[Federal Register Volume 84, Number 51 (Friday, March 15, 2019)]
[Notices]
[Pages 9576-9582]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-04800]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85287/March 11, 2019]
Order Making Fiscal Year 2019 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\
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\1\ 15 U.S.C. 78ee.
\2\ 15 U.S.C. 78ee(b).
\3\ 15 U.S.C. 78ee(c).
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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\
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\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.'').
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[[Page 9577]]
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 February 15, 2019, the President signed into law the
Consolidated Appropriations Act, 2019, which includes total
appropriations of $1,712,091,000 to the SEC for fiscal year 2019.
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\6\ 15 U.S.C. 78ee(g).
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II. Fiscal Year 2019 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 2019 \8\ from an amount equal to the regular appropriation to the
Commission for fiscal year 2019, and (2) dividing by the estimated
aggregate dollar amount of covered sales for the remainder of the
fiscal year following the effective date of the new fee rate.\9\
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\7\ The 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 January, 2019. To calculate
the dollar amount of covered sales from February, 2019 to the
effective date of the new fee rate, the Commission is using the
methodology described in the Appendix A of this order.
\8\ The Commission is using the same methodology it has used
previously to estimate assessments on security futures transactions
to be collected in fiscal year 2019. An explanation of the
methodology appears in Appendix A.
\9\ To estimate the aggregate dollar amount of covered sales for
the remainder of fiscal year 2019 following the effective date of
the new fee rate, the Commission is using the methodology described
in Appendix A of this order.
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As noted above, the Consolidated Appropriations Act, 2019, includes
total appropriations of $1,712,091,000 to the Commission for fiscal
year 2019.\10\ The Commission estimates that it will collect
$740,970,262 in fees for the period prior to the effective date of the
new fee rate and $23,127 in assessments on round turn transactions in
security futures products during all of fiscal year 2019. Using the
methodology described in Appendix A, the Commission estimates that the
aggregate dollar amount of covered sales for the remainder of fiscal
year 2019 to be $46,958,135,950,927.
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\10\ The Consolidated Appropriations Act, 2019 includes an
appropriation of $1,674,902,000 for necessary expenses for the
Commission and an appropriation of $37,189,000 for costs associated
with relocation under a replacement lease for the Commission's New
York regional office facilities. The act provides that ``for
purposes of calculating the fee rate under section 31(j) of the
[Exchange Act] for fiscal year 2019, all amounts appropriated [to
the Commission in the act] shall be deemed to be the regular
appropriation to the Commission for fiscal year 2019.''
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The uniform adjusted rate is computed by dividing the residual fees
to be collected of $971,097,612 by the estimated aggregate dollar
amount of covered sales for the remainder of fiscal year 2019 of
$46,958,135,950,927; this results in a uniform adjusted rate for fiscal
year 2019 of $20.70 per million.\11\
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\11\ Appendix A shows the process of calculating the fiscal year
2019 annual adjustment and includes the data used by the Commission
in making this adjustment.
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III. Effective Date of the Uniform Adjusted Rate
Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2019
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,
2018, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2019 is enacted.\12\ The regular
appropriation to the Commission for fiscal year 2019 was enacted on
February 15, 2019, and accordingly, the new fee rates applicable under
Sections 31(b) and (c) of the Exchange Act will take effect on April
16, 2019.
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\12\ 15 U.S.C. 78ee(j)(4)(A).
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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 $20.70 per $1,000,000
effective on April 16, 2019.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
Appendix A
This appendix provides the methodology for determining the
annual adjustment to the fee rates applicable under Sections 31(b)
and (c) of the Exchange Act for fiscal year 2019. 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 2019.
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 (``OTC'') markets
over the course of the year. The fee rate equals the ratio of the
Commission's regular appropriation for fiscal year 2019 (less the
sum of fees to be collected during fiscal year 2019 prior to the
effective date of the new fee rate and aggregate assessments on
security futures transactions during all of fiscal year 2019) 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 2019, 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 January 2019,
the last month for which the Commission has data on the dollar
volume of covered sales.\13\
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\13\ To 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 February 15, 2019. The first business
day after this date was February 19, 2019. Data for January 2019
were due from the exchanges on February 14, 2019. As a result, the
Commission used January 2019 and earlier data to forecast volume for
February 2019 and later months.
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The following sections describe this process in detail.
A. Baseline Estimate of the Aggregate Dollar Amount of Covered
Sales for Fiscal Year 2019
First, calculate the average daily dollar amount of covered
sales (``ADS'') for each month in the sample (December 2008-January
2019). The monthly total dollar amount of covered sales (exchange
plus certain OTC markets) is presented in column C of Table A.
Next, model the monthly change in the natural logarithm of ADS
as a first order autoregressive process (``AR(1)''), including
monthly indicator variables to control for seasonality.
Use the estimated AR(1) model to forecast the monthly change in
the log level of ADS. These percent changes can then be applied to
obtain forecasts of the total dollar volume of covered sales. The
following is a more formal (mathematical) description of the
procedure:
1. Begin with the monthly data for total dollar volume of
covered sales (column C). The sample spans ten years, from December
2008-January 2019.\14\ Divide each month's total dollar volume by
the number of trading days in that month (column B) to obtain the
average daily dollar volume (ADS, column D).
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\14\ Because the model uses a one period lag in the change in
the log level of average daily sales, two additional months of data
are added to the table so that the model is estimated with 120
observations.
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2. For each month t, calculate [Delta] LN ADS (shown in column
E) as the log growth rate of ADS, that is, the difference between
the natural logarithm of ADS in month t and its value in the prior
month.
3. Estimate the AR(1) model
[[Page 9578]]
[GRAPHIC] [TIFF OMITTED] TN15MR19.002
with Dtm representing monthly indicator variables, yt representing
the log growth rate in ADS ([Delta] LN ADS), and [egr] t
representing the error term for month t. The model can be estimated
using standard commercially available software. The estimated
parameter values are [beta] = -0.2692 and [alpha]1 -
[alpha]12 as follows:
[alpha]1 (JAN) = 0.0386, [alpha]2 (FEB) =
0.0773, [alpha]3 (MAR) =-0.0251, [alpha]4
(APR) =-0.0565, [alpha]5 (MAY) = 0.0279,
[alpha]6 (JUN) = 0.0042, [alpha]7 (JUL) =-
0.0918, [alpha]8 (AUG) =-0.0039, [alpha]9
(SEP) = 0.0560, [alpha]10 (OCT) = 1.0594,
[alpha]11 (NOV) =-0.0117, [alpha]12 (DEC) =-
0.0069. The root-mean squared error (RMSE) of the regression is
0.1037.
4. For the first month calculate the forecasted value of the log
growth rate of ADS as
[GRAPHIC] [TIFF OMITTED] TN15MR19.003
For the next month use the forecasted value of the log growth rate
of the first month to calculate the forecast of the next month. This
process iterates until a forecast is generated for all remaining
months in the fiscal year. These data appear in column F.
5. Assuming that the regression error in the AR(1) model is
normally distributed, the expected percentage change in average
daily dollar volume from month t-1 to month t is then given by the
expression exp ([beta]yt-1 + [frac12]
[sigma]2) -1, where denotes the root mean squared error
of the regression (RMSE).
6. For instance, for February 2019, using the [beta] parameter
and the [alpha] parameter (for February) above, and the change in
the log-level ADS from January, 2019, we can estimate the change in
the log growth in average daily sales as [beta]yJan + [alpha]Feb =
((-0.2692 x -0.2311) + 0.0773) = +0.1395 This represents the
estimated change in log average daily dollar volume for February
2019 relative to January 2019. To estimate the percent change in
average daily sales from January 2019 to February 2019, use the
formula shown in Step 5, above: exp (+0.1395 + [frac12]
0.10372)-1 = +0.1559. Apply this estimated percent change
in ADS to the ADS for January 2019 to estimate the ADS for February
2019 as $379,079,268,750 x (1 + 0.1559) = $438,192,488,788. Multiply
this by the 19 trading days in February 2019 to obtain a total
dollar volume forecast of $8,325,657,286,963.
7. For March 2019, proceed in a similar fashion. Using the
estimates for February 2019 along with the [beta] parameter and the
[alpha]3 parameter (for March) to generate a forecast for
the one-month change in the log level of average daily sales.
Convert the estimated log change in average daily sales to estimated
percent change in ADS as in step 6, above to obtain a forecast ADS
of $413,789,951,878. Multiply this figure by the 21 trading days in
March 2019 to obtain a total dollar volume forecast of
$8,689,588,989,442.
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 October
1, 2018 through April 15, 2019. The projected aggregate dollar
amount of covered sales for this period is $56,997,712,431,458.
Actual and projected fee collections at the current fee rate of
$13.00 per million are $740,970,262.
2. Estimate the amount of assessments on security futures
products collected from October 1, 2018 through September 30, 2019.
First, calculate the average and the standard deviation of the
change in log average daily sales, in column E, for the 120 months
ending January 2019. The average is 0.004038 and the standard
deviation is 0.111345. These are used to estimate an average growth
rate in ADS using the formula (0.004038 + [frac12] 0.111345\2\)-1.
This results in an average monthly increase of 1.029%. Apply this
monthly increase to the last month for which single stock futures'
assessments are available, which was $1,701.13, for January 2019.
Estimate all subsequent months in fiscal year 2019 by applying the
growth rate to the previously estimated monthly value, and sum the
results. This totals $23,126.73 for the entire fiscal year.
3. Subtract the amounts $740,970,262 and $23,127 from the target
off-setting collection amount set by Congress of $1,712,091,000,
leaving $971,097,612 to be collected on dollar volume for the period
April 16, 2019 through September 30, 2019.
4. Use Table A to estimate dollar volume for the period April
16, 2019 through September 30, 2019. The estimate is
$46,958,135,950,927. Finally, compute the fee rate required to
produce the additional $971,097,612 in revenue. This rate is
$971,097,612 divided by $46,958,135,950,927 or 0.00002068007.
5. Round the result to the seventh decimal point, yielding a
rate of 0.0000207 (or $20.70 per million).
This table summarizes the estimates of the aggregate dollar
amount of covered sales, by time period. The figures in this table
can be used to determine the new fee rate.
Table A--Baseline Estimate of the Aggregate Dollar Amount of Sales
[Fee rate calculation]
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a. Baseline estimate of the aggregate dollar amount of 52,599,495
sales, 10/01/2018 to 03/31/2019 ($Millions)............
b. Baseline estimate of the aggregate dollar amount of 4,398,217
sales, 04/01/2019 to 04/15/2019 ($Millions)............
c. Baseline estimate of the aggregate dollar amount of 3,998,379
sales, 04/16/2019 to 04/30/2019 ($Millions)............
d. Baseline estimate of the aggregate dollar amount of 42,959,756
sales, 05/01/2019 to 09/30/2019 ($Millions)............
e. Estimated collections in assements on security 0.023
futures products in fiscal year 2019 ($Millions).......
f. Implied fee rate (($1,712,091,000 - $13.00 * (a + b) - $20.70
e)/(c + d)............................................
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Number of Average daily Forecast average Forecast total
Month trading days Total dollar dollar amount of [Delta] LN ADS Forecast [Delta] daily dollar dollar amount of
in month amount of sales sales (ADS) LN ADS amount of sales sales
(A) (B) (C) (D) (E) (F) (G) (H)
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Dec-08...................................................... 22 5,176,041,317,640 235,274,605,347 #N/A ................. ................. .................
Jan-09...................................................... 20 4,670,249,433,806 233,512,471,690 -0.00752 ................. ................. .................
Feb-09...................................................... 19 4,771,470,184,048 251,130,009,687 0.07274 ................. ................. .................
Mar-09...................................................... 22 5,885,594,284,780 267,527,012,945 0.06325 ................. ................. .................
Apr-09...................................................... 21 5,123,665,205,517 243,984,057,406 -0.09212 ................. ................. .................
May-09...................................................... 20 5,086,717,129,965 254,335,856,498 0.04155 ................. ................. .................
Jun-09...................................................... 22 5,271,742,782,609 239,624,671,937 -0.05958 ................. ................. .................
Jul-09...................................................... 22 4,659,599,245,583 211,799,965,708 -0.12343 ................. ................. .................
Aug-09...................................................... 21 4,582,102,295,783 218,195,347,418 0.02975 ................. ................. .................
Sep-09...................................................... 21 4,929,155,364,888 234,721,684,042 0.07301 ................. ................. .................
Oct-09...................................................... 22 5,410,025,301,030 245,910,240,956 0.04657 ................. ................. .................
Nov-09...................................................... 20 4,770,928,103,032 238,546,405,152 -0.03040 ................. ................. .................
Dec-09...................................................... 22 4,688,555,303,171 213,116,150,144 -0.11273 ................. ................. .................
Jan-10...................................................... 19 4,661,793,708,648 245,357,563,613 0.14088 ................. ................. .................
Feb-10...................................................... 19 4,969,848,578,023 261,570,977,791 0.06399 ................. ................. .................
[[Page 9579]]
Mar-10...................................................... 23 5,563,529,823,621 241,892,601,027 -0.07821 ................. ................. .................
Apr-10...................................................... 21 5,546,445,874,917 264,116,470,234 0.08790 ................. ................. .................
May-10...................................................... 20 7,260,430,376,294 363,021,518,815 0.31807 ................. ................. .................
Jun-10...................................................... 22 6,124,776,349,285 278,398,924,967 -0.26541 ................. ................. .................
Jul-10...................................................... 21 5,058,242,097,334 240,868,671,302 -0.14480 ................. ................. .................
Aug-10...................................................... 22 4,765,828,263,463 216,628,557,430 -0.10607 ................. ................. .................
Sep-10...................................................... 21 4,640,722,344,586 220,986,778,314 0.01992 ................. ................. .................
Oct-10...................................................... 21 5,138,411,712,272 244,686,272,013 0.10187 ................. ................. .................
Nov-10...................................................... 21 5,279,700,881,901 251,414,327,710 0.02713 ................. ................. .................
Dec-10...................................................... 22 4,998,574,681,208 227,207,940,055 -0.10124 ................. ................. .................
Jan-11...................................................... 20 5,043,391,121,345 252,169,556,067 0.10424 ................. ................. .................
Feb-11...................................................... 19 5,114,631,590,581 269,191,136,346 0.06532 ................. ................. .................
Mar-11...................................................... 23 6,499,355,385,307 282,580,668,926 0.04854 ................. ................. .................
Apr-11...................................................... 20 4,975,954,868,765 248,797,743,438 -0.12732 ................. ................. .................
May-11...................................................... 21 5,717,905,621,053 272,281,220,050 0.09020 ................. ................. .................
Jun-11...................................................... 22 5,820,079,494,414 264,549,067,928 -0.02881 ................. ................. .................
Jul-11...................................................... 20 5,189,681,899,635 259,484,094,982 -0.01933 ................. ................. .................
Aug-11...................................................... 23 8,720,566,877,109 379,155,081,613 0.37925 ................. ................. .................
Sep-11...................................................... 21 6,343,578,147,811 302,075,149,896 -0.22727 ................. ................. .................
Oct-11...................................................... 21 6,163,272,963,688 293,489,188,747 -0.02884 ................. ................. .................
Nov-11...................................................... 21 5,493,906,473,584 261,614,593,980 -0.11497 ................. ................. .................
Dec-11...................................................... 21 5,017,867,255,600 238,946,059,790 -0.09063 ................. ................. .................
Jan-12...................................................... 20 4,726,522,206,487 236,326,110,324 -0.01103 ................. ................. .................
Feb-12...................................................... 20 5,011,862,514,132 250,593,125,707 0.05862 ................. ................. .................
Mar-12...................................................... 22 5,638,847,967,025 256,311,271,228 0.02256 ................. ................. .................
Apr-12...................................................... 20 5,084,239,396,560 254,211,969,828 -0.00822 ................. ................. .................
May-12...................................................... 22 5,611,638,053,374 255,074,456,972 0.00339 ................. ................. .................
Jun-12...................................................... 21 5,121,896,896,362 243,899,852,208 -0.04480 ................. ................. .................
Jul-12...................................................... 21 4,567,519,314,374 217,500,919,732 -0.11455 ................. ................. .................
Aug-12...................................................... 23 4,621,597,884,730 200,939,038,467 -0.07920 ................. ................. .................
Sep-12...................................................... 19 4,598,499,962,682 242,026,313,825 0.18604 ................. ................. .................
Oct-12...................................................... 21 5,095,175,588,310 242,627,408,967 0.00248 ................. ................. .................
Nov-12...................................................... 21 4,547,882,974,292 216,565,855,919 -0.11363 ................. ................. .................
Dec-12...................................................... 20 4,744,922,754,360 237,246,137,718 0.09120 ................. ................. .................
Jan-13...................................................... 21 5,079,603,817,496 241,885,896,071 0.01937 ................. ................. .................
Feb-13...................................................... 19 4,800,663,527,089 252,666,501,426 0.04360 ................. ................. .................
Mar-13...................................................... 20 4,917,701,839,870 245,885,091,993 -0.02721 ................. ................. .................
Apr-13...................................................... 22 5,451,358,637,079 247,789,028,958 0.00771 ................. ................. .................
May-13...................................................... 22 5,681,788,831,869 258,263,128,721 0.04140 ................. ................. .................
Jun-13...................................................... 20 5,623,545,462,226 281,177,273,111 0.08501 ................. ................. .................
Jul-13...................................................... 22 5,083,861,509,754 231,084,614,080 -0.19620 ................. ................. .................
Aug-13...................................................... 22 4,925,611,193,095 223,891,417,868 -0.03162 ................. ................. .................
Sep-13...................................................... 20 4,959,197,626,713 247,959,881,336 0.10211 ................. ................. .................
Oct-13...................................................... 23 5,928,804,028,970 257,774,088,216 0.03882 ................. ................. .................
Nov-13...................................................... 20 5,182,024,612,049 259,101,230,602 0.00514 ................. ................. .................
Dec-13...................................................... 21 5,265,282,994,173 250,727,761,627 -0.03285 ................. ................. .................
Jan-14...................................................... 21 5,808,700,114,288 276,604,767,347 0.09822 ................. ................. .................
Feb-14...................................................... 19 6,018,926,931,054 316,785,627,950 0.13564 ................. ................. .................
Mar-14...................................................... 21 6,068,617,342,988 288,981,778,238 -0.09186 ................. ................. .................
Apr-14...................................................... 21 6,013,948,953,528 286,378,521,597 -0.00905 ................. ................. .................
May-14...................................................... 21 5,265,594,447,318 250,742,592,729 -0.13289 ................. ................. .................
Jun-14...................................................... 21 5,159,506,989,669 245,690,809,032 -0.02035 ................. ................. .................
Jul-14...................................................... 22 5,364,099,567,460 243,822,707,612 -0.00763 ................. ................. .................
Aug-14...................................................... 21 5,075,332,147,677 241,682,483,223 -0.00882 ................. ................. .................
Sep-14...................................................... 21 5,507,943,363,243 262,283,017,297 0.08180 ................. ................. .................
Oct-14...................................................... 23 7,796,638,035,879 338,984,262,430 0.25653 ................. ................. .................
Nov-14...................................................... 19 5,340,847,027,697 281,097,211,984 -0.18725 ................. ................. .................
Dec-14...................................................... 22 6,559,110,068,128 298,141,366,733 0.05887 ................. ................. .................
Jan-15...................................................... 20 6,185,619,541,044 309,280,977,052 0.03668 ................. ................. .................
Feb-15...................................................... 19 5,723,523,235,641 301,238,065,034 -0.02635 ................. ................. .................
Mar-15...................................................... 22 6,395,046,297,249 290,683,922,602 -0.03566 ................. ................. .................
Apr-15...................................................... 21 5,625,548,298,004 267,883,252,286 -0.08169 ................. ................. .................
May-15...................................................... 20 5,521,351,972,386 276,067,598,619 0.03009 ................. ................. .................
Jun-15...................................................... 22 6,005,521,460,806 272,978,248,218 -0.01125 ................. ................. .................
Jul-15...................................................... 22 6,493,670,315,390 295,166,832,518 0.07815 ................. ................. .................
Aug-15...................................................... 21 6,963,901,249,270 331,614,345,203 0.11643 ................. ................. .................
Sep-15...................................................... 21 6,434,496,770,897 306,404,608,138 -0.07907 ................. ................. .................
Oct-15...................................................... 22 6,592,594,708,082 299,663,395,822 -0.02225 ................. ................. .................
Nov-15...................................................... 20 5,822,824,015,945 291,141,200,797 -0.02885 ................. ................. .................
Dec-15...................................................... 22 6,384,337,478,801 290,197,158,127 -0.00325 ................. ................. .................
Jan-16...................................................... 19 6,696,059,796,055 352,424,199,792 0.19428 ................. ................. .................
Feb-16...................................................... 20 6,659,878,908,747 332,993,945,437 -0.05671 ................. ................. .................
Mar-16...................................................... 22 6,161,943,754,542 280,088,352,479 -0.17302 ................. ................. .................
Apr-16...................................................... 21 5,541,076,988,322 263,860,808,968 -0.05968 ................. ................. .................
May-16...................................................... 21 5,693,520,415,112 271,120,019,767 0.02714 ................. ................. .................
Jun-16...................................................... 22 6,317,212,852,759 287,146,038,762 0.05743 ................. ................. .................
Jul-16...................................................... 20 5,331,797,261,269 266,589,863,063 -0.07428 ................. ................. .................
[[Page 9580]]
Aug-16...................................................... 23 5,635,976,607,786 245,042,461,208 -0.08428 ................. ................. .................
Sep-16...................................................... 21 5,942,072,286,976 282,955,823,189 0.14386 ................. ................. .................
Oct-16...................................................... 21 5,460,906,573,682 260,043,170,175 -0.08444 ................. ................. .................
Nov-16...................................................... 21 6,845,287,809,886 325,966,086,185 0.22595 ................. ................. .................
Dec-16...................................................... 21 6,208,579,880,985 295,646,660,999 -0.09763 ................. ................. .................
Jan-17...................................................... 20 5,598,200,907,603 279,910,045,380 -0.05470 ................. ................. .................
Feb-17...................................................... 19 5,443,426,609,533 286,496,137,344 0.02326 ................. ................. .................
Mar-17...................................................... 23 6,661,861,914,530 289,646,170,197 0.01094 ................. ................. .................
Apr-17...................................................... 19 5,116,714,033,499 269,300,738,605 -0.07283 ................. ................. .................
May-17...................................................... 22 6,305,822,460,672 286,628,293,667 0.06236 ................. ................. .................
Jun-17...................................................... 22 6,854,993,097,601 311,590,595,346 0.08350 ................. ................. .................
Jul-17...................................................... 20 5,394,333,070,522 269,716,653,526 -0.14432 ................. ................. .................
Aug-17...................................................... 23 6,206,204,906,864 269,834,995,951 0.00044 ................. ................. .................
Sep-17...................................................... 20 5,939,886,169,525 296,994,308,476 0.09590 ................. ................. .................
Oct-17...................................................... 22 6,134,529,538,894 278,842,251,768 -0.06307 ................. ................. .................
Nov-17...................................................... 21 6,289,748,560,897 299,511,836,233 0.07151 ................. ................. .................
Dec-17...................................................... 20 6,672,181,323,001 333,609,066,150 0.10782 ................. ................. .................
Jan-18...................................................... 21 7,672,288,677,308 365,347,079,872 0.09088 ................. ................. .................
Feb-18...................................................... 19 8,725,420,462,639 459,232,655,928 0.22871 ................. ................. .................
Mar-18...................................................... 21 8,264,755,011,030 393,559,762,430 -0.15432 ................. ................. .................
Apr-18...................................................... 21 7,490,308,402,446 356,681,352,497 -0.09839 ................. ................. .................
May-18...................................................... 22 7,242,077,467,179 329,185,339,417 -0.08022 ................. ................. .................
Jun-18...................................................... 21 7,936,783,802,579 377,942,085,837 0.13812 ................. ................. .................
Jul-18...................................................... 21 6,807,593,326,456 324,171,110,784 -0.15347 ................. ................. .................
Aug-18...................................................... 23 7,363,115,444,274 320,135,454,099 -0.01253 ................. ................. .................
Sep-18...................................................... 19 6,781,988,459,996 356,946,761,052 0.10884 ................. ................. .................
Oct-18...................................................... 23 10,133,514,480,998 440,587,586,130 0.21052 ................. ................. .................
Nov-18...................................................... 21 8,414,847,862,204 400,707,041,057 -0.09488 ................. ................. .................
Dec-18...................................................... 19 9,075,221,733,736 477,643,249,144 0.17563 ................. ................. .................
Jan-19...................................................... 21 7,960,664,643,749 379,079,268,750 -0.23112 ................. ................. .................
Feb-19...................................................... 19 ................... ................... .............. 0.1395 438,192,488,788 8,325,657,286,963
Mar-19...................................................... 21 ................... ................... .............. -0.0627 413,789,951,878 8,689,588,989,442
Apr-19...................................................... 21 ................... ................... .............. -0.0397 399,837,948,579 8,396,596,920,153
May-19...................................................... 22 ................... ................... .............. 0.0386 417,801,508,030 9,191,633,176,654
Jun-19...................................................... 20 ................... ................... .............. -0.0062 417,455,061,409 8,349,101,228,188
Jul-19...................................................... 22 ................... ................... .............. -0.0901 383,542,454,021 8,437,933,988,469
Aug-19...................................................... 22 ................... ................... .............. 0.0204 393,541,847,373 8,657,920,642,210
Sep-19...................................................... 20 ................... ................... .............. 0.0505 416,158,371,481 8,323,167,429,618
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BILLING CODE 8011-01-P
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[GRAPHIC] [TIFF OMITTED] TN15MR19.004
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[FR Doc. 2019-04800 Filed 3-14-19; 8:45 am]
BILLING CODE 8011-01-C