management 2019s discussion and analysis environment , for example , to incorporate changes in stress testing or enhancements to modeling techniques . we will continue to evaluate the framework with respect to the impact of future regulatory requirements , as appropriate . average common equity attribution1 $ in billions 2017 2016 2015 .
what percentage of average common equity attribution in 2016 is made up of institutional securities?
1 . average common equity is a non-gaap financial measure . see 201cselected non-gaap financial information 201d herein . regulatory developments resolution and recovery planning pursuant to the dodd-frank act , we are required to periodi- cally submit to the federal reserve and the fdic a resolution plan that describes our strategy for a rapid and orderly resolu- tion under the u.s . bankruptcy code in the event of our material financial distress or failure . our preferred resolution strategy , which is set out in our 2017 resolution plan , is an spoe strategy . we submitted our full 2017 resolution plan on june 30 , 2017 . as indicated in our 2017 resolution plan , the parent company has amended and restated its support agreement with its material entities , as defined in our 2017 resolution plan . under the secured amended and restated support agreement , upon the occur- rence of a resolution scenario , the parent company would be obligated to contribute or loan on a subordinated basis all of its contributable material assets , other than shares in subsidi- aries of the parent company and certain intercompany receiv- ables , to provide capital and liquidity , as applicable , to our material entities . the obligations of the parent company under the secured amended and restated support agreement are in most cases secured on a senior basis by the assets of the parent company ( other than shares in subsidiaries of the parent company ) . as a result , claims of our material entities against the assets of the parent company ( other than shares in subsidiaries of the parent company ) are effectively senior to unsecured obliga- tions of the parent company . in december 2017 , we received joint feedback on our 2017 resolution plan from the federal reserve and the fdic . the feedback identified no deficiencies in our 2017 resolution plan but noted one shortcoming to be remediated in our next resolution plan submission . further , the federal reserve and the fdic have extended the next resolution plan filing deadline for eight large domestic banks , including us , by one year to july 1 , 2019 . for more information about resolution and recovery planning requirements and our activities in these areas , including the implications of such activities in a resolution scenario , see 201cbusiness 2014supervision and regulation 2014financial holding company 2014resolution and recovery planning 201d and 201crisk factors 2014legal , regulatory and compliance risk . 201d legacy covered funds under the volcker rule the volcker rule prohibits 201cbanking entities , 201d including us and our affiliates , from engaging in certain 201cproprietary trading 201d activities , as defined in the volcker rule , subject to exemptions for underwriting , market-making-related activities , risk-mitigating hedging and certain other activities . the volcker rule also prohibits certain investments and relation- ships by banking entities with 201ccovered funds , 201d with a number of exemptions and exclusions . in june 2017 , we received approval from the federal reserve of our application for a five-year extension of the transition period to conform invest- ments in certain legacy volcker covered funds that are also illiquid funds . the approval covered essentially all of our non-conforming investments in , and relationships with , legacy covered funds subject to the volcker rule . for more informa- tion about the volcker rule , see 201cbusiness 2014supervision and regulation 2014activities restrictions under the volcker rule . 201d u.s . department of labor conflict of interest rule the u.s . dol 2019s final conflict of interest rule under erisa went into effect on june 9 , 2017 , with certain aspects subject to phased-in compliance . full compliance with the rule 2019s related exemptions is currently scheduled to be required by july 1 , 2019 . in addition , the u.s . dol is undertaking an examination of the rule that may result in changes to the rule or its related exemptions or a change in the full compliance date . for a discussion of the u.s . dol conflict of interest rule , see 201cbusiness 2014supervision and regulation 2014instit- utional securities and wealth management . 201d u.k . referendum following the u.k . electorate vote to leave the e.u. , the u.k . invoked article 50 of the lisbon treaty on march 29 , 2017 , which triggered a two-year period , subject to extension ( which would need the unanimous approval of the e.u . member states ) , during which the u.k . government is expected to negotiate its withdrawal agreement with the e.u . for further discussion of u.k . referendum 2019s potential impact on our operations , see 201crisk factors 2014international risk . 201d for further information regarding our exposure to the u.k. , see also 201cquantitative and qualitative disclosures about market risk 2014risk management 2014credit risk 2014country risk exposure . 201d 69 december 2017 form 10-k .