digital assets, equities, fintech, fixed income, index-linked solutions, regulatory and wealth management — a scope that suggests 24 Exchange views continuous access as an asset-class-wide proposition rather than an equities-only one.

TabbFORUM noted its role as a neutral platform carrying the views of its speakers, which do not necessarily reflect those of TABB Group or its editors.

Watch for two things next: any formal SEC action on Rule 611, and the first live volumes routed through overnight ATS sessions once exchanges extend their hours.