2978 Federal Register / Vol. 80, No. 13 / Wednesday, January 21, 2015 / Notices 

1 15 U.S.C. 78ee. 

2 15 U.S.C. 78ee(b). 

3 15 U.S.C. 78ee(c). 

4 In some circumstances, the SEC also must make 

a mid-year adjustment to the fee rates applicable 

under Sections 31(b) and (c). 

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). 

7The 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 November 30, 2014. To calculate the dollar 

amount of covered sales from that date to the 

effective date of the new fee rate, the Division is 

using the same methodology it developed in 

consultation with the Congressional Budget Office 

(‘‘CBO’’) and the Office of Management and Budget 

(‘‘OMB’’) to estimate the dollar amount of covered 

sales in prior fiscal years. An explanation of the 

methodology appears in Appendix A. 

8The Division is using the same methodology it 

has used previously to estimate assessments on 

security futures transactions to be collected in fiscal 

year 2015. An explanation of the methodology 

appears in Appendix A. 

9The estimate 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. 

10Appendix A shows the purely arithmetic 

process of calculating the fiscal year 2015 annual 

adjustment. The appendix also includes the data 

used by the Commission in making this adjustment. 

11 15 U.S.C. 78ee(j)(4)(A). 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold a Closed Meeting 

on Tuesday, January 20, 2015 at 10 a.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

The General Counsel of the 

Commission, or her designee, has 

certified that, in her opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) 

and 17 CFR 200.402(a)(3), (5), (7), (9)(ii) 

and (10), permit consideration of the 

scheduled matter at the Closed Meeting. 

Commissioner Stein, as duty officer, 

voted to consider the items listed for the 

Closed Meeting in closed session, and 

determined that no earlier notice thereof 

was possible. 

The subject matter of the Closed 

Meeting will be: Institution and 

settlement of an administrative 

proceeding. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact the Office of the Secretary at 

(202) 551–5400. 

Dated: January 15, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–00925 Filed 1–16–15; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74057/January 15, 2015] 

Order Making Fiscal Year 2015 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 

December 16, 2014, the President signed 

the Consolidated and Further 

Continuing Appropriations Act, 2015, 

providing $1,500,000,000 in funds to 

the SEC for fiscal year 2015. 

II. Fiscal Year 2015 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 2015 8 from an amount 

equal to the regular appropriation to the 

Commission for fiscal year 2015, and (2) 

dividing the difference by the estimated 

aggregate dollar amount of sales for the 

remainder of the fiscal year following 

the effective date of the new fee rate. 

The regular appropriation to the 

Commission for fiscal year 2015 is 

$1,500,000,000. The Commission 

estimates that it will collect 

$614,005,586 in fees for the period prior 

to the effective date of the new fee rate 

and $58,863 in assessments on round 

turn transactions in security futures 

products during all of fiscal year 2015.9

Using a methodology for estimating the 

aggregate dollar amount of sales for the 

remainder of fiscal year 2015 

(developed after consultation with the 

CBO and OMB), the Commission 

estimates that the aggregate dollar 

amount of covered sales for the 

remainder of fiscal year 2015 to be 

$48,121,838,283,138. 

As described above, the uniform 

adjusted rate is computed by dividing 

the residual fees to be collected of 

$885,935,551 by the estimate of the 

aggregate dollar amount of covered sales 

for the remainder of fiscal year 2015 of 

$48,121,838,283,138. This results in a 

uniform adjusted rate for fiscal year 

2015 of $18.40 per million.10

III. Effective Date of the Uniform 

Adjusted Rate 

Under Section 31(j)(4)(A) of the 

Exchange Act, the fiscal year 2015 

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, 2014, or 60 days 

after the date on which a regular 

appropriation to the Commission for 

fiscal year 2015 is enacted.11 The 

regular appropriation to the 

Commission for fiscal year 2015 was 

enacted on December 16, 2014, and 

accordingly, the new fee rates 

applicable under Sections 31(b) and (c) 

of the Exchange Act will take effect on 

February 14, 2015. 


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Federal Register / Vol. 80, No. 13 / Wednesday, January 21, 2015 / Notices 2979 

12To 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 December 16, 2014. The first business 

day after this date was December 17, 2014. Data for 

November were due from the exchanges on 

December 12. So the Commission used November 

2014 and earlier data to forecast volume for 

December 2014 and later months. 

13The value 1.0144 has been rounded. All 

computations are done with the unrounded value. 

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 $18.40 per 

$1,000,000 effective on February 14, 

2015. 

By the Commission. 

Brent J. Fields, 

Secretary. 

Appendix A 

This appendix provides the formula for 

determining the annual adjustment to the fee 

rates applicable under Sections 31(b) and (c) 

of the Exchange Act for fiscal year 2015. 

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 2015. 

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 

markets over the course of the year. The fee 

rate equals the ratio of the Commission’s 

regular appropriation for fiscal year 2015 

(less the sum of fees to be collected during 

fiscal year 2015 prior to the effective date of 

the new fee rate and aggregate assessments 

on security futures transactions during all of 

fiscal year 2015) 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 2015, 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 

November 2014, the last month for which the 

Commission has data on the dollar volume of 

covered sales.12

The following sections describe this 

process in detail. 

A. Baseline Estimate of the Aggregate Dollar 

Amount of Covered Sales for Fiscal Year 

2015. 

First, calculate the average daily dollar 

amount of covered sales (ADS) for each 

month in the sample (November 2004– 

November 2014). The monthly total dollar 

amount of covered sales (exchange plus 

certain over-the-counter markets) is 

presented in column C of Table A. 

Next, calculate the change in the natural 

logarithm of ADS from month to month. The 

average monthly percentage growth of ADS 

over the entire sample is 0.0068 and the 

standard deviation is 0.123. Assuming the 

monthly percentage change in ADS follows a 

random walk, calculating the expected 

monthly percentage growth rate for the full 

sample is straightforward. The expected 

monthly percentage growth rate of ADS is 

1.44%. 

Now, use the expected monthly percentage 

growth rate to forecast total dollar volume. 

For example, one can use the ADS for 

November 2014 ($276,290,217,978) to 

forecast ADS for December 2014 

($280,278,562,848 = $276,290,217,978 × 

1.0144).13 Multiply by the number of trading 

days in December 2014 (22) to obtain a 

forecast of the total dollar volume for the 

month ($6,166,128,382,663). Repeat the 

method to generate forecasts for subsequent 

months. 

The forecasts for total dollar volume of 

covered sales are in column G of Table A. 

The following is a more formal 

(mathematical) description of the procedure: 

1. Divide each month’s total dollar volume 

(column C) 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 the change 

in ADS from the previous month as Dt = log 

(ADSt/ADSt¥1), where log (x) denotes the 

natural logarithm of x. 

3. Calculate the mean and standard 

deviation of the series {D1, D2, . . . , D120}. 

These are given by m = 0.0068 and s = 0.123, 

respectively. 

4. Assume that the natural logarithm of 

ADS follows a random walk, so that Ds and 

Dt are statistically independent for any two 

months s and t. 

5. Under the assumption that Dt is normally 

distributed, the expected value of ADSt/

ADSt¥1 is given by exp (m + s2/2), or on 

average ADSt = 1.0144 × ADSt¥1. 

6. For December 2014, this gives a forecast 

ADS of 1.0144 × $276,290,217,978 = 

$280,278,562,848. Multiply this figure by the 

22 trading days in December 2014 to obtain 

a total dollar volume forecast of 

$6,166,128,382,663. 

7. For January 2015, multiply the 

December 2014 ADS forecast by 1.0144 to 

obtain a forecast ADS of $284,324,480,857. 

Multiply this figure by the 20 trading days in 

January 2015 to obtain a total dollar volume 

forecast of $5,686,489,617,137. 

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 10/1/14 through 2/13/15. The 

projected aggregate dollar amount of covered 

sales for this period is $27,783,058,208,169. 

Actual and projected fee collections at the 

current fee rate of 0.0000221 are 

$614,005,586. 

2. Estimate the amount of assessments on 

security futures products collected from 10/ 

1/14 through 9/30/15 to be $58,863 by 

projecting a 1.44% monthly increase from a 

base of $4,707 in November 2014. 

3. Subtract the amounts $614,005,586 and 

$58,863 from the target offsetting collection 

amount set by Congress of $1,500,000,000 

leaving $885,935,551 to be collected on 

dollar volume for the period 2/14/15 through 

9/30/15. 

4. Use Table A to estimate dollar volume 

for the period 2/14/15 through 9/30/15. The 

estimate is $48,121,838,283,138. Finally, 

compute the fee rate required to produce the 

additional $885,935,551 in revenue. This rate 

is $885,935,551 divided by 

$48,121,838,283,138 or 0.00001841026. 

5. Round the result to the seventh decimal 

point, yielding a rate of .0000184 (or $18.40 

per million). 

Data 


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2980 Federal Register / Vol. 80, No. 13 / Wednesday, January 21, 2015 / Notices 

Month 

Number of 

trading days 

in month 

Total dollar amount of 

sales 

Average daily dollar 

amount of sales 

(ADS) 

Change in 

natural 

logarithm of 

ADS 

Forecast ADS Forecast total dollar 

amount of sales 

(A) (B) (C) (D) (E) (F) (G) 

Nov-04 .............. 21 2,577,513,374,160 122,738,732,103 - .................................... ....................................

Dec-04 .............. 22 2,673,532,981,863 121,524,226,448 ¥0.010 .................................... ....................................

Jan-05 .............. 20 2,581,847,200,448 129,092,360,022 0.060 .................................... ....................................

Feb-05 .............. 19 2,532,202,408,589 133,273,810,978 0.032 .................................... ....................................

Mar-05 .............. 22 3,030,474,897,226 137,748,858,965 0.033 .................................... ....................................

Apr-05 .............. 21 2,906,386,944,434 138,399,378,306 0.005 .................................... ....................................

May-05 ............. 21 2,697,414,503,460 128,448,309,689 ¥0.075 .................................... ....................................

Jun-05 .............. 22 2,825,962,273,624 128,452,830,619 0.000 .................................... ....................................

Jul-05 ............... 20 2,604,021,263,875 130,201,063,194 0.014 .................................... ....................................

Aug-05 .............. 23 2,846,115,585,965 123,744,155,912 ¥0.051 .................................... ....................................

Sep-05 .............. 21 3,009,640,645,370 143,316,221,208 0.147 .................................... ....................................

Oct-05 .............. 21 3,279,847,331,057 156,183,206,241 0.086 .................................... ....................................

Nov-05 .............. 21 3,163,453,821,548 150,640,658,169 ¥0.036 .................................... ....................................

Dec-05 .............. 21 3,090,212,715,561 147,152,986,455 ¥0.023 .................................... ....................................

Jan-06 .............. 20 3,573,372,724,766 178,668,636,238 0.194 .................................... ....................................

Feb-06 .............. 19 3,314,259,849,456 174,434,728,919 ¥0.024 .................................... ....................................

Mar-06 .............. 23 3,807,974,821,564 165,564,122,677 ¥0.052 .................................... ....................................

Apr-06 .............. 19 3,257,478,138,851 171,446,217,834 0.035 .................................... ....................................

May-06 ............. 22 4,206,447,844,451 191,202,174,748 0.109 .................................... ....................................

Jun-06 .............. 22 3,995,113,357,316 181,596,061,696 ¥0.052 .................................... ....................................

Jul-06 ............... 20 3,339,658,009,357 166,982,900,468 ¥0.084 .................................... ....................................

Aug-06 .............. 23 3,410,187,280,845 148,269,012,211 ¥0.119 .................................... ....................................

Sep-06 .............. 20 3,407,409,863,673 170,370,493,184 0.139 .................................... ....................................

Oct-06 .............. 22 3,980,070,216,912 180,912,282,587 0.060 .................................... ....................................

Nov-06 .............. 21 3,933,474,986,969 187,308,332,713 0.035 .................................... ....................................

Dec-06 .............. 20 3,715,146,848,695 185,757,342,435 ¥0.008 .................................... ....................................

Jan-07 .............. 20 4,263,986,570,973 213,199,328,549 0.138 .................................... ....................................

Feb-07 .............. 19 3,946,799,860,532 207,726,308,449 ¥0.026 .................................... ....................................

Mar-07 .............. 22 5,245,051,744,090 238,411,442,913 0.138 .................................... ....................................

Apr-07 .............. 20 4,274,665,072,437 213,733,253,622 ¥0.109 .................................... ....................................

May-07 ............. 22 5,172,568,357,522 235,116,743,524 0.095 .................................... ....................................

Jun-07 .............. 21 5,586,337,010,802 266,016,048,133 0.123 .................................... ....................................

Jul-07 ............... 21 5,938,330,480,139 282,777,641,911 0.061 .................................... ....................................

Aug-07 .............. 23 7,713,644,229,032 335,375,836,045 0.171 .................................... ....................................

Sep-07 .............. 19 4,805,676,596,099 252,930,347,163 ¥0.282 .................................... ....................................

Oct-07 .............. 23 6,499,651,716,225 282,593,552,879 0.111 .................................... ....................................

Nov-07 .............. 21 7,176,290,763,989 341,728,131,619 0.190 .................................... ....................................

Dec-07 .............. 20 5,512,903,594,564 275,645,179,728 ¥0.215 .................................... ....................................

Jan-08 .............. 21 7,997,242,071,529 380,821,051,025 0.323 .................................... ....................................

Feb-08 .............. 20 6,139,080,448,887 306,954,022,444 ¥0.216 .................................... ....................................

Mar-08 .............. 20 6,767,852,332,381 338,392,616,619 0.098 .................................... ....................................

Apr-08 .............. 22 6,150,017,772,735 279,546,262,397 ¥0.191 .................................... ....................................

May-08 ............. 21 6,080,169,766,807 289,531,893,657 0.035 .................................... ....................................

Jun-08 .............. 21 6,962,199,302,412 331,533,300,115 0.135 .................................... ....................................

Jul-08 ............... 22 8,104,256,787,805 368,375,308,537 0.105 .................................... ....................................

Aug-08 .............. 21 6,106,057,711,009 290,764,652,905 ¥0.237 .................................... ....................................

Sep-08 .............. 21 8,156,991,919,103 388,428,186,624 0.290 .................................... ....................................

Oct-08 .............. 23 8,644,538,213,244 375,849,487,532 ¥0.033 .................................... ....................................

Nov-08 .............. 19 5,727,998,341,833 301,473,596,939 ¥0.221 .................................... ....................................

Dec-08 .............. 22 5,176,041,317,640 235,274,605,347 ¥0.248 .................................... ....................................

Jan-09 .............. 20 4,670,249,433,806 233,512,471,690 ¥0.008 .................................... ....................................

Feb-09 .............. 19 4,771,470,184,048 251,130,009,687 0.073 .................................... ....................................

Mar-09 .............. 22 5,885,594,284,780 267,527,012,945 0.063 .................................... ....................................

Apr-09 .............. 21 5,123,665,205,517 243,984,057,406 ¥0.092 .................................... ....................................

May-09 ............. 20 5,086,717,129,965 254,335,856,498 0.042 .................................... ....................................

Jun-09 .............. 22 5,271,742,782,609 239,624,671,937 ¥0.060 .................................... ....................................

Jul-09 ............... 22 4,659,599,245,583 211,799,965,708 ¥0.123 .................................... ....................................

Aug-09 .............. 21 4,582,102,295,783 218,195,347,418 0.030 .................................... ....................................

Sep-09 .............. 21 4,929,155,364,888 234,721,684,042 0.073 .................................... ....................................

Oct-09 .............. 22 5,410,025,301,030 245,910,240,956 0.047 .................................... ....................................

Nov-09 .............. 20 4,770,928,103,032 238,546,405,152 ¥0.030 .................................... ....................................

Dec-09 .............. 22 4,688,555,303,171 213,116,150,144 ¥0.113 .................................... ....................................

Jan-10 .............. 19 4,661,793,708,648 245,357,563,613 0.141 .................................... ....................................

Feb-10 .............. 19 4,969,848,578,023 261,570,977,791 0.064 .................................... ....................................

Mar-10 .............. 23 5,563,529,823,621 241,892,601,027 ¥0.078 .................................... ....................................

Apr-10 .............. 21 5,546,445,874,917 264,116,470,234 0.088 .................................... ....................................

May-10 ............. 20 7,260,430,376,294 363,021,518,815 0.318 .................................... ....................................

Jun-10 .............. 22 6,124,776,349,285 278,398,924,967 ¥0.265 .................................... ....................................

Jul-10 ............... 21 5,058,242,097,334 240,868,671,302 ¥0.145 .................................... ....................................

Aug-10 .............. 22 4,765,828,263,463 216,628,557,430 ¥0.106 .................................... ....................................


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Month 

Number of 

trading days 

in month 

Total dollar amount of 

sales 

Average daily dollar 

amount of sales 

(ADS) 

Change in 

natural 

logarithm of 

ADS 

Forecast ADS Forecast total dollar 

amount of sales 

(A) (B) (C) (D) (E) (F) (G) 

Sep-10 .............. 21 4,640,722,344,586 220,986,778,314 0.020 .................................... ....................................

Oct-10 .............. 21 5,138,411,712,272 244,686,272,013 0.102 .................................... ....................................

Nov-10 .............. 21 5,279,700,881,901 251,414,327,710 0.027 .................................... ....................................

Dec-10 .............. 22 4,998,574,681,208 227,207,940,055 ¥0.101 .................................... ....................................

Jan-11 .............. 20 5,043,391,121,345 252,169,556,067 0.104 .................................... ....................................

Feb-11 .............. 19 5,114,631,590,581 269,191,136,346 0.065 .................................... ....................................

Mar-11 .............. 23 6,499,355,385,307 282,580,668,926 0.049 .................................... ....................................

Apr-11 .............. 20 4,975,954,868,765 248,797,743,438 ¥0.127 .................................... ....................................

May-11 ............. 21 5,717,905,621,053 272,281,220,050 0.090 .................................... ....................................

Jun-11 .............. 22 5,820,079,494,414 264,549,067,928 ¥0.029 .................................... ....................................

Jul-11 ............... 20 5,189,681,899,635 259,484,094,982 ¥0.019 .................................... ....................................

Aug-11 .............. 23 8,720,566,877,109 379,155,081,613 0.379 .................................... ....................................

Sep-11 .............. 21 6,343,578,147,811 302,075,149,896 ¥0.227 .................................... ....................................

Oct-11 .............. 21 6,163,272,963,688 293,489,188,747 ¥0.029 .................................... ....................................

Nov-11 .............. 21 5,493,906,473,584 261,614,593,980 ¥0.115 .................................... ....................................

Dec-11 .............. 21 5,017,867,255,600 238,946,059,790 ¥0.091 .................................... ....................................

Jan-12 .............. 20 4,726,522,206,487 236,326,110,324 ¥0.011 .................................... ....................................

Feb-12 .............. 20 5,011,862,514,132 250,593,125,707 0.059 .................................... ....................................

Mar-12 .............. 22 5,638,847,967,025 256,311,271,228 0.023 .................................... ....................................

Apr-12 .............. 20 5,084,239,396,560 254,211,969,828 ¥0.008 .................................... ....................................

May-12 ............. 22 5,611,638,053,374 255,074,456,972 0.003 .................................... ....................................

Jun-12 .............. 21 5,121,896,896,362 243,899,852,208 ¥0.045 .................................... ....................................

Jul-12 ............... 21 4,567,519,314,374 217,500,919,732 ¥0.115 .................................... ....................................

Aug-12 .............. 23 4,621,597,884,730 200,939,038,467 ¥0.079 .................................... ....................................

Sep-12 .............. 19 4,598,499,962,682 242,026,313,825 0.186 .................................... ....................................

Oct-12 .............. 21 5,095,175,588,310 242,627,408,967 0.002 .................................... ....................................

Nov-12 .............. 21 4,547,882,974,292 216,565,855,919 ¥0.114 .................................... ....................................

Dec-12 .............. 20 4,744,922,754,360 237,246,137,718 0.091 .................................... ....................................

Jan-13 .............. 21 5,079,603,817,496 241,885,896,071 0.019 .................................... ....................................

Feb-13 .............. 19 4,800,663,527,089 252,666,501,426 0.044 — — 

Mar–13 ............. 20 4,917,701,839,870 245,885,091,993 ¥0.027 .................................... ....................................

Apr-13 .............. 22 5,451,358,637,079 247,789,028,958 0.008 .................................... ....................................

May-13 ............. 22 5,681,788,831,869 258,263,128,721 0.041 .................................... ....................................

Jun-13 .............. 20 5,623,545,462,226 281,177,273,111 0.085 .................................... ....................................

Jul-13 ............... 22 5,083,861,509,754 231,084,614,080 ¥0.196 .................................... ....................................

Aug-13 .............. 22 4,925,611,193,095 223,891,417,868 ¥0.032 .................................... ....................................

Sep-13 .............. 20 4,959,197,626,713 247,959,881,336 0.102 .................................... ....................................

Oct-13 .............. 23 5,928,804,028,970 257,774,088,216 0.039 .................................... ....................................

Nov-13 .............. 20 5,182,024,612,049 259,101,230,602 0.005 .................................... ....................................

Dec-13 .............. 21 5,265,282,994,173 250,727,761,627 ¥0.033 .................................... ....................................

Jan-14 .............. 21 5,808,700,114,288 276,604,767,347 0.098 .................................... ....................................

Feb-14 .............. 19 6,018,926,931,054 316,785,627,950 0.136 .................................... ....................................

Mar-14 .............. 21 6,068,617,342,988 288,981,778,238 ¥0.092 .................................... ....................................

Apr-14 .............. 21 6,013,948,953,528 286,378,521,597 ¥0.009 .................................... ....................................

May-14 ............. 21 5,265,594,447,318 250,742,592,729 ¥0.133 .................................... ....................................

Jun-14 .............. 21 5,159,506,989,669 245,690,809,032 ¥0.020 .................................... ....................................

Jul-14 ............... 22 5,364,099,567,460 243,822,707,612 ¥0.008 .................................... ....................................

Aug-14 .............. 21 5,075,332,147,677 241,682,483,223 ¥0.009 .................................... ....................................

Sep-14 .............. 21 5,507,943,363,243 262,283,017,297 0.082 .................................... ....................................

Oct-14 .............. 23 7,796,638,035,879 338,984,262,430 0.257 .................................... ....................................

Nov-14 .............. 19 5,249,514,141,576 276,290,217,978 ¥0.205 .................................... ....................................

Dec-14 .............. 22 .................................... .................................... .................... 280,278,562,848 6,166,128,382,663 

Jan–15 ............. 20 .................................... .................................... .................... 284,324,480,857 5,686,489,617,137 

Feb–15 ............. 19 .................................... .................................... .................... 288,428,803,091 5,480,147,258,736 

Mar–15 ............. 22 .................................... .................................... .................... 292,592,372,637 6,437,032,198,017 

Apr–15 .............. 21 .................................... .................................... .................... 296,816,044,750 6,233,136,939,740 

May–15 ............ 20 .................................... .................................... .................... 301,100,687,030 6,022,013,740,599 

Jun–15 ............. 22 .................................... .................................... .................... 305,447,179,604 6,719,837,951,283 

Jul–15 ............... 22 .................................... .................................... .................... 309,856,415,301 6,816,841,136,632 

Aug–15 ............. 21 .................................... .................................... .................... 314,329,299,842 6,600,915,296,676 

Sep–15 ............. 21 .................................... .................................... .................... 318,866,752,018 6,696,201,792,368 

BILLING CODE 8011–01–P 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
2982 Federal Register / Vol. 80, No. 13 / Wednesday, January 21, 2015 / Notices 


asabaliauskas on DSK5VPTVN1PROD with NOTICESEN21JA15.021</GPH>
Federal Register / Vol. 80, No. 13 / Wednesday, January 21, 2015 / Notices 2983 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 73703 

(December 4, 2014), 79 FR 72039. 

4See letter from Martha Redding, Chief Counsel, 

New York Stock Exchange, to Kevin M. O’Neill, 

Deputy Secretary, Commission, dated December 22, 

2014. 

5 15 U.S.C. 78s(b)(2). 

6 Id. 

7 17 CFR 200.30–3(a)(31). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

4Public Law 111–203, 124 Stat. 1376 (2010). 

5See Securities Exchange Act Release No. 64795 

(July 1, 2011), 76 FR 39927 (July 7, 2011) (Order 

Granting Temporary Exemptions Under the 

Securities Exchange Act of 1934 in Connection 

With the Pending Revision of the Definition of 

‘‘Security’’ To Encompass Security-Based Swaps, 

and Request for Comment) (the ‘‘Exemptive 

Release’’). The term ‘‘security-based swap’’ is 

defined in Section 761 of the Dodd-Frank Act. See 

also Securities Exchange Act Release No. 67453 

(July 18, 2012), 77 FR 48207 (August 13, 2012) 

(Further Definition of ‘‘Swap,’’ ‘‘Security-Based 

Swap,’’ and ‘‘Security-Based Swap Agreement’’; 

Mixed Swaps; Security-Based Swap Agreement 

Recordkeeping). 

6See Securities Exchange Act Release No. 64884 

(July 14, 2011), 76 FR 42755 (July 19, 2011) (Notice 

of Filing and Immediate Effectiveness of Proposed 

Rule Change; File No. SR–FINRA–2011–033) 

(‘‘FINRA Rule 0180 Notice of Filing’’). See also 

Securities Exchange Act Release No. 71287 (January 

10, 2014), 79 FR 2924 (January 16, 2014) (Notice of 

Filing and Immediate Effectiveness of Proposed 

Rule Change; File No. SR–FINRA–2014–001) 

(extending the expiration date of FINRA Rule 0180 

to February 11, 2015). 

[FR Doc. 2015–00858 Filed 1–20–15; 8:45 am] 

BILLING CODE 8011–01–C 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74051; File No. SR–NYSE– 

2014–59] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change Amending Rule 13 and 

Related Rules Governing Order Types 

and Modifiers, as Modified by Partial 

Amendment No. 1 

January 14, 2015. 

On November 14, 2014, New York 

Stock Exchange LLC (‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’)1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to amend Exchange Rule 13 and 

other Exchange rules governing order 

types and order modifiers. The 

proposed rule change was published in 

the Federal Register on December 4, 

2014.3 On December 22, 2014, the 

Exchange submitted Partial Amendment 

No. 1 to the Commission and filed the 

Partial Amendment No. 1 to the public 

comment file.4 The Commission has 

received no other comment on the 

proposal. 

Section 19(b)(2) of the Act 5 provides 

that, within 45 days of the publication 

of the notice of the filing of a proposed 

rule change, or within such longer 

period up to 90 days as the Commission 

may designate if it finds such longer 

period to be appropriate and publishes 

its reasons for so finding or as to which 

the self-regulatory organization 

consents, the Commission shall either 

approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether the proposed rule change 

should be disapproved. The 

Commission is extending this 45-day 

time period. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to take action on the 

proposed rule change so that it has 

sufficient time to consider the proposed 

rule change, as modified by Partial 

Amendment No. 1. Accordingly, the 

Commission, pursuant to Section 

19(b)(2) of the Act,6 designates March 4, 

2015, as the date by which the 

Commission should either approve or 

disapprove or institute proceedings to 

determine whether to disapprove the 

proposed rule change (File Number SR– 

NYSE–2014–59). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–00836 Filed 1–20–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74049; File No. SR–FINRA– 

2015–001] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Extend the Expiration 

Date of FINRA Rule 0180 (Application 

of Rules to Security-Based Swaps) 

January 14, 2015. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on January 7, 

2015, Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I, II, 

and III below, which Items have been 

prepared by FINRA. FINRA has 

designated the proposed rule change as 

constituting a ‘‘non-controversial’’ rule 

change under paragraph (f)(6) of Rule 

19b–4 under the Act,3 which renders 

the proposal effective upon receipt of 

this filing by the Commission. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

FINRA is proposing to extend the 

expiration date of FINRA Rule 0180 

(Application of Rules to Security-Based 

Swaps) to February 11, 2016. FINRA 

Rule 0180 temporarily limits, with 

certain exceptions, the application of 

FINRA rules with respect to securitybased swaps. 

The text of the proposed rule change 

is available on FINRA’s Web site at 

http://www.finra.org, at the principal 

office of FINRA and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

FINRA included statements concerning 

the purpose of and basis for the 

proposed rule change and discussed any 

comments it received on the proposed 

rule change. The text of these statements 

may be examined at the places specified 

in Item IV below. FINRA has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On July 1, 2011, the SEC issued an 

Order granting temporary exemptive 

relief (the ‘‘Temporary Exemptions’’) 

from compliance with certain 

provisions of the Exchange Act in 

connection with the revision, pursuant 

to Title VII of the Dodd-Frank Wall 

Street Reform and Consumer Protection 

Act (the ‘‘Dodd-Frank Act’’),4 of the 

Exchange Act definition of ‘‘security’’ to 

encompass security-based swaps.5

Consistent with the Commission’s 

action, on July 8, 2011, FINRA filed for 

immediate effectiveness FINRA Rule 

0180,6 which, with certain exceptions, 

is intended to temporarily limit the 


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