The Securities and Exchange Commission (SEC) has granted Green Impact Exchange, LLC (GIX) approval to register as a national securities exchange. GIX will be responsible for its trading system's regulations and oversight, although some regulatory functions will be outsourced to the Financial Industry Regulatory Authority (FINRA) through a regulatory services agreement. The exchange will operate as an electronic trading platform without a physical trading floor, and its corporate governance and ownership structures align with industry standards to maintain independence and meet SEC requirements. Additionally, GIX plans to utilize technology provided by MEMX Technologies to facilitate trading operations while ensuring compliance with federal securities laws.
Simple Explanation
The SEC said it's okay for a new place called Green Impact Exchange to start trading stocks online, a bit like how kids swap toys, but with grown-up rules. They'll have robots (computers) to do the trading without needing a real-life store, and they'll follow special rules to make sure everything is fair.