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Federal Register / Vol. 86, No. 12 / Thursday, January 21, 2021 / Notices program. The three-year averaging computation method is intended to smooth out year-to-year variations in cost. Timing of the Commissions reviews and examinations may affect costsa 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 Commissions formula provides for a reduction in the assessed fee if an SRO
has a smaller percentage of United States industry contract volume than its
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:

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
TABLE 1SUMMARY OF DATA USED IN FEE CALCULATIONS
Actual total costs FY 2017

FY 2018

3-Year average actual costs
FY 2019

3-Year total volume %

Adjusted volume costs
2020
Assessed fee
Cantor Futures Exchange, L.P.
CBOE Futures Exchange, LLC
Chicago Board of Trade
Chicago Mercantile Exchange, Inc.
Eris Exchange, LLC
ICE Futures U.S., Inc.
Minneapolis Grain Exchange, Inc.
Nasdaq OMX Futures Exchange, Inc.
New York Mercantile Exchange, Inc.
Nodal Exchange, LLC
North American Derivatives Exchange, Inc.
OneChicago, LLC

$60,045
31,026
96,442
472,157
53,010
199,090
42,226
251,200
212,798
100,600
84,666
36,444

$56,551
16,033
2,296
235,127
33,170
50,096
438
109,413
3,397
33,162
6,986
61,276

40,517
22,835
383,995
73,464
39,525
1,741
45,425
2,312
135,159

$38,866
29,192
40,525
363,760
28,727
107,550
27,396
120,785
87,206
45,358
75,604
32,573

0.02
1.40
32.69
42.23
0.01
6.86
0.05
0.59
12.77
0.06
0.22
0.20

$19,527
21,600
183,313
392,507
14,397
87,993
13,944
63,311
107,290
22,996
38,891
17,276

$19,527
21,600
40,525
363,760
14,397
87,993
13,944
63,311
87,206
22,996
38,891
17,276

Subtotal

1,639,704

607,946

744,973

997,541

100.00

997,541

791,427

National Futures Association

660,710

507,673

540,821

569,735

569,735

Total

2,300,414

1,115,619

1,285,794

1,567,276

100.00

997,541

1,361,161

c. The fee is the lesser of a or b; in this case $40,525

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 =
$40,525
b. The alternative computation is: .5
$40,525 + .5 .3269048
$997,541 = $183,313

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 Commissions average annual cost for conducting oversight review of the NFA
rule enforcement program during fiscal
years 2017 through 2019 was $569,735.
The fee to be paid by the NFA for the current fiscal year is $569,735.
II. Schedule of Fees Fees for the Commissions review of the rule enforcement programs at the registered futures associations and DCMs regulated by the Commission are as follows:

TABLE 2SCHEDULE OF FEES

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3-Year average actual costs
3-Year total volume %

Adjusted volume costs
2020
Assessed fee
Cantor Futures Exchange, L.P.
CBOE Futures Exchange, LLC
Chicago Board of Trade
Chicago Mercantile Exchange, Inc.
Eris Exchange, LLC
ICE Futures U.S., Inc.
Minneapolis Grain Exchange, Inc.
Nasdaq OMX Futures Exchange, Inc.
New York Mercantile Exchange, Inc.
Nodal Exchange, LLC
North American Derivatives Exchange, Inc.
OneChicago, LLC

$38,866
29,192
40,525
363,760
28,727
107,550
27,396
120,785
87,206
45,358
75,604
32,573

0.02
1.40
32.69
42.23
0.01
6.86
0.05
0.59
12.77
0.06
0.22
0.20

$19,527
21,600
183,313
392,507
14,397
87,993
13,944
63,311
107,290
22,996
38,891
17,276

$19,527
21,600
40,525
363,760
14,397
87,993
13,944
63,311
87,206
22,996
38,891
17,276

Subtotal

997,541

100.00

997,541

791,427

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