Order Making Fiscal Year 2017 Annual Adjustments to Transaction Fee Rates, 25895-25902 [2017-11555]

Download as PDF 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 (http://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 (http://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than 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 .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... 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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