Order Making Fiscal Year 2015 Annual Adjustments to Transaction Fee Rates, 2978-2983 [2015-00858]
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2978
Federal Register / Vol. 80, No. 13 / Wednesday, January 21, 2015 / Notices
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a Closed Meeting
on Tuesday, January 20, 2015 at 10 a.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or her designee, has
certified that, in her opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (5), (7), (9)(ii)
and (10), permit consideration of the
scheduled matter at the Closed Meeting.
Commissioner Stein, as duty officer,
voted to consider the items listed for the
Closed Meeting in closed session, and
determined that no earlier notice thereof
was possible.
The subject matter of the Closed
Meeting will be: Institution and
settlement of an administrative
proceeding.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact the Office of the Secretary at
(202) 551–5400.
Dated: January 15, 2015.
Brent J. Fields,
Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74057/January 15, 2015]
Order Making Fiscal Year 2015 Annual
Adjustments to Transaction Fee Rates
asabaliauskas on DSK5VPTVN1PROD with NOTICES
I. Background
Section 31 of the Securities Exchange
Act of 1934 (‘‘Exchange Act’’) requires
each national securities exchange and
national securities association to pay
transaction fees to the Commission.1
Specifically, Section 31(b) requires each
national securities exchange to pay to
the Commission fees based on the
aggregate dollar amount of sales of
U.S.C. 78ee.
17:50 Jan 20, 2015
U.S.C. 78ee(b).
U.S.C. 78ee(c).
4 In some circumstances, the SEC also must make
a mid-year adjustment to the fee rates applicable
under Sections 31(b) and (c).
5 15 U.S.C. 78ee(j)(1) (the Commission must
adjust the rates under Sections 31(b) and (c) to a
‘‘uniform adjusted rate that, when applied to the
baseline estimate of the aggregate dollar amount of
sales for such fiscal year, is reasonably likely to
produce aggregate fee collections under [Section 31]
(including assessments collected under [Section
31(d)]) that are equal to the regular appropriation
to the Commission by Congress for such fiscal
year.’’).
6 15 U.S.C. 78ee(g).
7 The sum of fees to be collected prior to the
effective date of the new fee rate is determined by
applying the current fee rate to the dollar amount
of covered sales prior to the effective date of the
new fee rate. The exchanges and FINRA have
provided data on the dollar amount of covered sales
through November 30, 2014. To calculate the dollar
amount of covered sales from that date to the
effective date of the new fee rate, the Division is
using the same methodology it developed in
consultation with the Congressional Budget Office
(‘‘CBO’’) and the Office of Management and Budget
(‘‘OMB’’) to estimate the dollar amount of covered
sales in prior fiscal years. An explanation of the
methodology appears in Appendix A.
3 15
BILLING CODE 8011–01–P
VerDate Sep<11>2014
II. Fiscal Year 2015 Annual Adjustment
to the Fee Rate
The new fee rate is determined by (1)
subtracting the sum of fees estimated to
be collected prior to the effective date of
the new fee rate 7 and estimated
assessments on security futures
transactions to be collected under
Section 31(d) of the Exchange Act for all
2 15
[FR Doc. 2015–00925 Filed 1–16–15; 11:15 am]
1 15
certain securities (‘‘covered sales’’)
transacted on the exchange.2 Section
31(c) requires each national securities
association to pay to the Commission
fees based on the aggregate dollar
amount of covered sales transacted by or
through any member of the association
other than on an exchange.3
Section 31 of the Exchange Act
requires the Commission to annually
adjust the fee rates applicable under
Sections 31(b) and (c) to a uniform
adjusted rate.4 Specifically, the
Commission must adjust the fee rates to
a uniform adjusted rate that is
reasonably likely to produce aggregate
fee collections (including assessments
on security futures transactions) equal
to the regular appropriation to the
Commission for the applicable fiscal
year.5
The Commission is required to
publish notice of the new fee rates
under Section 31 not later than 30 days
after the date on which an Act making
a regular appropriation for the
applicable fiscal year is enacted.6 On
December 16, 2014, the President signed
the Consolidated and Further
Continuing Appropriations Act, 2015,
providing $1,500,000,000 in funds to
the SEC for fiscal year 2015.
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of fiscal year 2015 8 from an amount
equal to the regular appropriation to the
Commission for fiscal year 2015, and (2)
dividing the difference by the estimated
aggregate dollar amount of sales for the
remainder of the fiscal year following
the effective date of the new fee rate.
The regular appropriation to the
Commission for fiscal year 2015 is
$1,500,000,000. The Commission
estimates that it will collect
$614,005,586 in fees for the period prior
to the effective date of the new fee rate
and $58,863 in assessments on round
turn transactions in security futures
products during all of fiscal year 2015.9
Using a methodology for estimating the
aggregate dollar amount of sales for the
remainder of fiscal year 2015
(developed after consultation with the
CBO and OMB), the Commission
estimates that the aggregate dollar
amount of covered sales for the
remainder of fiscal year 2015 to be
$48,121,838,283,138.
As described above, the uniform
adjusted rate is computed by dividing
the residual fees to be collected of
$885,935,551 by the estimate of the
aggregate dollar amount of covered sales
for the remainder of fiscal year 2015 of
$48,121,838,283,138. This results in a
uniform adjusted rate for fiscal year
2015 of $18.40 per million.10
III. Effective Date of the Uniform
Adjusted Rate
Under Section 31(j)(4)(A) of the
Exchange Act, the fiscal year 2015
annual adjustments to the fee rates
applicable under Sections 31(b) and (c)
of the Exchange Act shall take effect on
the later of October 1, 2014, or 60 days
after the date on which a regular
appropriation to the Commission for
fiscal year 2015 is enacted.11 The
regular appropriation to the
Commission for fiscal year 2015 was
enacted on December 16, 2014, and
accordingly, the new fee rates
applicable under Sections 31(b) and (c)
of the Exchange Act will take effect on
February 14, 2015.
8 The Division is using the same methodology it
has used previously to estimate assessments on
security futures transactions to be collected in fiscal
year 2015. An explanation of the methodology
appears in Appendix A.
9 The estimate of fees to be collected prior to the
effective date of the new fee rate is determined by
applying the current fee rate to the dollar amount
of covered sales prior to the effective date of the
new fee rate.
10 Appendix A shows the purely arithmetic
process of calculating the fiscal year 2015 annual
adjustment. The appendix also includes the data
used by the Commission in making this adjustment.
11 15 U.S.C. 78ee(j)(4)(A).
E:\FR\FM\21JAN1.SGM
21JAN1
Federal Register / Vol. 80, No. 13 / Wednesday, January 21, 2015 / Notices
IV. Conclusion
Accordingly, pursuant to Section 31
of the Exchange Act,
It is hereby ordered that the fee rates
applicable under Sections 31(b) and (c)
of the Exchange Act shall be $18.40 per
$1,000,000 effective on February 14,
2015.
By the Commission.
Brent J. Fields,
Secretary.
Appendix A
A. Baseline Estimate of the Aggregate Dollar
Amount of Covered Sales for Fiscal Year
2015.
First, calculate the average daily dollar
amount of covered sales (ADS) for each
month in the sample (November 2004–
November 2014). The monthly total dollar
amount of covered sales (exchange plus
certain over-the-counter markets) is
presented in column C of Table A.
Next, calculate the change in the natural
logarithm of ADS from month to month. The
average monthly percentage growth of ADS
over the entire sample is 0.0068 and the
standard deviation is 0.123. Assuming the
monthly percentage change in ADS follows a
random walk, calculating the expected
monthly percentage growth rate for the full
sample is straightforward. The expected
monthly percentage growth rate of ADS is
1.44%.
Now, use the expected monthly percentage
growth rate to forecast total dollar volume.
For example, one can use the ADS for
November 2014 ($276,290,217,978) to
forecast ADS for December 2014
($280,278,562,848 = $276,290,217,978 ×
1.0144).13 Multiply by the number of trading
days in December 2014 (22) to obtain a
forecast of the total dollar volume for the
month ($6,166,128,382,663). Repeat the
method to generate forecasts for subsequent
months.
The forecasts for total dollar volume of
covered sales are in column G of Table A.
The following is a more formal
(mathematical) description of the procedure:
1. Divide each month’s total dollar volume
(column C) by the number of trading days in
that month (column B) to obtain the average
daily dollar volume (ADS, column D).
2. For each month t, calculate the change
in ADS from the previous month as Dt = log
(ADSt/ADSt¥1), where log (x) denotes the
natural logarithm of x.
3. Calculate the mean and standard
deviation of the series {D1, D2, . . . , D120}.
These are given by m = 0.0068 and s = 0.123,
respectively.
4. Assume that the natural logarithm of
ADS follows a random walk, so that Ds and
Dt are statistically independent for any two
months s and t.
5. Under the assumption that Dt is normally
distributed, the expected value of ADSt/
ADSt¥1 is given by exp (m + s2/2), or on
average ADSt = 1.0144 × ADSt¥1.
6. For December 2014, this gives a forecast
ADS of 1.0144 × $276,290,217,978 =
$280,278,562,848. Multiply this figure by the
22 trading days in December 2014 to obtain
a total dollar volume forecast of
$6,166,128,382,663.
7. For January 2015, multiply the
December 2014 ADS forecast by 1.0144 to
obtain a forecast ADS of $284,324,480,857.
Multiply this figure by the 20 trading days in
January 2015 to obtain a total dollar volume
forecast of $5,686,489,617,137.
8. Repeat this procedure for subsequent
months.
the data are due from the exchanges, the
Commission uses these data. The appropriation was
signed on December 16, 2014. The first business
day after this date was December 17, 2014. Data for
November were due from the exchanges on
December 12. So the Commission used November
2014 and earlier data to forecast volume for
December 2014 and later months.
13 The value 1.0144 has been rounded. All
computations are done with the unrounded value.
B. Using the Forecasts From A To Calculate
the New Fee Rate
1. Use Table A to estimate fees collected
for the period 10/1/14 through 2/13/15. The
projected aggregate dollar amount of covered
sales for this period is $27,783,058,208,169.
Actual and projected fee collections at the
current fee rate of 0.0000221 are
$614,005,586.
2. Estimate the amount of assessments on
security futures products collected from 10/
1/14 through 9/30/15 to be $58,863 by
projecting a 1.44% monthly increase from a
base of $4,707 in November 2014.
3. Subtract the amounts $614,005,586 and
$58,863 from the target offsetting collection
amount set by Congress of $1,500,000,000
leaving $885,935,551 to be collected on
dollar volume for the period 2/14/15 through
9/30/15.
4. Use Table A to estimate dollar volume
for the period 2/14/15 through 9/30/15. The
estimate is $48,121,838,283,138. Finally,
compute the fee rate required to produce the
additional $885,935,551 in revenue. This rate
is $885,935,551 divided by
$48,121,838,283,138 or 0.00001841026.
5. Round the result to the seventh decimal
point, yielding a rate of .0000184 (or $18.40
per million).
Data
12 To determine the availability of data, the
Commission compares the date of the appropriation
with the date the transaction data are due from the
exchanges (10 business days after the end of the
month). If the business day following the date of the
appropriation is equal to or subsequent to the date
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asabaliauskas on DSK5VPTVN1PROD with NOTICES
This appendix provides the formula for
determining the annual adjustment to the fee
rates applicable under Sections 31(b) and (c)
of the Exchange Act for fiscal year 2015.
Section 31 of the Exchange Act requires the
fee rates to be adjusted so that it is reasonably
likely that the Commission will collect
aggregate fees equal to its regular
appropriation for fiscal year 2015.
To make the adjustment, the Commission
must project the aggregate dollar amount of
covered sales of securities on the securities
exchanges and certain over-the-counter
markets over the course of the year. The fee
rate equals the ratio of the Commission’s
regular appropriation for fiscal year 2015
(less the sum of fees to be collected during
fiscal year 2015 prior to the effective date of
the new fee rate and aggregate assessments
on security futures transactions during all of
fiscal year 2015) to the estimated aggregate
dollar amount of covered sales for the
remainder of the fiscal year following the
effective date of the new fee rate.
For 2015, the Commission has estimated
the aggregate dollar amount of covered sales
by projecting forward the trend established in
the previous decade. More specifically, the
dollar amount of covered sales was
forecasted for months subsequent to
November 2014, the last month for which the
Commission has data on the dollar volume of
covered sales.12
The following sections describe this
process in detail.
2979
2980
Federal Register / Vol. 80, No. 13 / Wednesday, January 21, 2015 / Notices
Number of
trading days
in month
Total dollar amount of
sales
Average daily dollar
amount of sales
(ADS)
Change in
natural
logarithm of
ADS
Forecast ADS
Forecast total dollar
amount of sales
(A)
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Month
(B)
(C)
(D)
(E)
(F)
(G)
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19:35 Jan 20, 2015
2,577,513,374,160
2,673,532,981,863
2,581,847,200,448
2,532,202,408,589
3,030,474,897,226
2,906,386,944,434
2,697,414,503,460
2,825,962,273,624
2,604,021,263,875
2,846,115,585,965
3,009,640,645,370
3,279,847,331,057
3,163,453,821,548
3,090,212,715,561
3,573,372,724,766
3,314,259,849,456
3,807,974,821,564
3,257,478,138,851
4,206,447,844,451
3,995,113,357,316
3,339,658,009,357
3,410,187,280,845
3,407,409,863,673
3,980,070,216,912
3,933,474,986,969
3,715,146,848,695
4,263,986,570,973
3,946,799,860,532
5,245,051,744,090
4,274,665,072,437
5,172,568,357,522
5,586,337,010,802
5,938,330,480,139
7,713,644,229,032
4,805,676,596,099
6,499,651,716,225
7,176,290,763,989
5,512,903,594,564
7,997,242,071,529
6,139,080,448,887
6,767,852,332,381
6,150,017,772,735
6,080,169,766,807
6,962,199,302,412
8,104,256,787,805
6,106,057,711,009
8,156,991,919,103
8,644,538,213,244
5,727,998,341,833
5,176,041,317,640
4,670,249,433,806
4,771,470,184,048
5,885,594,284,780
5,123,665,205,517
5,086,717,129,965
5,271,742,782,609
4,659,599,245,583
4,582,102,295,783
4,929,155,364,888
5,410,025,301,030
4,770,928,103,032
4,688,555,303,171
4,661,793,708,648
4,969,848,578,023
5,563,529,823,621
5,546,445,874,917
7,260,430,376,294
6,124,776,349,285
5,058,242,097,334
4,765,828,263,463
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122,738,732,103
121,524,226,448
129,092,360,022
133,273,810,978
137,748,858,965
138,399,378,306
128,448,309,689
128,452,830,619
130,201,063,194
123,744,155,912
143,316,221,208
156,183,206,241
150,640,658,169
147,152,986,455
178,668,636,238
174,434,728,919
165,564,122,677
171,446,217,834
191,202,174,748
181,596,061,696
166,982,900,468
148,269,012,211
170,370,493,184
180,912,282,587
187,308,332,713
185,757,342,435
213,199,328,549
207,726,308,449
238,411,442,913
213,733,253,622
235,116,743,524
266,016,048,133
282,777,641,911
335,375,836,045
252,930,347,163
282,593,552,879
341,728,131,619
275,645,179,728
380,821,051,025
306,954,022,444
338,392,616,619
279,546,262,397
289,531,893,657
331,533,300,115
368,375,308,537
290,764,652,905
388,428,186,624
375,849,487,532
301,473,596,939
235,274,605,347
233,512,471,690
251,130,009,687
267,527,012,945
243,984,057,406
254,335,856,498
239,624,671,937
211,799,965,708
218,195,347,418
234,721,684,042
245,910,240,956
238,546,405,152
213,116,150,144
245,357,563,613
261,570,977,791
241,892,601,027
264,116,470,234
363,021,518,815
278,398,924,967
240,868,671,302
216,628,557,430
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¥0.106
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21JAN1
2981
Federal Register / Vol. 80, No. 13 / Wednesday, January 21, 2015 / Notices
Number of
trading days
in month
Total dollar amount of
sales
Average daily dollar
amount of sales
(ADS)
Change in
natural
logarithm of
ADS
Forecast ADS
Forecast total dollar
amount of sales
(A)
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Month
(B)
(C)
(D)
(E)
(F)
(G)
4,640,722,344,586
5,138,411,712,272
5,279,700,881,901
4,998,574,681,208
5,043,391,121,345
5,114,631,590,581
6,499,355,385,307
4,975,954,868,765
5,717,905,621,053
5,820,079,494,414
5,189,681,899,635
8,720,566,877,109
6,343,578,147,811
6,163,272,963,688
5,493,906,473,584
5,017,867,255,600
4,726,522,206,487
5,011,862,514,132
5,638,847,967,025
5,084,239,396,560
5,611,638,053,374
5,121,896,896,362
4,567,519,314,374
4,621,597,884,730
4,598,499,962,682
5,095,175,588,310
4,547,882,974,292
4,744,922,754,360
5,079,603,817,496
4,800,663,527,089
4,917,701,839,870
5,451,358,637,079
5,681,788,831,869
5,623,545,462,226
5,083,861,509,754
4,925,611,193,095
4,959,197,626,713
5,928,804,028,970
5,182,024,612,049
5,265,282,994,173
5,808,700,114,288
6,018,926,931,054
6,068,617,342,988
6,013,948,953,528
5,265,594,447,318
5,159,506,989,669
5,364,099,567,460
5,075,332,147,677
5,507,943,363,243
7,796,638,035,879
5,249,514,141,576
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
220,986,778,314
244,686,272,013
251,414,327,710
227,207,940,055
252,169,556,067
269,191,136,346
282,580,668,926
248,797,743,438
272,281,220,050
264,549,067,928
259,484,094,982
379,155,081,613
302,075,149,896
293,489,188,747
261,614,593,980
238,946,059,790
236,326,110,324
250,593,125,707
256,311,271,228
254,211,969,828
255,074,456,972
243,899,852,208
217,500,919,732
200,939,038,467
242,026,313,825
242,627,408,967
216,565,855,919
237,246,137,718
241,885,896,071
252,666,501,426
245,885,091,993
247,789,028,958
258,263,128,721
281,177,273,111
231,084,614,080
223,891,417,868
247,959,881,336
257,774,088,216
259,101,230,602
250,727,761,627
276,604,767,347
316,785,627,950
288,981,778,238
286,378,521,597
250,742,592,729
245,690,809,032
243,822,707,612
241,682,483,223
262,283,017,297
338,984,262,430
276,290,217,978
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
0.020
0.102
0.027
¥0.101
0.104
0.065
0.049
¥0.127
0.090
¥0.029
¥0.019
0.379
¥0.227
¥0.029
¥0.115
¥0.091
¥0.011
0.059
0.023
¥0.008
0.003
¥0.045
¥0.115
¥0.079
0.186
0.002
¥0.114
0.091
0.019
0.044
¥0.027
0.008
0.041
0.085
¥0.196
¥0.032
0.102
0.039
0.005
¥0.033
0.098
0.136
¥0.092
¥0.009
¥0.133
¥0.020
¥0.008
¥0.009
0.082
0.257
¥0.205
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
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....................................
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—
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....................................
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....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
280,278,562,848
284,324,480,857
288,428,803,091
292,592,372,637
296,816,044,750
301,100,687,030
305,447,179,604
309,856,415,301
314,329,299,842
318,866,752,018
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
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—
....................................
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....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
6,166,128,382,663
5,686,489,617,137
5,480,147,258,736
6,437,032,198,017
6,233,136,939,740
6,022,013,740,599
6,719,837,951,283
6,816,841,136,632
6,600,915,296,676
6,696,201,792,368
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asabaliauskas on DSK5VPTVN1PROD with NOTICES
2982
Federal Register / Vol. 80, No. 13 / Wednesday, January 21, 2015 / Notices
[FR Doc. 2015–00858 Filed 1–20–15; 8:45 am]
BILLING CODE 8011–01–C
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74051; File No. SR–NYSE–
2014–59]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change Amending Rule 13 and
Related Rules Governing Order Types
and Modifiers, as Modified by Partial
Amendment No. 1
rule change, as modified by Partial
Amendment No. 1. Accordingly, the
Commission, pursuant to Section
19(b)(2) of the Act,6 designates March 4,
2015, as the date by which the
Commission should either approve or
disapprove or institute proceedings to
determine whether to disapprove the
proposed rule change (File Number SR–
NYSE–2014–59).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Brent J. Fields,
Secretary.
[FR Doc. 2015–00836 Filed 1–20–15; 8:45 am]
BILLING CODE 8011–01–P
asabaliauskas on DSK5VPTVN1PROD with NOTICES
January 14, 2015.
On November 14, 2014, New York
Stock Exchange LLC (‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’)1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend Exchange Rule 13 and
other Exchange rules governing order
types and order modifiers. The
proposed rule change was published in
the Federal Register on December 4,
2014.3 On December 22, 2014, the
Exchange submitted Partial Amendment
No. 1 to the Commission and filed the
Partial Amendment No. 1 to the public
comment file.4 The Commission has
received no other comment on the
proposal.
Section 19(b)(2) of the Act 5 provides
that, within 45 days of the publication
of the notice of the filing of a proposed
rule change, or within such longer
period up to 90 days as the Commission
may designate if it finds such longer
period to be appropriate and publishes
its reasons for so finding or as to which
the self-regulatory organization
consents, the Commission shall either
approve the proposed rule change,
disapprove the proposed rule change, or
institute proceedings to determine
whether the proposed rule change
should be disapproved. The
Commission is extending this 45-day
time period.
The Commission finds that it is
appropriate to designate a longer period
within which to take action on the
proposed rule change so that it has
sufficient time to consider the proposed
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 73703
(December 4, 2014), 79 FR 72039.
4 See letter from Martha Redding, Chief Counsel,
New York Stock Exchange, to Kevin M. O’Neill,
Deputy Secretary, Commission, dated December 22,
2014.
5 15 U.S.C. 78s(b)(2).
2 17
VerDate Sep<11>2014
17:50 Jan 20, 2015
Jkt 235001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74049; File No. SR–FINRA–
2015–001]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Extend the Expiration
Date of FINRA Rule 0180 (Application
of Rules to Security-Based Swaps)
January 14, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on January 7,
2015, Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III below, which Items have been
prepared by FINRA. FINRA has
designated the proposed rule change as
constituting a ‘‘non-controversial’’ rule
change under paragraph (f)(6) of Rule
19b–4 under the Act,3 which renders
the proposal effective upon receipt of
this filing by the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
FINRA is proposing to extend the
expiration date of FINRA Rule 0180
(Application of Rules to Security-Based
Swaps) to February 11, 2016. FINRA
Rule 0180 temporarily limits, with
certain exceptions, the application of
6 Id.
7 17
CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
1 15
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2983
FINRA rules with respect to securitybased swaps.
The text of the proposed rule change
is available on FINRA’s Web site at
https://www.finra.org, at the principal
office of FINRA and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
FINRA 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. FINRA 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
On July 1, 2011, the SEC issued an
Order granting temporary exemptive
relief (the ‘‘Temporary Exemptions’’)
from compliance with certain
provisions of the Exchange Act in
connection with the revision, pursuant
to Title VII of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act (the ‘‘Dodd-Frank Act’’),4 of the
Exchange Act definition of ‘‘security’’ to
encompass security-based swaps.5
Consistent with the Commission’s
action, on July 8, 2011, FINRA filed for
immediate effectiveness FINRA Rule
0180,6 which, with certain exceptions,
is intended to temporarily limit the
4 Public
Law 111–203, 124 Stat. 1376 (2010).
Securities Exchange Act Release No. 64795
(July 1, 2011), 76 FR 39927 (July 7, 2011) (Order
Granting Temporary Exemptions Under the
Securities Exchange Act of 1934 in Connection
With the Pending Revision of the Definition of
‘‘Security’’ To Encompass Security-Based Swaps,
and Request for Comment) (the ‘‘Exemptive
Release’’). The term ‘‘security-based swap’’ is
defined in Section 761 of the Dodd-Frank Act. See
also Securities Exchange Act Release No. 67453
(July 18, 2012), 77 FR 48207 (August 13, 2012)
(Further Definition of ‘‘Swap,’’ ‘‘Security-Based
Swap,’’ and ‘‘Security-Based Swap Agreement’’;
Mixed Swaps; Security-Based Swap Agreement
Recordkeeping).
6 See Securities Exchange Act Release No. 64884
(July 14, 2011), 76 FR 42755 (July 19, 2011) (Notice
of Filing and Immediate Effectiveness of Proposed
Rule Change; File No. SR–FINRA–2011–033)
(‘‘FINRA Rule 0180 Notice of Filing’’). See also
Securities Exchange Act Release No. 71287 (January
10, 2014), 79 FR 2924 (January 16, 2014) (Notice of
Filing and Immediate Effectiveness of Proposed
Rule Change; File No. SR–FINRA–2014–001)
(extending the expiration date of FINRA Rule 0180
to February 11, 2015).
5 See
E:\FR\FM\21JAN1.SGM
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]]>Agencies
[Federal Register Volume 80, Number 13 (Wednesday, January 21, 2015)]
[Notices]
[Pages 2978-2983]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-00858]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74057/January 15, 2015]
Order Making Fiscal Year 2015 Annual Adjustments to Transaction
Fee Rates
I. Background
Section 31 of the Securities Exchange Act of 1934 (``Exchange
Act'') requires each national securities exchange and national
securities association to pay transaction fees to the Commission.\1\
Specifically, Section 31(b) requires each national securities exchange
to pay to the Commission fees based on the aggregate dollar amount of
sales of certain securities (``covered sales'') transacted on the
exchange.\2\ Section 31(c) requires each national securities
association to pay to the Commission fees based on the aggregate dollar
amount of covered sales transacted by or through any member of the
association other than on an exchange.\3\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78ee.
\2\ 15 U.S.C. 78ee(b).
\3\ 15 U.S.C. 78ee(c).
---------------------------------------------------------------------------
Section 31 of the Exchange Act requires the Commission to annually
adjust the fee rates applicable under Sections 31(b) and (c) to a
uniform adjusted rate.\4\ Specifically, the Commission must adjust the
fee rates to a uniform adjusted rate that is reasonably likely to
produce aggregate fee collections (including assessments on security
futures transactions) equal to the regular appropriation to the
Commission for the applicable fiscal year.\5\
---------------------------------------------------------------------------
\4\ In some circumstances, the SEC also must make a mid-year
adjustment to the fee rates applicable under Sections 31(b) and (c).
\5\ 15 U.S.C. 78ee(j)(1) (the Commission must adjust the rates
under Sections 31(b) and (c) to a ``uniform adjusted rate that, when
applied to the baseline estimate of the aggregate dollar amount of
sales for such fiscal year, is reasonably likely to produce
aggregate fee collections under [Section 31] (including assessments
collected under [Section 31(d)]) that are equal to the regular
appropriation to the Commission by Congress for such fiscal
year.'').
---------------------------------------------------------------------------
The Commission is required to publish notice of the new fee rates
under Section 31 not later than 30 days after the date on which an Act
making a regular appropriation for the applicable fiscal year is
enacted.\6\ On December 16, 2014, the President signed the Consolidated
and Further Continuing Appropriations Act, 2015, providing
$1,500,000,000 in funds to the SEC for fiscal year 2015.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78ee(g).
---------------------------------------------------------------------------
II. Fiscal Year 2015 Annual Adjustment to the Fee Rate
The new fee rate is determined by (1) subtracting the sum of fees
estimated to be collected prior to the effective date of the new fee
rate \7\ and estimated assessments on security futures transactions to
be collected under Section 31(d) of the Exchange Act for all of fiscal
year 2015 \8\ from an amount equal to the regular appropriation to the
Commission for fiscal year 2015, and (2) dividing the difference by the
estimated aggregate dollar amount of sales for the remainder of the
fiscal year following the effective date of the new fee rate.
---------------------------------------------------------------------------
\7\ The sum of fees to be collected prior to the effective date
of the new fee rate is determined by applying the current fee rate
to the dollar amount of covered sales prior to the effective date of
the new fee rate. The exchanges and FINRA have provided data on the
dollar amount of covered sales through November 30, 2014. To
calculate the dollar amount of covered sales from that date to the
effective date of the new fee rate, the Division is using the same
methodology it developed in consultation with the Congressional
Budget Office (``CBO'') and the Office of Management and Budget
(``OMB'') to estimate the dollar amount of covered sales in prior
fiscal years. An explanation of the methodology appears in Appendix
A.
\8\ The Division is using the same methodology it has used
previously to estimate assessments on security futures transactions
to be collected in fiscal year 2015. An explanation of the
methodology appears in Appendix A.
---------------------------------------------------------------------------
The regular appropriation to the Commission for fiscal year 2015 is
$1,500,000,000. The Commission estimates that it will collect
$614,005,586 in fees for the period prior to the effective date of the
new fee rate and $58,863 in assessments on round turn transactions in
security futures products during all of fiscal year 2015.\9\ Using a
methodology for estimating the aggregate dollar amount of sales for the
remainder of fiscal year 2015 (developed after consultation with the
CBO and OMB), the Commission estimates that the aggregate dollar amount
of covered sales for the remainder of fiscal year 2015 to be
$48,121,838,283,138.
---------------------------------------------------------------------------
\9\ The estimate of fees to be collected prior to the effective
date of the new fee rate is determined by applying the current fee
rate to the dollar amount of covered sales prior to the effective
date of the new fee rate.
---------------------------------------------------------------------------
As described above, the uniform adjusted rate is computed by
dividing the residual fees to be collected of $885,935,551 by the
estimate of the aggregate dollar amount of covered sales for the
remainder of fiscal year 2015 of $48,121,838,283,138. This results in a
uniform adjusted rate for fiscal year 2015 of $18.40 per million.\10\
---------------------------------------------------------------------------
\10\ Appendix A shows the purely arithmetic process of
calculating the fiscal year 2015 annual adjustment. The appendix
also includes the data used by the Commission in making this
adjustment.
---------------------------------------------------------------------------
III. Effective Date of the Uniform Adjusted Rate
Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2015
annual adjustments to the fee rates applicable under Sections 31(b) and
(c) of the Exchange Act shall take effect on the later of October 1,
2014, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2015 is enacted.\11\ The regular
appropriation to the Commission for fiscal year 2015 was enacted on
December 16, 2014, and accordingly, the new fee rates applicable under
Sections 31(b) and (c) of the Exchange Act will take effect on February
14, 2015.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78ee(j)(4)(A).
---------------------------------------------------------------------------
[[Page 2979]]
IV. Conclusion
Accordingly, pursuant to Section 31 of the Exchange Act,
It is hereby ordered that the fee rates applicable under Sections
31(b) and (c) of the Exchange Act shall be $18.40 per $1,000,000
effective on February 14, 2015.
By the Commission.
Brent J. Fields,
Secretary.
Appendix A
This appendix provides the formula for determining the annual
adjustment to the fee rates applicable under Sections 31(b) and (c)
of the Exchange Act for fiscal year 2015. Section 31 of the Exchange
Act requires the fee rates to be adjusted so that it is reasonably
likely that the Commission will collect aggregate fees equal to its
regular appropriation for fiscal year 2015.
To make the adjustment, the Commission must project the
aggregate dollar amount of covered sales of securities on the
securities exchanges and certain over-the-counter markets over the
course of the year. The fee rate equals the ratio of the
Commission's regular appropriation for fiscal year 2015 (less the
sum of fees to be collected during fiscal year 2015 prior to the
effective date of the new fee rate and aggregate assessments on
security futures transactions during all of fiscal year 2015) to the
estimated aggregate dollar amount of covered sales for the remainder
of the fiscal year following the effective date of the new fee rate.
For 2015, the Commission has estimated the aggregate dollar
amount of covered sales by projecting forward the trend established
in the previous decade. More specifically, the dollar amount of
covered sales was forecasted for months subsequent to November 2014,
the last month for which the Commission has data on the dollar
volume of covered sales.\12\
---------------------------------------------------------------------------
\12\ To determine the availability of data, the Commission
compares the date of the appropriation with the date the transaction
data are due from the exchanges (10 business days after the end of
the month). If the business day following the date of the
appropriation is equal to or subsequent to the date the data are due
from the exchanges, the Commission uses these data. The
appropriation was signed on December 16, 2014. The first business
day after this date was December 17, 2014. Data for November were
due from the exchanges on December 12. So the Commission used
November 2014 and earlier data to forecast volume for December 2014
and later months.
---------------------------------------------------------------------------
The following sections describe this process in detail.
A. Baseline Estimate of the Aggregate Dollar Amount of Covered Sales
for Fiscal Year 2015.
First, calculate the average daily dollar amount of covered
sales (ADS) for each month in the sample (November 2004-November
2014). The monthly total dollar amount of covered sales (exchange
plus certain over-the-counter markets) is presented in column C of
Table A.
Next, calculate the change in the natural logarithm of ADS from
month to month. The average monthly percentage growth of ADS over
the entire sample is 0.0068 and the standard deviation is 0.123.
Assuming the monthly percentage change in ADS follows a random walk,
calculating the expected monthly percentage growth rate for the full
sample is straightforward. The expected monthly percentage growth
rate of ADS is 1.44%.
Now, use the expected monthly percentage growth rate to forecast
total dollar volume. For example, one can use the ADS for November
2014 ($276,290,217,978) to forecast ADS for December 2014
($280,278,562,848 = $276,290,217,978 x 1.0144).\13\ Multiply by the
number of trading days in December 2014 (22) to obtain a forecast of
the total dollar volume for the month ($6,166,128,382,663). Repeat
the method to generate forecasts for subsequent months.
---------------------------------------------------------------------------
\13\ The value 1.0144 has been rounded. All computations are
done with the unrounded value.
---------------------------------------------------------------------------
The forecasts for total dollar volume of covered sales are in
column G of Table A. The following is a more formal (mathematical)
description of the procedure:
1. Divide each month's total dollar volume (column C) by the
number of trading days in that month (column B) to obtain the
average daily dollar volume (ADS, column D).
2. For each month t, calculate the change in ADS from the
previous month as [Delta]t = log (ADSt/
ADSt-1), where log (x) denotes the natural logarithm of
x.
3. Calculate the mean and standard deviation of the series
{[Delta]1, [Delta]2, . . . ,
[Delta]120{time} . These are given by [mu] = 0.0068 and
[sigma] = 0.123, respectively.
4. Assume that the natural logarithm of ADS follows a random
walk, so that [Delta]s and [Delta]t are
statistically independent for any two months s and t.
5. Under the assumption that [Delta]t is normally
distributed, the expected value of ADSt/ADSt-1
is given by exp ([mu] + [sigma]\2\/2), or on average ADSt
= 1.0144 x ADSt-1.
6. For December 2014, this gives a forecast ADS of 1.0144 x
$276,290,217,978 = $280,278,562,848. Multiply this figure by the 22
trading days in December 2014 to obtain a total dollar volume
forecast of $6,166,128,382,663.
7. For January 2015, multiply the December 2014 ADS forecast by
1.0144 to obtain a forecast ADS of $284,324,480,857. Multiply this
figure by the 20 trading days in January 2015 to obtain a total
dollar volume forecast of $5,686,489,617,137.
8. Repeat this procedure for subsequent months.
B. Using the Forecasts From A To Calculate the New Fee Rate
1. Use Table A to estimate fees collected for the period 10/1/14
through 2/13/15. The projected aggregate dollar amount of covered
sales for this period is $27,783,058,208,169. Actual and projected
fee collections at the current fee rate of 0.0000221 are
$614,005,586.
2. Estimate the amount of assessments on security futures
products collected from 10/1/14 through 9/30/15 to be $58,863 by
projecting a 1.44% monthly increase from a base of $4,707 in
November 2014.
3. Subtract the amounts $614,005,586 and $58,863 from the target
offsetting collection amount set by Congress of $1,500,000,000
leaving $885,935,551 to be collected on dollar volume for the period
2/14/15 through 9/30/15.
4. Use Table A to estimate dollar volume for the period 2/14/15
through 9/30/15. The estimate is $48,121,838,283,138. Finally,
compute the fee rate required to produce the additional $885,935,551
in revenue. This rate is $885,935,551 divided by $48,121,838,283,138
or 0.00001841026.
5. Round the result to the seventh decimal point, yielding a
rate of .0000184 (or $18.40 per million).
[GRAPHIC] [TIFF OMITTED] TN21JA15.020
Data
[[Page 2980]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Number of Change in
trading Total dollar amount Average daily dollar natural Forecast total
Month days in of sales amount of sales logarithm Forecast ADS dollar amount of
month (ADS) of ADS sales
(A) (B) (C) (D) (E) (F) (G)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Nov-04................................ 21 2,577,513,374,160 122,738,732,103 - .................... ....................
Dec-04................................ 22 2,673,532,981,863 121,524,226,448 -0.010 .................... ....................
Jan-05................................ 20 2,581,847,200,448 129,092,360,022 0.060 .................... ....................
Feb-05................................ 19 2,532,202,408,589 133,273,810,978 0.032 .................... ....................
Mar-05................................ 22 3,030,474,897,226 137,748,858,965 0.033 .................... ....................
Apr-05................................ 21 2,906,386,944,434 138,399,378,306 0.005 .................... ....................
May-05................................ 21 2,697,414,503,460 128,448,309,689 -0.075 .................... ....................
Jun-05................................ 22 2,825,962,273,624 128,452,830,619 0.000 .................... ....................
Jul-05................................ 20 2,604,021,263,875 130,201,063,194 0.014 .................... ....................
Aug-05................................ 23 2,846,115,585,965 123,744,155,912 -0.051 .................... ....................
Sep-05................................ 21 3,009,640,645,370 143,316,221,208 0.147 .................... ....................
Oct-05................................ 21 3,279,847,331,057 156,183,206,241 0.086 .................... ....................
Nov-05................................ 21 3,163,453,821,548 150,640,658,169 -0.036 .................... ....................
Dec-05................................ 21 3,090,212,715,561 147,152,986,455 -0.023 .................... ....................
Jan-06................................ 20 3,573,372,724,766 178,668,636,238 0.194 .................... ....................
Feb-06................................ 19 3,314,259,849,456 174,434,728,919 -0.024 .................... ....................
Mar-06................................ 23 3,807,974,821,564 165,564,122,677 -0.052 .................... ....................
Apr-06................................ 19 3,257,478,138,851 171,446,217,834 0.035 .................... ....................
May-06................................ 22 4,206,447,844,451 191,202,174,748 0.109 .................... ....................
Jun-06................................ 22 3,995,113,357,316 181,596,061,696 -0.052 .................... ....................
Jul-06................................ 20 3,339,658,009,357 166,982,900,468 -0.084 .................... ....................
Aug-06................................ 23 3,410,187,280,845 148,269,012,211 -0.119 .................... ....................
Sep-06................................ 20 3,407,409,863,673 170,370,493,184 0.139 .................... ....................
Oct-06................................ 22 3,980,070,216,912 180,912,282,587 0.060 .................... ....................
Nov-06................................ 21 3,933,474,986,969 187,308,332,713 0.035 .................... ....................
Dec-06................................ 20 3,715,146,848,695 185,757,342,435 -0.008 .................... ....................
Jan-07................................ 20 4,263,986,570,973 213,199,328,549 0.138 .................... ....................
Feb-07................................ 19 3,946,799,860,532 207,726,308,449 -0.026 .................... ....................
Mar-07................................ 22 5,245,051,744,090 238,411,442,913 0.138 .................... ....................
Apr-07................................ 20 4,274,665,072,437 213,733,253,622 -0.109 .................... ....................
May-07................................ 22 5,172,568,357,522 235,116,743,524 0.095 .................... ....................
Jun-07................................ 21 5,586,337,010,802 266,016,048,133 0.123 .................... ....................
Jul-07................................ 21 5,938,330,480,139 282,777,641,911 0.061 .................... ....................
Aug-07................................ 23 7,713,644,229,032 335,375,836,045 0.171 .................... ....................
Sep-07................................ 19 4,805,676,596,099 252,930,347,163 -0.282 .................... ....................
Oct-07................................ 23 6,499,651,716,225 282,593,552,879 0.111 .................... ....................
Nov-07................................ 21 7,176,290,763,989 341,728,131,619 0.190 .................... ....................
Dec-07................................ 20 5,512,903,594,564 275,645,179,728 -0.215 .................... ....................
Jan-08................................ 21 7,997,242,071,529 380,821,051,025 0.323 .................... ....................
Feb-08................................ 20 6,139,080,448,887 306,954,022,444 -0.216 .................... ....................
Mar-08................................ 20 6,767,852,332,381 338,392,616,619 0.098 .................... ....................
Apr-08................................ 22 6,150,017,772,735 279,546,262,397 -0.191 .................... ....................
May-08................................ 21 6,080,169,766,807 289,531,893,657 0.035 .................... ....................
Jun-08................................ 21 6,962,199,302,412 331,533,300,115 0.135 .................... ....................
Jul-08................................ 22 8,104,256,787,805 368,375,308,537 0.105 .................... ....................
Aug-08................................ 21 6,106,057,711,009 290,764,652,905 -0.237 .................... ....................
Sep-08................................ 21 8,156,991,919,103 388,428,186,624 0.290 .................... ....................
Oct-08................................ 23 8,644,538,213,244 375,849,487,532 -0.033 .................... ....................
Nov-08................................ 19 5,727,998,341,833 301,473,596,939 -0.221 .................... ....................
Dec-08................................ 22 5,176,041,317,640 235,274,605,347 -0.248 .................... ....................
Jan-09................................ 20 4,670,249,433,806 233,512,471,690 -0.008 .................... ....................
Feb-09................................ 19 4,771,470,184,048 251,130,009,687 0.073 .................... ....................
Mar-09................................ 22 5,885,594,284,780 267,527,012,945 0.063 .................... ....................
Apr-09................................ 21 5,123,665,205,517 243,984,057,406 -0.092 .................... ....................
May-09................................ 20 5,086,717,129,965 254,335,856,498 0.042 .................... ....................
Jun-09................................ 22 5,271,742,782,609 239,624,671,937 -0.060 .................... ....................
Jul-09................................ 22 4,659,599,245,583 211,799,965,708 -0.123 .................... ....................
Aug-09................................ 21 4,582,102,295,783 218,195,347,418 0.030 .................... ....................
Sep-09................................ 21 4,929,155,364,888 234,721,684,042 0.073 .................... ....................
Oct-09................................ 22 5,410,025,301,030 245,910,240,956 0.047 .................... ....................
Nov-09................................ 20 4,770,928,103,032 238,546,405,152 -0.030 .................... ....................
Dec-09................................ 22 4,688,555,303,171 213,116,150,144 -0.113 .................... ....................
Jan-10................................ 19 4,661,793,708,648 245,357,563,613 0.141 .................... ....................
Feb-10................................ 19 4,969,848,578,023 261,570,977,791 0.064 .................... ....................
Mar-10................................ 23 5,563,529,823,621 241,892,601,027 -0.078 .................... ....................
Apr-10................................ 21 5,546,445,874,917 264,116,470,234 0.088 .................... ....................
May-10................................ 20 7,260,430,376,294 363,021,518,815 0.318 .................... ....................
Jun-10................................ 22 6,124,776,349,285 278,398,924,967 -0.265 .................... ....................
Jul-10................................ 21 5,058,242,097,334 240,868,671,302 -0.145 .................... ....................
Aug-10................................ 22 4,765,828,263,463 216,628,557,430 -0.106 .................... ....................
[[Page 2981]]
Sep-10................................ 21 4,640,722,344,586 220,986,778,314 0.020 .................... ....................
Oct-10................................ 21 5,138,411,712,272 244,686,272,013 0.102 .................... ....................
Nov-10................................ 21 5,279,700,881,901 251,414,327,710 0.027 .................... ....................
Dec-10................................ 22 4,998,574,681,208 227,207,940,055 -0.101 .................... ....................
Jan-11................................ 20 5,043,391,121,345 252,169,556,067 0.104 .................... ....................
Feb-11................................ 19 5,114,631,590,581 269,191,136,346 0.065 .................... ....................
Mar-11................................ 23 6,499,355,385,307 282,580,668,926 0.049 .................... ....................
Apr-11................................ 20 4,975,954,868,765 248,797,743,438 -0.127 .................... ....................
May-11................................ 21 5,717,905,621,053 272,281,220,050 0.090 .................... ....................
Jun-11................................ 22 5,820,079,494,414 264,549,067,928 -0.029 .................... ....................
Jul-11................................ 20 5,189,681,899,635 259,484,094,982 -0.019 .................... ....................
Aug-11................................ 23 8,720,566,877,109 379,155,081,613 0.379 .................... ....................
Sep-11................................ 21 6,343,578,147,811 302,075,149,896 -0.227 .................... ....................
Oct-11................................ 21 6,163,272,963,688 293,489,188,747 -0.029 .................... ....................
Nov-11................................ 21 5,493,906,473,584 261,614,593,980 -0.115 .................... ....................
Dec-11................................ 21 5,017,867,255,600 238,946,059,790 -0.091 .................... ....................
Jan-12................................ 20 4,726,522,206,487 236,326,110,324 -0.011 .................... ....................
Feb-12................................ 20 5,011,862,514,132 250,593,125,707 0.059 .................... ....................
Mar-12................................ 22 5,638,847,967,025 256,311,271,228 0.023 .................... ....................
Apr-12................................ 20 5,084,239,396,560 254,211,969,828 -0.008 .................... ....................
May-12................................ 22 5,611,638,053,374 255,074,456,972 0.003 .................... ....................
Jun-12................................ 21 5,121,896,896,362 243,899,852,208 -0.045 .................... ....................
Jul-12................................ 21 4,567,519,314,374 217,500,919,732 -0.115 .................... ....................
Aug-12................................ 23 4,621,597,884,730 200,939,038,467 -0.079 .................... ....................
Sep-12................................ 19 4,598,499,962,682 242,026,313,825 0.186 .................... ....................
Oct-12................................ 21 5,095,175,588,310 242,627,408,967 0.002 .................... ....................
Nov-12................................ 21 4,547,882,974,292 216,565,855,919 -0.114 .................... ....................
Dec-12................................ 20 4,744,922,754,360 237,246,137,718 0.091 .................... ....................
Jan-13................................ 21 5,079,603,817,496 241,885,896,071 0.019 .................... ....................
Feb-13................................ 19 4,800,663,527,089 252,666,501,426 0.044 -- --
Mar-13................................ 20 4,917,701,839,870 245,885,091,993 -0.027 .................... ....................
Apr-13................................ 22 5,451,358,637,079 247,789,028,958 0.008 .................... ....................
May-13................................ 22 5,681,788,831,869 258,263,128,721 0.041 .................... ....................
Jun-13................................ 20 5,623,545,462,226 281,177,273,111 0.085 .................... ....................
Jul-13................................ 22 5,083,861,509,754 231,084,614,080 -0.196 .................... ....................
Aug-13................................ 22 4,925,611,193,095 223,891,417,868 -0.032 .................... ....................
Sep-13................................ 20 4,959,197,626,713 247,959,881,336 0.102 .................... ....................
Oct-13................................ 23 5,928,804,028,970 257,774,088,216 0.039 .................... ....................
Nov-13................................ 20 5,182,024,612,049 259,101,230,602 0.005 .................... ....................
Dec-13................................ 21 5,265,282,994,173 250,727,761,627 -0.033 .................... ....................
Jan-14................................ 21 5,808,700,114,288 276,604,767,347 0.098 .................... ....................
Feb-14................................ 19 6,018,926,931,054 316,785,627,950 0.136 .................... ....................
Mar-14................................ 21 6,068,617,342,988 288,981,778,238 -0.092 .................... ....................
Apr-14................................ 21 6,013,948,953,528 286,378,521,597 -0.009 .................... ....................
May-14................................ 21 5,265,594,447,318 250,742,592,729 -0.133 .................... ....................
Jun-14................................ 21 5,159,506,989,669 245,690,809,032 -0.020 .................... ....................
Jul-14................................ 22 5,364,099,567,460 243,822,707,612 -0.008 .................... ....................
Aug-14................................ 21 5,075,332,147,677 241,682,483,223 -0.009 .................... ....................
Sep-14................................ 21 5,507,943,363,243 262,283,017,297 0.082 .................... ....................
Oct-14................................ 23 7,796,638,035,879 338,984,262,430 0.257 .................... ....................
Nov-14................................ 19 5,249,514,141,576 276,290,217,978 -0.205 .................... ....................
Dec-14................................ 22 .................... .................... ........... 280,278,562,848 6,166,128,382,663
Jan-15................................ 20 .................... .................... ........... 284,324,480,857 5,686,489,617,137
Feb-15................................ 19 .................... .................... ........... 288,428,803,091 5,480,147,258,736
Mar-15................................ 22 .................... .................... ........... 292,592,372,637 6,437,032,198,017
Apr-15................................ 21 .................... .................... ........... 296,816,044,750 6,233,136,939,740
May-15................................ 20 .................... .................... ........... 301,100,687,030 6,022,013,740,599
Jun-15................................ 22 .................... .................... ........... 305,447,179,604 6,719,837,951,283
Jul-15................................ 22 .................... .................... ........... 309,856,415,301 6,816,841,136,632
Aug-15................................ 21 .................... .................... ........... 314,329,299,842 6,600,915,296,676
Sep-15................................ 21 .................... .................... ........... 318,866,752,018 6,696,201,792,368
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BILLING CODE 8011-01-P
[[Page 2982]]
[GRAPHIC] [TIFF OMITTED] TN21JA15.021
[[Page 2983]]
[FR Doc. 2015-00858 Filed 1-20-15; 8:45 am]
BILLING CODE 8011-01-C
