New estimates of commissions and other transactions fees associated with the purchase or sale of securities were developed and entered as a component of “other” private service receipts or payments in the current account, beginning with estimates for 1981, and removed from various financial accounts where they had been included implicitly. Estimates were based on data on gross securities transactions between U.S. and foreign residents obtained from Treasury international capital surveys, and average rates for commissions and other fees obtained from market sources and the Securities and Exchange Commission. Separate estimates were made by type of security and by country and major geographic area.
Published