[Federal Register Volume 79, Number 117 (Wednesday, June 18, 2014)]
[Notices]
[Pages 34808-34810]
[FR Doc No: 2014-14231]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72375; File No. SR-EDGA-2014-14]

Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Amendments to the EDGA Exchange, Inc. Fee Schedule

June 12, 2014.
    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 2, 2014, EDGA Exchange, Inc. (the ``Exchange'' or
``EDGA'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III 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 proposes to amend its fees and rebates applicable to
Members \3\ of the Exchange pursuant to EDGA Rule 15.1(a) and (c)
(``Fee Schedule'') to: (i) Delete Flag RC, which routes to the National
Stock Exchange, Inc. (``NSX'') and adds Liquidity; and (ii) make a
corrective change to the definition of Average Daily Trading Volume
(``ADV'') to state that ADV includes shared routed by the Exchange. The
text of the proposed rule change is available on the Exchange's
Internet Web site at www.directedge.com, at the Exchange's principal
office, and at the Public Reference Room of the Commission.
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    \3\ The term ``Member'' is defined as ``any registered broker or
dealer, or any person associated with a registered broker or dealer,
that has been admitted to membership in the Exchange. A Member will
have the status of a ``member'' of the Exchange as that term is
defined in Section 3(a)(3) of the Act.'' See Exchange Rule 1.5(n).
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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 self-regulatory organization
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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its Fee Schedule to: (i) Delete Flag
RC, which routes to the NSX and adds liquidity; and (ii) make a
corrective change to the definition of ADV to state that ADV includes
shared routed by the Exchange.
Flag RC
    The Exchange proposes to amend its Fee Schedule to delete Flag RC,
which routes to the NSX and adds liquidity, in response to the NSX's
announcement that it will cease market operations and its last day of
trading will be Friday, May 30, 2014.\4\ The Exchange currently

charges a fee of $0.0001 per share in securities priced at or above
$1.00 and no fee in securities priced below $1.00 for Members' orders
that yield Flag RC. The fee for orders that yield Flag RC represents a
pass through of the rate that DE Route, the Exchange's affiliated
routing broker-dealer, is charged for routing orders that add liquidity
to NSX. As of June 1, 2014, the Exchange, via DE Route, will no longer
be able to route orders to NSX because it ceased operations, and,
therefore, proposes to remove Flag RC from its Fee Schedule.
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    \4\ See Securities Exchange Act Release No. 72107 (May 6, 2014),
79 FR 27017 (May 12, 2014) (SR-NSX-2014-14) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change to Cease Trading on
Its Trading System).
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ADV
    The Exchange proposes to make a corrective change to the definition
of ADV to state that a Member's ADV does include shares that are routed
to other trading centers. The Exchange determines the liquidity adding
rebate that it will provide to Members based on the Exchange's tiered
pricing structure based on the calculation of ADV, and/or average daily
Total Consolidated Volume.\5\ On May 1, 2014, the Exchange harmonized
its definition of ADV with that contained in the BATS Exchange, Inc.
(``BATS'') and BATS-Y Exchange, Inc. (``BYX'') fee schedules by
amending the definitions of ADV to state that routed shares are not
included in ADV calculation.\6\
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    \5\ As provided in the Fee Schedule, ``TCV'' is currently
defined as the volume reported by all exchanges and trade reporting
facilities to the consolidated transaction reporting plans for Tapes
A, B and C securities for the month in which the fees are
calculated, excluding volume on any day that the Exchange
experiences an Exchange System Disruption or the Russell
Reconstitution Day.
    \6\ See Securities Exchange Act Release No. 72002 (April 23,
2014), 79 FR 24028 (April 29, 2014) (SR-EDGX-2014-10). The Exchange
also amended the definition of ADV to exclude shares on: (i) Any day
that the Exchange's system experiences a disruption that lasts for
more than 60 minutes during Regular Trading Hours (``Exchange System
Disruption''); and (ii) the last Friday in June (the ``Russell
Reconstitution Day''). Id.
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    The Exchange's Fee Schedule currently states that certain routed
flags are considered when determining the liquidity adding rebate that
the Exchange will provide to Members based on its tiered pricing
structure.\7\ In harmonizing its definition of ADV with BATS and BYX,
the Exchange mistakenly included a provision that excluded routed
shares from the definition of ADV, thereby creating a conflict with the
above provision in the Fee Schedule stating that certain routed flags
are considered when determining the liquidity adding rebate under its
tiered pricing structure. The Exchange now seeks to make a corrective
change to the definition of ADV to state that routed orders are
included in a Member's ADV calculation. The proposed rule change is
designed to resolve a conflict in the Fee Schedule between the
definition of ADV and the inclusion of orders that yield certain routed
flags when determining the liquidity adding rebate under its tiered
pricing structure. The Exchange notes that its proposal conforms to an
existing practice and does not modify the fees or rebate that the
Exchange has been providing its Members for achieving tier-based
pricing.
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    \7\ The Exchange's Fee Schedule states that the following routed
flags are counted towards tiers: A, C, D, F, G, I, J, K, L, M, O, P,
Q, R, S, T, U, X, Z, 2, 7, 8, 9, 10, BY, CL, PX, RA, RB, RC, RM, RR,
RS, RT, RW, RX, RY, RZ and SW. See the Exchange's Fee Schedule
available at http://www.directedge.com/Trading/EDGAFeeSchedule.aspx
(dated May 1, 2014).
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Implementation Date
    The Exchange proposes to implement these amendments to its Fee
Schedule on June 2, 2014
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\8\ in general, and
furthers the objectives of Section 6(b)(4),\9\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members and other persons using its
facilities.
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    \8\ 15 U.S.C. 78f.
    \9\ 15 U.S.C. 78f(b)(4).
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Flag RC
    The Exchange believes that its proposal to delete Flag RC in its
Fee Schedule represents an equitable allocation of reasonable dues,
fees, and other charges among Members and other persons using its
facilities. The proposed change is in response to NSX's announcement
that it will cease market operations and its last day of trading will
Friday, May 30, 2014.\10\ As of June 1, 2014, the Exchange, via DE
Route, will no longer be able to route orders to NSX and, therefore,
proposes to remove Flag RC from its Fee Schedule. The Exchange believes
that the proposed amendment is intended to make the Fee Schedule
clearer and less confusing for investors and eliminate potential
investor confusion, thereby removing impediments to and perfecting the
mechanism of a free and open market and a national market system, and,
in general, protecting investors and the public interest.
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    \10\ See Securities Exchange Act Release No. 72107 (May 6,
2014), 79 FR 27017 (May 12, 2014) (SR-NSX-2014-14) (Notice of Filing
and Immediate Effectiveness of Proposed Rule Change to Cease Trading
on Its Trading System).
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ADV
    The Exchange believes that correcting an inadvertent error in the
definition of ADV with regard to routed orders is reasonable because it
will increase the level of transparency on the Exchange's Fee Schedule
and improve the Exchange's ability to effectively convey the criteria
necessary to achieve tier-based pricing and resolve a conflict in the
Fee Schedule between the definition of ADV and the inclusion of orders
that certain routed flags when determining the liquidity adding rebate
under its tiered pricing structure. The Exchange notes that its
proposal conforms to an existing practice and does not modify the
rebates or fees that the Exchange provides its Members for achieving
tier-based pricing. The Exchange has historically in practice and will
continue to include routed shares when calculating a Member's ADV by
including orders that yield certain routed flags when determining the
liquidity adding rebate under its tiered pricing structure. Other than
this correction, which resolves a conflict in the Fee Schedule, the
remainder of the definition of ADV would remain unchanged. Lastly, the
Exchange also believes that these proposed amendments are non-
discriminatory because they apply uniformly to all Members.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes its proposed amendments to its Fee Schedule
would not impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
does not believe that the proposed change represents a significant
departure from previous pricing offered by the Exchange or pricing
offered by the Exchange's competitors. Additionally, Members may opt to
disfavor EDGA's pricing if they believe that alternatives offer them
better value. Accordingly, the Exchange does not believe that the
proposed change will impair the ability of Members or competing venues
to maintain their competitive standing in the financial markets.
Flag RC
    The Exchange believes that its proposal to delete Flag RC in its
Fee Schedule would not affect intermarket nor intramarket competition
because this change is not designed to amend any fee or rebate or alter
the manner in which the Exchange assesses fees or

calculates rebates. It is simply proposed in response to NSX
announcement that it will cease market operations and its last day of
trading will be Friday, May 30, 2014.\11\
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    \11\ See Securities Exchange Act Release No. 72107 (May 6,
2014), 79 FR 27017 (May 12, 2014) (SR-NSX-2014-14) (Notice of Filing
and Immediate Effectiveness of Proposed Rule Change to Cease Trading
on Its Trading System).
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ADV
    The Exchange believes that correcting an inadvertent error in the
definition of ADV would not impose a burden on intermarket or
intramarket competition because it simply conforms to an existing
practice by resolving a conflict in the Fee Schedule and does not
modify the rebates or fees that the Exchange provides its Members for
achieving tier-based pricing. The Exchange has historically in practice
and will continue to include routed shares when calculating a Member's
ADV by including orders that yield certain routed flags when
determining the liquidity adding rebate under its tiered pricing
structure. Other than this correction, the remainder of the definition
of ADV would remain unchanged.

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

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \12\ and Rule 19b-4(f)(2) \13\ thereunder. At
any time within 60 days of the filing of such 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.
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(2).
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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-EDGA-2014-14 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-EDGA-2014-14. 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-EDGA-2014-14, and should be
submitted on or before July 9, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-14231 Filed 6-17-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 140 (Thursday, July 21, 2016)]
[Notices]
[Pages 47380-47381]
[FR Doc No: 2016-17220]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 77-282]

Pacific Gas and Electric Company; Notice of Application Accepted
for Filing, Soliciting Comments, Motions To Intervene, and Protests

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection:
    a. Type of Application: Application for Temporary Variance of
Minimum Flow Requirements.
    b. Project No.: 77-282.
    c. Date Filed: July 6, 2016.
    d. Applicant: Pacific Gas and Electric Company (licensee).
    e. Name of Project: Potter Valley Project.
    f. Location: Eel River and East Fork Russian River in Lake and
Mendocino Counties, California.
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791(a)-825(r).
    h. Applicant Contact: Ms. Elizabeth Rossi, Senior License
Coordinator, Pacific Gas and Electric Company, Mail Code: N13E, P.O.
Box 770000, San Francisco, CA 94177, Phone:<PHONE_NUMBER>.
    i. FERC Contact: Mr. John Aedo,<PHONE_NUMBER>, or
<EMAIL_ADDRESS>    j. Deadline for filing comments, motions to intervene, protests,
and recommendations is 30 days from the issuance date of this notice by
the Commission (August 15, 2016). The Commission strongly encourages
electronic filing. Please file motions to intervene, protests,
comments, or recommendations using the Commission's eFiling system at
http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit
brief comments up to 6,000 characters, without prior registration,
using the eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your name and contact information at the
end of your comments. For assistance, please contact FERC Online
Support at<EMAIL_ADDRESS>(866) 208-3676 (toll free), or
(202) 502-8659 (TTY). In lieu of electronic filing, please send a paper
copy to: Secretary, Federal Energy Regulatory Commission, 888 First
Street NE., Washington, DC 20426. Please include the project number (P-
77-282) on any comments, motions to intervene, protests, or
recommendations filed.
    k. Description of Request: The licensee requests a temporary
variance of the minimum flow requirements in the Eel River below Scott
Dam and the East Branch of the Russian River. The licensee explains
that Lake Pillsbury only filled to 80 percent this year due to: Dry
spring conditions; the April 1, 2016 closure schedule of the spillway
gates for dam safety purposes; and minimum and supplemental flow
releases. Therefore, in order to conserve water resources, ensure that
adequate water is available for minimum flow releases and regular water
deliveries later in the year, and avoid Lake Pillsbury bank sloughing
and water turbidity, the licensee proposes to reduce minimum flow
releases at the project. Specifically, the licensee proposes to reduce
flows in the Eel River below Scott Dam from the required 60 cubic feet
per second (cfs) normal year requirement to the 20 cfs critical year
requirement. The licensee

would also reduce minimum flows in the East Branch Russian River from
the 75 cfs normal year requirement to the 25 cfs dry year requirement,
and possibly the 5 cfs critical year requirement, depending on storage
conditions and in consultation with the resource agencies and
stakeholders. In conjunction with the proposed variance, the licensee
proposes to provide no more than 50 cfs to the Potter Valley Irrigation
District (PVID) through the East Branch Russian River.
    The licensee also proposes to establish a Potter Valley Drought
Working Group, comprised of the resource agencies and stakeholders,
which would meet twice monthly during the variance to determine
appropriate release levels within the framework of the proposed
variance. The licensee requests that once a flow is established, that a
24-hour average flow be used as the compliance criteria for the
corresponding compliance point. Finally, the licensee proposes to file
monthly compliance reports with the Commission, and to provide bi-
monthly email reports to the resource agencies and stakeholders.
    l. Locations of the Application: A copy of the application is
available for inspection and reproduction at the Commission's Public
Reference Room, located at 888 First Street NE., Room 2A, Washington,
DC 20426, or by calling<PHONE_NUMBER>. This filing may also be viewed
on the Commission's Web site at http://www.ferc.gov/docs-filing/elibrary.asp. Enter the docket number excluding the last three digits
in the docket number field to access the document. You may also
register online at http://www.ferc.gov/docs-filing/esubscription.asp to
be notified via email of new filings and issuances related to this or
other pending projects. For assistance, call 1-866-208-3676 or email
<EMAIL_ADDRESS>for TTY, call<PHONE_NUMBER>. A copy is
also available for inspection and reproduction at the address in item
(h) above.
    m. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions To Intervene: Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
.214. In determining the appropriate action to take, the Commission
will consider all protests or other comments filed, but only those who
file a motion to intervene in accordance with the Commission's Rules
may become a party to the proceeding. Any comments, protests, or
motions to intervene must be received on or before the specified
comment date for the particular application.
    o. Filing and Service of Responsive Documents: Any filing must (1)
bear in all capital letters the title ``COMMENTS'', ``PROTEST'', or
``MOTION TO INTERVENE'' as applicable; (2) set forth in the heading the
name of the applicant and the project number of the application to
which the filing responds; (3) furnish the name, address, and telephone
number of the person protesting or intervening; and (4) otherwise
comply with the requirements of 18 CFR 385.2001 through 385.2005. All
comments, motions to intervene, or protests must set forth their
evidentiary basis and otherwise comply with the requirements of 18 CFR
4.34(b). All comments, motions to intervene, or protests should relate
to project works which are the subject of proposed action. Agencies may
obtain copies of the application directly from the applicant. A copy of
any protest or motion to intervene must be served upon each
representative of the applicant specified in the particular
application. If an intervener files comments or documents with the
Commission relating to the merits of an issue that may affect the
responsibilities of a particular resource agency, they must also serve
a copy of the document on that resource agency. A copy of all other
filings in reference to this application must be accompanied by proof
of service on all persons listed in the service list prepared by the
Commission in this proceeding, in accordance with 18 CFR 4.34(b) and
385.2010.

    Dated: July 15, 2016.
Kimberly D. Bose,
Secretary.
[FR Doc. 2016-17220 Filed 7-20-16; 8:45 am]
 BILLING CODE 6717-01-P