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A new kind of exchange: Charles Dolan on building the first U.S. sustainability driven stock market

A new kind of exchange: Charles Dolan on building the first U.S. sustainability driven stock market

When Charles Dolan set out to build a stock exchange, it wasn’t just to create another marketplace for buying and selling equities. As president of the Green Impact Exchange (GIX), Dolan is leading an ambitious effort to reimagine what a stock exchange can be, placing environmental sustainability not on the sidelines but at the center of its mission.

“The world doesn’t need another stock exchange just for the sake of trading,” Dolan told Equities.com in a recent interview. “What it does need is a platform where climate-conscious companies can attract the capital now flowing into sustainability. With a dual listing on GIX, companies can clearly signal their environmental commitments—and investors can rely on consistent, verified data.”

With decades of experience at the New York Stock Exchange (NYSE) and a founding team of former NYSE leaders, Dolan brings deep institutional knowledge. But GIX represents a significant shift: the first U.S. national securities exchange designed specifically to foster transparency and accountability around sustainability.

This conversation has been edited for clarity and length.

Equities.com: You spent much of your career on the NYSE floor, including as CEO of Kellogg Capital Markets and Executive Floor Governor. What led you to launch a sustainability-focused exchange?

Charles Dolan: After leaving the NYSE, I joined forces with Dan Labovitz, Lou Pastina and Jim Buckley — fellow NYSE veterans — to start a capital markets consulting firm. One of our clients was exploring ESG-related ideas, which introduced us to sustainable finance.

As we got more involved, it became clear that the ESG landscape had serious shortcomings. First, combining environmental, social and governance issues into one bucket makes it difficult to extract meaningful insights. Second, most ESG ratings are backward-looking, inconsistent and voluntary. Few link to measurable goals.

During COVID, Dan wrote a white paper proposing how exchange listing standards could address those issues. After reading it, I told him, “You can’t publish this — we need to build it.” That paper became the blueprint for GIX: using the infrastructure of capital markets to create genuine accountability around sustainability.

Equities: How does GIX differ from NYSE or Nasdaq?

CD: GIX operates on a dual-listing model. Companies maintain their primary exchange listing and add GIX as an additional designation — essentially a badge of credibility around their environmental commitments.

A new kind of exchange: Charles Dolan on building the first U.S. sustainability driven stock market

We’re not labeling companies as “green” or “good.” Just like NYSE or Nasdaq doesn’t pass judgment on profitability or management quality, we focus on helping companies present reliable sustainability disclosures — and letting investors decide what that means for their capital allocation.

Our listing standards revolve around three core pillars: values, vision and verification. We look at whether a company’s board supports environmental goals, whether those goals are measurable and whether the data is independently verified. That internal governance structure is what makes environmental claims credible.

Equities: GIX received SEC registration in April. What comes next?

CD: Becoming a fully registered national securities exchange on April 11th was a huge milestone — and a heavy lift. Our SEC application was 860 pages, and yes, they made us print it!

Now we’re moving from build to launch. We’re finalizing our trading engine with MEMX, entering into a regulatory services agreement with FINRA, onboarding employees and building the systems that will support our platform. We’re also engaging with potential issuers and developing financial tools to facilitate sustainable capital formation.

Equities: How does GIX tackle the growing concern around greenwashing?

CD: The key is credible disclosure. Most companies already report against various sustainability frameworks, but investor confidence is still low. A recent PwC study found that 94% of investors distrust companies’ environmental claims — after decades of reporting.

So at GIX we require limited assurance for sustainability data. CEOs must certify its accuracy. Greenwashing thrives when there’s no accountability. Our model is voluntary, but it sets a higher bar — companies listing with us are signaling that they’re serious about their commitments. That resonates with long-term investors.

Equities: Sustainable investing has become a political flashpoint. How does GIX stay above the fray?

CD: Our position is straightforward: climate risk is business risk. That’s not political — it’s economic.
GIX is a voluntary, market-based solution. No one is forced to list with us. But for companies that view sustainability as a long-term value driver, we offer a transparent platform to tell their story.

There’s substantial data showing that sustainability-focused companies outperform. There’s also growing evidence that investors across the political spectrum increasingly factor sustainability into their decisions.

Globally, this momentum is only accelerating — especially with multinational companies needing to comply with international regulations. U.S. companies that want to stay competitive will need to adapt.

Equities: What role does technology play in the GIX ecosystem?

CD: We’re working with MEMX to provide a proven trading infrastructure that seamlessly connects us to the broader market. On the compliance side, we’re partnering with FINRA for regulatory oversight.

But the exciting part is what comes next. We’re building GIX to be a green finance hub. That includes new instruments tied to carbon performance and innovative investment products. We’ll have more to share on that soon.

Equities: Tell us about the team behind GIX. How are you building for the future?

CD: I’m incredibly proud of our founding team — 14 senior professionals, each with more than 25 years of industry experience. They believed in this mission from the beginning, and their regulatory and operational expertise has been essential.

At the same time, we’re bringing in the next generation: early-career professionals who are passionate about climate and want to build something meaningful. That mix of experience and energy is what’s driving our momentum.

Equities: What’s your five-year vision for GIX?

CD: We’re targeting 10 to 20 listings at launch. But over five years, we see GIX growing into a full-fledged platform for sustainable capital markets — from carbon-linked securities to global partnerships and new fund structures.

Looking back on my 35-year career, most market innovations focused on speed and cost — faster trades, lower fees. That’s important, but what’s been missing is support for companies making long-term investments to remain competitive in a changing world.

The next wave of financial innovation will be defined by purpose, transparency and accountability. And we want GIX to lead that movement.

Read more: GIX will be the first stock market in U.S. dedicated to sustainability

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