[Federal Register Volume 89, Number 78 (Monday, April 22, 2024)]
[Notices]
[Pages 29402-29408]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-08512]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-99973/April 17, 2024]


Order Making Fiscal Year 2024 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\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78ee.
    \2\ 15 U.S.C. 78ee(b).
    \3\ 15 U.S.C. 78ee(c).
---------------------------------------------------------------------------

    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\
---------------------------------------------------------------------------

    \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.'').
---------------------------------------------------------------------------

    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 23, 2024, the President signed into law the 
Further Consolidated Appropriations Act, 2024, which includes total 
appropriations of $2,188,658,000 to the SEC for fiscal year 2024.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78ee(g).
---------------------------------------------------------------------------

II. Fiscal Year 2024 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 2024 \8\ from an amount equal to the regular appropriation to the 
Commission for fiscal year 2024, 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\
---------------------------------------------------------------------------

    \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 Feb. 2024. To calculate the 
dollar amount of covered sales from Mar. 2024 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 2024 for single stock futures is 
zero.
    \9\ To estimate the aggregate dollar amount of covered sales for 
the remainder of fiscal year 2024 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.
---------------------------------------------------------------------------

    As noted above, the Further Consolidated Appropriations Act, 2024, 
includes total appropriations of $2,188,658,000 to the Commission for 
fiscal year 2024.\10\ The Commission

[[Page 29403]]

estimates that it will collect $913,739,887 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 2024. Using the methodology described in Appendix A, the 
Commission estimates that the aggregate dollar amount of covered sales 
for the remainder of fiscal year 2024 to be $45,844,550,874,710.
---------------------------------------------------------------------------

    \10\ The President signed into law the ``Further Consolidated 
Appropriations Act, 2024'' on Mar. 23, 2024. This legislation 
included an appropriation of $2,149,000,000 to the SEC for fiscal 
year 2024 operations. The Act further directed that ``[i]n addition 
to the foregoing appropriation, for move, replication, and related 
costs associated with a replacement leases [sic] for the 
Commission's office facilities, not to exceed $39,658,000, to remain 
available until expended . . .''. The sum of these amounts is 
$2,188,658,000. 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 2024''. Pub. 
L. 118-xx.
---------------------------------------------------------------------------

    The uniform adjusted rate is computed by dividing the residual fees 
to be collected of $1,274,918,113 by the estimated aggregate dollar 
amount of covered sales for the remainder of fiscal year 2024 of 
$45,844,550,874,710; this results in a uniform adjusted rate for fiscal 
year 2024 of $27.80 per million.\11\
---------------------------------------------------------------------------

    \11\ Appendix A shows the process of calculating the fiscal year 
2024 annual adjustment and includes the data used by the Commission 
in making this adjustment.
---------------------------------------------------------------------------

III. Effective Date of the Uniform Adjusted Rate

    Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2024 
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, 
2023, or 60 days after the date on which a regular appropriation to the 
Commission for fiscal year 2024 is enacted.\12\ The regular 
appropriation to the Commission for fiscal year 2024 was enacted on 
March 23, 2024, and accordingly, the new fee rates applicable under 
Sections 31(b) and (c) of the Exchange Act will take effect on May 22, 
2024.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78ee(j)(4)(A).
---------------------------------------------------------------------------

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 $27.80 per $1,000,000 
effective on May 22, 2024.

    By the Commission.
Sherry R. Haywood,
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 2024. 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 2024.
    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 2024 (less the sum of fees to be 
collected during fiscal year 2024 prior to the effective date of the 
new fee rate and aggregate assessments on security futures transactions 
during all of fiscal year 2024) 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 2024, 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 2024, the last month 
for which the Commission has data on the dollar volume of covered 
sales.\1\
---------------------------------------------------------------------------

    \1\ 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 Mar. 23, 2024. The first business day 
after this date was Mar. 25, 2024. Data for Feb. were due from the 
exchanges on Mar. 14, 2024. As a result, the Commission used Feb. 
2024 and earlier data to forecast volume for Mar. 2024 and later 
months.
---------------------------------------------------------------------------

    The following sections describe this process in detail.

A. Baseline Estimate of the Aggregate Dollar Amount of Covered Sales 
for Fiscal Year 2024

    First, calculate the average daily dollar amount of covered sales 
(``ADS'') for each month in the sample (August 2013 through February 
2024). 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 one- and two-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 2013 through 
February 2024.\2\ 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).
---------------------------------------------------------------------------

    \2\ 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.
---------------------------------------------------------------------------

    2. For each month t, calculate the six-month trailing moving 
average of ADS (shown in column E). For example, the value for March 
2014 is the average of the six months ending in March 2014, or October 
2013 through March 2014 inclusive.

[[Page 29404]]

    3. Calculate the one- and two-month lags of the trailing moving 
average. For example, the one-month lag of the six-month trailing 
moving average for March 2014 is equal to the six-month trailing moving 
average for February 2014. The two-month lag of the six-month trailing 
moving average for March 2024 is equal to the six-month trailing moving 
average for January 2014. These are shown in columns F and G.
    4. Estimate the model using ordinary least squares:

[gamma]t = [alpha] + [beta]1 
[gamma]t-1 + [beta]2 [gamma]t-2 + 
ut

    Where [gamma]t is the six-month trailing moving average 
of the average daily sales for month t, and [gamma]t-1 and 
[gamma]t-2 are the one- and two-month lags of 
[gamma]t, and ut representing the error term for 
month t. The model can be estimated using standard commercially 
available software. The estimated parameter values are [alpha] = 
+4,213,794,716, [beta]1 = +1.672194, [beta]2 = -
0.679948. The root-mean squared error (RMSE) of the regression is 
11,776,068,990.
    5. The predicted value of the six-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 2024. To calculate this 
value from the model above, one needs the one-month and two-month lag 
of the six-month trailing moving average ADS, i.e., the six-month 
trailing moving average for June and July. The six-month trailing 
moving average for July is obtained by using the one- and two-month 
lags for July, that is, the six-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 2024, and iterates 
predictions forward until the last month is predicted. One then 
multiplies the final predicted six-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 2024, using the a, b1, and 
b2 parameter estimates shown above, along with the one- and 
two-month lags in the six-month trailing moving average ADS 
(representing the six-month trailing moving average ADS for January and 
February 2024, respectively), one can estimate the forecast six-month 
trailing moving average ADS for March: +4,213,794,716 + (1.672194 x 
620,578,082,121) + (-0.679948 x 597,620,038,362) = 635,590,443,613.
    7. With the estimated six-month trailing moving average ADS for 
March 2024 calculated above, one can estimate the six-month trailing 
moving average ADS for April 2024. The estimate obtained from March 
2024 becomes the one-month lag for April, and the one-month lag used in 
the March forecast becomes the two-month lag for the April forecast. 
Thus, the predicted six-month trailing moving average ADS for April 
2024 is calculated as: +4,213,794,716 + (1.672194 x 635,590,443,613) + 
(-0.679948 x 620,578,082,121) = 645,083,757,473.
    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 2024 is obtained. This value is 654,922,155,353.\3\ 
This value is then used to calculate the final forecast total monthly 
covered sales for all six months from March 2024 through August 2024.
---------------------------------------------------------------------------

    \3\ One obtains insignificantly different values using the 
rounded parameter estimates shown above. The predicted ADS values 
displayed above represents the full precision estimate.
---------------------------------------------------------------------------

    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 six-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, 2023, through May 21, 2024. The projected aggregate dollar amount of 
covered sales for this period is $114,217,485,918,804. Actual and 
projected fee collections at the current fee rate of $8.00 per million 
are $913,739,887.
    2. Estimate the amount of assessments on security futures products 
collected from September 1, 2023, through August 31, 2024. The only 
entity reporting assessable security futures products ceased operations 
in September 2020.\4\ Consequently, the estimated amount of assessments 
on security futures products collected from September 2023 through 
August 2024 is zero.
---------------------------------------------------------------------------

    \4\ 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 2024 for single stock futures is 
zero.
---------------------------------------------------------------------------

    3. Subtract the amount $913,739,887 from the target off-setting 
collection amount set by Congress of $2,188,658,000, leaving 
$1,274,918,113 to be collected on dollar volume for the period May 22, 
2024, through August 31, 2024.
    4. Use Table A to estimate dollar volume for the period May 22, 
2024, through August 31, 2024. The estimate is $45,844,550,874,710. 
Finally, compute the fee rate required to produce the additional 
$1,274,918,113 in revenue. This rate is $1,274,918,113 divided by 
$45,844,550,874,710 or 0.00002780959.
    5. Round the result to the seventh decimal point, yielding a rate 
of 0.00002780 (or $27.80 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
------------------------------------------------------------------------
a. Baseline estimate of the aggregate dollar amount of       104,393,654
 sales, 09/01/2023 to 04/30/2024 ($Millions)............
b. Baseline estimate of the aggregate dollar amount of         9,823,832
 sales, 05/01/2024 to 05/21/2024 ($Millions)............
c. Baseline estimate of the aggregate dollar amount of         4,584,455
 sales, 05/22/2024 to 05/31/2024 ($Millions)............
d. Baseline estimate of the aggregate dollar amount of        41,260,096
 sales, 06/01/2024 to 08/31/2024 ($Millions)............
e. Estimated collections in assessments on security                0.000
 futures products in fiscal year 2023 ($Millions).......
f. Implied fee rate (($2,188,658,000 - $8.00 * (a + b) -          $27.80
 e)/(c + d).............................................
------------------------------------------------------------------------


[[Page 29405]]


----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                      Average daily dollar                          1 Month lag of 6-     2 Month lag of 6-     Forecast 6-month       Forecast total
                             Month                               # of trading    Total dollar amount     amount of sales      6-Month trailing       month trailing        month trailing        trailing moving      dollar amount of
                                                                 days in month        of sales                (ADS)          moving average ADS    moving average ADS    moving average ADS        average ADS              sales
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(A)                                                                        (B)                   (C)                   (D)                   (E)                   (F)                   (G)                   (H)                   (I)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Aug-13........................................................              22    $4,925,611,193,095      $223,891,417,868  ....................  ....................  ....................  ....................  ....................
Sep-13........................................................              20     4,959,197,626,713       247,959,881,336  ....................  ....................  ....................  ....................  ....................
Oct-13........................................................              23     5,928,804,028,970       257,774,088,216  ....................  ....................  ....................  ....................  ....................
Nov-13........................................................              20     5,182,024,612,049       259,101,230,602  ....................  ....................  ....................  ....................  ....................
Dec-13........................................................              21     5,265,282,994,173       250,727,761,627  ....................  ....................  ....................  ....................  ....................
Jan-14........................................................              21     5,808,700,114,288       276,604,767,347       252,676,524,499  ....................  ....................  ....................  ....................
Feb-14........................................................              19     6,018,926,931,054       316,785,627,950       268,158,892,846       252,676,524,499  ....................  ....................  ....................
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  ....................  ....................
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  ....................  ....................

[[Page 29406]]

 
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  ....................  ....................
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    17,089,275,084,128       743,011,960,179       708,033,044,092       681,912,575,789       641,935,586,835  ....................  ....................
Apr-22........................................................              20    13,123,148,685,917       656,157,434,296       722,062,688,791       708,033,044,092       681,912,575,789  ....................  ....................
May-22........................................................              21    15,039,352,606,836       716,159,647,945       730,340,265,503       722,062,688,791       708,033,044,092  ....................  ....................
Jun-22........................................................              21    13,021,062,095,851       620,050,575,993       716,300,408,161       730,340,265,503       722,062,688,791  ....................  ....................
Jul-22........................................................              20    10,112,087,348,637       505,604,367,432       667,211,826,380       716,300,408,161       730,340,265,503  ....................  ....................
Aug-22........................................................              23    11,593,039,396,644       504,045,191,158       624,171,529,501       667,211,826,380       716,300,408,161  ....................  ....................
Sep-22........................................................              21    12,052,452,021,792       573,926,286,752       595,990,583,929       624,171,529,501       667,211,826,380  ....................  ....................
Oct-22........................................................              21    11,962,224,366,908       569,629,731,758       581,569,300,173       595,990,583,929       624,171,529,501  ....................  ....................
Nov-22........................................................              21    11,900,801,868,077       566,704,850,861       556,660,167,326       581,569,300,173       595,990,583,929  ....................  ....................
Dec-22........................................................              21    11,980,859,826,961       570,517,134,617       548,404,593,763       556,660,167,326       581,569,300,173  ....................  ....................
Jan-23........................................................              20    11,045,225,185,619       552,261,259,281       556,180,742,404       548,404,593,763       556,660,167,326  ....................  ....................
Feb-23........................................................              19    10,787,317,510,620       567,753,553,191       566,798,802,743       556,180,742,404       548,404,593,763  ....................  ....................
Mar-23........................................................              23    13,985,409,202,169       608,061,269,660       572,487,966,561       566,798,802,743       556,180,742,404  ....................  ....................
Apr-23........................................................              19     9,399,552,596,651       494,713,294,561       560,001,893,695       572,487,966,561       566,798,802,743  ....................  ....................
May-23........................................................              22    11,791,806,548,751       535,991,206,761       554,882,953,012       560,001,893,695       572,487,966,561  ....................  ....................
Jun-23........................................................              21    13,061,036,476,029       621,954,117,906       563,455,783,560       554,882,953,012       560,001,893,695  ....................  ....................
Jul-23........................................................              20    11,366,116,854,082       568,305,842,704       566,129,880,797       563,455,783,560       554,882,953,012  ....................  ....................
Aug-23........................................................              23    12,671,358,964,418       550,928,650,627       563,325,730,370       566,129,880,797       563,455,783,560  ....................  ....................

[[Page 29407]]

 
Sep-23........................................................              20    11,205,898,765,006       560,294,938,250       555,364,675,135       563,325,730,370       566,129,880,797  ....................  ....................
Oct-23........................................................              22    13,188,976,620,062       599,498,937,276       572,828,948,921       555,364,675,135       563,325,730,370  ....................  ....................
Nov-23........................................................              21    11,988,333,174,115       570,873,008,291       578,642,582,509       572,828,948,921       555,364,675,135  ....................  ....................
Dec-23........................................................              20    13,128,847,387,720       656,442,369,386       584,390,624,422       578,642,582,509       572,828,948,921  ....................  ....................
Jan-24........................................................              21    13,601,328,853,198       647,682,326,343       597,620,038,362       584,390,624,422       578,642,582,509  ....................  ....................
Feb-24........................................................              20    13,773,538,263,581       688,676,913,179       620,578,082,121       597,620,038,362       584,390,624,422  ....................  ....................
Mar-24........................................................              20  ....................  ....................  ....................       620,578,082,121       597,620,038,362       654,922,155,353    13,098,443,107,060
Apr-24........................................................              22  ....................  ....................  ....................  ....................       620,578,082,121       654,922,155,353    14,408,287,417,766
May-24........................................................              22  ....................  ....................  ....................  ....................  ....................       654,922,155,353    14,408,287,417,766
Jun-24........................................................              19  ....................  ....................  ....................  ....................  ....................       654,922,155,353    12,443,520,951,707
Jul-24........................................................              22  ....................  ....................  ....................  ....................  ....................       654,922,155,353    14,408,287,417,766
Aug-24........................................................              22  ....................  ....................  ....................  ....................  ....................       654,922,155,353    14,408,287,417,766
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------


[[Page 29408]]

[GRAPHIC] [TIFF OMITTED] TN22AP24.500

[FR Doc. 2024-08512 Filed 4-19-24; 8:45 am]
BILLING CODE 8011-01-P