Order Making Fiscal Year 2017 Annual Adjustments to Transaction Fee Rates, 25895-25902 [2017-11555]
Download as PDF
<![CDATA[
Federal Register / Vol. 82, No. 106 / Monday, June 5, 2017 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
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)(ii) of the Act.11 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: (i)
Necessary or appropriate in the public
interest; (ii) for the protection of
investors; or (iii) 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:
asabaliauskas on DSKBBXCHB2PROD with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
GEMX–2017–20 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–GEMX–2017–20. 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 (https://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
11 15
U.S.C. 78s(b)(3)(A)(ii).
VerDate Sep<11>2014
17:31 Jun 02, 2017
Jkt 241001
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–GEMX–
2017–20, and should be submitted on or
before June 26, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–11503 Filed 6–2–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–80816/May 31, 2017]
Order Making Fiscal Year 2017 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
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
12 17
CFR 200.30–3(a)(12).
U.S.C. 78ee.
2 15 U.S.C. 78ee(b).
3 15 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).
1 15
PO 00000
Frm 00141
Fmt 4703
Sfmt 4703
25895
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
May 5, 2017, the President signed into
law the ‘‘Consolidated Appropriations
Act, 2017,’’ which includes a regular
appropriation of $1,605,000,000 to the
SEC for fiscal year 2017.
II. Fiscal Year 2017 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 2017 8 from an amount
equal to the regular appropriation to the
Commission for fiscal year 2017, and (2)
dividing by the estimated aggregate
dollar amount of covered sales for the
remainder of the fiscal year following
the effective date of the new fee rate.9
The regular appropriation to the
Commission for fiscal year 2017 is
$1,605,000,000. The Commission
estimates that it will collect
$1,189,634,934 in fees for the period
prior to the effective date of the new fee
rate and $65,181 in assessments on
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 March 2017. To calculate the dollar amount
of covered sales from April 2017 to the effective
date of the new fee rate, the Commission is using
the methodology described in the Appendix A of
this order.
8 The Commission is using the same methodology
it has used previously to estimate assessments on
security futures transactions to be collected in fiscal
year 2017. An explanation of the methodology
appears in Appendix A.
9 To estimate the aggregate dollar amount of
covered sales for the remainder of fiscal year 2017
following the effective date of the new fee rate, the
Commission is using the methodology described in
Appendix A of this order.
E:\FR\FM\05JNN1.SGM
05JNN1
25896
Federal Register / Vol. 82, No. 106 / Monday, June 5, 2017 / Notices
round turn transactions in security
futures products during all of fiscal year
2017. Using the methodology described
in Appendix A, the Commission
estimates that the aggregate dollar
amount of covered sales for the
remainder of fiscal year 2017 to be
$17,994,658,216,678.
The uniform adjusted rate is
computed by dividing the residual fees
to be collected of $415,299,885 by the
estimated aggregate dollar amount of
covered sales for the remainder of fiscal
year 2017 of $17,994,658,216,678; this
results in a uniform adjusted rate for
fiscal year 2017 of $23.10 per million.10
III. Effective Date of the Uniform
Adjusted Rate
Under Section 31(j)(4)(A) of the
Exchange Act, the fiscal year 2017
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, 2016, or 60 days
after the date on which a regular
appropriation to the Commission for
fiscal year 2017 is enacted.11 The
regular appropriation to the
Commission for fiscal year 2017 was
enacted on May 5, 2017, and
accordingly, the new fee rates
applicable under Sections 31(b) and (c)
of the Exchange Act will take effect on
July 4, 2017.
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 $23.10 per
$1,000,000 effective on July 4, 2017.
By the Commission.
Eduardo A. Aleman,
Assistant Secretary.
Appendix A
This appendix provides the methodology
for determining the annual adjustment to the
fee rates applicable under Sections 31(b) and
(c) of the Exchange Act for fiscal year 2017.
A. Baseline Estimate of the Aggregate Dollar
Amount of Covered Sales for Fiscal Year
2017
First, calculate the average daily dollar
amount of covered sales (‘‘ADS’’) for each
month in the sample (February 2007–March
2017). The monthly total dollar amount of
covered sales (exchange plus certain OTC
markets) is presented in column C of Table
A.
Next, model the monthly change in the
natural logarithm of ADS as a first order
autoregressive process (‘‘AR(1)’’), including
monthly indicator variables to control for
seasonality.
with Dtm representing monthly indicator
variables, yt representing the log growth rate
in ADS (D LN ADS), and et representing the
error term for month t. The model can be
estimated using standard commercially
available software. The estimated parameter
√
√
√
values are b = ¥0.2768 and a1 ¥ a12 as
follows:
√
√
k1 (JAN) = 0.0636, a2 (FEB) = 0.398, a3 (MAR)
√
√
= ¥0.0118, a4 (APR) = 0.0593, a5 (MAY)
√
√
= 0.0388, a6 (JUN) = 0.0123, a7 (JUL) =
√
√
¥0.0444, a8 (AUG) = 0.0029, a9 (SEP) =
√
√
0.0349, a10 (OCT) = 0.0474, a11 (NOV) =
√
¥0.0141, a12 (DEC) = ¥0.0820. The rootmean spared error (RMSE) of the
regression is 0.1171.
4. For the first month calculate the
forecasted value of the log growth rate of
ADS as
For the next month use the forecasted value
of the log growth rate of the first month to
calculate the forecast of the next month. This
process iterates until a forecast is generated
for all remaining months in the fiscal year.
These data appear in column F.
13 Because the model uses a one period lag in the
change in the log level of average daily sales, two
additional months of data are added to the table so
that the model is estimated with 120 observations.
EN05JN17.005</GPH>
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 May 5, 2017. The first business day after
this date was May 8, 2017. Data for March 2017
were due from the exchanges on April 14, 2017,
while data for April 2017 were due on May 12,
2017. As a result, the Commission used March 2017
and earlier data to forecast volume for April 2017
and later months.
Use the estimated AR(1) model to forecast
the monthly change in the log level of ADS.
These percent changes can then be applied
to obtain forecasts of the total dollar volume
of covered sales. The following is a more
formal (mathematical) description of the
procedure:
1. Begin with the monthly data for total
dollar volume of covered sales (column C).
The sample spans ten years, from February
2007–March 2017.13 Divide each month’s
total dollar volume 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 D LN ADS
(shown in column E) as the log growth rate
of ADS, that is, the difference between the
natural logarithm of ADS in month t and its
value in the prior month.
3. Estimate the AR(1) model
VerDate Sep<11>2014
17:31 Jun 02, 2017
Jkt 241001
PO 00000
Frm 00142
Fmt 4703
Sfmt 4703
E:\FR\FM\05JNN1.SGM
05JNN1
EN05JN17.004</GPH>
asabaliauskas on DSKBBXCHB2PROD with NOTICES
10 Appendix A shows the process of calculating
the fiscal year 2017 annual adjustment and includes
the data used by the Commission in making this
adjustment.
11 15 U.S.C. 78ee(j)(4)(A).
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 2017.
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
(‘‘OTC’’) markets over the course of the year.
The fee rate equals the ratio of the
Commission’s regular appropriation for fiscal
year 2017 (less the sum of fees to be collected
during fiscal year 2017 prior to the effective
date of the new fee rate and aggregate
assessments on security futures transactions
during all of fiscal year 2017) 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 2017, 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 March
2017, 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.
Federal Register / Vol. 82, No. 106 / Monday, June 5, 2017 / Notices
VerDate Sep<11>2014
17:31 Jun 02, 2017
Jkt 241001
$291,814,240,988. Multiply this figure by the
22 trading days in May 2017 to obtain a total
dollar volume forecast of $6,419,913,301,735.
8. Repeat this procedure for subsequent
months.
PO 00000
Frm 00143
Fmt 4703
Sfmt 4703
B. Using the Forecasts From A To Calculate
the New Fee Rate
1. Use Table A to estimate fees collected
for the period October 1, 2016 through July
3, 2017. The projected aggregate dollar
amount of covered sales for this period is
$54,570,409,807,040. Actual and projected
fee collections at the current fee rate of
$21.80 per million are $1,189,634,934.
E:\FR\FM\05JNN1.SGM
05JNN1
EN05JN17.006</GPH>
asabaliauskas on DSKBBXCHB2PROD with NOTICES
7. For May 2017, proceed in a similar
fashion. Using the estimates for April 2017
√
√
along with the b parameter and the a5
parameter (for May 2017) to generate a
forecast for the one-month change in the log
level of average daily sales. Convert the
estimated log change in average daily sales to
estimated percent change in ADS as in step
6, above to obtain a forecast ADS of
25897
25898
Federal Register / Vol. 82, No. 106 / Monday, June 5, 2017 / Notices
3. Subtract the amounts $1,189,634,934
and $65,181 from the target off-setting
collection amount set by Congress of
$1,605,000,000, leaving $415,299,885 to be
collected on dollar volume for the period July
4, 2017 through September 30, 2017.
4. Use Table A to estimate dollar volume
for the period July 4, 2017 through
September 30, 2017. The estimate is
$17,994,658,216,678. Finally, compute the
fee rate required to produce the additional
$415,299,885 in revenue. This rate is
$415,299,885 divided by
$17,994,658,216,678 or 0.00002307906.
5. Round the result to the seventh decimal
point, yielding a rate of 0.0000231 (or $23.10
per million).
This table summarizes the estimates of the
aggregate dollar amount of covered sales, by
time period. The figures in this table can be
used to determine the new fee rate.
TABLE A—BASELINE ESTIMATE OF THE AGGREGATE DOLLAR AMOUNT OF SALES
Fee rate calculation
a. Baseline estimate of the aggregate dollar amount of sales, 10/01/2016 to 06/30/2017 ($Millions) ..............................................
b. Baseline estimate of the aggregate dollar amount of sales, 07/01/2017 to 07/03/2017 ($Millions) ..............................................
c. Baseline estimate of the aggregate dollar amount of sales, 07/04/2017 to 07/31/2017 ($Millions) ..............................................
d. Baseline estimate of the aggregate dollar amount of sales, 08/01/2017 to 09/30/2017 ($Millions) ..............................................
e. Estimated collections in assessments on security futures products in fiscal year 2017 ($Millions) ..............................................
f. Implied fee rate (($1,605,000,000 ¥ $21.80 * (a + b) ¥ e)/(c + d) ...............................................................................................
$54,288,056
282,354
5,364,725
12,629,933
0.065
23.10
(C)
(D)
(E)
(F)
(G)
(H)
Number
of trading
days in
month
Total dollar
amount of sales
Average daily
dollar amount
of sales
(ADS)
D LN
ADS
Forecast
D LN ADS
Forecast
average daily
dollar amount
of sales
Forecast total
dollar amount of
sales
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
Feb–07 ..
Mar–07 ..
Apr–07 ..
May–07
Jun–07 ..
Jul–07 ...
Aug–07 ..
Sep–07 ..
Oct–07 ..
Nov–07 ..
Dec–07 ..
Jan–08 ..
Feb–08 ..
Mar–08 ..
Apr–08 ..
May–08
Jun–08 ..
Jul–08 ...
Aug–08 ..
Sep–08 ..
Oct–08 ..
Nov–08 ..
Dec–08 ..
Jan–09 ..
VerDate Sep<11>2014
19
22
20
22
21
21
23
19
23
21
20
21
20
20
22
21
21
22
21
21
23
19
22
20
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
17:31 Jun 02, 2017
Jkt 241001
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
PO 00000
Frm 00144
#N/A
0.13778
¥0.10927
0.09535
0.12347
0.06110
0.17059
¥0.28214
0.11090
0.19001
¥0.21490
0.32322
¥0.21563
0.09751
¥0.19104
0.03510
0.13546
0.10537
¥0.23659
0.28959
¥0.03292
¥0.22051
¥0.24793
¥0.00752
Fmt 4703
Sfmt 4703
E:\FR\FM\05JNN1.SGM
05JNN1
EN05JN17.007</GPH>
(B)
Month
asabaliauskas on DSKBBXCHB2PROD with NOTICES
(A)
25899
Federal Register / Vol. 82, No. 106 / Monday, June 5, 2017 / Notices
(B)
(C)
(D)
(E)
(F)
(G)
(H)
Month
asabaliauskas on DSKBBXCHB2PROD with NOTICES
(A)
Number
of trading
days in
month
Total dollar
amount of sales
Average daily
dollar amount
of sales
(ADS)
D LN
ADS
Forecast
D LN ADS
Forecast
average daily
dollar amount
of sales
Forecast total
dollar amount of
sales
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
Feb–09 ..
Mar–09 ..
Apr–09 ..
May–09
Jun–09 ..
Jul–09 ...
Aug–09 ..
Sep–09 ..
Oct–09 ..
Nov–09 ..
Dec–09 ..
Jan–10 ..
Feb–10 ..
Mar–10 ..
Apr–10 ..
May–10
Jun–10 ..
Jul–10 ...
Aug–10 ..
Sep–10 ..
Oct–10 ..
Nov–10 ..
Dec–10 ..
Jan–11 ..
Feb–11 ..
Mar–11 ..
Apr–11 ..
May–11
Jun–11 ..
Jul–11 ...
Aug–11 ..
Sep–11 ..
Oct–11 ..
Nov–11 ..
Dec–11 ..
Jan–12 ..
Feb–12 ..
Mar–12 ..
Apr–12 ..
May–12
Jun–12 ..
Jul–12 ...
Aug–12 ..
Sep–12 ..
Oct–12 ..
Nov–12 ..
Dec–12 ..
Jan–13 ..
Feb–13 ..
Mar–13 ..
Apr–13 ..
May–13
Jun–13 ..
Jul–13 ...
Aug–13 ..
Sep–13 ..
Oct–13 ..
Nov–13 ..
Dec–13 ..
Jan–14 ..
Feb–14 ..
Mar–14 ..
Apr–14 ..
May–14
Jun–14 ..
Jul–14 ...
Aug–14 ..
Sep–14 ..
Oct–14 ..
Nov–14 ..
Dec–14 ..
Jan–15 ..
Feb–15 ..
Mar–15 ..
Apr–15 ..
May–15
Jun–15 ..
Jul–15 ...
Aug–15 ..
VerDate Sep<11>2014
19
22
21
20
22
22
21
21
22
20
22
19
19
23
21
20
22
21
22
21
21
21
22
20
19
23
20
21
22
20
23
21
21
21
21
20
20
22
20
22
21
21
23
19
21
21
20
21
19
20
22
22
20
22
22
20
23
20
21
21
19
21
21
21
21
22
21
21
23
19
22
20
19
22
21
20
22
22
21
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
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
5,340,847,027,697
6,559,110,068,128
6,185,619,541,044
5,723,523,235,641
6,395,046,297,249
5,625,548,298,004
5,521,351,972,386
6,005,521,460,806
6,493,670,315,390
6,963,901,249,270
17:31 Jun 02, 2017
Jkt 241001
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
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
281,097,211,984
298,141,366,733
309,280,977,052
301,238,065,034
290,683,922,602
267,883,252,286
276,067,598,619
272,978,248,218
295,166,832,518
331,614,345,203
PO 00000
Frm 00145
0.07274
0.06325
¥0.09212
0.04155
¥0.05958
¥0.12343
0.02975
0.07301
0.04657
¥0.03040
¥0.11273
0.14088
0.06399
¥0.07821
0.08790
0.31807
¥0.26541
¥0.14480
¥0.10607
0.01992
0.10187
0.02713
¥0.10124
0.10424
0.06532
0.04854
¥0.12732
0.09020
¥0.02881
¥0.01933
0.37925
¥0.22727
¥0.02884
¥0.11497
¥0.09063
¥0.01103
0.05862
0.02256
¥0.00822
0.00339
¥0.04480
¥0.11455
¥0.07920
0.18604
0.00248
¥0.11363
0.09120
0.01937
0.04360
¥0.02721
0.00771
0.04140
0.08501
¥0.19620
¥0.03162
0.10211
0.03882
0.00514
¥0.03285
0.09822
0.13564
¥0.09186
¥0.00905
¥0.13289
¥0.02035
¥0.00763
¥0.00882
0.08180
0.25653
¥0.18725
0.05887
0.03668
¥0.02635
¥0.03566
¥0.08169
0.03009
¥0.01125
0.07815
0.11643
Fmt 4703
Sfmt 4703
E:\FR\FM\05JNN1.SGM
05JNN1
25900
Federal Register / Vol. 82, No. 106 / Monday, June 5, 2017 / Notices
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
Month
Number
of trading
days in
month
Total dollar
amount of sales
Average daily
dollar amount
of sales
(ADS)
D LN
ADS
Forecast
D LN ADS
Forecast
average daily
dollar amount
of sales
Forecast total
dollar amount of
sales
6,434,496,770,897
6,592,594,708,082
5,822,824,015,945
6,384,337,478,801
6,696,059,796,055
6,659,878,908,747
6,161,943,754,542
5,541,076,988,322
5,693,520,415,112
6,317,212,852,759
5,331,797,261,269
5,635,976,607,786
5,942,072,286,976
5,460,906,573,682
6,845,287,809,886
6,208,579,880,985
5,598,200,907,603
5,443,426,609,533
6,661,861,914,530
....................................
....................................
....................................
....................................
....................................
....................................
306,404,608,138
299,663,395,822
291,141,200,797
290,197,158,127
352,424,199,792
332,993,945,437
280,088,352,479
263,860,808,968
271,120,019,767
287,146,038,762
266,589,863,063
245,042,461,208
282,955,823,189
260,043,170,175
325,966,086,185
295,646,660,999
279,910,045,380
286,496,137,344
289,646,170,197
....................................
....................................
....................................
....................................
....................................
....................................
¥0.07907
¥0.02225
¥0.02885
¥0.00325
0.19428
¥0.05671
¥0.17302
¥0.05968
0.02714
0.05743
¥0.07428
¥0.08428
0.14386
¥0.08444
0.22595
¥0.09763
¥0.05470
0.02326
0.01094
.....................
.....................
.....................
.....................
.....................
.....................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
¥0.0623
0.0561
¥0.0032
¥0.0435
0.0149
0.0308
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
274,021,149,994
291,814,240,988
292,885,318,930
282,353,942,739
288,570,007,274
299,641,156,866
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
5,206,401,849,893
6,419,913,301,735
6,443,477,016,454
5,647,078,854,776
6,637,110,167,312
5,992,823,137,329
Sep–15 ..
Oct–15 ..
Nov–15 ..
Dec–15 ..
Jan–16 ..
Feb–16 ..
Mar–16 ..
Apr–16 ..
May–16
Jun–16 ..
Jul–16 ...
Aug–16 ..
Sep–16 ..
Oct–16 ..
Nov–16 ..
Dec–16 ..
Jan–17 ..
Feb–17 ..
Mar–17 ..
Apr–17 ..
May–17
Jun–17 ..
Jul–17 ...
Aug–17 ..
Sep–17 ..
21
22
20
22
19
20
22
21
21
22
20
23
21
21
21
21
20
19
23
19
22
22
20
23
20
asabaliauskas on DSKBBXCHB2PROD with NOTICES
BILLING CODE 8011–01–P
VerDate Sep<11>2014
17:31 Jun 02, 2017
Jkt 241001
PO 00000
Frm 00146
Fmt 4703
Sfmt 4703
E:\FR\FM\05JNN1.SGM
05JNN1
VerDate Sep<11>2014
17:31 Jun 02, 2017
Jkt 241001
PO 00000
Frm 00147
Fmt 4703
Sfmt 9990
E:\FR\FM\05JNN1.SGM
05JNN1
25901
EN05JN17.008</GPH>
asabaliauskas on DSKBBXCHB2PROD with NOTICES
Federal Register / Vol. 82, No. 106 / Monday, June 5, 2017 / Notices
25902
Federal Register / Vol. 82, No. 106 / Monday, June 5, 2017 / Notices
ACTION:
[FR Doc. 2017–11555 Filed 6–2–17; 8:45 am]
BILLING CODE 8011–01–C
National Small Business Development
Centers Advisory Board
U.S. Small Business
Administration.
ACTION: Notice of open Federal Advisory
Committee meetings.
AGENCY:
The SBA is issuing this notice
to announce the location, date, time and
agenda for July and August meetings of
the Federal Advisory Committee for the
Small Business Development Centers
Program. The meetings will be open to
the public; however, advance notice of
attendance is required.
DATES:
Tuesday, July 18, 2017, at 1:00 p.m. EST
Tuesday, August 15, 2017, at 1:00 p.m.
EST
ADDRESSES: All meetings will be held
via conference call.
FOR FURTHER INFORMATION CONTACT:
Monika Nixon, Office of Small Business
Development Center, U.S. Small
Business Administration, 409 Third
Street SW., Washington, DC 20416;
monika.nixon@.sba.gov.
If anyone wishes to be a listening
participant or would like to request
accommodations, please contact Monika
Nixon at the information above.
SUPPLEMENTARY INFORMATION: Pursuant
to section 10(a) of the Federal Advisory
Committee Act (5 U.S.C. Appendix 2),
SBA announces the meetings of the
National SBDC Advisory Board. This
Board provides advice and counsel to
the SBA Administrator and Associate
Administrator for Small Business
Development Centers.
The purpose of the meetings is to
discuss the following issues pertaining
to the SBDC Program:
SBA Update
Annual Meetings
Board
Assignments
Member Roundtable
SUMMARY:
Richard Kingan,
Acting White House Liaison.
asabaliauskas on DSKBBXCHB2PROD with NOTICES
[FR Doc. 2017–11490 Filed 6–2–17; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #15142 and #15143]
Nevada Disaster #NV–00046
U.S. Small Business
Administration.
AGENCY:
18:42 Jun 02, 2017
This is a notice of an
Administrative declaration of a disaster
for the State of Nevada dated 05/25/
2017.
Incident: Severe Winter Storms,
Flooding and Mudslides.
Incident Period: 02/05/2017 through
02/22/2017.
DATES: Effective Date: 05/25/2017.
Physical Loan Application Deadline
Date: 07/24/2017.
Economic Injury (EIDL) Loan
Application Deadline Date: 02/26/2018.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW., Suite 6050,
Washington, DC 20416, (202) 205–6734.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
Administrator’s disaster declaration,
applications for disaster loans may be
filed at the address listed above or other
locally announced locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties: Elko
Contiguous Counties:
Nevada: Eureka, Humboldt, Lander,
White Pine
Idaho: Cassia, Owyhee, Twin Falls
Utah: Box Elder, Tooele
The Interest Rates are:
SUMMARY:
SMALL BUSINESS ADMINISTRATION
VerDate Sep<11>2014
Notice.
Jkt 241001
(Catalog of Federal Domestic Assistance
Number 59008)
Dated: May 25, 2017.
Linda E. McMahon,
Administrator.
[FR Doc. 2017–11566 Filed 6–2–17; 8:45 am]
BILLING CODE 8025–01–P
DEPARTMENT OF STATE
[Public Notice: 10015]
Biodiversity Beyond National
Jurisdiction Public Meeting
Department of State.
Notice of public meeting.
AGENCY:
ACTION:
The Department of State will
hold an information session regarding
issues related to a July United Nations
meeting concerning marine biodiversity
in areas beyond national jurisdiction.
DATES: The meeting will be held on June
13, 2017, 2:00 p.m.–3:30 p.m.
ADDRESSES: The meeting will be held at
the Harry S. Truman Main State
Building, Room 3940, 2201 C Street
NW., Washington, DC 20520.
FOR FURTHER INFORMATION CONTACT: If
you would like to participate in this
meeting, please send your (1) name, (2)
organization/affiliation, (3) email
address, and (4) phone number, as well
as any requests for reasonable
accommodation, to Elizabeth Kim at
KimEAB@state.gov or 202–647–4824.
This information is being collected
pursuant to 22 U.S.C. 2651a and 22
U.S.C. 4802 for the purpose of screening
and pre-clearing participants to enter
Percent
the host venue at the U.S. Department
of State, in line with standard security
For Physical Damage:
procedures for events of this size. The
Homeowners With Credit Available Elsewhere ......................
3.750 Department of State will use this
information consistent with the routine
Homeowners Without Credit
Available Elsewhere ..............
1.875 uses set forth in the System of Records
Businesses With Credit AvailNotices for Protocol Records (STATEable Elsewhere ......................
6.300 33) and Security Records (State–36).
Businesses
Without
Credit
Provision of this information is
Available Elsewhere ..............
3.150
voluntary, but failure to provide
Non-Profit Organizations With
Credit Available Elsewhere ...
2.500 accurate information may impede your
ability to register for the event.
Non-Profit Organizations Without Credit Available ElseSUPPLEMENTARY INFORMATION: In July
where .....................................
2.500 2017, the United States will participate
For Economic Injury:
in a two-week meeting of the United
Businesses & Small Agricultural
Nations General Assembly (UNGA)
Cooperatives Without Credit
Preparatory Committee on the
Available Elsewhere ..............
3.150
conservation and sustainable use of
Non-Profit Organizations Withmarine biological diversity beyond areas
out Credit Available Elsewhere .....................................
2.500 of national jurisdiction. This fourth
meeting of the Preparatory Committee
will end a two-year process established
The number assigned to this disaster
by the UNGA to make substantive
for physical damage is 15142B and for
recommendations on the elements of a
economic injury is 151430.
The States which received an EIDL
draft text of a legally binding instrument
Declaration # are Nevada, Idaho, Utah.
on the conservation and sustainable use
PO 00000
Frm 00148
Fmt 4703
Sfmt 4703
SUMMARY:
E:\FR\FM\05JNN1.SGM
05JNN1
]]>Agencies
[Federal Register Volume 82, Number 106 (Monday, June 5, 2017)]
[Notices]
[Pages 25895-25902]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-11555]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-80816/May 31, 2017]
Order Making Fiscal Year 2017 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 May 5, 2017, the President signed into law the
``Consolidated Appropriations Act, 2017,'' which includes a regular
appropriation of $1,605,000,000 to the SEC for fiscal year 2017.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78ee(g).
---------------------------------------------------------------------------
II. Fiscal Year 2017 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 2017 \8\ from an amount equal to the regular appropriation to the
Commission for fiscal year 2017, and (2) dividing by the estimated
aggregate dollar amount of covered sales for the remainder of the
fiscal year following the effective date of the new fee rate.\9\
---------------------------------------------------------------------------
\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 March 2017. To calculate the
dollar amount of covered sales from April 2017 to the effective date
of the new fee rate, the Commission is using the methodology
described in the Appendix A of this order.
\8\ The Commission is using the same methodology it has used
previously to estimate assessments on security futures transactions
to be collected in fiscal year 2017. An explanation of the
methodology appears in Appendix A.
\9\ To estimate the aggregate dollar amount of covered sales for
the remainder of fiscal year 2017 following the effective date of
the new fee rate, the Commission is using the methodology described
in Appendix A of this order.
---------------------------------------------------------------------------
The regular appropriation to the Commission for fiscal year 2017 is
$1,605,000,000. The Commission estimates that it will collect
$1,189,634,934 in fees for the period prior to the effective date of
the new fee rate and $65,181 in assessments on
[[Page 25896]]
round turn transactions in security futures products during all of
fiscal year 2017. Using the methodology described in Appendix A, the
Commission estimates that the aggregate dollar amount of covered sales
for the remainder of fiscal year 2017 to be $17,994,658,216,678.
The uniform adjusted rate is computed by dividing the residual fees
to be collected of $415,299,885 by the estimated aggregate dollar
amount of covered sales for the remainder of fiscal year 2017 of
$17,994,658,216,678; this results in a uniform adjusted rate for fiscal
year 2017 of $23.10 per million.\10\
---------------------------------------------------------------------------
\10\ Appendix A shows the process of calculating the fiscal year
2017 annual adjustment and 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 2017
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,
2016, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2017 is enacted.\11\ The regular
appropriation to the Commission for fiscal year 2017 was enacted on May
5, 2017, and accordingly, the new fee rates applicable under Sections
31(b) and (c) of the Exchange Act will take effect on July 4, 2017.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78ee(j)(4)(A).
---------------------------------------------------------------------------
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 $23.10 per $1,000,000
effective on July 4, 2017.
By the Commission.
Eduardo A. Aleman,
Assistant Secretary.
Appendix A
This appendix provides the methodology for determining the
annual adjustment to the fee rates applicable under Sections 31(b)
and (c) of the Exchange Act for fiscal year 2017. 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 2017.
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 (``OTC'') markets
over the course of the year. The fee rate equals the ratio of the
Commission's regular appropriation for fiscal year 2017 (less the
sum of fees to be collected during fiscal year 2017 prior to the
effective date of the new fee rate and aggregate assessments on
security futures transactions during all of fiscal year 2017) 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 2017, 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 March 2017,
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 May 5, 2017. The first business day
after this date was May 8, 2017. Data for March 2017 were due from
the exchanges on April 14, 2017, while data for April 2017 were due
on May 12, 2017. As a result, the Commission used March 2017 and
earlier data to forecast volume for April 2017 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 2017
First, calculate the average daily dollar amount of covered
sales (``ADS'') for each month in the sample (February 2007-March
2017). The monthly total dollar amount of covered sales (exchange
plus certain OTC markets) is presented in column C of Table A.
Next, model the monthly change in the natural logarithm of ADS
as a first order autoregressive process (``AR(1)''), including
monthly indicator variables to control for seasonality.
Use the estimated AR(1) model to forecast the monthly change in
the log level of ADS. These percent changes can then be applied to
obtain forecasts of the total dollar volume of covered sales. The
following is a more formal (mathematical) description of the
procedure:
1. Begin with the monthly data for total dollar volume of
covered sales (column C). The sample spans ten years, from February
2007-March 2017.\13\ Divide each month's total dollar volume by the
number of trading days in that month (column B) to obtain the
average daily dollar volume (ADS, column D).
---------------------------------------------------------------------------
\13\ Because the model uses a one period lag in the change in
the log level of average daily sales, two additional months of data
are added to the table so that the model is estimated with 120
observations.
---------------------------------------------------------------------------
2. For each month t, calculate [Delta] LN ADS (shown in column
E) as the log growth rate of ADS, that is, the difference between
the natural logarithm of ADS in month t and its value in the prior
month.
3. Estimate the AR(1) model
[GRAPHIC] [TIFF OMITTED] TN05JN17.004
with Dtm representing monthly indicator
variables, yt representing the log growth rate in ADS
([Delta] LN ADS), and et representing the error term for
month t. The model can be estimated using standard commercially
available software. The estimated parameter values are b = -0.2768
and [alpha]1 - [alpha]12 as follows:
k1 (JAN) = 0.0636, [alpha]2 (FEB) = 0.398,
[alpha]3 (MAR) = -0.0118, [alpha]4 (APR) =
0.0593, [alpha]5 (MAY) = 0.0388, [alpha]6
(JUN) = 0.0123, [alpha]7 (JUL) = -0.0444,
[alpha]8 (AUG) = 0.0029, [alpha]9 (SEP) =
0.0349, [alpha]10 (OCT) = 0.0474, [alpha]11
(NOV) = -0.0141, [alpha]12 (DEC) = -0.0820. The root-mean
spared error (RMSE) of the regression is 0.1171.
4. For the first month calculate the forecasted value of the log
growth rate of ADS as
[GRAPHIC] [TIFF OMITTED] TN05JN17.005
For the next month use the forecasted value of the log growth rate
of the first month to calculate the forecast of the next month. This
process iterates until a forecast is generated for all remaining
months in the fiscal year. These data appear in column F.
[[Page 25897]]
[GRAPHIC] [TIFF OMITTED] TN05JN17.006
7. For May 2017, proceed in a similar fashion. Using the
estimates for April 2017 along with the b parameter and the
[alpha]5 parameter (for May 2017) to generate a forecast
for the one-month change in the log level of average daily sales.
Convert the estimated log change in average daily sales to estimated
percent change in ADS as in step 6, above to obtain a forecast ADS
of $291,814,240,988. Multiply this figure by the 22 trading days in
May 2017 to obtain a total dollar volume forecast of
$6,419,913,301,735.
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 October
1, 2016 through July 3, 2017. The projected aggregate dollar amount
of covered sales for this period is $54,570,409,807,040. Actual and
projected fee collections at the current fee rate of $21.80 per
million are $1,189,634,934.
[[Page 25898]]
[GRAPHIC] [TIFF OMITTED] TN05JN17.007
3. Subtract the amounts $1,189,634,934 and $65,181 from the
target off-setting collection amount set by Congress of
$1,605,000,000, leaving $415,299,885 to be collected on dollar
volume for the period July 4, 2017 through September 30, 2017.
4. Use Table A to estimate dollar volume for the period July 4,
2017 through September 30, 2017. The estimate is
$17,994,658,216,678. Finally, compute the fee rate required to
produce the additional $415,299,885 in revenue. This rate is
$415,299,885 divided by $17,994,658,216,678 or 0.00002307906.
5. Round the result to the seventh decimal point, yielding a
rate of 0.0000231 (or $23.10 per million).
This table summarizes the estimates of the aggregate dollar
amount of covered sales, by time period. The figures in this table
can be used to determine the new fee rate.
Table A--Baseline Estimate of the Aggregate Dollar Amount of Sales
------------------------------------------------------------------------
Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate dollar amount of $54,288,056
sales, 10/01/2016 to 06/30/2017 ($Millions)............
b. Baseline estimate of the aggregate dollar amount of 282,354
sales, 07/01/2017 to 07/03/2017 ($Millions)............
c. Baseline estimate of the aggregate dollar amount of 5,364,725
sales, 07/04/2017 to 07/31/2017 ($Millions)............
d. Baseline estimate of the aggregate dollar amount of 12,629,933
sales, 08/01/2017 to 09/30/2017 ($Millions)............
e. Estimated collections in assessments on security 0.065
futures products in fiscal year 2017 ($Millions).......
f. Implied fee rate (($1,605,000,000 - $21.80 * (a + b) - 23.10
e)/(c + d)............................................
------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------
(A) (B) (C) (D) (E) (F) (G) (H)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Number of
trading Total dollar Average daily [Delta] LN Forecast [Delta] Forecast average Forecast total
Month days in amount of sales dollar amount of ADS LN ADS daily dollar dollar amount of
month sales (ADS) amount of sales sales
--------------------------------------------------------------------------------------------------------------------------------------------------------
Feb-07............... 19 3,946,799,860,532 207,726,308,449 #N/A ................... ................... ...................
Mar-07............... 22 5,245,051,744,090 238,411,442,913 0.13778 ................... ................... ...................
Apr-07............... 20 4,274,665,072,437 213,733,253,622 -0.10927 ................... ................... ...................
May-07............... 22 5,172,568,357,522 235,116,743,524 0.09535 ................... ................... ...................
Jun-07............... 21 5,586,337,010,802 266,016,048,133 0.12347 ................... ................... ...................
Jul-07............... 21 5,938,330,480,139 282,777,641,911 0.06110 ................... ................... ...................
Aug-07............... 23 7,713,644,229,032 335,375,836,045 0.17059 ................... ................... ...................
Sep-07............... 19 4,805,676,596,099 252,930,347,163 -0.28214 ................... ................... ...................
Oct-07............... 23 6,499,651,716,225 282,593,552,879 0.11090 ................... ................... ...................
Nov-07............... 21 7,176,290,763,989 341,728,131,619 0.19001 ................... ................... ...................
Dec-07............... 20 5,512,903,594,564 275,645,179,728 -0.21490 ................... ................... ...................
Jan-08............... 21 7,997,242,071,529 380,821,051,025 0.32322 ................... ................... ...................
Feb-08............... 20 6,139,080,448,887 306,954,022,444 -0.21563 ................... ................... ...................
Mar-08............... 20 6,767,852,332,381 338,392,616,619 0.09751 ................... ................... ...................
Apr-08............... 22 6,150,017,772,735 279,546,262,397 -0.19104 ................... ................... ...................
May-08............... 21 6,080,169,766,807 289,531,893,657 0.03510 ................... ................... ...................
Jun-08............... 21 6,962,199,302,412 331,533,300,115 0.13546 ................... ................... ...................
Jul-08............... 22 8,104,256,787,805 368,375,308,537 0.10537 ................... ................... ...................
Aug-08............... 21 6,106,057,711,009 290,764,652,905 -0.23659 ................... ................... ...................
Sep-08............... 21 8,156,991,919,103 388,428,186,624 0.28959 ................... ................... ...................
Oct-08............... 23 8,644,538,213,244 375,849,487,532 -0.03292 ................... ................... ...................
Nov-08............... 19 5,727,998,341,833 301,473,596,939 -0.22051 ................... ................... ...................
Dec-08............... 22 5,176,041,317,640 235,274,605,347 -0.24793 ................... ................... ...................
Jan-09............... 20 4,670,249,433,806 233,512,471,690 -0.00752 ................... ................... ...................
[[Page 25899]]
Feb-09............... 19 4,771,470,184,048 251,130,009,687 0.07274 ................... ................... ...................
Mar-09............... 22 5,885,594,284,780 267,527,012,945 0.06325 ................... ................... ...................
Apr-09............... 21 5,123,665,205,517 243,984,057,406 -0.09212 ................... ................... ...................
May-09............... 20 5,086,717,129,965 254,335,856,498 0.04155 ................... ................... ...................
Jun-09............... 22 5,271,742,782,609 239,624,671,937 -0.05958 ................... ................... ...................
Jul-09............... 22 4,659,599,245,583 211,799,965,708 -0.12343 ................... ................... ...................
Aug-09............... 21 4,582,102,295,783 218,195,347,418 0.02975 ................... ................... ...................
Sep-09............... 21 4,929,155,364,888 234,721,684,042 0.07301 ................... ................... ...................
Oct-09............... 22 5,410,025,301,030 245,910,240,956 0.04657 ................... ................... ...................
Nov-09............... 20 4,770,928,103,032 238,546,405,152 -0.03040 ................... ................... ...................
Dec-09............... 22 4,688,555,303,171 213,116,150,144 -0.11273 ................... ................... ...................
Jan-10............... 19 4,661,793,708,648 245,357,563,613 0.14088 ................... ................... ...................
Feb-10............... 19 4,969,848,578,023 261,570,977,791 0.06399 ................... ................... ...................
Mar-10............... 23 5,563,529,823,621 241,892,601,027 -0.07821 ................... ................... ...................
Apr-10............... 21 5,546,445,874,917 264,116,470,234 0.08790 ................... ................... ...................
May-10............... 20 7,260,430,376,294 363,021,518,815 0.31807 ................... ................... ...................
Jun-10............... 22 6,124,776,349,285 278,398,924,967 -0.26541 ................... ................... ...................
Jul-10............... 21 5,058,242,097,334 240,868,671,302 -0.14480 ................... ................... ...................
Aug-10............... 22 4,765,828,263,463 216,628,557,430 -0.10607 ................... ................... ...................
Sep-10............... 21 4,640,722,344,586 220,986,778,314 0.01992 ................... ................... ...................
Oct-10............... 21 5,138,411,712,272 244,686,272,013 0.10187 ................... ................... ...................
Nov-10............... 21 5,279,700,881,901 251,414,327,710 0.02713 ................... ................... ...................
Dec-10............... 22 4,998,574,681,208 227,207,940,055 -0.10124 ................... ................... ...................
Jan-11............... 20 5,043,391,121,345 252,169,556,067 0.10424 ................... ................... ...................
Feb-11............... 19 5,114,631,590,581 269,191,136,346 0.06532 ................... ................... ...................
Mar-11............... 23 6,499,355,385,307 282,580,668,926 0.04854 ................... ................... ...................
Apr-11............... 20 4,975,954,868,765 248,797,743,438 -0.12732 ................... ................... ...................
May-11............... 21 5,717,905,621,053 272,281,220,050 0.09020 ................... ................... ...................
Jun-11............... 22 5,820,079,494,414 264,549,067,928 -0.02881 ................... ................... ...................
Jul-11............... 20 5,189,681,899,635 259,484,094,982 -0.01933 ................... ................... ...................
Aug-11............... 23 8,720,566,877,109 379,155,081,613 0.37925 ................... ................... ...................
Sep-11............... 21 6,343,578,147,811 302,075,149,896 -0.22727 ................... ................... ...................
Oct-11............... 21 6,163,272,963,688 293,489,188,747 -0.02884 ................... ................... ...................
Nov-11............... 21 5,493,906,473,584 261,614,593,980 -0.11497 ................... ................... ...................
Dec-11............... 21 5,017,867,255,600 238,946,059,790 -0.09063 ................... ................... ...................
Jan-12............... 20 4,726,522,206,487 236,326,110,324 -0.01103 ................... ................... ...................
Feb-12............... 20 5,011,862,514,132 250,593,125,707 0.05862 ................... ................... ...................
Mar-12............... 22 5,638,847,967,025 256,311,271,228 0.02256 ................... ................... ...................
Apr-12............... 20 5,084,239,396,560 254,211,969,828 -0.00822 ................... ................... ...................
May-12............... 22 5,611,638,053,374 255,074,456,972 0.00339 ................... ................... ...................
Jun-12............... 21 5,121,896,896,362 243,899,852,208 -0.04480 ................... ................... ...................
Jul-12............... 21 4,567,519,314,374 217,500,919,732 -0.11455 ................... ................... ...................
Aug-12............... 23 4,621,597,884,730 200,939,038,467 -0.07920 ................... ................... ...................
Sep-12............... 19 4,598,499,962,682 242,026,313,825 0.18604 ................... ................... ...................
Oct-12............... 21 5,095,175,588,310 242,627,408,967 0.00248 ................... ................... ...................
Nov-12............... 21 4,547,882,974,292 216,565,855,919 -0.11363 ................... ................... ...................
Dec-12............... 20 4,744,922,754,360 237,246,137,718 0.09120 ................... ................... ...................
Jan-13............... 21 5,079,603,817,496 241,885,896,071 0.01937 ................... ................... ...................
Feb-13............... 19 4,800,663,527,089 252,666,501,426 0.04360 ................... ................... ...................
Mar-13............... 20 4,917,701,839,870 245,885,091,993 -0.02721 ................... ................... ...................
Apr-13............... 22 5,451,358,637,079 247,789,028,958 0.00771 ................... ................... ...................
May-13............... 22 5,681,788,831,869 258,263,128,721 0.04140 ................... ................... ...................
Jun-13............... 20 5,623,545,462,226 281,177,273,111 0.08501 ................... ................... ...................
Jul-13............... 22 5,083,861,509,754 231,084,614,080 -0.19620 ................... ................... ...................
Aug-13............... 22 4,925,611,193,095 223,891,417,868 -0.03162 ................... ................... ...................
Sep-13............... 20 4,959,197,626,713 247,959,881,336 0.10211 ................... ................... ...................
Oct-13............... 23 5,928,804,028,970 257,774,088,216 0.03882 ................... ................... ...................
Nov-13............... 20 5,182,024,612,049 259,101,230,602 0.00514 ................... ................... ...................
Dec-13............... 21 5,265,282,994,173 250,727,761,627 -0.03285 ................... ................... ...................
Jan-14............... 21 5,808,700,114,288 276,604,767,347 0.09822 ................... ................... ...................
Feb-14............... 19 6,018,926,931,054 316,785,627,950 0.13564 ................... ................... ...................
Mar-14............... 21 6,068,617,342,988 288,981,778,238 -0.09186 ................... ................... ...................
Apr-14............... 21 6,013,948,953,528 286,378,521,597 -0.00905 ................... ................... ...................
May-14............... 21 5,265,594,447,318 250,742,592,729 -0.13289 ................... ................... ...................
Jun-14............... 21 5,159,506,989,669 245,690,809,032 -0.02035 ................... ................... ...................
Jul-14............... 22 5,364,099,567,460 243,822,707,612 -0.00763 ................... ................... ...................
Aug-14............... 21 5,075,332,147,677 241,682,483,223 -0.00882 ................... ................... ...................
Sep-14............... 21 5,507,943,363,243 262,283,017,297 0.08180 ................... ................... ...................
Oct-14............... 23 7,796,638,035,879 338,984,262,430 0.25653 ................... ................... ...................
Nov-14............... 19 5,340,847,027,697 281,097,211,984 -0.18725 ................... ................... ...................
Dec-14............... 22 6,559,110,068,128 298,141,366,733 0.05887 ................... ................... ...................
Jan-15............... 20 6,185,619,541,044 309,280,977,052 0.03668 ................... ................... ...................
Feb-15............... 19 5,723,523,235,641 301,238,065,034 -0.02635 ................... ................... ...................
Mar-15............... 22 6,395,046,297,249 290,683,922,602 -0.03566 ................... ................... ...................
Apr-15............... 21 5,625,548,298,004 267,883,252,286 -0.08169 ................... ................... ...................
May-15............... 20 5,521,351,972,386 276,067,598,619 0.03009 ................... ................... ...................
Jun-15............... 22 6,005,521,460,806 272,978,248,218 -0.01125 ................... ................... ...................
Jul-15............... 22 6,493,670,315,390 295,166,832,518 0.07815 ................... ................... ...................
Aug-15............... 21 6,963,901,249,270 331,614,345,203 0.11643 ................... ................... ...................
[[Page 25900]]
Sep-15............... 21 6,434,496,770,897 306,404,608,138 -0.07907 ................... ................... ...................
Oct-15............... 22 6,592,594,708,082 299,663,395,822 -0.02225 ................... ................... ...................
Nov-15............... 20 5,822,824,015,945 291,141,200,797 -0.02885 ................... ................... ...................
Dec-15............... 22 6,384,337,478,801 290,197,158,127 -0.00325 ................... ................... ...................
Jan-16............... 19 6,696,059,796,055 352,424,199,792 0.19428 ................... ................... ...................
Feb-16............... 20 6,659,878,908,747 332,993,945,437 -0.05671 ................... ................... ...................
Mar-16............... 22 6,161,943,754,542 280,088,352,479 -0.17302 ................... ................... ...................
Apr-16............... 21 5,541,076,988,322 263,860,808,968 -0.05968 ................... ................... ...................
May-16............... 21 5,693,520,415,112 271,120,019,767 0.02714 ................... ................... ...................
Jun-16............... 22 6,317,212,852,759 287,146,038,762 0.05743 ................... ................... ...................
Jul-16............... 20 5,331,797,261,269 266,589,863,063 -0.07428 ................... ................... ...................
Aug-16............... 23 5,635,976,607,786 245,042,461,208 -0.08428 ................... ................... ...................
Sep-16............... 21 5,942,072,286,976 282,955,823,189 0.14386 ................... ................... ...................
Oct-16............... 21 5,460,906,573,682 260,043,170,175 -0.08444 ................... ................... ...................
Nov-16............... 21 6,845,287,809,886 325,966,086,185 0.22595 ................... ................... ...................
Dec-16............... 21 6,208,579,880,985 295,646,660,999 -0.09763 ................... ................... ...................
Jan-17............... 20 5,598,200,907,603 279,910,045,380 -0.05470 ................... ................... ...................
Feb-17............... 19 5,443,426,609,533 286,496,137,344 0.02326 ................... ................... ...................
Mar-17............... 23 6,661,861,914,530 289,646,170,197 0.01094 ................... ................... ...................
Apr-17............... 19 ................... ................... ........... -0.0623 274,021,149,994 5,206,401,849,893
May-17............... 22 ................... ................... ........... 0.0561 291,814,240,988 6,419,913,301,735
Jun-17............... 22 ................... ................... ........... -0.0032 292,885,318,930 6,443,477,016,454
Jul-17............... 20 ................... ................... ........... -0.0435 282,353,942,739 5,647,078,854,776
Aug-17............... 23 ................... ................... ........... 0.0149 288,570,007,274 6,637,110,167,312
Sep-17............... 20 ................... ................... ........... 0.0308 299,641,156,866 5,992,823,137,329
--------------------------------------------------------------------------------------------------------------------------------------------------------
BILLING CODE 8011-01-P
[[Page 25901]]
[GRAPHIC] [TIFF OMITTED] TN05JN17.008
[[Page 25902]]
[FR Doc. 2017-11555 Filed 6-2-17; 8:45 am]
BILLING CODE 8011-01-C
