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

[Federal Register Volume 91, Number 106 (Wednesday, June 3, 2026)]

[Notices]

[Pages 33254-33256]

From the Federal Register Online via the Government Publishing Office [ www.gpo.gov ]

[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 https://tradegix.com/ 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

Use the Commission's internet comment form ( https://www.sec.gov/rules/sro.shtml ); or

Send an email to [email protected] . Please include

file number

SR-GIX-2026-01 on the subject line.

Paper Comments

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 ( https://www.sec.gov/rules/sro.shtml ). 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