[Federal Register Volume 87, Number 71 (Wednesday, April 13, 2022)]
[Notices]
[Pages 21931-21938]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-07881]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94644]
Order Making Fiscal Year 2022 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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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 March 15, 2022, the President signed into law the
Consolidated Appropriations Act, 2022, which includes total
appropriations of $1,999,663,000 to the SEC for fiscal year 2022.
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\6\ 15 U.S.C. 78ee(g).
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II. Fiscal Year 2022 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 2022 \8\ from an amount equal to the regular appropriation to the
Commission for fiscal year 2022, 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 February, 2022. To calculate
the dollar amount of covered sales from March, 2022 to the effective
date of the new fee rate, the Commission is using the same
methodology it used in fiscal year 2020. This methodology is
described in Appendix A of this order.
\8\ Currently, security futures do not trade on any market,
therefore the Commission has not collected any assessments for
transactions in security futures. Accordingly, the forecast for the
assessments for all of fiscal year 2022 for single stock futures is
zero.
\9\ To estimate the aggregate dollar amount of covered sales for
the remainder of fiscal year 2022 following the effective date of
the new fee rate, the Commission is using the same methodology it
used previously. This methodology is described in Appendix A of this
order.
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As noted above, the Consolidated Appropriations Act, 2022, includes
total appropriations of $1,999,663,000 to the Commission for fiscal
year 2022.\10\ The Commission estimates that it will collect
$643,763,663 in fees for the period prior to the effective date of the
new fee rate and $0 in assessments on round turn transactions in
security futures products during all of fiscal year 2022. Using the
methodology described in Appendix A, the Commission estimates that the
aggregate dollar amount of covered sales for the remainder of fiscal
year 2022 to be $59,331,516,269,025.
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\10\ The President signed into law the ``Consolidated
Appropriations Act, 2022'' on March 15, 2022. This legislation
included an appropriation of $1,988,550,000 to the SEC for fiscal
year 2022 operations. The Act further directed that ``[i]n addition
to the foregoing appropriation, for move, replication, and related
costs associated with a replacement lease for the Commission's Fort
Worth Regional Office facilities, not to exceed $6,746,000, to
remain available until expended; and for move, replication, and
related costs associated with a replacement lease for the
Commission's San Francisco Regional Office facilities, not to exceed
$4,367,000, to remain available until expended.'' The sum of these
three amounts is $1,999,663,000. Finally, the Act further directed
that ``for purposes of calculating the fee rate under section 31(j)
. . . all amounts appropriated under this heading shall be deemed to
be the regular appropriation to the Commission for fiscal year
2022.''
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The uniform adjusted rate is computed by dividing the residual fees
to be collected of $1,355,899,337 by the estimated aggregate dollar
amount of covered sales for the remainder of fiscal year 2022 of
$59,331,516,269,025; this results in a uniform adjusted rate for fiscal
year 2022 of $22.90 per million.\11\
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\11\ Appendix A shows the process of calculating the fiscal year
2022 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 2022
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,
2021, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2022 is enacted.\12\ The regular
appropriation to the Commission for fiscal year 2022 was enacted on
March 15, 2022, and accordingly, the new fee rates applicable under
Sections 31(b) and (c) of the Exchange Act will take effect on May 14,
2022.
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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 $22.90 per $1,000,000
effective on May 14, 2022.
By the Commission.
Dated: April 8, 2022.
Jill M. Peterson,
Assistant 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 2022. 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 2022.
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
[[Page 21932]]
Commission's regular appropriation for fiscal year 2022 (less the sum
of fees to be collected during fiscal year 2022 prior to the effective
date of the new fee rate and aggregate assessments on security futures
transactions during all of fiscal year 2022) 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 2022, 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 February 2022, 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 March 15, 2022. The first business day
after this date was March 16, 2022. Data for February were due from
the exchanges on March 14, 2022. As a result, the Commission used
February 2022 and earlier data to forecast volume for March 2022 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 2022
First, calculate the average daily dollar amount of covered sales
(``ADS'') for each month in the sample (August 2011-February 2022). The
monthly total dollar amount of covered sales (exchange plus certain OTC
markets) is presented in column C of Table A.
The model forecasts the monthly moving average of the average daily
dollar amount of covered sales. Each month's average daily dollar
amount of covered sales is calculated by dividing the total covered
sales for that month (column C of Table A) by the number of trading
days for that month (column B of Table A). These amounts are shown in
column D of Table A. The moving average will span the same number of
months required to be forecast for the remainder of the fiscal year.
The trailing moving average used in the forecast model is presented in
column E of Table A.
To capture the recent trends in the monthly changes in the moving
averages, calculate the 1-month and 2-month lags of the trailing moving
average shown in column E in Table A. These amounts are shown in
columns F and G, respectively, of Table A.
Next, model the monthly trailing moving average of ADS as function
of a constant term and the two lagged trailing moving averages using
the ordinary least squares technique.
Use the estimated model to forecast the trailing moving average of
ADS of the first month after the last available monthly data. Estimate
the trailing moving average of the second month using the forecasted
value of the first month and the actual value of the month before that.
Similarly, estimate the trailing moving average of the third month
using the forecasted values of the two previous months. Continue in
this fashion until the end of the fiscal year.
The estimate of the trailing moving average ADS for the last
applicable month in the fiscal year is a prediction of the moving
average for those months that need to be predicted. This estimate is
used as the predicted value of ADS for each month in the forecast
period; to obtain the forecast total covered sales for each month,
multiply the predicted ADS by the number of days in each month.
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 August 2011-February
2022.\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 two period lag in the 6-month
trailing moving average of average daily covered sales, seven
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 the 6-month trailing moving average
of ADS (shown in column E). For example, the value for January, 2012 is
the average of the 6 months ending in January, 2012, or August 2011
through January 2012 inclusive.
3. Calculate the 1-month and 2-month lags of the trailing moving
average. For example, the 1-month lag of the 6-month trailing moving
average for February, 2012 is equal to the 6-month trailing moving
average for January, 2012. The 2-month lag of the 6-month trailing
moving average for March, 2012 is equal to the 6-month trailing moving
average for January 2012. These are shown in columns F and G.
4. Estimate the model using ordinary least squares:
yt = [alpha] + [beta]1yt-1 +
[beta]2 yt-2 + ut
Where yt is the 6-month trailing moving average of the
average daily sales for month t, and yt-1 and
yt-2 are the 1-month and 2-month lags of yt,
and ut representing the error term for month t. The model
can be estimated using standard commercially available software. The
estimated parameter values are a = -367,840,831, b1 =
+1.635496, b2 = -0.629751. The root-mean squared error
(RMSE) of the regression is 10,477,301,062.
5. The predicted value of the 6-month trailing moving average of
the last month to be forecast represents the final forecast of covered
sales for the entire prediction period. This value is shown in column
H. This represents the prediction for August of 2022. To calculate this
value from the model above, one needs the 1-month and 2-month lag of
the 6-month trailing moving average ADS, i.e., the 6-month trailing
moving average for June and July. The 6-month trailing moving average
for July is obtained by using the 1-month and 2-month lags for July,
that is, the 6-month trailing moving averages for June and May. To
arrive at all the necessary inputs, one begins with the first month to
be forecast, in this case, March 2022, and iterates predictions forward
until the last month is predicted. One then multiplies the final
predicted 6-month trailing moving average ADS by the number of days in
each month to arrive at the forecast total dollar amount of covered
sales. This is shown in column I.
6. For example, for March 2022, using the a, b1, and
b2 parameter estimates shown above, along with the 1-month
and two-month lags in the 6-month trailing moving average ADS
(representing the 6-month trailing moving average ADS for January and
February 2022, respectively), one can estimate the forecast 6-month
trailing moving average ADS for March: -367,840,831 + (1.635496 x
681,912,575,789) + (-0.629751 x 641,935,586,835) = 710,637,605,562.
7. With the estimated 6-month trailing moving average ADS for March
2022 calculated above, one can estimate the 6-month trailing moving
average ADS for April, 2022. The estimate obtained from March becomes
the 1-month lag for April, and the 1-month lag used in the March
forecast becomes the 2-month lag for the April forecast. Thus, the
predicted 6-month trailing moving average ADS for April 2022 is
calculated as: -367,840,831 + (1.635496 x 710,637,605,562) + (-0.629751
x 681,912,575,789) = 732,441,711,767.
8. Using the forecasts for March and April, one can estimate the
value for May. Repeat this procedure for subsequent months, until the
estimate for August 2022 is obtained. This value
[[Page 21933]]
is 791,086,883,587.\15\ This value is then used to calculate the final
forecast total monthly covered sales for all 6 months from March 2022
through August 2022.
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\15\ One obtains insignificantly different values using the
rounded parameter estimates shown above. The predicted ADS values
displayed above represents the full precision estimate.
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9. To obtain the estimate of total monthly covered sales for each
month, multiply the number of trading days in the month, shown in
column B in Table A, by the final forecast 6-month trailing moving
average ADS, shown in column H of Table A. This product is shown in
column I of Table A, and these figures are used to calculate the new
fee rate.
B. Using the Forecasts From A To Calculate the New Fee Rate
1. Use Table A to estimate fees collected for the period September
1, 2021 through May 13, 2022. The projected aggregate dollar amount of
covered sales for this period is $126,228,169,296,551. Actual and
projected fee collections at the current fee rate of $5.10 per million
are $643,763,663.
2. Estimate the amount of assessments on security futures products
collected from September 1, 2021 through August 31, 2022. The only
entity reporting assessable security futures products ceased operations
in September, 2020.\16\ Consequently, the estimated amount of
assessments on security futures products collected from September 2021
through August 2022 is zero.
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\16\ Currently, security futures do not trade on any market,
therefore the Commission has not collected any assessments for
transactions in security futures. Accordingly, the forecast for the
assessments for all of fiscal year 2022 for single stock futures is
zero.
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3. Subtract the amount $643,763,663 from the target off-setting
collection amount set by Congress of $1,999,663,000, leaving
$1,355,899,337 to be collected on dollar volume for the period May 14,
2022 through August 31, 2022.
4. Use Table A to estimate dollar volume for the period May 14,
2022 through August 31, 2022. The estimate is $59,331,516,269,025.
Finally, compute the fee rate required to produce the additional
$1,355,899,337 in revenue. This rate is $1,355,899,337 divided by
$59,331,516,269,025 or 0.00002285293.
5. Round the result to the seventh decimal point, yielding a rate
of 0.0000229 (or $22.90 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.
[GRAPHIC] [TIFF OMITTED] TN13AP22.001
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# of
trading Total dollar amount Average daily dollar 6-Month trailing 1 Month lag of 6- 2 Month lag of 6- Forecast 6-month Forecast total
Month days in of sales amount of sales moving average ADS month trailing month trailing trailing moving dollar amount of
month (ADS) moving average ADS moving average ADS average ADS sales
(A) (B) (C) (D) (E) (F) (G) (H) (I)
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Aug-11........................................................... 23 $8,720,566,877,109 $379,155,081,613 .................... .................... .................... .................... ....................
Sep-11........................................................... 21 6,343,578,147,811 302,075,149,896 .................... .................... .................... .................... ....................
Oct-11........................................................... 21 6,163,272,963,688 293,489,188,747 .................... .................... .................... .................... ....................
Nov-11........................................................... 21 5,493,906,473,584 261,614,593,980 .................... .................... .................... .................... ....................
Dec-11........................................................... 21 5,017,867,255,600 238,946,059,790 .................... .................... .................... .................... ....................
Jan-12........................................................... 20 4,726,522,206,487 236,326,110,324 285,267,697,392 .................... .................... .................... ....................
Feb-12........................................................... 20 5,011,862,514,132 250,593,125,707 263,840,704,741 285,267,697,392 .................... .................... ....................
Mar-12........................................................... 22 5,638,847,967,025 256,311,271,228 256,213,391,630 263,840,704,741 285,267,697,392 .................... ....................
Apr-12........................................................... 20 5,084,239,396,560 254,211,969,828 249,667,188,476 256,213,391,630 263,840,704,741 .................... ....................
May-12........................................................... 22 5,611,638,053,374 255,074,456,972 248,577,165,642 249,667,188,476 256,213,391,630 .................... ....................
Jun-12........................................................... 21 5,121,896,896,362 243,899,852,208 249,402,797,711 248,577,165,642 249,667,188,476 .................... ....................
Jul-12........................................................... 21 4,567,519,314,374 217,500,919,732 246,265,265,946 249,402,797,711 248,577,165,642 .................... ....................
Aug-12........................................................... 23 4,621,597,884,730 200,939,038,467 237,989,584,739 246,265,265,946 249,402,797,711 .................... ....................
Sep-12........................................................... 19 4,598,499,962,682 242,026,313,825 235,608,758,505 237,989,584,739 246,265,265,946 .................... ....................
Oct-12........................................................... 21 5,095,175,588,310 242,627,408,967 233,677,998,362 235,608,758,505 237,989,584,739 .................... ....................
Nov-12........................................................... 21 4,547,882,974,292 216,565,855,919 227,259,898,186 233,677,998,362 235,608,758,505 .................... ....................
Dec-12........................................................... 20 4,744,922,754,360 237,246,137,718 226,150,945,771 227,259,898,186 233,677,998,362 .................... ....................
Jan-13........................................................... 21 5,079,603,817,496 241,885,896,071 230,215,108,494 226,150,945,771 227,259,898,186 .................... ....................
Feb-13........................................................... 19 4,800,663,527,089 252,666,501,426 238,836,352,321 230,215,108,494 226,150,945,771 .................... ....................
Mar-13........................................................... 20 4,917,701,839,870 245,885,091,993 239,479,482,016 238,836,352,321 230,215,108,494 .................... ....................
Apr-13........................................................... 22 5,451,358,637,079 247,789,028,958 240,339,752,014 239,479,482,016 238,836,352,321 .................... ....................
May-13........................................................... 22 5,681,788,831,869 258,263,128,721 247,289,297,481 240,339,752,014 239,479,482,016 .................... ....................
Jun-13........................................................... 20 5,623,545,462,226 281,177,273,111 254,611,153,380 247,289,297,481 240,339,752,014 .................... ....................
Jul-13........................................................... 22 5,083,861,509,754 231,084,614,080 252,810,939,715 254,611,153,380 247,289,297,481 .................... ....................
Aug-13........................................................... 22 4,925,611,193,095 223,891,417,868 248,015,092,455 252,810,939,715 254,611,153,380 .................... ....................
Sep-13........................................................... 20 4,959,197,626,713 247,959,881,336 248,360,890,679 248,015,092,455 252,810,939,715 .................... ....................
Oct-13........................................................... 23 5,928,804,028,970 257,774,088,216 250,025,067,222 248,360,890,679 248,015,092,455 .................... ....................
Nov-13........................................................... 20 5,182,024,612,049 259,101,230,602 250,164,750,869 250,025,067,222 248,360,890,679 .................... ....................
Dec-13........................................................... 21 5,265,282,994,173 250,727,761,627 245,089,832,288 250,164,750,869 250,025,067,222 .................... ....................
Jan-14........................................................... 21 5,808,700,114,288 276,604,767,347 252,676,524,499 245,089,832,288 250,164,750,869 .................... ....................
Feb-14........................................................... 19 6,018,926,931,054 316,785,627,950 268,158,892,846 252,676,524,499 245,089,832,288 .................... ....................
Mar-14........................................................... 21 6,068,617,342,988 288,981,778,238 274,995,875,663 268,158,892,846 252,676,524,499 .................... ....................
Apr-14........................................................... 21 6,013,948,953,528 286,378,521,597 279,763,281,227 274,995,875,663 268,158,892,846 .................... ....................
May-14........................................................... 21 5,265,594,447,318 250,742,592,729 278,370,174,915 279,763,281,227 274,995,875,663 .................... ....................
Jun-14........................................................... 21 5,159,506,989,669 245,690,809,032 277,530,682,815 278,370,174,915 279,763,281,227 .................... ....................
Jul-14........................................................... 22 5,364,099,567,460 243,822,707,612 272,067,006,193 277,530,682,815 278,370,174,915 .................... ....................
Aug-14........................................................... 21 5,075,332,147,677 241,682,483,223 259,549,815,405 272,067,006,193 277,530,682,815 .................... ....................
Sep-14........................................................... 21 5,507,943,363,243 262,283,017,297 255,100,021,915 259,549,815,405 272,067,006,193 .................... ....................
Oct-14........................................................... 23 7,796,638,035,879 338,984,262,430 263,867,645,387 255,100,021,915 259,549,815,405 .................... ....................
Nov-14........................................................... 19 5,340,847,027,697 281,097,211,984 268,926,748,596 263,867,645,387 255,100,021,915 .................... ....................
Dec-14........................................................... 22 6,559,110,068,128 298,141,366,733 277,668,508,213 268,926,748,596 263,867,645,387 .................... ....................
Jan-15........................................................... 20 6,185,619,541,044 309,280,977,052 288,578,219,786 277,668,508,213 268,926,748,596 .................... ....................
Feb-15........................................................... 19 5,723,523,235,641 301,238,065,034 298,504,150,088 288,578,219,786 277,668,508,213 .................... ....................
Mar-15........................................................... 22 6,395,046,297,249 290,683,922,602 303,237,634,306 298,504,150,088 288,578,219,786 .................... ....................
Apr-15........................................................... 21 5,625,548,298,004 267,883,252,286 291,387,465,949 303,237,634,306 298,504,150,088 .................... ....................
May-15........................................................... 20 5,521,351,972,386 276,067,598,619 290,549,197,054 291,387,465,949 303,237,634,306 .................... ....................
Jun-15........................................................... 22 6,005,521,460,806 272,978,248,218 286,355,343,969 290,549,197,054 291,387,465,949 .................... ....................
Jul-15........................................................... 22 6,493,670,315,390 295,166,832,518 284,002,986,546 286,355,343,969 290,549,197,054 .................... ....................
Aug-15........................................................... 21 6,963,901,249,270 331,614,345,203 289,065,699,908 284,002,986,546 286,355,343,969 .................... ....................
Sep-15........................................................... 21 6,434,496,770,897 306,404,608,138 291,685,814,164 289,065,699,908 284,002,986,546 .................... ....................
Oct-15........................................................... 22 6,592,594,708,082 299,663,395,822 296,982,504,753 291,685,814,164 289,065,699,908 .................... ....................
Nov-15........................................................... 20 5,822,824,015,945 291,141,200,797 299,494,771,783 296,982,504,753 291,685,814,164 .................... ....................
Dec-15........................................................... 22 6,384,337,478,801 290,197,158,127 302,364,590,101 299,494,771,783 296,982,504,753 .................... ....................
Jan-16........................................................... 19 6,696,059,796,055 352,424,199,792 311,907,484,647 302,364,590,101 299,494,771,783 .................... ....................
Feb-16........................................................... 20 6,659,878,908,747 332,993,945,437 312,137,418,019 311,907,484,647 302,364,590,101 .................... ....................
Mar-16........................................................... 22 6,161,943,754,542 280,088,352,479 307,751,375,409 312,137,418,019 311,907,484,647 .................... ....................
Apr-16........................................................... 21 5,541,076,988,322 263,860,808,968 301,784,277,600 307,751,375,409 312,137,418,019 .................... ....................
May-16........................................................... 21 5,693,520,415,112 271,120,019,767 298,447,414,095 301,784,277,600 307,751,375,409 .................... ....................
Jun-16........................................................... 22 6,317,212,852,759 287,146,038,762 297,938,894,201 298,447,414,095 301,784,277,600 .................... ....................
Jul-16........................................................... 20 5,331,797,261,269 266,589,863,063 283,633,171,413 297,938,894,201 298,447,414,095 .................... ....................
[[Page 21935]]
Aug-16........................................................... 23 5,635,976,607,786 245,042,461,208 268,974,590,708 283,633,171,413 297,938,894,201 .................... ....................
Sep-16........................................................... 21 5,942,072,286,976 282,955,823,189 269,452,502,493 268,974,590,708 283,633,171,413 .................... ....................
Oct-16........................................................... 21 5,460,906,573,682 260,043,170,175 268,816,229,361 269,452,502,493 268,974,590,708 .................... ....................
Nov-16........................................................... 21 6,845,287,809,886 325,966,086,185 277,957,240,431 268,816,229,361 269,452,502,493 .................... ....................
Dec-16........................................................... 21 6,208,579,880,985 295,646,660,999 279,374,010,803 277,957,240,431 268,816,229,361 .................... ....................
Jan-17........................................................... 20 5,598,200,907,603 279,910,045,380 281,594,041,190 279,374,010,803 277,957,240,431 .................... ....................
Feb-17........................................................... 19 5,443,426,609,533 286,496,137,344 288,502,987,212 281,594,041,190 279,374,010,803 .................... ....................
Mar-17........................................................... 23 6,661,861,914,530 289,646,170,197 289,618,045,047 288,502,987,212 281,594,041,190 .................... ....................
Apr-17........................................................... 19 5,116,714,033,499 269,300,738,605 291,160,973,118 289,618,045,047 288,502,987,212 .................... ....................
May-17........................................................... 22 6,305,822,460,672 286,628,293,667 284,604,674,365 291,160,973,118 289,618,045,047 .................... ....................
Jun-17........................................................... 22 6,854,993,097,601 311,590,595,346 287,261,996,756 284,604,674,365 291,160,973,118 .................... ....................
Jul-17........................................................... 20 5,394,333,070,522 269,716,653,526 285,563,098,114 287,261,996,756 284,604,674,365 .................... ....................
Aug-17........................................................... 23 6,206,204,906,864 269,834,995,951 282,786,241,215 285,563,098,114 287,261,996,756 .................... ....................
Sep-17........................................................... 20 5,939,886,169,525 296,994,308,476 284,010,930,928 282,786,241,215 285,563,098,114 .................... ....................
Oct-17........................................................... 22 6,134,529,538,894 278,842,251,768 285,601,183,122 284,010,930,928 282,786,241,215 .................... ....................
Nov-17........................................................... 21 6,289,748,560,897 299,511,836,233 287,748,440,217 285,601,183,122 284,010,930,928 .................... ....................
Dec-17........................................................... 20 6,672,181,323,001 333,609,066,150 291,418,185,351 287,748,440,217 285,601,183,122 .................... ....................
Jan-18........................................................... 21 7,672,288,677,308 365,347,079,872 307,356,589,742 291,418,185,351 287,748,440,217 .................... ....................
Feb-18........................................................... 19 8,725,420,462,639 459,232,655,928 338,922,866,405 307,356,589,742 291,418,185,351 .................... ....................
Mar-18........................................................... 21 8,264,755,011,030 393,559,762,430 355,017,108,730 338,922,866,405 307,356,589,742 .................... ....................
Apr-18........................................................... 21 7,490,308,402,446 356,681,352,497 367,990,292,185 355,017,108,730 338,922,866,405 .................... ....................
May-18........................................................... 22 7,242,077,467,361 329,185,339,426 372,935,876,051 367,990,292,185 355,017,108,730 .................... ....................
Jun-18........................................................... 21 7,936,783,802,579 377,942,085,837 380,324,712,665 372,935,876,051 367,990,292,185 .................... ....................
Jul-18........................................................... 21 6,807,593,326,456 324,171,110,784 373,462,051,150 380,324,712,665 372,935,876,051 .................... ....................
Aug-18........................................................... 23 7,363,115,477,823 320,135,455,558 350,279,184,422 373,462,051,150 380,324,712,665 .................... ....................
Sep-18........................................................... 19 6,781,988,459,996 356,946,761,052 344,177,017,526 350,279,184,422 373,462,051,150 .................... ....................
Oct-18........................................................... 23 10,133,514,482,168 440,587,586,181 358,161,389,806 344,177,017,526 350,279,184,422 .................... ....................
Nov-18........................................................... 21 8,414,847,862,204 400,707,041,057 370,081,673,412 358,161,389,806 344,177,017,526 .................... ....................
Dec-18........................................................... 19 9,075,221,733,736 477,643,249,144 386,698,533,963 370,081,673,412 358,161,389,806 .................... ....................
Jan-19........................................................... 21 7,960,664,643,749 379,079,268,750 395,849,893,624 386,698,533,963 370,081,673,412 .................... ....................
Feb-19........................................................... 19 6,676,391,653,247 351,389,034,381 401,058,823,428 395,849,893,624 386,698,533,963 .................... ....................
Mar-19........................................................... 21 7,828,979,311,928 372,808,538,663 403,702,453,030 401,058,823,428 395,849,893,624 .................... ....................
Apr-19........................................................... 21 6,907,923,076,080 328,948,717,909 385,095,974,984 403,702,453,030 401,058,823,428 .................... ....................
May-19........................................................... 22 7,895,053,976,747 358,866,089,852 378,122,483,117 385,095,974,984 403,702,453,030 .................... ....................
Jun-19........................................................... 20 7,070,583,442,058 353,529,172,103 357,436,803,610 378,122,483,117 385,095,974,984 .................... ....................
Jul-19........................................................... 22 6,792,811,319,721 308,764,150,896 345,717,617,301 357,436,803,610 378,122,483,117 .................... ....................
Aug-19........................................................... 22 8,059,527,400,976 366,342,154,590 348,209,804,002 345,717,617,301 357,436,803,610 .................... ....................
Sep-19........................................................... 20 6,958,132,871,506 347,906,643,575 344,059,488,154 348,209,804,002 345,717,617,301 .................... ....................
Oct-19........................................................... 23 7,235,982,824,882 314,607,948,908 341,669,359,987 344,059,488,154 348,209,804,002 .................... ....................
Nov-19........................................................... 20 6,784,888,230,209 339,244,411,510 338,399,080,264 341,669,359,987 344,059,488,154 .................... ....................
Dec-19........................................................... 21 7,252,856,724,647 345,374,129,745 337,039,906,538 338,399,080,264 341,669,359,987 .................... ....................
Jan-20........................................................... 21 8,178,172,797,805 389,436,799,895 350,485,348,037 337,039,906,538 338,399,080,264 .................... ....................
Feb-20........................................................... 19 8,951,554,790,521 471,134,462,659 367,950,732,716 350,485,348,037 337,039,906,538 .................... ....................
Mar-20........................................................... 22 16,218,726,536,159 737,214,842,553 432,835,432,545 367,950,732,716 350,485,348,037 .................... ....................
Apr-20........................................................... 21 10,289,596,902,933 489,980,804,902 462,064,241,877 432,835,432,545 367,950,732,716 .................... ....................
May-20........................................................... 20 9,435,524,799,540 471,776,239,977 484,152,879,955 462,064,241,877 432,835,432,545 .................... ....................
Jun-20........................................................... 22 12,093,857,552,130 549,720,797,824 518,210,657,968 484,152,879,955 462,064,241,877 .................... ....................
Jul-20........................................................... 22 10,355,334,352,448 470,697,016,020 531,754,027,322 518,210,657,968 484,152,879,955 .................... ....................
Aug-20........................................................... 21 9,763,364,099,611 464,922,099,981 530,718,633,543 531,754,027,322 518,210,657,968 .................... ....................
Sep-20........................................................... 21 11,545,564,207,158 549,788,771,769 499,480,955,079 530,718,633,543 531,754,027,322 .................... ....................
Oct-20........................................................... 22 10,052,383,314,951 456,926,514,316 493,971,906,648 499,480,955,079 530,718,633,543 .................... ....................
Nov-20........................................................... 20 11,039,477,432,965 551,973,871,648 507,338,178,593 493,971,906,648 499,480,955,079 .................... ....................
Dec-20........................................................... 22 12,172,302,216,779 553,286,464,399 507,932,456,356 507,338,178,593 493,971,906,648 .................... ....................
Jan-21........................................................... 19 12,396,479,814,996 652,446,306,052 538,224,004,694 507,932,456,356 507,338,178,593 .................... ....................
Feb-21........................................................... 19 12,103,659,666,497 637,034,719,289 566,909,441,246 538,224,004,694 507,932,456,356 .................... ....................
Mar-21........................................................... 23 16,485,012,205,966 716,739,661,129 594,734,589,472 566,909,441,246 538,224,004,694 .................... ....................
Apr-21........................................................... 21 11,602,282,119,601 552,489,624,743 610,661,774,543 594,734,589,472 566,909,441,246 .................... ....................
May-21........................................................... 20 11,729,455,630,914 586,472,781,546 616,411,592,860 610,661,774,543 594,734,589,472 .................... ....................
Jun-21........................................................... 22 13,038,812,281,463 592,673,285,521 622,976,063,047 616,411,592,860 610,661,774,543 .................... ....................
Jul-21........................................................... 21 11,623,478,100,180 553,498,957,151 606,484,838,230 622,976,063,047 616,411,592,860 .................... ....................
Aug-21........................................................... 22 11,493,350,851,643 522,425,038,711 587,383,224,800 606,484,838,230 622,976,063,047 .................... ....................
Sep-21........................................................... 21 12,312,072,157,576 586,289,150,361 565,641,473,005 587,383,224,800 606,484,838,230 .................... ....................
Oct-21........................................................... 21 12,011,570,888,110 571,979,566,100 568,889,796,565 565,641,473,005 587,383,224,800 .................... ....................
Nov-21........................................................... 21 13,996,377,941,116 666,494,187,672 582,226,697,586 568,889,796,565 565,641,473,005 .................... ....................
Dec-21........................................................... 22 15,494,373,840,971 704,289,720,044 600,829,436,673 582,226,697,586 568,889,796,565 .................... ....................
Jan-22........................................................... 20 16,002,717,162,409 800,135,858,120 641,935,586,835 600,829,436,673 582,226,697,586 .................... ....................
[[Page 21936]]
Feb-22........................................................... 19 14,483,452,476,259 762,286,972,435 681,912,575,789 641,935,586,835 600,829,436,673 .................... ....................
Mar-22........................................................... 23 .................... .................... .................... 681,912,575,789 641,935,586,835 791,086,883,587 18,194,998,322,501
Apr-22........................................................... 20 .................... .................... .................... .................... 681,912,575,789 791,086,883,587 15,821,737,671,740
May-22........................................................... 21 .................... .................... .................... .................... .................... 791,086,883,587 16,612,824,555,327
Jun-22........................................................... 21 .................... .................... .................... .................... .................... 791,086,883,587 16,612,824,555,327
Jul-22........................................................... 20 .................... .................... .................... .................... .................... 791,086,883,587 15,821,737,671,740
Aug-22........................................................... 23 .................... .................... .................... .................... .................... 791,086,883,587 18,194,998,322,501
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[[Page 21937]]
[GRAPHIC] [TIFF OMITTED] TN13AP22.002
[[Page 21938]]
[FR Doc. 2022-07881 Filed 4-12-22; 8:45 am]
BILLING CODE 8011-01-P