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 Commodity Futures Trading Commission 17 CFR Part 1
 AGENCY: Commodity Futures Trading Commission.
 ACTION: Notification of 2021 schedule of fees.
 SUMMARY: The Commodity Futures Trading Commission (“CFTC” or “Commission”) charges fees to designated contract markets and registered futures associations to recover the costs incurred by the Commission in the operation of its program of oversight of self-regulatory organization rule enforcement programs, specifically 
                        ( print page 36408)
                        National Futures Association (“NFA”), a registered futures association, and the designated contract markets. Fees collected from each self-regulatory organization are deposited in the Treasury of the United States as miscellaneous receipts. The calculation of the fee amounts charged for 2021 by this document is based upon an average of actual program costs incurred during fiscal year (“FY”) 2018, FY 2019, and FY 2020.
 DATES: Each self-regulatory organization is required to remit electronically the applicable fee on or before August 16, 2022.
 FOR FURTHER INFORMATION CONTACT: Joel Mattingley, Chief Financial Officer, Commodity Futures Trading Commission; (202) 418-5310; Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581; 
                        *jmattingley@cftc.gov.*
                         For information on electronic payments, contact Jennifer Fleming; (202) 418-5034; 
                        *jfleming@cftc.gov.*


SUPPLEMENTARY INFORMATION:  I. Background Information A. General This document relates to fees for the Commission's review of the rule enforcement programs at the registered futures associations [1]
                    
                     and designated contract markets (“DCM”), each of which is a self-regulatory organization (“SRO”) regulated by the Commission. The Commission recalculates the fees charged each year to cover the costs of operating this Commission program.[2]
                    
                     The fees are set each year based on direct program costs, plus an overhead factor. The Commission calculates actual costs, then calculates an alternate fee taking volume into account, and then charges the lower of the two.[3] B. Overhead Rate The fees charged by the Commission to the SROs are designed to recover program costs, including direct labor costs and overhead. The overhead rate is calculated by dividing total Commission-wide overhead direct program labor costs into the total amount of the Commission-wide overhead pool. For this purpose, direct program labor costs are the salary costs of personnel working in all Commission programs. Overhead costs generally consist of the following Commission-wide costs: Indirect personnel costs (leave and benefits), rent, communications, contract services, utilities, equipment, and supplies. This formula has resulted in the following overhead rates for the most recent three years (rounded to the nearest whole percent): 182 percent for FY 2018, 174 percent for FY 2019, and 158 percent for FY 2020. C. Conduct of SRO Rule Enforcement Reviews Under the formula adopted by the Commission in 1993, the Commission calculates the fee to recover the costs of its rule enforcement reviews and examinations, based on the three-year average of the actual cost of performing such reviews and examinations at each SRO. The cost of operation of the Commission's SRO oversight program varies from SRO to SRO, according to the size and complexity of each SRO's program. The three-year averaging computation method is intended to smooth out year-to-year variations in cost. Timing of the Commission's reviews and examinations may affect costs—a review or examination may span two fiscal years and reviews and examinations are not conducted at each SRO each year. As noted above, adjustments to actual costs may be made to relieve the burden on an SRO with a disproportionately large share of program costs. The Commission's formula provides for a reduction in the assessed fee if an SRO has a smaller percentage of United States industry contract volume than its percentage of overall Commission oversight program costs. This adjustment reduces the costs so that, as a percentage of total Commission SRO oversight program costs, they are in line with the pro rata percentage for that SRO of United States industry-wide contract volume. The calculation is made as follows: The fee required to be paid to the Commission by each DCM is equal to the lesser of actual costs based on the three-year historical average of costs for that DCM or one-half of average costs incurred by the Commission for each DCM for the most recent three years, plus a pro rata share (based on average trading volume for the most recent three years) of the aggregate of average annual costs of all DCMs for the most recent three years. The formula for calculating the second factor is: 0.5a + 0.5 vt = current fee. In this formula, “a” equals the average annual costs, “v” equals the percentage of total volume across DCMs over the last three years, and “t” equals the average annual costs for all DCMs. NFA has no contracts traded; hence, its fee is based simply on costs for the most recent three fiscal years. This table summarizes the data used in the calculations of the resulting fee for each entity: Table 1—Summary of Data Used in Fee Calculations
Actual total costs
3-Year average actual costs
3-Year total volume %
Adjusted volume costs
2021
                             Assessed 
                             feeFY 2018
FY 2019
FY 2020Cantor Futures Exchange, L.P
$56,551

$22,702
$26,418
0.03
$13,319
$13,319CBOE Futures Exchange, LLC
16,033
$40,517
23,325
26,625
1.24
17,482
17,482Chicago Board of Trade
2,296
22,835
56,041
27,058
33.31
125,158
27,058Chicago Mercantile Exchange, Inc
235,127
383,995
260,723
293,282
42.97
290,666
290,666Eris Exchange, LLC
33,170


11,057
0.00
5,540
5,540ICE Futures U.S., Inc
50,096
73,464
193,300
105,620
6.59
74,885
74,885Minneapolis Grain Exchange, Inc
438
39,525

13,321
0.05
6,813
6,813Nasdaq OMX Futures Exchange, Inc
109,413
1,741

37,051
0.27
19,444
19,444New York Mercantile Exchange/Commodity Exchange, Inc
3,397
45,425
99,311
49,377
15.11
75,328
49,377Nodal Exchange, LLC
33,162
2,312

11,825
0.08
6,180
6,180North American Derivatives Exchange, Inc
6,986
135,159
2,598
48,248
0.21
24,844
24,844( print page 36409)OneChicago, LLC Futures Exchange
61,276


20,425
0.13
10,648
10,648Subtotal
607,946
744,973
658,001
670,307
100.00
670,307
546,255National Futures Association
507,673
540,821
567,719
538,738


538,738Total
1,115,619
1,285,794
1,225,720
1,209,044
100.00
670,307
1,084,993Columns may not add due to rounding.
 An example of how the fee is calculated for one exchange, the Chicago Board of Trade, is set forth here: a. Actual three-year average costs = $27,058. b. The alternative computation is: [(.5) ($27,058)] + (.5) [(.33307) ($670,307)] = $125,158. c. The fee is the lesser of a or b; in this case $27,058. As noted above, the alternative calculation based on contracts traded is not applicable to NFA because it is not a DCM and has no contracts traded. The Commission's average annual cost for conducting oversight review of the NFA rule enforcement program during fiscal years 2018 through 2020 was $538,738. The fee to be paid by the NFA for the current fiscal year is $538,738. II. Schedule of Fees Fees for the Commission's review of the rule enforcement programs at the registered futures associations and DCMs regulated by the Commission are as follows: Table 2—Schedule of Fees
3-Year
                             average  
                             actual 
                             costs
3-Year
                             total  
                             volume %
Adjusted 
                             volume costs
2021 
                             Assessed feeCantor Futures Exchange, L.P
$26,418
0.03
$13,319
$13,319CBOE Futures Exchange, LLC
26,625
1.24
17,482
17,482Chicago Board of Trade
27,058
33.31
125,158
27,058Chicago Mercantile Exchange, Inc
293,282
42.97
290,666
290,666Eris Exchange, LLC
11,057
0.00
5,540
5,540ICE Futures U.S., Inc
105,620
6.59
74,885
74,885Minneapolis Grain Exchange, Inc
13,321
0.05
6,813
6,813Nasdaq OMX Futures Exchange, Inc
37,051
0.27
19,444
19,444New York Mercantile Exchange/Commodity Exchange, Inc
11,825
0.08
6,180
6,180Nodal Exchange, LLC
48,248
0.21
24,844
24,844North American Derivatives Exchange, Inc
20,425
0.13
10,648
10,648OneChicago, LLC Futures Exchange
49,377
15.11
75,328
49,377Subtotal
670,307
100.00%
670,307
546,255National Futures Association
538,738


538,738Total
1,209,044
100.00
670,307
1,084,993Columns may not add due to rounding.
 III. Payment Method The Debt Collection Improvement Act (DCIA) requires deposits of fees owed to the government by electronic transfer of funds. 
                    *See*31 U.S.C. 3720. All payments should be made via the government payment website 
                    *https://www.pay.gov/​public/​form/​start/​105542374/​.*
                     Credit card payments are only acceptable for amounts less than or equal to $24,999. All payments equal to or above $25,000 can be made by electronice funds transfer. Fees collected from each self-regulatory organization shall be deposited in the Treasury of the United States as miscellaneous receipts. 
                    *See*7 U.S.C 16a. Issued in Washington, DC, on this 14th day of June, 2022, by the Commission. Robert Sidman, Deputy Secretary of the Commission.


# Footnotes

1.
    
                         National Futures Association is the only registered futures association. Back to Citation
 2.
    
                         
                        *See*
                         Section 237 of the Futures Trading Act of 1982, 7 U.S.C. 16a, and 31 U.S.C. 9701. For a broader discussion of the history of Commission fees, see 52 FR 46070, Dec. 4, 1987. Back to Citation
 3.
    
                         58 FR 42643, Aug. 11, 1993, and 17 CFR part 1, app. B Back to Citation


[FR Doc. 2022-13141 Filed 6-16-22; 8:45 am] BILLING CODE 6351-01-P