Notice2026-11036
Self-Regulatory Organizations; Green Impact Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rules 11.180 and 14.003 To Conform With an Amendment to the Definition of a Round Lot Under Rule 600 of Regulation NMS
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 3, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 106 (Wednesday, June 3, 2026)</title>
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[Federal Register Volume 91, Number 106 (Wednesday, June 3, 2026)]
[Notices]
[Pages 33254-33256]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-11036]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105584; File No. SR-GIX-2026-01]
Self-Regulatory Organizations; Green Impact Exchange, LLC; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Rules 11.180 and 14.003 To Conform With an Amendment to the Definition
of a Round Lot Under Rule 600 of Regulation NMS
May 29, 2026.
Pursuant to the provisions of Section 19(b)(1) under the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on May 26, 2026, Green Impact Exchange, LLC
(``GIX'' or ``Exchange'') filed with the Securities and Exchange
Commission (the ``Commission'') the proposed rule change described in
Items I and II below, which items have been prepared by the self-
regulatory organization. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240-19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing with the Commission a proposed rule change
to amend Exchange Rules 11.180 and 14.003 to conform with an amendment
to the definition of a Round Lot under Rule 600 of Regulation NMS
approved by the Commission.\3\
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\3\ See, Securities Exchange Act Release No. 101070 (September
18, 2024), 89 FR 81620 (October 8, 2024) (S7-302).
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The text of the proposed rule change is available at the Exchange's
website at <a href="https://tradegix.com/">https://tradegix.com/</a> and at the principal office of the
Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV. below. The self-regulatory organization has prepared
summaries, set forth in Sections A, B, and C below, of the most
significant aspects of such statements.
[[Page 33255]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Exchange Rules 11.180 and 14.003 to
conform with an amendment to the definition of a Round Lot under Rule
600 of Regulation NMS approved by the Commission.\4\ The Exchange also
proposes to make a conforming and non-substantive change to Exchange
Rule 11.151(a)(1) (Two-Sided Quote Obligation) and correct a minor
typographical error in the introductory paragraph of Rule 14.003.
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\4\ See, supra, note 3.
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In 2020, the Commission adopted amendments to Regulation NMS to
modernize the NMS information provided within the national market
system for the benefit of market participants and to better achieve the
goals of Section 11A of the Act of assuring ``the availability to
brokers, dealers, and investors of information with respect to
quotations for and transactions in securities that is prompt, accurate,
reliable, and fair'' (``MDI Rules'').\5\ These changes included an
amendment to Rule 600 of Regulation NMS to include a definition of
``round lot'' that assigns each NMS stock to a round lot size based on
the stock's average closing price. Prior to this change, a ``round
lot'' was not defined in the Act or Regulation NMS. The definition of a
``round lot'' was included in the rules of each exchange, including
Exchange Rules 11.180 and 14.002, which typically defined a ``Round
Lot'' as 100 shares, but also allowed the exchange, or the primary
listing exchange for the stock, discretion to define it otherwise.
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\5\ See, Securities Exchange Act Release No. 90610 (December 2,
2020), 86 FR 18596 (April 9, 2021) (the ``MDI Adopting Release'').
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In light of delays in the implementation of the MDI Rules,
including the definition of round lot, on September 18, 2024, the
Commission, among other things, accelerated the implementation of the
round lot definition. The Commission also revised the round lot
definition as set forth below.\6\ Rule 600(b)(93) of Regulation NMS, as
adopted by the MDI Rules and as amended in 2024,\7\ defines a round lot
for NMS stocks \8\ that have an average closing price on the primary
listing exchange during the prior Evaluation Period \9\ of: (1) $250.00
or less per share as 100 shares; (2) $250.01 to $1,000.00 per share as
40 shares; (3) $1,000.01 to $10,000.00 per share as 10 shares; and (4)
$10,000.01 or more per share as 1 share. For any security that becomes
an NMS Stock during an operative period, as described in Rule
600(b)(93)(iv),\10\ a round lot is 100 shares. Adjustments to the round
lot size for a security will occur on a semiannual basis and the
calculation of the average closing price on the primary listing
exchange will be based on a one month ``Evaluation Period.'' The
revised definition or a Round Lot was implemented on November 3, 2025,
the first business day of November 2025.\11\
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\6\ See, supra, note 3.
\7\ Id.
\8\ ``NMS stock'' is defined under Regulation NMS as any NMS
security other than an option. 17 CFR 242.600(b)(65).
\9\ Rule 600(b)(93(iii) of Regulation NMS defines the Evaluation
Period as: (A) all trading days in March for the round lot assigned
on the first business day in May and (B) all trading days in
September for the round lot assigned on the first business day in
November during which the average closing price of an NMS stock on
the primary listing exchange shall be measured by the primary
listing exchange to determine the round lot for each NMS stock.
\10\ Pursuant to Rule 600(b)(93)(iv) of Regulation NMS the round
lot assigned under the section shall be operative on: (A) the first
business day of May for the March Evaluation Period and continue
through the last business day of October of the calendar year; and
(B) the first business day of November for the September Evaluation
Period and continue through the last business day of April of the
next calendar year.
\11\ See, Securities Exchange Act Release No. 104172 (October
31, 2025) (Order Granting Temporary Exemptive Relief).
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The Exchange now proposes to amend Exchange Rules 11.180 and 14.003
to conform with the definition of Round Lot under Rule 600 of the
Regulation NMS. Exchange Rule 11.180(q)(1) provides that ``[o]ne
hundred (100) shares or any multiple thereof shall constitute a Round
Lot, unless an alternative number of shares is established as a Round
Lot by the listing exchange for the security.'' The Exchange proposes
to replace this definition with a sentence that explicitly refers to
the definition of round lots under Rule 600 of Regulation NMS. As a
result, the above sentence will be deleted and replaced with the
following: ``For any NMS stock, the ``Round Lot'' shall be the size
assigned by the primary listing market pursuant to Rule 600 of
Regulation NMS under the Exchange Act.''
Similarly, Exchange Rule 14.003(a)(30) provides that the term
``Round Lot'' or ``Normal Unit of Trading'' means 100 shares of a
security[,]'' and provides that the Exchange may determine when a
``Round Lot'' would not mean 100 shares. The Exchange now proposes to
also amend Exchange Rule 14.003(a)(30) to explicitly refer to the
definition of a round lot under Rule 600 of Regulation NMS. Again, the
Exchange proposes these changes solely to conform the Exchange's
definition of Round Lot under Exchange Rule 11.180(q)(1) and Exchange
Rule 14.003(a)(30) to the new definition of Round Lot under Rule 600 of
Regulation NMS.
The Exchange also proposes to make a conforming non-substantive
change to Exchange Rule 11.151(a)(1), Two-Sided Quote Obligation.
Exchange Rule 11.151(a)(1) currently provides that ``[u]nless otherwise
designated, a `normal unit of trading' shall be 100 shares.'' The
Exchange proposes to replace the aforementioned sentence with a
sentence that conforms to the newly adopted definition of Round Lot in
the Exchange's rules. As a result, the above sentence will be removed
and replaced with the following: ``Unless otherwise designated, a
`normal unit of trading' shall be a Round Lot as defined in Exchange
Rule 11.180.''
Finally, the Exchange proposes to make a ministerial change to Rule
14.003(a) where the word ``Rules'' is incorrectly stated in the plural;
the correct word ``Rule'' will be substituted in the text.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\12\ in general, and
furthers the objectives of Section 6(b)(1) \13\ in particular, in that
it enables the Exchange to be so organized as to have the capacity to
be able to carry out the purposes of the Act and to comply, and to
enforce compliance by its exchange members and persons associated with
its exchange members, with the provisions of the Act, the rules and
regulations thereunder, and the rules of the Exchange. The Exchange
also believes that the proposed rule change is consistent with Section
(b)(5) of the Act \14\ in that it is designed to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, to
remove impediments to and perfect the mechanism of a free and open
market and a national market system and, in general, to protect
investors and the public interest.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(1).
\14\ 15 U.S.C. 78f(b)(5).
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The Exchange proposes to amend Exchange Rules 11.180 and 14.003 to
conform with the definition of Round Lot under Rule 600 of the
Regulation NMS. These changes are being proposed solely to conform the
Exchange's
[[Page 33256]]
definition of ``Round Lot'' under Exchange Rules 11.180 and 14.002 to
the new definition of Round Lot under Rule 600 of Regulation NMS. The
Exchange also proposes to make conforming non-substantive changes to
Rules 11.151(a)(1), Two-Sided Quote Obligation. These proposed changes
are intended to conform the rule text with the changes to Exchange
Rules 11.180 and 14.003.
The proposed rule changes would reduce potential investor and
market participant confusion and therefore remove impediments to and
perfect the mechanism of a free and open market and a national market
system by ensuring that the Exchange's rules properly reflect the
requirements of Rule 600 of Regulation NMS. The Exchange also believes
that the proposed rule changes would remove impediments to and perfects
the mechanism of a free and open market by ensuring that persons
subject to the Exchange's jurisdiction, regulators, and the investing
public can more easily navigate and understand the Exchange's rules.
The proposed rule changes would not be inconsistent with the public
interest and the protection of investors because investors will not be
harmed and in fact would benefit from the increased transparency and
clarity, thereby reducing potential confusion.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes the
proposed rule change does not impose any burden on intra-market or
intermarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The proposed rule changes to
amend the definition of Round Lot are not intended to address
competitive issues but rather are concerned solely with amending the
Exchange's Rules to conform with the amended definition of Round Lot
under Rule 600 of the Regulation NMS.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \15\ and Rule 19b-4(f)(6) \16\ thereunder.
Because the foregoing proposed rule change does not: (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; or (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \17\ and Rule 19b-4(f)(6) \18\ thereunder.
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\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4(f)(6).
\17\ 15 U.S.C. 78s(b)(3)(A).
\18\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of its
intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \19\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\20\ the Commission
may designate a shorter time if such action is consistent with
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately upon filing. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because the proposed rule change simply amends Exchange Rules 11.180
and 14.003 to conform with an amendment to the definition of a Round
Lot under Rule 600 of Regulation NMS and to make the Exchange's
rulebook clear and transparent for market participants. As a result,
the proposal does not introduce any novel regulatory issues.
Accordingly, the Commission designates the proposed rule change to be
operative upon filing.\21\
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\19\ 17 CFR 240.19b-4(f)(6).
\20\ 17 CFR 240.19b-4(f)(6)(iii).
\21\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#a8daddc4cd85cbc7c5c5cdc6dcdbe8dbcdcb86cfc7de"><span class="__cf_email__" data-cfemail="9ceee9f0f9b1fff3f1f1f9f2e8efdceff9ffb2fbf3ea">[email protected]</span></a>. Please include
file number
SR-GIX-2026-01 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-GIX-2026-01. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-GIX-2026-01 and should be submitted on
or before June 24, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-11036 Filed 6-2-26; 8:45 am]
BILLING CODE 8011-01-P
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