Order Making Fiscal Year 2018 Annual Adjustments to Transaction Fee Rates, 17577-17582 [2018-08339]
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Federal Register / Vol. 83, No. 77 / Friday, April 20, 2018 / Notices
months of its current operating expenses
or the amount determined by the board
of directors to be sufficient to ensure a
recovery or orderly wind-down of
critical operations and services of the
covered clearing agency, as
contemplated by the plans established
under Rule 17Ad–22(e)(3)(ii).32
IV. Request for Written Comments
The Commission requests that
interested persons provide written
submissions of their views, data, and
arguments with respect to the issues
raised by the proposed rule changes. In
particular, the Commission invites the
written views of interested persons
concerning whether the proposed rule
changes are inconsistent with Section
17A(b)(3)(F) of the Exchange Act 33 and
Rules 17Ad–22(e)(2),34 17Ad–
22(e)(3)(ii),35 and 17Ad–22(e)(15)(i)–
(ii) 36 under the Exchange Act, or any
other provision of the Exchange Act or
rules and regulations thereunder.
Although there do not appear to be
any issues relevant to approval or
disapproval that would be facilitated by
an oral presentation of views, data, and
arguments, the Commission will
consider, pursuant to Rule 19b–4, any
request for an opportunity to make an
oral presentation.37
Interested persons are invited to
submit written data, views, and
arguments regarding whether the
proposed rule changes should be
approved or disapproved on or before
May 11, 2018. Any person who wishes
to file a rebuttal to any other person’s
submission must file that rebuttal on or
before May 25, 2018. Comments may be
submitted by any of the following
methods:
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–
ICEEU–2017–016 and SR–ICEEU–2017–
017 on the subject line.
32 17
CFR 240.17Ad–22(e)(3)(ii).
U.S.C. 78q–1(b)(3)(F).
34 17 CFR 240.17Ad–22(e)(2).
35 17 CFR 240.17Ad–22(e)(3)(ii).
36 17 CFR 240.17Ad–22(e)(15)(i)–(ii).
37 Section 19(b)(2) of the Exchange Act, as
amended by the Securities Acts Amendments of
1975, Public Law 94–29, 89 Stat. 97 (1975), grants
the Commission flexibility to determine what type
of proceeding—either oral or notice and
opportunity for written comments—is appropriate
for consideration of a particular proposal by a selfregulatory organization. See Securities Acts
Amendments of 1975, Report of the Senate
Committee on Banking, Housing and Urban Affairs
to Accompany S. 249, S. Rep. No. 75, 94th Cong.,
1st Sess. 30 (1975).
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Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549.
All submissions should refer to SR–
ICEEU–2017–016 and SR–ICEEU–2017–
017. These file numbers 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 website
(https://www.sec.gov/rules/sro.shtml).
Copies of the submissions, all
subsequent amendments, all written
statements with respect to the proposed
rule changes that are filed with the
Commission, and all written
communications relating to the
proposed rule changes between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website 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
filings also will be available for
inspection and copying at the principal
office of ICE Clear Europe and on ICE
Clear Europe’s website at https://
www.theice.com/clear-europe.
All comments received will be posted
without change. Persons submitting
comments are cautioned that we do not
redact or edit personal identifying
information from comment submissions.
You should submit only information
that you wish to make available
publicly.
All submissions should refer to File
Number SR–ICEEU–2017–016 and SR–
ICEEU–2017–017 and should be
submitted on or before May 11, 2018. If
comments are received, any rebuttal
comments should be submitted on or
before May 25, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.38
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–08338 Filed 4–19–18; 8:45 am]
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38 17
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17577
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83057/April 17, 2018]
Order Making Fiscal Year 2018 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
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
March 23, 2018, the President signed
into law the Consolidated
Appropriations Act, 2018, which
includes total appropriations of
$1,896,507,052 to the SEC for fiscal year
2018.
1 15
U.S.C. 78ee.
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).
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).
2 15
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Federal Register / Vol. 83, No. 77 / Friday, April 20, 2018 / Notices
II. Fiscal Year 2018 Annual Adjustment
to the Fee Rate
sradovich on DSK3GMQ082PROD with NOTICES
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 2018 8 from an amount
equal to the regular appropriation to the
Commission for fiscal year 2018, 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
As noted above, the Consolidated
Appropriations Act, 2018, includes total
appropriations of $1,896,507,052 to the
Commission for fiscal year 2018.10 The
Commission estimates that it will
collect $1,387,201,997 in fees for the
period prior to the effective date of the
new fee rate and $41,227 in assessments
on round turn transactions in security
futures products during all of fiscal year
2018. Using the methodology described
in Appendix A, the Commission
estimates that the aggregate dollar
amount of covered sales for the
remainder of fiscal year 2018 to be
$39,323,689,064,673.
The uniform adjusted rate is
computed by dividing the residual fees
to be collected of $509,263,828 by the
estimated aggregate dollar amount of
covered sales for the remainder of fiscal
year 2018 of $39,323,689,064,673; this
results in a uniform adjusted rate for
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 February, 2018. To calculate the dollar
amount of covered sales from March, 2018 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 2018. 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 2018
following the effective date of the new fee rate, the
Commission is using the methodology described in
Appendix A of this order.
10 The Consolidated Appropriations Act, 2018
includes an appropriation of $1,652,000,000 for
necessary expenses for the Commission and an
appropriation of $244,507,052 for costs associated
with relocation under a replacement lease for the
Commission’s headquarters facilities. The act
provides that ‘‘for purposes of calculating the fee
rate under section 31(j) of the [Exchange Act] for
fiscal year 2018, all amounts appropriated [to the
Commission in the act] shall be deemed to be the
regular appropriation to the Commission for fiscal
year 2018.’’
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fiscal year 2018 of $13.00 per million.11
The reduction in the fee rate for fiscal
year 2018 is due, in part, to the
substantially higher dollar amount of
covered sales in recent months. The
Commission notes that if the dollar
amount of covered sales deviates from
current levels when the fee rate is next
adjusted, a large reduction or increase in
the fee rate may again be required; this
is especially so if the next adjustment
occurs later in the next fiscal year.
III. Effective Date of the Uniform
Adjusted Rate
Under Section 31(j)(4)(A) of the
Exchange Act, the fiscal year 2018
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, 2017, or 60 days
after the date on which a regular
appropriation to the Commission for
fiscal year 2018 is enacted.12 The
regular appropriation to the
Commission for fiscal year 2018 was
enacted on March 23, 2018, and
accordingly, the new fee rates
applicable under Sections 31(b) and (c)
of the Exchange Act will take effect on
May 22, 2018.
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 $13.00 per $1,000,000
effective on May 22, 2018.
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 2018.
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 2018.
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 2018 (less the sum of fees to be collected
during fiscal year 2018 prior to the effective
date of the new fee rate and aggregate
assessments on security futures transactions
during all of fiscal year 2018) to the
11 Appendix A shows the process of calculating
the fiscal year 2018 annual adjustment and includes
the data used by the Commission in making this
adjustment.
12 15 U.S.C. 78ee(j)(4)(A).
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estimated aggregate dollar amount of covered
sales for the remainder of the fiscal year
following the effective date of the new fee
rate.
For 2018, 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 February
2018, the last month for which the
Commission has data on the dollar volume of
covered sales.13
The following sections describe this
process in detail.
A. Baseline Estimate of the Aggregate Dollar
Amount of Covered Sales for Fiscal Year
2018
First, calculate the average daily dollar
amount of covered sales (‘‘ADS’’) for each
month in the sample (January 2008–February
2018). 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 January
2008—February 2018.14 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
with Dtm representing monthly indicator
variables, yt representing the log growth rate
13 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 March 23, 2018. The first business day
after this date was March 26, 2018. Data for
February 2018 were due from the exchanges on
March 14, 2018. As a result, the Commission used
February 2018 and earlier data to forecast volume
for March 2018 and later months.
14 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.
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17578
Federal Register / Vol. 83, No. 77 / Friday, April 20, 2018 / Notices
17579
√
√
sales as byFeb + aMar = ((¥ 0.2028 × 0.2287)
¥ 0.0130) = ¥ 0.0594. This represents the
estimated change in log average daily dollar
volume for March 2018 relative to February
2018. To estimate the percent change in
average daily sales from February 2018 to
March 2018, use the formula shown in Step
5, above: exp
2. Estimate the amount of assessments on
security futures products collected from
October 1, 2017 through September 30, 2018.
First, calculate the average and the standard
deviation of the change in log average daily
sales, in column E, for the 120 months
ending February 2018. The average is
0.003357 and the standard deviation is
0.114918. These are used to estimate an
average growth rate in ADS using the formula
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.
5. Assuming that the regression error in the
AR(1) model is normally distributed, the
expected percentage change in average daily
dollar volume from month to month t ¥ 1
to month t is then given by the expression
exp
Apply this estimated percent change in ADS
to the ADS for February 2018 to estimate the
ADS for March 2018 as $459,232,655,928 ×
(1 ¥ 0.0521) = $435,316,961,660. Multiply
this by the 21 trading days in March 2018 to
obtain a total dollar volume forecast of
$9,141,656,194,853.
7. For April 2018, proceed in a similar
fashion. Using the estimates for March 2018
√
√
along with the b parameter and the a4
parameter (for April 2018) 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
$418,239,289,610. Multiply this figure by the
21 trading days in April 2018 to obtain a total
dollar volume forecast of $8,783,025,081,808.
8. Repeat this procedure for subsequent
months.
where s denotes the root mean squared error
of the regression (RMSE).
6. For instance, for March 2018, using the
√
√
b parameter and the a3 parameter (for March)
above, and the change in the log-level ADS
from February, 2018, we can estimate the
change in the log growth in average daily
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, 2017 through May
21, 2018. The projected aggregate dollar
amount of covered sales for this period is
$60,052,034,517,716. Actual and projected
fee collections at the current fee rate of
$23.10 per million are $1,387,201,997.
This results in an average monthly increase
of 1.001%. Apply this monthly increase to
the last month for which single stock futures’
assessments are available, which was
$3,041.17, for February 2018. Estimate all
subsequent months in fiscal year 2018 by
applying the growth rate to the previously
estimated monthly value, and sum the
results. This totals $41,226.78 for the entire
fiscal year.
3. Subtract the amounts $1,387,201,997
and $41,227 from the target off-setting
collection amount set by Congress of
$1,896,507,052, leaving $509,263,838 to be
collected on dollar volume for the period
May 22, 2018 through September 30, 2018.
4. Use Table A to estimate dollar volume
for the period May 22, 2018 through
September 30, 2018. The estimate is
$39,323,689,064,673. Finally, compute the
fee rate required to produce the additional
$509,263,838 in revenue. This rate is
$509,263,828 divided by
$39,323,689,064,673 or 0.00001295056.
5. Round the result to the seventh decimal
point, yielding a rate of 0.0000130 (or $13.00
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.
D LN ADS
Forecast
D LN
ADS
Forecast average
daily dollar
amount of sales
Forecast Total
dollar amount
of sales
(B)
(C)
(D)
(E)
(F)
(G)
(H)
....................
¥0.21563
0.09751
¥0.19104
0.03510
0.13546
0.10537
¥0.23659
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Jan–08 ...............
Feb–08 ...............
Mar–08 ...............
Apr–08 ................
May–08 ..............
Jun–08 ...............
Jul–08 .................
Aug–08 ...............
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21
20
20
22
21
21
22
21
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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
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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
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20APN1
EN20AP18.005</GPH>
Average daily
dollar amount
of sales (ADS)
EN20AP18.004</GPH>
Total dollar amount
of sales
EN20AP18.001</GPH>
Number of
trading
days in
month
(A)
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Month
EN20AP18.006</GPH>
EN20AP18.002</GPH>
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 = ¥0.2028 and a1 – a12 as
follows:
√
√
√
a1 (JAN) = 0.0524, a2 (FEB) = 0.0733, a3
√
(MAR) = ¥0.0130, a4 (APR) = ¥0.0579,
√
√
√
a5 (MAY) = 0.0406, a6 (JUN) = 0.0036, a7
√
(JUL) = ¥0.0655, a8 (AUG) = ¥0.0151,
√
√
a9 (SEP) = 0.0682, a10 (OCT) = 0.0354,
√
√
a11 (NOV) = ¥0.0322, a12 (DEC) =
¥0.0503. The root-mean squared error
(RMSE) of the regression is 0.1085.
4. For the first month calculate the
forecasted value of the log growth rate of
ADS as
17580
Federal Register / Vol. 83, No. 77 / Friday, April 20, 2018 / Notices
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
(A)
sradovich on DSK3GMQ082PROD with NOTICES
Month
(B)
(C)
(D)
(E)
(F)
(G)
(H)
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Apr–13 ................
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Jun–13 ...............
Jul–13 .................
Aug–13 ...............
Sep–13 ...............
Oct–13 ................
Nov–13 ...............
Dec–13 ...............
Jan–14 ...............
Feb–14 ...............
Mar–14 ...............
Apr–14 ................
May–14 ..............
VerDate Sep<11>2014
21
23
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20
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19
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21
21
17:44 Apr 19, 2018
8,156,991,919,103
8,644,538,213,244
5,727,998,341,833
5,176,041,317,640
4,670,249,433,806
4,771,470,184,048
5,885,594,284,780
5,123,665,205,517
5,086,717,129,965
5,271,742,782,609
4,659,599,245,583
4,582,102,295,783
4,929,155,364,888
5,410,025,301,030
4,770,928,103,032
4,688,555,303,171
4,661,793,708,648
4,969,848,578,023
5,563,529,823,621
5,546,445,874,917
7,260,430,376,294
6,124,776,349,285
5,058,242,097,334
4,765,828,263,463
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
Jkt 244001
PO 00000
388,428,186,624
375,849,487,532
301,473,596,939
235,274,605,347
233,512,471,690
251,130,009,687
267,527,012,945
243,984,057,406
254,335,856,498
239,624,671,937
211,799,965,708
218,195,347,418
234,721,684,042
245,910,240,956
238,546,405,152
213,116,150,144
245,357,563,613
261,570,977,791
241,892,601,027
264,116,470,234
363,021,518,815
278,398,924,967
240,868,671,302
216,628,557,430
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
Frm 00061
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¥0.12343
0.02975
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¥0.11273
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¥0.07821
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¥0.26541
¥0.14480
¥0.10607
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0.09020
¥0.02881
¥0.01933
0.37925
¥0.22727
¥0.02884
¥0.11497
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¥0.13289
Sfmt 4703
E:\FR\FM\20APN1.SGM
20APN1
Federal Register / Vol. 83, No. 77 / Friday, April 20, 2018 / Notices
17581
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
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
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
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
5,116,714,033,499
6,305,822,460,672
6,854,993,097,601
5,394,333,070,522
6,206,204,906,864
5,939,886,169,525
6,134,529,538,894
6,289,748,560,897
6,672,181,323,001
7,672,172,336,996
8,725,420,462,639
..................................
..................................
..................................
..................................
..................................
..................................
..................................
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
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
269,300,738,605
286,628,293,667
311,590,595,346
269,716,653,526
269,834,995,951
296,994,308,476
278,842,251,768
299,511,836,233
333,609,066,150
365,341,539,857
459,232,655,928
..............................
..............................
..............................
..............................
..............................
..............................
..............................
¥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
¥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
¥0.07283
0.06236
0.08350
¥0.14432
0.00044
0.09590
¥0.06307
0.07151
0.10782
0.09086
0.22872
....................
....................
....................
....................
....................
....................
....................
................
................
................
................
................
................
................
................
................
................
................
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................
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................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
¥0.0594
¥0.0459
0.0499
¥0.0065
¥0.0642
¥0.0021
0.0686
..............................
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..............................
..............................
..............................
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..............................
..............................
..............................
..............................
435,316,961,660
418,239,289,610
442,220,067,909
441,938,237,422
416,913,075,359
418,511,833,550
450,868,360,487
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
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..............................
9,141,656,194,853
8,783,025,081,808
9,728,841,493,989
9,280,702,985,869
8,755,174,582,547
9,625,772,171,640
8,566,498,849,257
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 ...............
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 ...............
Oct–17 ................
Nov–17 ...............
Dec–17 ...............
Jan–18 ...............
Feb–18 ...............
Mar–18 ...............
Apr–18 ................
May–18 ..............
Jun–18 ...............
Jul–18 .................
Aug–18 ...............
Sep–18 ...............
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21
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22
19
20
22
21
21
22
20
23
21
21
21
21
20
19
23
19
22
22
20
23
20
22
21
20
21
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21
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sradovich on DSK3GMQ082PROD with NOTICES
BILLING CODE 8011–01–P
VerDate Sep<11>2014
17:44 Apr 19, 2018
Jkt 244001
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E:\FR\FM\20APN1.SGM
20APN1
sradovich on DSK3GMQ082PROD with NOTICES
17582
(Dashed Line Indicates Forecast Values)
Dollar Value,
SBillions
$12~00 ~--~--------~--------------------~----------------------------~--------~--------~------~~--~
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Federal Register / Vol. 83, No. 77 / Friday, April 20, 2018 / Notices
Jkt 244001
[FR Doc. 2018–08339 Filed 4–19–18; 8:45 am]
17:44 Apr 19, 2018
BILLING CODE 8011–01–C
VerDate Sep<11>2014
Figure A.
Aggregate Dollar Amount of Sales Subject to Exchange Act Sections 3l(b) and 31 (c) 1
Methodology Developed in Consultation With OMB and CBO
]]>Agencies
[Federal Register Volume 83, Number 77 (Friday, April 20, 2018)]
[Notices]
[Pages 17577-17582]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-08339]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83057/April 17, 2018]
Order Making Fiscal Year 2018 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 March 23, 2018, the President signed into law the
Consolidated Appropriations Act, 2018, which includes total
appropriations of $1,896,507,052 to the SEC for fiscal year 2018.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78ee(g).
---------------------------------------------------------------------------
[[Page 17578]]
II. Fiscal Year 2018 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 2018 \8\ from an amount equal to the regular appropriation to the
Commission for fiscal year 2018, 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 February, 2018. To calculate
the dollar amount of covered sales from March, 2018 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 2018. 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 2018 following the effective date of
the new fee rate, the Commission is using the methodology described
in Appendix A of this order.
---------------------------------------------------------------------------
As noted above, the Consolidated Appropriations Act, 2018, includes
total appropriations of $1,896,507,052 to the Commission for fiscal
year 2018.\10\ The Commission estimates that it will collect
$1,387,201,997 in fees for the period prior to the effective date of
the new fee rate and $41,227 in assessments on round turn transactions
in security futures products during all of fiscal year 2018. Using the
methodology described in Appendix A, the Commission estimates that the
aggregate dollar amount of covered sales for the remainder of fiscal
year 2018 to be $39,323,689,064,673.
---------------------------------------------------------------------------
\10\ The Consolidated Appropriations Act, 2018 includes an
appropriation of $1,652,000,000 for necessary expenses for the
Commission and an appropriation of $244,507,052 for costs associated
with relocation under a replacement lease for the Commission's
headquarters facilities. The act provides that ``for purposes of
calculating the fee rate under section 31(j) of the [Exchange Act]
for fiscal year 2018, all amounts appropriated [to the Commission in
the act] shall be deemed to be the regular appropriation to the
Commission for fiscal year 2018.''
---------------------------------------------------------------------------
The uniform adjusted rate is computed by dividing the residual fees
to be collected of $509,263,828 by the estimated aggregate dollar
amount of covered sales for the remainder of fiscal year 2018 of
$39,323,689,064,673; this results in a uniform adjusted rate for fiscal
year 2018 of $13.00 per million.\11\ The reduction in the fee rate for
fiscal year 2018 is due, in part, to the substantially higher dollar
amount of covered sales in recent months. The Commission notes that if
the dollar amount of covered sales deviates from current levels when
the fee rate is next adjusted, a large reduction or increase in the fee
rate may again be required; this is especially so if the next
adjustment occurs later in the next fiscal year.
---------------------------------------------------------------------------
\11\ Appendix A shows the process of calculating the fiscal year
2018 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 2018
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,
2017, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2018 is enacted.\12\ The regular
appropriation to the Commission for fiscal year 2018 was enacted on
March 23, 2018, and accordingly, the new fee rates applicable under
Sections 31(b) and (c) of the Exchange Act will take effect on May 22,
2018.
---------------------------------------------------------------------------
\12\ 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 $13.00 per $1,000,000 effective on May
22, 2018.
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 2018. 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 2018.
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 2018 (less the
sum of fees to be collected during fiscal year 2018 prior to the
effective date of the new fee rate and aggregate assessments on
security futures transactions during all of fiscal year 2018) 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 2018, 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 February 2018,
the last month for which the Commission has data on the dollar
volume of covered sales.\13\
---------------------------------------------------------------------------
\13\ 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 March 23, 2018. The first business day
after this date was March 26, 2018. Data for February 2018 were due
from the exchanges on March 14, 2018. As a result, the Commission
used February 2018 and earlier data to forecast volume for March
2018 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 2018
First, calculate the average daily dollar amount of covered
sales (``ADS'') for each month in the sample (January 2008-February
2018). 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 January
2008--February 2018.\14\ 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).
---------------------------------------------------------------------------
\14\ 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] TN20AP18.000
with Dtm representing monthly indicator variables, yt representing
the log growth rate
[[Page 17579]]
in ADS ([Delta] LN ADS), and [egr]t representing the error term for
month t. The model can be estimated using standard commercially
available software. The estimated parameter values are [beta] = -
0.2028 and [alpha]1 - [alpha]12 as follows:
[alpha]1 (JAN) = 0.0524, [alpha]2 (FEB) =
0.0733, [alpha]3 (MAR) = -0.0130, [alpha]4
(APR) = -0.0579, [alpha]5 (MAY) = 0.0406,
[alpha]6 (JUN) = 0.0036, [alpha]7 (JUL) = -
0.0655, [alpha]8 (AUG) = -0.0151, [alpha]9
(SEP) = 0.0682, [alpha]10 (OCT) = 0.0354,
[alpha]11 (NOV) = -0.0322, [alpha]12 (DEC) = -
0.0503. The root-mean squared error (RMSE) of the regression is
0.1085.
4. For the first month calculate the forecasted value of the log
growth rate of ADS as
[GRAPHIC] [TIFF OMITTED] TN20AP18.001
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.
5. Assuming that the regression error in the AR(1) model is
normally distributed, the expected percentage change in average
daily dollar volume from month to month t - 1 to month t is then
given by the expression exp
[GRAPHIC] [TIFF OMITTED] TN20AP18.004
where [sigma] denotes the root mean squared error of the regression
(RMSE).
6. For instance, for March 2018, using the [beta] parameter and
the [alpha]3 parameter (for March) above, and the change
in the log-level ADS from February, 2018, we can estimate the change
in the log growth in average daily sales as [beta]yFeb + [alpha]Mar
= ((- 0.2028 x 0.2287) - 0.0130) = - 0.0594. This represents the
estimated change in log average daily dollar volume for March 2018
relative to February 2018. To estimate the percent change in average
daily sales from February 2018 to March 2018, use the formula shown
in Step 5, above: exp
[GRAPHIC] [TIFF OMITTED] TN20AP18.005
Apply this estimated percent change in ADS to the ADS for February
2018 to estimate the ADS for March 2018 as $459,232,655,928 x (1 -
0.0521) = $435,316,961,660. Multiply this by the 21 trading days in
March 2018 to obtain a total dollar volume forecast of
$9,141,656,194,853.
7. For April 2018, proceed in a similar fashion. Using the
estimates for March 2018 along with the [beta] parameter and the
[alpha]4 parameter (for April 2018) 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 $418,239,289,610. Multiply this figure by the 21
trading days in April 2018 to obtain a total dollar volume forecast
of $8,783,025,081,808.
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, 2017 through May 21, 2018. The projected aggregate dollar amount
of covered sales for this period is $60,052,034,517,716. Actual and
projected fee collections at the current fee rate of $23.10 per
million are $1,387,201,997.
2. Estimate the amount of assessments on security futures
products collected from October 1, 2017 through September 30, 2018.
First, calculate the average and the standard deviation of the
change in log average daily sales, in column E, for the 120 months
ending February 2018. The average is 0.003357 and the standard
deviation is 0.114918. These are used to estimate an average growth
rate in ADS using the formula
[GRAPHIC] [TIFF OMITTED] TN20AP18.006
This results in an average monthly increase of 1.001%. Apply this
monthly increase to the last month for which single stock futures'
assessments are available, which was $3,041.17, for February 2018.
Estimate all subsequent months in fiscal year 2018 by applying the
growth rate to the previously estimated monthly value, and sum the
results. This totals $41,226.78 for the entire fiscal year.
3. Subtract the amounts $1,387,201,997 and $41,227 from the
target off-setting collection amount set by Congress of
$1,896,507,052, leaving $509,263,838 to be collected on dollar
volume for the period May 22, 2018 through September 30, 2018.
4. Use Table A to estimate dollar volume for the period May 22,
2018 through September 30, 2018. The estimate is
$39,323,689,064,673. Finally, compute the fee rate required to
produce the additional $509,263,838 in revenue. This rate is
$509,263,828 divided by $39,323,689,064,673 or 0.00001295056.
5. Round the result to the seventh decimal point, yielding a
rate of 0.0000130 (or $13.00 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.
[GRAPHIC] [TIFF OMITTED] TN20AP18.002
--------------------------------------------------------------------------------------------------------------------------------------------------------
Number of
trading Total dollar amount Average daily [Delta] LN Forecast Forecast average Forecast Total
Month days in of sales dollar amount of ADS [Delta] daily dollar dollar amount of
month sales (ADS) LN ADS amount of sales sales
(A) (B) (C) (D) (E) (F) (G) (H)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Jan-08................................ 21 7,997,242,071,529 380,821,051,025 ........... ......... ................. .................
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 ......... ................. .................
[[Page 17580]]
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 ......... ................. .................
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 ......... ................. .................
[[Page 17581]]
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 ......... ................. .................
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 5,116,714,033,499 269,300,738,605 -0.07283 ......... ................. .................
May-17................................ 22 6,305,822,460,672 286,628,293,667 0.06236 ......... ................. .................
Jun-17................................ 22 6,854,993,097,601 311,590,595,346 0.08350 ......... ................. .................
Jul-17................................ 20 5,394,333,070,522 269,716,653,526 -0.14432 ......... ................. .................
Aug-17................................ 23 6,206,204,906,864 269,834,995,951 0.00044 ......... ................. .................
Sep-17................................ 20 5,939,886,169,525 296,994,308,476 0.09590 ......... ................. .................
Oct-17................................ 22 6,134,529,538,894 278,842,251,768 -0.06307 ......... ................. .................
Nov-17................................ 21 6,289,748,560,897 299,511,836,233 0.07151 ......... ................. .................
Dec-17................................ 20 6,672,181,323,001 333,609,066,150 0.10782 ......... ................. .................
Jan-18................................ 21 7,672,172,336,996 365,341,539,857 0.09086 ......... ................. .................
Feb-18................................ 19 8,725,420,462,639 459,232,655,928 0.22872 ......... ................. .................
Mar-18................................ 21 ................... ................. ........... -0.0594 435,316,961,660 9,141,656,194,853
Apr-18................................ 21 ................... ................. ........... -0.0459 418,239,289,610 8,783,025,081,808
May-18................................ 22 ................... ................. ........... 0.0499 442,220,067,909 9,728,841,493,989
Jun-18................................ 21 ................... ................. ........... -0.0065 441,938,237,422 9,280,702,985,869
Jul-18................................ 21 ................... ................. ........... -0.0642 416,913,075,359 8,755,174,582,547
Aug-18................................ 23 ................... ................. ........... -0.0021 418,511,833,550 9,625,772,171,640
Sep-18................................ 19 ................... ................. ........... 0.0686 450,868,360,487 8,566,498,849,257
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BILLING CODE 8011-01-P
[[Page 17582]]
[GRAPHIC] [TIFF OMITTED] TN20AP18.003
[FR Doc. 2018-08339 Filed 4-19-18; 8:45 am]
BILLING CODE 8011-01-C
