82 FR 106 pgs. 25895-25902 - Order Making Fiscal Year 2017 Annual Adjustments to Transaction Fee Rates
Type: NOTICEVolume: 82Number: 106Pages: 25895 - 25902
Pages: 25895, 25896, 25897, 25898, 25899, 25901, 25902Docket number: [Release No. 34-80816/May 31, 2017]
FR document: [FR Doc. 2017-11555 Filed 6-2-17; 8:45 am]
Agency: Securities and Exchange Commission
Official PDF Version: PDF Version
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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
Footnotes:
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
Footnotes:
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.
Footnotes:
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
Footnotes:
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.
[top] 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
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
Footnotes:
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.
Footnotes:
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
Footnotes:
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).
Footnotes:
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 ? 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
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with D t m representing monthly indicator variables, y t representing the log growth rate in ADS (? LN ADS), and e t 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 a 1 - a 12 as follows:
k 1 (JAN) = 0.0636, a 2 (FEB) = 0.398, a 3 (MAR) = -0.0118, a 4 (APR) = 0.0593, a 5 (MAY) = 0.0388, a 6 (JUN) = 0.0123, a 7 (JUL) = -0.0444, a 8 (AUG) = 0.0029, a 9 (SEP) = 0.0349, a 10 (OCT) = 0.0474, a 11 (NOV) = -0.0141, a 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
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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.
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7. For May 2017, proceed in a similar fashion. Using the estimates for April 2017 along with the b parameter and the a 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.
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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 $23.10 per million).
This table summarizes the estimates of the aggregate dollar amount of covered sales, by time period. The figures in this table can be used to determine the new fee rate.
| Fee rate calculation | |
|---|---|
| a. Baseline estimate of the aggregate dollar amount of sales, 10/01/2016 to 06/30/2017 ($Millions) | $54,288,056 |
| b. Baseline estimate of the aggregate dollar amount of sales, 07/01/2017 to 07/03/2017 ($Millions) | 282,354 |
| c. Baseline estimate of the aggregate dollar amount of sales, 07/04/2017 to 07/31/2017 ($Millions) | 5,364,725 |
| d. Baseline estimate of the aggregate dollar amount of sales, 08/01/2017 to 09/30/2017 ($Millions) | 12,629,933 |
| e. Estimated collections in assessments on security futures products in fiscal year 2017 ($Millions) | 0.065 |
| f. Implied fee rate (($1,605,000,000 - $21.80 * (a + b) - e)/(c + d) | 23.10 |
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| (A) | Month | (B) | Number of trading days in month | (C) | Total dollar amount of sales | (D) | Average daily dollar amount of sales (ADS) | (E) | ? LN ADS | (F) | Forecast ? LN ADS | (G) | Forecast average daily dollar amount of sales | (H) | Forecast total dollar amount of 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 | |||||||||||
| 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 | |||||||||||
| 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
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[Federal Register graphic "EN05JN17.008" is not available. Please view the graphic in the PDF version of this document.]
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[FR Doc. 2017-11555 Filed 6-2-17; 8:45 am]
BILLING CODE 8011-01-C