[Federal Register Volume 77, Number 112 (Monday, June 11, 2012)]
[Notices]
[Pages 34427-34429]
[FR Doc No: 2012-14076]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67136; File No. SR-EDGX-2012-20]

Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To
Temporarily Suspend the Requirements of EDGX Rule 2.6

June 5, 2012.
    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 June 5, 2012, EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') 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 proposing to temporarily suspend the requirements
of EDGX Rule 2.6 and related EDGX Rules concerning the approval of new
Members in order to admit Apex Clearing Corporation (``Apex
Clearing''), f/k/a Ridge Clearing and Outsourcing Solutions, Inc.
(``Ridge''), as a Member of EDGX, subject to Apex Clearing complying
with the Exchange's Membership qualification rules within 30 calendar
days of the effective date of this filing. The Exchange is also
proposing to accept Apex Clearing's assumption of all of the existing
clearing agreements and arrangements currently in effect between Penson
Financial Services, Inc. (``PFSI'') and other EDGX Members by execution
of a global agreement thereto. The text of the proposed rule change is
available on the Exchange's Web site at www.directedge.com, at the
Exchange's principal office, and at the Public Reference Room of the
Commission.

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.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange is proposing to temporarily suspend the requirements
of EDGX Rule 2.6 and related rules governing the qualification and
admission of Members in order to immediately approve Apex Clearing as
an EDGX Member. The Exchange proposes this temporary suspension on an
expedited basis to ensure that Apex Clearing can continue the clearing
operations of PFSI without unnecessary disruption, which could have a
significant collateral impact on a number of other Members. The
proposed temporary suspension is contingent upon Apex Clearing having
complied with all of the Exchange's Membership qualification
requirements within 30 calendar days of the effective date of this
filing.
    On May 31, 2012, Apex Clearing Holdings, LLC (``Apex Holdings''),
Apex Clearing Solutions, LLC, Broadridge Financial Solutions, Inc.
(``Broadridge''), PFSI and Penson Worldwide, Inc. (``PWI'') (together,
the ``Parties'') consummated a transaction resulting in a change in
ownership of Apex Clearing.\3\ Broadridge, Apex Holdings, PWI and PFSI
each made capital investments in Apex Holdings, the holding company
parent of Apex Clearing. PFSI also assigned all of its U.S. clearing
contracts and all customer and introducing broker proprietary accounts
along with key personnel to Apex Clearing (the ``Transferring
Accounts'').\4\
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    \3\ Prior to the Transaction, Apex Clearing's name was Ridge
Clearing & Outsourcing Solutions, Inc. Prior to the transaction,
Ridge Clearing & Outsourcing Solutions, Inc. contributed its
outsourcing operations and all associated personnel and systems to
its affiliated entity, Broadridge Securities Processing Solutions,
LLC (``BSPS'') where it will continue to provide operations support
and outsourcing services to a number of broker-dealers, including
Apex Clearing.
    \4\ See Penson Worldwide, Inc. Form 8-K dated May 31, 2012.
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    As a result of the Transaction, Apex Clearing, which is not
currently an EDGX Member, will provide the clearing services and
execution services currently provided to the Transferring Accounts by
PFSI. On May 31, 2012, Apex Clearing submitted an application to be
admitted as an EDGX Member. However because of the expedited nature of
the transaction, Apex Clearing was unable to fully comply in a timely
manner with EDGX Rule 2.6 and related Membership rules. Because of the
need for seamless continuity with respect to the Transferring Accounts,
Apex Clearing has requested that the Exchange temporarily suspend its
Membership qualification rules in order to enable Apex Clearing's
approval as a Member on an expedited basis. Pursuant to its request,
Apex Clearing has represented that it will fully comply with the
Exchange's Membership qualification requirements within 30 calendar
days of the effective date of this filing.
    EDGX Rule 2.6 establishes the requirements for applications for
Membership with the Exchange and requires prospective Members to submit
such information as the Exchange may require.
    Among other things, to be approved as an EDGX Member, an applicant
must:
     Provide the Exchange with an agreement to abide by, comply
with, and adhere to the provisions of the Exchange's Certificate of
Incorporation, its By-Laws, the Exchange's Rules, the policies,
interpretations and guidelines of the Exchange, and all orders and
decisions of the Exchange's Board and penalties imposed by the Board,
and any duly authorized committee;\5\
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    \5\ EDGX Rule 2.6(a)(1).
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     Agree to pay such dues, assessments, and other charges in
the manner and amount as shall from time to time be fixed by the
Exchange;\6\
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    \6\ EDGX Rule 2.6(a)(2).
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     Agree to maintain and make available to the Exchange, its
authorized employees and its Board or any duly authorized committee
such books and records as may be required to be maintained by the
Commission or the Exchange's Rules;\7\
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    \7\ EDGX Rule 2.6(a)(5).
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     Agree to supply other reasonable information with respect
to the applicant as the Exchange may require in its Membership
application (e.g., certificate of incorporation, by-laws, and other
corporate documents);\8\ and
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    \8\ EDGX Rule 2.6(a)(6).
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     Register all Authorized Traders with the Exchange \9\ in
compliance with the Exchange's registration requirements as outlined in
EDGX Rule 2.3(b) through (d).
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    \9\ EDGX Rule 2.3(b).
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    In addition, the Exchange reviews whether the applicant meets
applicable regulatory capital requirements and whether it has adopted
controls and

procedures to comply with Exchange Rules.
    Due to the amount of information an applicant is required to
provide and have completed prior to being admitted as a Member, the
Member approval process generally takes several weeks to complete. The
length of time varies based on the timing of the applicant's responses
to requests for information and documentation.
    As proposed, Apex Clearing will continue the clearing and certain
other operations of PSFI as of June 6, 2012. In order to avoid
interruption of the services PSFI currently provides to other Exchange
Members, EDGX believes that Apex Clearing should be approved
immediately as an EDGX Member. The Exchange notes that Apex Clearing is
already a registered broker-dealer and FINRA member, which are
prerequisites for becoming an EDGX Member.\10\
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    \10\ See EDGX Rule 2.5(a).
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    The Exchange therefore proposes to temporarily suspend EDGX Rule
2.6 and related Membership rules (Rules 2.3 and 2.5), and immediately
approve Apex Clearing and its associated persons as a Member. As
proposed, this temporary suspension is contingent upon:
     Apex Clearing providing the Exchange with sufficient
information to confirm that Apex Clearing will satisfy its capital
requirements as an EDGX Member; and
     Within 30 calendar days of the effective date of this rule
filing, Apex Clearing and its associated persons shall have complied
with the Exchange's Member qualification requirements as set forth in
EDGX Rules 2.3, 2.5, and 2.6.
    As proposed, if Apex Clearing does not comply with all applicable
EDGX Member qualification requirements within 30 calendar days of the
effective date of this filing, its status as an approved EDGX Member
will no longer be effective.
    In addition, the Exchange proposes to permit Apex Clearing to
assume all existing clearing agreements and arrangements currently in
effect with other EDGX Members by execution of global agreements
thereto. Apex Clearing has represented that it will provide notice of
such assumption to impacted Members prior to the effective date
thereof.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
Section 6(b) \11\ of the Act and furthers the objectives of Section
6(b)(5) \12\ in that it is designed to promote just and equitable
principles of trade, to prevent fraudulent and manipulative acts, to
remove impediments to and to perfect the mechanism of a free and open
market and a national market system and to protect investors and the
public interest. The Exchange believes that permitting the expeditious
approval of Apex Clearing as an EDGX Member will avoid interruption of
the services PSFI currently provides to other Exchange Members. Based
on information and representations provided by Apex Clearing, a
temporary suspension of certain EDGX membership rules is needed based
on the expedited nature of the transaction to enable seamless
continuity with respect to the Transferring Accounts. Consequently,
EDGX believes that temporary suspension of its Member qualification
requirements so that Apex Clearing can be approved immediately as an
EDGX Member will help to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, and is
therefore consistent with the Act.
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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
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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.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    The Exchange has neither solicited nor received written 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)(iii) of the Act \13\ and Rule 19b-4(f)(6) thereunder.\14\
Because the 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 on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \15\ and Rule 19b-
4(f)(6)(iii) thereunder.\16\
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    \13\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires a self-regulatory organization to give the
Commission written notice of its intent to file 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 Commission is waiving this five-day pre-filing
requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \17\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\18\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest.
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    \17\ 17 CFR 240.19b-4(f)(6).
    \18\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Exchange has asked the Commission to waive the five-day pre-
filing requirement and the 30-day operative delay so that the proposed
rule change may become operative immediately upon filing. The
Commission notes that the Exchange is proposing that certain of its
rules relating to membership requirements be temporarily suspended so
that Apex Clearing can be provisionally approved as EDGX Member. The
proposed relief does not exempt Apex Clearing from Exchange rule
requirements governing Members. Apex Clearing would have a 30-calendar-
day grace period within which to apply for and be approved under
relevant Exchange rules. Moreover, the Commission believes that waiver
of the 30-day operative delay is appropriate to ensure a smooth
transition of PFSI operations to Apex Clearing. In particular, given
the rapidity with which events have developed, waiver of the 30-day
operative delay is necessary to avoid significant disruption to PFSI's
existing customers and the market generally. Therefore, the Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest and designates the
proposed rule change as operative upon filing.\19\
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    \19\ For purposes only of waiving the 30-day operative delay,
the Commission 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 shall institute proceedings to determine whether the
proposed rule 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-EDGX-2012-20 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-EDGX-2012-20. 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 Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-EDGX-2012-20 and should be
submitted on or before July 2, 2012.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-14076 Filed 6-8-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 75, Number 236 (Thursday, December 9, 2010)]
[Notices]
[Pages 76725-76726]
[FR Doc No: 2010-30920]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings No. 1

November 26, 2010.
    Take notice that the Commission received the following electric
corporate filings:

    Docket Numbers: EC11-25-000.
    Applicants: MILFORD POWER CO LLC, EquiPower Resources Corp.
    Description: Joint Application of Milford Power Company, LLC and
EquiPower Resources Corp. for Authorization of Transaction Under
Section 203 of the Federal Power Act.
    Filed Date: 11/24/2010.
    Accession Number: 20101124-5084.
    Comment Date: 5 p.m. Eastern Time on Wednesday, December 15, 2010.

    Docket Numbers: EC11-26-000.
    Applicants: Batesville Generation Holdings, LLC.
    Description: Request for Authorization for the Transfer Through
Foreclosure of the Indirect Common Equity Ownership of a Power Plant
and Request for an Order Within 30 Days.
    Filed Date: 11/26/2010.
    Accession Number: 20101126-5006.
    Comment Date: 5 p.m. Eastern Time on Friday, December 17, 2010.

    Take notice that the Commission received the following exempt
wholesale generator filings:

    Docket Numbers: EG11-32-000.
    Applicants: Red Mesa Wind, LLC.
    Description: Notice of Self-Certification of Exempt Wholesale
Generator Status of Red Mesa Wind, LLC.
    Filed Date: 11/23/2010.
    Accession Number: 20101123-5175.
    Comment Date: 5 p.m. Eastern Time on Tuesday, December 14, 2010.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER11-2182-000.
    Applicants: Ameren Illinois Company.
    Description: Ameren Illinois Company submits tariff filing per
35.13(a)(2)(iii: Amendment F to Legacy Agreements to be effective 12/
31/9998.
    Filed Date: 11/24/2010.
    Accession Number: 20101124-5068.
    Comment Date: 5 p.m. Eastern Time on Wednesday, December 15, 2010.

    Docket Numbers: ER11-2183-000.
    Applicants: American Electric Power Service Corporation, PJM
Interconnection, L.L.C.
    Description: American Electric Power Service Corporation submits
tariff filing per 35.13(a)(2)(iii: AEP submits Rate Schedules for CSPCo
and OPCo under PJM RAA Sched 8.1 Appendix to be effective 1/1/2011.
    Filed Date: 11/24/2010.
    Accession Number: 20101124-5070.
    Comment Date: 5 p.m. Eastern Time on Friday, December 10, 2010.

    Docket Numbers: ER11-2184-000.
    Applicants: Ameren Illinois Company.
    Description: Ameren Illinois Company submits tariff filing per
35.13(a)(2)(iii: Amendment G to Legacy Service Agreements to be
effective 12/31/9998.
    Filed Date: 11/24/2010.
    Accession Number: 20101124-5077.
    Comment Date: 5 p.m. Eastern Time on Wednesday, December 15, 2010.

    Docket Numbers: ER11-2185-000.
    Applicants: The Detroit Edison Company.
    Description: The Detroit Edison Company submits tariff filing per
35.12: The City of Detroit Wholesale Distribution Service Agreement to
be effective 5/21/2010.
    Filed Date: 11/24/2010.
    Accession Number: 20101124-5099.
    Comment Date: 5 p.m. Eastern Time on Wednesday, December 15, 2010.

    Docket Numbers: ER11-2186-000.
    Applicants: Ameren Illinois Company.
    Description: Ameren Illinois Company submits tariff filing per
35.13(a)(2)(iii: Amendment H to Legacy Service Agreements to be
effective 12/31/9998.
    Filed Date: 11/24/2010.
    Accession Number: 20101124-5109.
    Comment Date: 5 p.m. Eastern Time on Wednesday, December 15, 2010.

    Docket Numbers: ER11-2187-000.
    Applicants: Ameren Illinois Company.
    Description: Ameren Illinois Company submits tariff filing per
35.13(a)(2)(iii: Amendment I to Legacy Agreements to be effective 12/
31/9998.
    Filed Date: 11/24/2010.
    Accession Number: 20101124-5113.
    Comment Date: 5 p.m. Eastern Time on Wednesday, December 15, 2010.

    Docket Numbers: ER11-2188-000.
    Applicants: Southwest Power Pool, Inc.
    Description: Southwest Power Pool, Inc. submits tariff filing per
35.13(a)(2)(iii: 1910R1 Southwestern Public Service Company NITSA and
NOA to be effective 10/29/2010.
    Filed Date: 11/24/2010.
    Accession Number: 20101124-5115.
    Comment Date: 5 p.m. Eastern Time on Wednesday, December 15, 2010.

    Docket Numbers: ER11-2189-000.
    Applicants: Wisconsin Public Service Corporation.
    Description: Wisconsin Public Service Corporation submits tariff
filing per 35.1: Baseline Filing of WPSC and UPPCO Open Access
Transmission Tariff to be effective 11/24/2010.
    Filed Date: 11/24/2010.
    Accession Number: 20101124-5116.
    Comment Date: 5 p.m. Eastern Time on Wednesday, December 15, 2010.

    Docket Numbers: ER11-2190-000.
    Applicants: Southwest Power Pool, Inc.
    Description: Southwest Power Pool, Inc. submits tariff filing per
35.13(a)(2)(iii: 1139R2 Southwestern Public Service Company NITSA and
NOA to be effective 10/29/2010.
    Filed Date: 11/24/2010.

    Accession Number: 20101124-5118.
    Comment Date: 5 p.m. Eastern Time on Wednesday, December 15, 2010.

    Docket Numbers: ER11-2191-000.
    Applicants: Ameren Illinois Company.
    Description: Ameren Illinois Company submits tariff filing per
35.13(a)(2)(iii: Amendment J to Legacy Service Agreements to be
effective 12/31/9998.
    Filed Date: 11/24/2010.
    Accession Number: 20101124-5120.
    Comment Date: 5 p.m. Eastern Time on Wednesday, December 15, 2010.

    Docket Numbers: ER11-2192-000.
    Applicants: Red Mesa Wind, LLC.
    Description: Red Mesa Wind, LLC submits tariff filing per 35.12:
Red Mesa Wind, LLC to be effective 11/25/2010.
    Filed Date: 11/24/2010.
    Accession Number: 20101124-5178.
    Comment Date: 5 p.m. Eastern Time on Wednesday, December 15, 2010.

    Any person desiring to intervene or to protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Rules of Practice and Procedure (18 CFR 385.211 and
385.214) on or before 5 p.m. Eastern time on the specified comment
date. It is not necessary to separately intervene again in a subdocket
related to a compliance filing if you have previously intervened in the
same docket. Protests will be considered by the Commission in
determining the appropriate action to be taken, but will not serve to
make protestants parties to the proceeding. Anyone filing a motion to
intervene or protest must serve a copy of that document on the
Applicant. In reference to filings initiating a new proceeding,
interventions or protests submitted on or before the comment deadline
need not be served on persons other than the Applicant.
    As it relates to any qualifying facility filings, the notices of
self-certification [or self-recertification] listed above, do not
institute a proceeding regarding qualifying facility status. A notice
of self-certification [or self-recertification] simply provides
notification that the entity making the filing has determined the
facility named in the notice meets the applicable criteria to be a
qualifying facility. Intervention and/or protest do not lie in dockets
that are qualifying facility self-certifications or self-
recertifications. Any person seeking to challenge such qualifying
facility status may do so by filing a motion pursuant to 18 CFR
292.207(d)(iii). Intervention and protests may be filed in response to
notices of qualifying facility dockets other than self-certifications
and self-recertifications.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First St. NE., Washington, DC 20426.
    The filings in the above proceedings are accessible in the
Commission's eLibrary system by clicking on the appropriate link in the
above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive e-mail notification
when a document is added to a subscribed dockets(s). For assistance
with any FERC Online service, please e-mail<EMAIL_ADDRESS>
or call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2010-30920 Filed 12-8-10; 8:45 am]
BILLING CODE 6717-01-P