Shinhan Investment Securities is moving to strengthen the competitiveness of its U.S. stock business by securing a stake in U.S. exchange 24X.

Shinhan Investment Securities said on May 21 it will expand the foundation of its U.S. stock business through the stake in 24X US Holdings, a U.S. national securities exchange. It signed a memorandum of understanding with 24X in October last year to invigorate its U.S. stock business. It has since pursued strategic cooperation, including an equity investment.

24X is a U.S. national securities exchange that was the first to receive approval from the U.S. Securities and Exchange Commission for 23-hour stock trading. Since it began trading in October last year, trading volume and trading value have increased quickly, it said, making it a new trading infrastructure in the U.S. stock market.

Shinhan Investment Securities is also pushing to develop new services and content using market data held by 24X. It is reviewing the provision of investor analysis content and artificial intelligence-based investment information services based on trading data such as in-depth order book data and liquidity flows.

A Shinhan Investment Securities official said the cooperation aims to strengthen network and infrastructure competitiveness in the U.S. stock market and that it will work to provide differentiated overseas stock services and investment experiences.