The US Securities and Exchange Commission (SEC) has approved the Green Impact Exchange’s (GIX) Form 1 application, with the platform gearing up to begin trading early next year.
Daniel Labovitz
Through becoming a registered securities exchange, GIX will become the firm stock market in the US focused on the $35 trillion sustainability economy.
Speaking to interest in the sustainability-focused exchange, Charles Dolan, co-founder and president, previously told The TRADE that important conversations were underway with key buy-side players, explaining: “Our discussions with major buy-side firms have revealed a high level of interest in our initiative. They believe our direction will significantly influence asset allocation decisions and other industry practices, making it a game-changer for the entire sector.”
The GIX trading platform is set to be powered by MEMX technology and offer non-tiered, competitive liquidity and quoting programs.
In addition, GIX confirmed that it will also be part of the National Market System (NMS), ensuring best execution.
“Climate risk is business risk. It’s that simple. US investors and companies are continuing to pursue sustainability because it makes financial and competitive sense,” said Dolan in an official announcement on 14 April.
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Speaking to The TRADE last July, chief executive and co-founder Daniel Labovitz, highlighted the importance of the GIX mandate and the opportunity it represents for market makers to voluntarily take on a dual listing matter.
He further highlighted the significance of firms taking accountability through joining GIX, adding that joining the platform will be a reflection of a business’ integrity and the character of its leadership.
“[…] Contrary to popular belief, an exchange is not just about ‘buy, buy, sell, sell,’ which is the domain of brokers. The true essence lies in the infrastructure that supports these transactions,” he said.
“The role of GIX is to provide an unbiased platform where investors can meet to buy and sell, guided by credible, reliable, and trustworthy information. This is the essence of what an exchange does, and GIX is committed to fulfilling this need for the sustainability world.”
GIX founders also include Jim Buckley, former chief regulatory officer of the National Stock Exchange, and Lou Pastina, former executive vice president of operations on the NYSE floor.