Notice2026-11922
Self-Regulatory Organizations; Green Impact Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.240 (Trade Reporting and Dissemination of Quotations) To Conform With Amendments to Rules 600 and 603 of Regulation NMS Approved by the Commission That Concern the Reporting and Dissemination of Odd-Lot Information, and an Additional Ministerial Change to Rule 11.220 To Correct a Typographical Error
Primary source
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Published
June 15, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 114 (Monday, June 15, 2026)</title>
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[Federal Register Volume 91, Number 114 (Monday, June 15, 2026)]
[Notices]
[Pages 36024-36026]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-11922]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105650; File No. SR-GIX-2026-02]
Self-Regulatory Organizations; Green Impact Exchange, LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Rule 11.240 (Trade Reporting and Dissemination of Quotations) To
Conform With Amendments to Rules 600 and 603 of Regulation NMS Approved
by the Commission That Concern the Reporting and Dissemination of Odd-
Lot Information, and an Additional Ministerial Change to Rule 11.220 To
Correct a Typographical Error
June 10, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on May 28, 2026, Green Impact Exchange, LLC (``GIX'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. 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 Rule 11.240, Trade Reporting and Dissemination of
Quotations, to conform with amendments to Rules 600 and Rule 603 of
Regulation NMS to concerning the reporting and dissemination of odd-lot
information.\3\ The Exchange is also proposing a non-substantive,
ministerial amendment to Rule 11.220, paragraph (b), Dissemination, to
correct a typographical error in the rule text.
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\3\ See Regulation NMS: Minimum Pricing Increments, Access Fees
and Transparency of Better Priced Orders, Securities Exchange Act
Release No. 101070 (September 18, 2024), 89 FR 81620 (October 8,
2024)(S7-30-22).
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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 on 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.
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 Rule 11.240, Trade
Reporting and Dissemination of Quotations, to conform with amendments
to Rules 600 and 603 of Regulation NMS approved by the Commission that
concern the reporting and dissemination of odd lot information.\4\
Specifically, the Exchange proposes to adopt paragraph (e) under
Exchange Rule 11.240 to address the Exchange's odd-lot reporting
obligations under Rules 600 and 603 of Regulation NMS. The Exchange is
also proposing a non-substantive, ministerial change to Rule 11.220,
Priority of Orders,
[[Page 36025]]
paragraph (b), Dissemination, to correct a typographical error in the
rule text.
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\4\ See id.
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On September 18, 2024, the Commission adopted Regulation NMS:
Minimum Pricing Increments, Access Fees and Transparency of Better
Priced Orders,\5\ which among other things, accelerated the
implementation of the odd-lot information definition in Rule 600(b)(69)
of Regulation NMS \6\ and added information about the best odd-lot
order to the definition of odd-lot information.\7\ The Commission
adopted a compliance date for implementing odd-lot information as the
first business day of May 2026.\8\
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\5\ See id.
\6\ 17 CFR 242.600(b)(69).
\7\ 17 CFR 242.600(b)(69)(iii).
\8\ See Adopting Release, supra note 3, at 81679-81681.
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In the Adopting Release, the Commission adopted amendments to Rules
600(b)(69) \9\ and 603(b)(3) \10\ of Regulation NMS. Rule 600(b)(69) of
Regulation NMS defines odd-lot information.\11\ Rule 600(b)(69)(ii) of
Regulation NMS includes ``odd-lots at a price greater than or equal to
the national best bid and less than or equal to the national best
offer, aggregated at each price level at each national securities
exchange and national securities association.'' \12\ Rule
600(b)(69)(iii) of Regulation NMS includes the highest priced odd-lot
order to buy that is priced higher than the national best bid, and the
lowest priced odd-lot order to sell that is priced lower than the
national best offer (i.e., the ``BOLO'').\13\ Rule 603(b)(3) of
Regulation NMS, among other things, requires the national securities
exchanges and national securities associations to make available to the
exclusive Securities Information Processor (``SIPs'') all data
necessary to generate odd-lot information, and require the exclusive
SIPs to collect, consolidate and disseminate odd-lot information.\14\
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\9\ 17 CFR 242.600(b)(69).
\10\ 17 CFR 242.600[sic](b)(3).
\11\ 17 CFR 242.600(b)(69) requires odd-lot transaction data to
be provided as part of odd-lot information. The exclusive SIPs
already collect, consolidate, and disseminate odd-lot transaction
information. See Securities Exchange Act Release Nos. 70793 (October
31, 2013) 78 FR 66788 (November 6, 2013)(order approving Amendment
No. 30 to the UTP Plan to require odd-lot transactions to be
reported to the consolidated tape); 70794 (October 31, 2013) 78 FR
66788 [sic] (November 6, 2013) (order approving the Eighteenth
Substantive Amendment to the Second Restatement of the CTA Plan to
require odd-lot transactions to be reported to the consolidated
tape).
\12\ 17 CFR 262[sic].600(b)(69)(ii).
\13\ 17 CFR 242.600(b)(69)(iii).
\14\ 17 CFR 242.600[sic](b)(3).
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The Commission issued an Exemptive Order in January 2026 allowing
the exclusive SIPs to defer implementation of the odd-lot information
as defined in Rule 600(b)(69)(ii) for two years until May 2028.\15\ In
May 2026, the exclusive SIPs will begin disseminating the BOLO and the
best odd-lot bid and offer priced at or better than the NBBO from each
exchange and FINRA.\16\ The exclusive SIPs will begin to disseminate
odd-lot quotations priced at each exchange's and FINRA's best odd-lot
bid or offer and the NBBO for each NMS stock in May 2028.\17\
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\15\ See Securities Exchange Act Release No. 104612 (January 15,
2026), 91 FR 2577 (January 21, 2026) (Order Granting Temporary
Exemptive Relief, Pursuant to Section 36(a)(1) of the Securities
Exchange Act of 1934 from Compliance with Rule 600(b)(69)(ii) of
Regulation NMS).
\16\ See Press Release, SEC Grants Request for Exemption Related
to Dissemination of Odd-Lot Depth of Book, dated January 22, 2026,
available at <a href="https://www.prnewswire.com/news-releases/sec-grants-request-for-exemption-related-to-dissemination-of-odd-lot-depth-of-book-302668045.html">https://www.prnewswire.com/news-releases/sec-grants-request-for-exemption-related-to-dissemination-of-odd-lot-depth-of-book-302668045.html</a>.
\17\ The Exchange notes that, as of the date of this proposed
rule amendment, it has not yet commenced trading operations and
therefore will not have odd lot data available to transmit to the
SIPs in May 2026. When operational, GIX will transmit odd-lot data
to the SIPs as required.
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The Exchange now proposes to amend Exchange Rule 11.240, Trade
Reporting and Dissemination of Quotations, to adopt paragraph (e) to
address the Exchange's odd-lot reporting obligations under Rules 600
and 603 of Regulation NMS. As proposed, paragraph (e) of Exchange Rule
11.240 would provide that ``[p]ursuant to Rule 603 of Regulation NMS
under the Exchange Act and the January 15, 2026 Exemptive Order issued
by the Commission, GIX will transmit for display to the appropriate
network processor the data necessary to generate odd-lot information,
as defined in Rule 600 of Regulation NMS under the Exchange Act, for
each NMS Stock.''
In addition, the Exchange is proposing a non-substantive,
ministerial amendment to Exchange Rule 11.220(b), Dissemination. The
rule currently states that ``[t]he best-ranked order(s) are
disseminated pursuant to GIX Rule 11.240(c)(1).'' The reference to Rule
11.240(c)(1) contains a typographical error and the correct reference
is to GIX Rule 11.240(c).
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\18\ in general, and furthers the objectives of Section 6(b)(1)
\19\ 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 members and persons
associated with its 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
6(b)(5) \20\ of the Act 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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\18\ 15 U.S.C. 78f(b).
\19\ 15 U.S.C 78f(b)(1).
\20\ 15 U.S.C. 78f(b)(5).
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The Exchange proposes to amend Exchange Rule 11.240, Trade
Reporting and Dissemination of Quotations, to adopt paragraph (e) to
address the Exchange's odd-lot reporting obligations under Rules 600
and 603 of Regulation NMS.\21\ These changes are being proposed solely
to codify in the Exchange's Rules its obligations under Rule 603(b)(3)
of Regulation NMS, which requires it to report to the exclusive SIPs
all data necessary to generate odd-lot information.\22\ The Exchange
further believes the proposed rule change would 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 603(b)(3), which will operate to the benefit
of market participants and the investing public by providing
consistency and clarity with respect to the Exchange's rules and its
obligations as a participant in the national market system. Thus, the
proposed rule change would be consistent with the public interest and
the protection of investors because investors will not be harmed and in
fact will benefit from the increased transparency and clarity in the
Exchange's rules, thereby reducing potential confusion.
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\21\ See Adopting Release, supra note 3.
\22\ 17 CFR 242.600[sic](b)(3).
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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 that
the proposed change will not impose any burden on intramarket or
intermarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
[[Page 36026]]
The proposed rule change is not intended to address competitive issues
but rather is concerned solely with amending the Exchange's rules to
address the Exchange's odd-lot reporting obligations under Rules 600
and 603 of Regulation NMS. Similarly, the proposed change to correct a
typographical error in Rule 11.220(b) has no competitive impact as it
is concerned solely with the accuracy of the Exchange's rules.
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 Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \23\ and Rule 19b-4(f)(6) thereunder.\24\
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; and (iii) become operative prior
to 30 days from the date it was filed, or such shorter time as the
Commission may designate if consistent with the public interest and the
protection of investors, the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \25\ and Rule 19b-4(f)(6)
thereunder.\26\
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\23\ 15 U.S.C. 78s(b)(3)(A)(iii).
\24\ 17 CFR 240.19b-4(f)(6).
\25\ 15 U.S.C. 78s(b)(3)(A).
\26\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization 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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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 shall institute proceedings under
Section 19(b)(2)(B) \27\ of the Act to determine whether the proposed
rule should be approved or disapproved.
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\27\ 15 U.S.C. 78s(b)(2)(B).
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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#7604031a135b15191b1b131802053605131558111900"><span class="__cf_email__" data-cfemail="0d7f786168206e6260606863797e4d7e686e236a627b">[email protected]</span></a>. Please include
file number SR-GIX-2026-02 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-2026-02. 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 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-2026-02 and should be submitted on
or before July 6, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
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\28\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-11922 Filed 6-12-26; 8:45 am]
BILLING CODE 8011-01-P
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