Order Making Fiscal Year 2010 Mid-Year Adjustment to the Fee Rates Applicable Under Sections 31(b) and (c) of the Securities Exchange Act of 1934, 9964-9968 [2010-4530]
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mstockstill on DSKH9S0YB1PROD with NOTICES
9964
Federal Register / Vol. 75, No. 42 / Thursday, March 4, 2010 / Notices
copies of the Notice assembled in the
form and at the place that the financial
intermediary, or its agent, reasonably
requests to facilitate the financial
intermediary’s sending of the Notice to
each beneficial owner of the fund’s
stock; and (c) upon the request of any
financial intermediary, or its agent, that
receives copies of the Notice, will pay
the financial intermediary, or its agent,
the reasonable expenses of sending the
Notice to such beneficial owners.
V. Additional Board Determinations
for Funds Whose Shares Trade at a
Premium: If:
A. The fund’s common stock has
traded on the exchange that it primarily
trades on at the time in question at an
average premium to NAV equal to or
greater than 10%, as determined on the
basis of the average of the discount or
premium to NAV of the fund’s common
stock as of the close of each trading day
over a 12-week rolling period (each such
12-week rolling period ending on the
last trading day of each week); and
B. The fund’s annualized distribution
rate for such 12-week rolling period,
expressed as a percentage of NAV as of
the ending date of such 12-week rolling
period, is greater than the fund’s average
annual total return in relation to the
change in NAV over the 2-year period
ending on the last day of such 12-week
rolling period; then:
1. At the earlier of the next regularly
scheduled meeting or within four
months of the last day of such 12-week
rolling period the Board, including a
majority of the Independent Trustees:
(a) Will request and evaluate, and the
Adviser will furnish, such information
as may be reasonably necessary to make
an informed determination of whether
the Plan should be continued or
continued after amendment;
(b) Will determine whether
continuation, or continuation after
amendment, of the Plan is consistent
with the fund’s investment objective(s)
and policies and in the best interests of
the fund and its stockholders, after
considering the information in
condition V.B.1.a above; including,
without limitation:
(1) Whether the Plan is accomplishing
its purpose(s);
(2) The reasonably foreseeable effects
of the Plan on the fund’s long-term total
return in relation to the market price
and NAV of the fund’s common stock;
and
(3) The fund’s current distribution
rate, as described in condition V.B
above, compared to with the fund’s
average annual total return over the 2year period, as described in condition
V.B, or such longer period as the board
deems appropriate; and
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(c) Based upon that determination,
will approve or disapprove the
continuation, or continuation after
amendment, of the Plan; and
2. The Board will record the
information considered by it and the
basis for its approval or disapproval of
the continuation, or continuation after
amendment, of the Plan in its meeting
minutes, which must be made and
preserved for a period of not less than
six years from the date of such meeting,
the first two years in an easily accessible
place.
VI. Public Offerings: The fund will not
make a public offering of the fund’s
common stock other than:
A. A rights offering below NAV to
holders of the fund’s common stock;
B. An offering in connection with a
dividend reinvestment plan, merger,
consolidation, acquisition, spin-off or
reorganization of the fund; or
C. An offering other than an offering
described in conditions VI.A and VI.B
above, unless, with respect to such other
offering:
1. the fund’s annualized distribution
rate for the six months ending on the
last day of the month ended
immediately prior to the most recent
distribution declaration date,6 expressed
as a percentage of NAV per share as of
such date, is no more than 1 percentage
point greater than the fund’s average
annual total return for the 5-year period
ending on such date; 7 and
2. the transmittal letter accompanying
any registration statement filed with the
Commission in connection with such
offering discloses that the fund has
received an order under section 19(b) to
permit it to make periodic distributions
of long-term capital gains with respect
to its common stock as frequently as
twelve times each year, and as
frequently as distributions are specified
in accordance with the terms of any
outstanding preferred stock that such
fund may issue.
VII. Amendments to Rule 19b–1. The
requested relief will expire on the
effective date of any amendment to rule
19b–1 that provides relief permitting
certain closed-end investment
companies to make periodic
distributions of long-term capital gains
with respect to their outstanding
common stock as frequently as twelve
times each year.
6 If
the fund has been in operation fewer than six
months, the measured period will begin
immediately following the fund’s first public
offering.
7 If the fund has been in operation fewer than five
years, the measured period will begin immediately
following the fund’s first public offering.
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For the Commission, by the Division of
Investment Management, under delegated
authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–4516 Filed 3–3–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61605/March 1, 2010]
Order Making Fiscal Year 2010 MidYear Adjustment to the Fee Rates
Applicable Under Sections 31(b) and
(c) of the Securities Exchange Act of
1934
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 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 sales of
certain securities transacted by or
through any member of the association
other than on an exchange.3
Sections 31(j)(1) and (3) require the
Commission to make annual
adjustments to the fee rates applicable
under Sections 31(b) and (c) for each of
the fiscal years 2003 through 2011, and
one final adjustment to fix the fee rates
for fiscal year 2012 and beyond.4
Section 31(j)(2) requires the
Commission, in certain circumstances,
to make a mid-year adjustment to the fee
rates in fiscal years 2002 through 2011.5
The annual and mid-year adjustments
are designed to adjust the fee rates in a
given fiscal year so that, when applied
to the aggregate dollar volume of sales
for the fiscal year, they are reasonably
likely to produce total fee collections
under Section 31 equal to the ‘‘target
offsetting collection amount’’ specified
in Section 31(l)(1) for that fiscal year.6
For fiscal year 2010, the target offsetting
collection amount is $1,161,000,000.7
1 15
U.S.C. 78ee.
U.S.C. 78ee(b).
3 15 U.S.C. 78ee(c).
4 15 U.S.C. 78ee(j)(1) and (j)(3).
5 15 U.S.C. 78ee(j)(2).
6 15 U.S.C. 78ee(l)(1).
7 See id.
2 15
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Federal Register / Vol. 75, No. 42 / Thursday, March 4, 2010 / Notices
order adjusting the fee rates under
Sections 31(b) and (c).
Under section 31(j)(2) of the Exchange
Act, the Commission must make a midyear adjustment to the fee rates under
Sections 31(b) and (c) in fiscal year 2010
if it determines, based on the actual
aggregate dollar volume of sales during
the first five months of the fiscal year,
that the baseline estimate
$84,822,877,437,603 is reasonably likely
to be 10% (or more) greater or less than
the actual aggregate dollar volume of
sales for fiscal year 2010.8 To make this
determination, the Commission must
estimate the actual aggregate dollar
volume of sales for fiscal year 2010.
Based on data provided by the
national securities exchanges and the
national securities association that are
subject to section 31,9 the actual
aggregate dollar volume of sales during
the first four months of fiscal year 2010
was $19,531,642,600,905.10 Using these
data and a methodology for estimating
the aggregate dollar amount of sales for
the remainder of fiscal year 2010
(developed after consultation with the
Congressional Budget Office and the
OMB),11 the Commission estimates that
the aggregate dollar amount of sales for
the remainder of fiscal year 2010 to be
$43,755,155,427,595. Thus, the
Commission estimates that the actual
aggregate dollar volume of sales for all
of fiscal year 2010 will be
$63,286,798,028,500.
Because the baseline estimate of
$84,822,877,437,603 is more than 10%
greater than the $63,286,798,028,500
estimated actual aggregate dollar
volume of sales for fiscal year 2010,
Section 31(j)(2) of the Exchange Act
requires the Commission to issue an
mstockstill on DSKH9S0YB1PROD with NOTICES
II. Determination of the Need for a MidYear Adjustment in Fiscal 2010
III. Calculation of the Uniform Adjusted
Rate
Section 31(j)(2) specifies the method
for determining the mid-year adjustment
for fiscal 2010. Specifically, the
Commission must adjust the rates under
sections 31(b) and (c) to a ‘‘uniform
adjusted rate that, when applied to the
revised estimate of the aggregate dollar
amount of sales for the remainder of
fiscal year 2010, is reasonably likely to
produce aggregate fee collections under
section 31 (including fees collected
during such 5-month period and
assessments collected under section
31(d)) that are equal to
$1,161,000,000.’’ 12 In other words, the
uniform adjusted rate is determined by
subtracting fees collected prior to the
effective date of the new rate and
assessments collected under section
31(d) during all of fiscal year 2010 from
$1,161,000,000, which is the target
offsetting collection amount for fiscal
year 2010. That difference is then
divided by the revised estimate of the
aggregate dollar volume of sales for the
remainder of the fiscal year following
the effective date of the new rate.
The Commission estimates that it will
collect $598,633,917 in fees for the
period prior to the effective date of the
mid-year adjustment and $18,611 in
assessments on round turn transactions
in security futures products during all of
fiscal year 2010. Using the methodology
referenced in Part II above, the
Commission estimates that the aggregate
dollar volume of sales for the remainder
of fiscal year 2010 following the
effective date of the new rate will be
$33,260,374,276,849. This amount
reflects more recent information on the
dollar amount of sales of securities than
was available at the time of the setting
of the initial fee rate for fiscal year 2010,
and indicates a significant reduction in
sales. Based on these estimates, and
employing the mid-year adjustment
mechanism established by statute, the
uniform adjusted rate must be adjusted
8 The amount $84,822,877,437,603 is the baseline
estimate of the aggregate dollar amount of sales for
fiscal year 2010 calculated by the Commission in
its Order Making Fiscal 2010 Annual Adjustments
to the Fee Rates Applicable Under Section 6(b) of
the Securities Act of 1933 and Sections 13(e), 14(g),
31(b) and 31(c) of the Securities Exchange Act of
1934, Rel. No. 33–9030 (April 30, 2009), 74 FR
21018 (May 6, 2009).
9 The Financial Industry Regulatory Authority,
Inc. (‘‘FINRA’’) and each exchange are required to
file a monthly report on Form R31 containing dollar
volume data on sales of securities subject to Section
31. The report is due on the 10th business day
following any month in which the exchange or
association has covered sales.
10 Although section 31(j)(2) indicates that the
Commission should determine the actual aggregate
dollar volume of sales for fiscal 2010 ‘‘based on the
actual aggregate dollar volume of sales during the
first 5 months of such fiscal year,’’ data are only
available for the first four months of the fiscal year
as of the date the Commission is required to issue
this order, i.e., March 1, 2010. Dollar volume data
on sales of securities subject to Section 31 for
February 2010 will not be available from the
exchanges and FINRA for several weeks.
11 See Appendix A.
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16:39 Mar 03, 2010
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12 15 U.S.C. 78ee(j)(2). The term ‘‘fees collected’’
is not defined in section 31. Because national
securities exchanges and national securities
associations are not required to pay the first
installment of section 31 fees for fiscal 2010 until
March 15, the Commission will not ‘‘collect’’ any
fees in the first five months of fiscal 2010. See 15
U.S.C. 78ee(e). However, the Commission believes
that, for purposes of calculating the mid-year
adjustment, Congress, by stating in section 31(j)(2)
that the ‘‘uniform adjusted rate * * * is reasonably
likely to produce aggregate fee collections under
section 31 * * * that are equal to [$1,161,000,000],’’
intended the Commission to include the fees that
the Commission will collect based on transactions
in the six months before the effective date of the
mid-year adjustment.
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9965
to $16.90 per million of the aggregate
dollar amount of sales of securities.13
The aggregate dollar amount of sales of
securities subject to Section 31 fees is
illustrated in Appendix A.
IV. Effective Date of the Uniform
Adjusted Rate
Section 31(j)(4)(B) of the Exchange
Act provides that a mid-year adjustment
shall take effect on April 1 of the fiscal
year in which such rate applies.
Therefore, the exchanges and the
national securities association that are
subject to section 31 fees must pay fees
under sections 31(b) and (c) at the
uniform adjusted rate of $16.90 per
million for sales of securities transacted
on April 1, 2010, and thereafter until the
annual adjustment for fiscal 2011 is
effective.
V. Conclusion
Accordingly, pursuant to Section 31
of the Exchange Act,14
It is hereby ordered that each of the
fee rates under sections 31(b) and (c) of
the Exchange Act shall be $16.90 per
$1,000,000 of the aggregate dollar
amount of sales of securities subject to
these sections effective April 1, 2010.
By the Commission.
Elizabeth M. Murphy,
Secretary.
‘
A. Baseline Estimate of the Aggregate Dollar
Amount of Sales
First, calculate the average daily dollar
amount of sales (ADS) for each month in the
sample (January 2000–January 2010). The
data obtained from the exchanges and FINRA
are presented in Table A. The monthly
aggregate dollar amount of sales from all
exchanges and FINRA is contained in
column C.
Next, calculate the change in the natural
logarithm of ADS from month-to-month. The
average monthly change in the logarithm of
ADS over the entire sample is 0.004 and the
standard deviation 0.125. Assume the
monthly percentage change in ADS follows a
random walk. The expected monthly
percentage growth rate of ADS is 1.2 percent.
Now, use the expected monthly percentage
growth rate to forecast total dollar volume.
For example, one can use the ADS for
January 2010 ($245,357,654,413) to forecast
ADS for February 2010 ($248,264,845,054 =
$245,357,654,413 × 1.012).15 Multiply by the
number of trading days in February 2010 (19)
to obtain a forecast of the total dollar volume
for the month ($4,717,032,056,030). Repeat
13 The calculation is as follows:
($1,161,000,000¥$598,633,917¥$18,611)/
$33,260,374,276,849 = $0.0000169080. Round this
result to the seventh decimal point, yielding a rate
of $16.90 per million.
14 15 U.S.C. 78ee.
15 The value 1.012 has been rounded. All
computations are done with the unrounded value.
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Federal Register / Vol. 75, No. 42 / Thursday, March 4, 2010 / Notices
the method to generate forecasts for
subsequent months.
The forecasts for total dollar volume are in
column G of Table A. The following is a more
formal (mathematical) description of the
procedure:
1. Divide each month’s total dollar volume
(column C) by the number of trading days in
that month (column B) to obtain the average
daily dollar volume (ADS, column D).
2. For each month t, calculate the change
in ADS from the previous month as Dt = log
(ADSt/ADSt-1), where log (x) denotes the
natural logarithm of x.
3. Calculate the mean and standard
deviation of the series {D1, D2,* * *, D120}.
These are given by μ = 0.004 and s = 0.125,
respectively.
4. Assume that the natural logarithm of
ADS follows a random walk, so that Ds and
Dt are statistically independent for any two
months s and t.
5. Under the assumption that Dt is normally
distributed, the expected value of ADSt/
ADSt-1 is given by exp (μ + s2/2), or on
average ADSt = 1.012 × ADSt-1.
6. For February 2010, this gives a forecast
ADS of 1.012 × $245,357,654,413 =
$248,264,845,054. Multiply this figure by the
19 trading days in February 2010 to obtain
a total dollar volume forecast of
$4,717,032,056,030.
7. For March 2010, multiply the February
2010 ADS forecast by 1.012 to obtain a
forecast ADS of $251,206,482,379. Multiply
this figure by the 23 trading days in March
2010 to obtain a total dollar volume forecast
of $5,777,749,094,716.
8. Repeat this procedure for subsequent
months.
B. Using the forecasts from A to calculate the
new fee rate
1. Determine the aggregate dollar volume of
sales between 10/1/09 and 1/14/10 to be
$16,715,256,569,641. Multiply this amount
by the fee rate of $25.70 per million dollars
in sales during this period and get
$429,582,094 in actual fees collected during
10/1/09 and 1/14/10. Determine the actual
and projected aggregate dollar volume of
sales between 1/15/10 and 3/31/10 to be
$13,311,167,182,011. Multiply this amount
by the fee rate of $12.70 per million dollars
in sales during this period and get an
estimate of $169,051,823 in actual and
projected fees collected during 1/15/10 and
3/31/10.
2. Estimate the amount of assessments on
security futures products collected during
10/1/09 and 9/30/10 to be $18,611 by
summing the amounts collected through
January 2010 of $5,684 with projections of a
1.2% monthly increase in subsequent
months.
3. Determine the projected aggregate dollar
volume of sales between 4/1/10 and 9/30/10
to be $33,260,374,276,849.
4. The rate necessary to collect the target
$1,161,000,000 in fee revenues is then
calculated as: ($1,161,000,000¥$429,582,094
¥$169,051,823¥$18,611) ÷
$33,260,374,276,849 = 0.0000169080.
5. Round the result to the seventh decimal
point, yielding a rate of 0.0000169000 (or
$16.90 per million).
TABLE A—ESTIMATION OF BASELINE OF THE AGGREGATE DOLLAR AMOUNT OF SALES
[Methodology developed in consultation with the Office of Management and Budget and the Congressional Budget Office]
Fee rate calculation
a. Baseline estimate of the aggregate dollar amount of sales, 10/1/09 to 1/14/10 ($Millions) ..............................................................
b. Baseline estimate of the aggregate dollar amount of sales, 1/15/00 to 3/31/10 ($Millions) ..............................................................
c. Baseline estimate of the aggregate dollar amount of sales, 4/1/00 to 9/30/10 ($Millions) .................................................................
d. Estimated collections in assessmests on security futures products in FY 2010 ($Millions) ..............................................................
e. Implied fee rate (($1,161,000,000¥0.0000257 × a¥0.0000127 × b¥d)/c) ......................................................................................
16,715,257
13,311,167
33,260,374
0.019
$16.90
Data
Number of
trading days
in month
Aggregate dollar
amount of sales
Average daily dollar amount of
sales (ADS)
Change in
LN of ADS
Forecast ADS
Forecast aggregate
dollar amount of sales
(A)
mstockstill on DSKH9S0YB1PROD with NOTICES
Month
(B)
(C)
(D)
(E)
(F)
(G)
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Jan–00 ...........................
Feb–00 ...........................
Mar–00 ...........................
Apr–00 ............................
May–00 ..........................
Jun–00 ...........................
Jul–00 .............................
Aug–00 ...........................
Sep–00 ...........................
Oct–00 ............................
Nov–00 ...........................
Dec–00 ...........................
Jan–01 ...........................
Feb–01 ...........................
Mar–01 ...........................
Apr–01 ............................
May–01 ..........................
Jun–01 ...........................
Jul–01 .............................
Aug–01 ...........................
Sep–01 ...........................
Oct–01 ............................
Nov–01 ...........................
Dec–01 ...........................
Jan–02 ...........................
Feb–02 ...........................
Mar–02 ...........................
Apr–02 ............................
May–02 ..........................
Jun–02 ...........................
Jul–02 .............................
VerDate Nov<24>2008
16:39 Mar 03, 2010
20
20
23
19
22
22
20
23
20
22
21
20
21
19
22
20
22
21
21
23
15
23
21
20
21
19
20
22
22
20
22
Jkt 220001
3,057,831,397,113
2,973,119,888,063
4,135,152,366,234
3,174,694,525,687
2,649,273,207,318
2,883,513,997,781
2,804,753,395,361
2,720,788,395,832
2,930,188,809,012
3,485,926,307,727
2,795,778,876,887
2,809,917,349,851
3,143,501,125,244
2,372,420,523,286
2,554,419,085,113
2,324,349,507,745
2,353,179,388,303
2,111,922,113,236
2,004,384,034,554
1,803,565,337,795
1,573,484,946,383
2,147,238,873,044
1,939,427,217,518
1,921,098,738,113
2,149,243,312,432
1,928,830,595,585
2,002,216,374,514
2,062,101,866,506
1,985,859,756,557
1,882,185,380,609
2,349,564,490,189
PO 00000
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152,891,569,856
148,655,994,403
179,789,233,315
167,099,185,562
120,421,509,424
131,068,818,081
140,237,669,768
118,295,147,645
146,509,440,451
158,451,195,806
133,132,327,471
140,495,867,493
149,690,529,774
124,864,238,068
116,109,958,414
116,217,475,387
106,962,699,468
100,567,719,678
95,446,858,788
78,415,884,252
104,898,996,426
93,358,211,871
92,353,677,025
96,054,936,906
102,344,919,640
101,517,399,768
100,110,818,726
93,731,903,023
90,266,352,571
94,109,269,030
106,798,385,918
Fmt 4703
Sfmt 4703
¥
¥0.028
0.190
¥0.073
¥0.328
0.085
0.068
¥0.170
0.214
0.078
¥0.174
0.054
0.063
¥0.181
¥0.073
0.001
¥0.083
¥0.062
¥0.052
¥0.197
0.291
¥0.117
¥0.011
0.039
0.063
¥0.008
¥0.014
¥0.066
¥0.038
0.042
0.126
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Federal Register / Vol. 75, No. 42 / Thursday, March 4, 2010 / Notices
Number of
trading days
in month
Aggregate dollar
amount of sales
Average daily dollar amount of
sales (ADS)
Change in
LN of ADS
Forecast ADS
Forecast aggregate
dollar amount of sales
(A)
mstockstill on DSKH9S0YB1PROD with NOTICES
Month
(B)
(C)
(D)
(E)
(F)
(G)
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Aug–02 ...........................
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Jkt 220001
1,793,429,904,079
1,518,944,367,204
2,127,874,947,972
1,780,816,458,122
1,561,092,215,646
1,723,698,830,414
1,411,722,405,357
1,699,581,267,718
1,759,751,025,279
1,871,390,985,678
2,122,225,077,345
2,100,812,973,956
1,766,527,686,224
2,063,584,421,939
2,331,850,083,022
1,903,726,129,859
2,066,530,151,383
2,390,942,905,678
2,177,765,594,701
2,613,809,754,550
2,418,663,760,191
2,259,243,404,459
2,112,826,072,876
2,209,808,376,565
2,033,343,354,640
1,993,803,487,749
2,414,599,088,108
2,577,513,374,160
2,673,532,981,863
2,581,847,200,448
2,532,202,408,589
3,030,474,897,226
2,906,386,944,434
2,697,414,503,460
2,825,962,273,624
2,604,021,263,875
2,846,115,585,965
3,009,640,645,370
3,279,847,331,057
3,163,453,821,548
3,090,212,715,561
3,573,372,724,766
3,314,259,849,456
3,807,974,821,564
3,257,478,138,851
4,206,447,844,451
3,995,113,357,316
3,339,658,009,357
3,410,187,280,845
3,407,409,863,673
3,980,070,216,912
3,933,474,986,969
3,715,146,848,695
4,263,986,570,973
3,946,799,860,532
5,245,051,744,090
4,274,665,072,437
5,172,568,357,522
5,586,337,010,802
5,938,330,480,139
7,713,644,229,032
4,805,676,596,099
6,499,651,716,225
7,176,290,763,989
5,512,903,594,564
7,997,242,071,529
6,139,080,448,887
6,767,852,332,381
6,150,017,772,735
6,080,169,766,807
PO 00000
Frm 00101
81,519,541,095
75,947,218,360
92,516,302,086
89,040,822,906
74,337,724,555
82,080,896,686
74,301,179,229
80,932,441,320
83,797,667,870
89,113,856,461
101,058,337,016
95,491,498,816
84,120,366,011
98,265,924,854
101,384,786,218
100,196,112,098
93,933,188,699
119,547,145,284
114,619,241,826
113,643,858,893
115,174,464,771
112,962,170,223
100,610,765,375
105,228,970,313
92,424,697,938
94,943,023,226
114,980,908,958
122,738,732,103
121,524,226,448
129,092,360,022
133,273,810,978
137,748,858,965
138,399,378,306
128,448,309,689
128,452,830,619
130,201,063,194
123,744,155,912
143,316,221,208
156,183,206,241
150,640,658,169
147,152,986,455
178,668,636,238
174,434,728,919
165,564,122,677
171,446,217,834
191,202,174,748
181,596,061,696
166,982,900,468
148,269,012,211
170,370,493,184
180,912,282,587
187,308,332,713
185,757,342,435
213,199,328,549
207,726,308,449
238,411,442,913
213,733,253,622
235,116,743,524
266,016,048,133
282,777,641,911
335,375,836,045
252,930,347,163
282,593,552,879
341,728,131,619
275,645,179,728
380,821,051,025
306,954,022,444
338,392,616,619
279,546,262,397
289,531,893,657
Fmt 4703
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¥0.065
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¥0.009
0.013
¥0.019
¥0.116
0.045
¥0.130
0.027
0.191
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¥0.010
0.060
0.032
0.033
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¥0.075
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0.035
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0.060
0.035
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0.035
E:\FR\FM\04MRN1.SGM
04MRN1
9968
Federal Register / Vol. 75, No. 42 / Thursday, March 4, 2010 / Notices
Month
Number of
trading days
in month
Aggregate dollar
amount of sales
Average daily dollar amount of
sales (ADS)
Change in
LN of ADS
Forecast ADS
Forecast aggregate
dollar amount of sales
(A)
(B)
(C)
(D)
(E)
(F)
(G)
6,962,199,302,412
8,104,256,787,805
6,106,057,711,009
8,156,991,919,103
8,644,538,213,244
5,727,998,341,833
5,176,041,317,640
4,670,249,433,806
4,771,470,184,048
5,885,594,284,780
5,123,665,205,517
5,086,717,129,965
5,271,742,782,609
4,659,599,245,583
4,582,102,295,783
4,929,211,335,509
5,410,071,946,836
4,770,994,671,867
4,688,780,548,360
4,661,795,433,843
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
331,533,300,115
368,375,308,537
290,764,652,905
388,428,186,624
375,849,487,532
301,473,596,939
235,274,605,347
233,512,471,690
251,130,009,687
267,527,012,945
243,984,057,406
254,335,856,498
239,624,671,937
211,799,965,708
218,195,347,418
234,724,349,310
245,912,361,220
238,549,733,593
213,126,388,562
245,357,654,413
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
0.135
0.105
¥0.237
0.290
¥0.033
¥0.221
¥0.248
¥0.008
0.073
0.063
¥0.092
0.042
¥0.060
¥0.123
0.030
0.073
0.047
¥0.030
¥0.113
0.141
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..............................
248,264,845,054
251,206,482,379
254,182,974,538
257,194,734,520
260,242,180,205
263,325,734,426
266,445,825,024
269,602,884,912
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4,717,032,056,030
5,777,749,094,716
5,337,842,465,308
5,143,894,690,405
5,725,327,964,515
5,529,840,422,940
5,861,808,150,526
5,661,660,583,153
Jun–08 ...........................
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Aug–08 ...........................
Sep–08 ...........................
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Feb–10 ...........................
Mar–10 ...........................
Apr–10 ............................
May–10 ..........................
Jun–10 ...........................
Jul–10 .............................
Aug–10 ...........................
Sep–10 ...........................
21
22
21
21
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21
Comments may be
submitted by any of the following
methods:
ADDRESSES:
[FR Doc. 2010–4530 Filed 3–3–10; 8:45 am]
BILLING CODE 8011–01–P
Electronic Comments
SECURITIES AND EXCHANGE
COMMISSION
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/other.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number S7–05–10 on the subject line.
[Release No. PA–41; File No. S7–05–10]
Privacy Act of 1974: Systems of
Records
mstockstill on DSKH9S0YB1PROD with NOTICES
AGENCY: Securities and Exchange
Commission.
ACTION: Notice of revised system of
records.
Paper Comments
SUMMARY: In accordance with the
requirements of the Privacy Act of 1974,
as amended, 5 U.S.C. 552a, the
Securities and Exchange Commission
(‘‘Commission’’ or ‘‘SEC’’) proposes to
revise a Privacy Act system of records:
‘‘Mailing, Contact and Other Lists (SEC–
56)’’, originally published in the Federal
Register Volume 74, Number 139 on
Wednesday, July 22, 2009.
DATES: The proposed changes will
become effective April 13, 2010 unless
further notice is given. The Commission
will publish a new notice if the effective
date is delayed to review comments or
if changes are made based on comments
received. To be assured of
consideration, comments should be
received on or before April 5, 2010.
VerDate Nov<24>2008
16:39 Mar 03, 2010
Jkt 220001
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number S7–05–10. This file number
should be included on the subject line
if e-mail is used. To help us process and
review your comments more efficiently,
please use only one method. The
Commission will post all comments on
the Commission’s Internet Web site
(https://www.sec.gov/rules/other.shtml).
Comments are available for Web site
viewing and printing in the
Commission’s Public Reference Room,
100 F Street, NE., Washington, DC
20549, on official business days
between the hours of 10 a.m. and 3 p.m.
All comments received will be posted
without change; we do not edit personal
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
identifying information from
submissions. You should submit only
information that you wish to make
available publicly.
FOR FURTHER INFORMATION CONTACT:
Barbara A. Stance, Chief Privacy Officer,
Office of Information Technology, 202–
551–7209.
The
Commission proposes to revise a system
of records: ‘‘Mailing, Contact and Other
Lists (SEC–56)’’. As described in the
original notice, the system contains
records related to individuals and
employees who submit requests for
information, subscriptions, inquiries,
guidance, informal advice and other
assistance to the SEC, and records
related to individuals who register for
SEC-related activities and events. This
notice is published to revise the system
of records to add the following new
routine use: ‘‘To individuals who
register for SEC-sponsored seminars,
training programs or compliance
meetings, such as the CCOutreach
Program.’’
The Commission has submitted a
report of the revised system of records
to the appropriate Congressional
committees and to the Director of the
Office of Management and Budget
(‘‘OMB’’) as required by 5 U.S.C. 552a(r)
(Privacy Act of 1974) and guidelines
SUPPLEMENTARY INFORMATION:
E:\FR\FM\04MRN1.SGM
04MRN1
]]>Agencies
[Federal Register Volume 75, Number 42 (Thursday, March 4, 2010)]
[Notices]
[Pages 9964-9968]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-4530]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61605/March 1, 2010]
Order Making Fiscal Year 2010 Mid-Year Adjustment to the Fee
Rates Applicable Under Sections 31(b) and (c) of the Securities
Exchange Act of 1934
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 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 sales of
certain securities 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).
---------------------------------------------------------------------------
Sections 31(j)(1) and (3) require the Commission to make annual
adjustments to the fee rates applicable under Sections 31(b) and (c)
for each of the fiscal years 2003 through 2011, and one final
adjustment to fix the fee rates for fiscal year 2012 and beyond.\4\
Section 31(j)(2) requires the Commission, in certain circumstances, to
make a mid-year adjustment to the fee rates in fiscal years 2002
through 2011.\5\ The annual and mid-year adjustments are designed to
adjust the fee rates in a given fiscal year so that, when applied to
the aggregate dollar volume of sales for the fiscal year, they are
reasonably likely to produce total fee collections under Section 31
equal to the ``target offsetting collection amount'' specified in
Section 31(l)(1) for that fiscal year.\6\ For fiscal year 2010, the
target offsetting collection amount is $1,161,000,000.\7\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78ee(j)(1) and (j)(3).
\5\ 15 U.S.C. 78ee(j)(2).
\6\ 15 U.S.C. 78ee(l)(1).
\7\ See id.
---------------------------------------------------------------------------
[[Page 9965]]
II. Determination of the Need for a Mid-Year Adjustment in Fiscal 2010
Under section 31(j)(2) of the Exchange Act, the Commission must
make a mid-year adjustment to the fee rates under Sections 31(b) and
(c) in fiscal year 2010 if it determines, based on the actual aggregate
dollar volume of sales during the first five months of the fiscal year,
that the baseline estimate $84,822,877,437,603 is reasonably likely to
be 10% (or more) greater or less than the actual aggregate dollar
volume of sales for fiscal year 2010.\8\ To make this determination,
the Commission must estimate the actual aggregate dollar volume of
sales for fiscal year 2010.
---------------------------------------------------------------------------
\8\ The amount $84,822,877,437,603 is the baseline estimate of
the aggregate dollar amount of sales for fiscal year 2010 calculated
by the Commission in its Order Making Fiscal 2010 Annual Adjustments
to the Fee Rates Applicable Under Section 6(b) of the Securities Act
of 1933 and Sections 13(e), 14(g), 31(b) and 31(c) of the Securities
Exchange Act of 1934, Rel. No. 33-9030 (April 30, 2009), 74 FR 21018
(May 6, 2009).
---------------------------------------------------------------------------
Based on data provided by the national securities exchanges and the
national securities association that are subject to section 31,\9\ the
actual aggregate dollar volume of sales during the first four months of
fiscal year 2010 was $19,531,642,600,905.\10\ Using these data and a
methodology for estimating the aggregate dollar amount of sales for the
remainder of fiscal year 2010 (developed after consultation with the
Congressional Budget Office and the OMB),\11\ the Commission estimates
that the aggregate dollar amount of sales for the remainder of fiscal
year 2010 to be $43,755,155,427,595. Thus, the Commission estimates
that the actual aggregate dollar volume of sales for all of fiscal year
2010 will be $63,286,798,028,500.
---------------------------------------------------------------------------
\9\ The Financial Industry Regulatory Authority, Inc.
(``FINRA'') and each exchange are required to file a monthly report
on Form R31 containing dollar volume data on sales of securities
subject to Section 31. The report is due on the 10th business day
following any month in which the exchange or association has covered
sales.
\10\ Although section 31(j)(2) indicates that the Commission
should determine the actual aggregate dollar volume of sales for
fiscal 2010 ``based on the actual aggregate dollar volume of sales
during the first 5 months of such fiscal year,'' data are only
available for the first four months of the fiscal year as of the
date the Commission is required to issue this order, i.e., March 1,
2010. Dollar volume data on sales of securities subject to Section
31 for February 2010 will not be available from the exchanges and
FINRA for several weeks.
\11\ See Appendix A.
---------------------------------------------------------------------------
Because the baseline estimate of $84,822,877,437,603 is more than
10% greater than the $63,286,798,028,500 estimated actual aggregate
dollar volume of sales for fiscal year 2010, Section 31(j)(2) of the
Exchange Act requires the Commission to issue an order adjusting the
fee rates under Sections 31(b) and (c).
III. Calculation of the Uniform Adjusted Rate
Section 31(j)(2) specifies the method for determining the mid-year
adjustment for fiscal 2010. Specifically, the Commission must adjust
the rates under sections 31(b) and (c) to a ``uniform adjusted rate
that, when applied to the revised estimate of the aggregate dollar
amount of sales for the remainder of fiscal year 2010, is reasonably
likely to produce aggregate fee collections under section 31 (including
fees collected during such 5-month period and assessments collected
under section 31(d)) that are equal to $1,161,000,000.'' \12\ In other
words, the uniform adjusted rate is determined by subtracting fees
collected prior to the effective date of the new rate and assessments
collected under section 31(d) during all of fiscal year 2010 from
$1,161,000,000, which is the target offsetting collection amount for
fiscal year 2010. That difference is then divided by the revised
estimate of the aggregate dollar volume of sales for the remainder of
the fiscal year following the effective date of the new rate.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78ee(j)(2). The term ``fees collected'' is not
defined in section 31. Because national securities exchanges and
national securities associations are not required to pay the first
installment of section 31 fees for fiscal 2010 until March 15, the
Commission will not ``collect'' any fees in the first five months of
fiscal 2010. See 15 U.S.C. 78ee(e). However, the Commission believes
that, for purposes of calculating the mid-year adjustment, Congress,
by stating in section 31(j)(2) that the ``uniform adjusted rate * *
* is reasonably likely to produce aggregate fee collections under
section 31 * * * that are equal to [$1,161,000,000],'' intended the
Commission to include the fees that the Commission will collect
based on transactions in the six months before the effective date of
the mid-year adjustment.
---------------------------------------------------------------------------
The Commission estimates that it will collect $598,633,917 in fees
for the period prior to the effective date of the mid-year adjustment
and $18,611 in assessments on round turn transactions in security
futures products during all of fiscal year 2010. Using the methodology
referenced in Part II above, the Commission estimates that the
aggregate dollar volume of sales for the remainder of fiscal year 2010
following the effective date of the new rate will be
$33,260,374,276,849. This amount reflects more recent information on
the dollar amount of sales of securities than was available at the time
of the setting of the initial fee rate for fiscal year 2010, and
indicates a significant reduction in sales. Based on these estimates,
and employing the mid-year adjustment mechanism established by statute,
the uniform adjusted rate must be adjusted to $16.90 per million of the
aggregate dollar amount of sales of securities.\13\ The aggregate
dollar amount of sales of securities subject to Section 31 fees is
illustrated in Appendix A.
---------------------------------------------------------------------------
\13\ The calculation is as follows: ($1,161,000,000-
$598,633,917-$18,611)/$33,260,374,276,849 = $0.0000169080. Round
this result to the seventh decimal point, yielding a rate of $16.90
per million.
---------------------------------------------------------------------------
IV. Effective Date of the Uniform Adjusted Rate
Section 31(j)(4)(B) of the Exchange Act provides that a mid-year
adjustment shall take effect on April 1 of the fiscal year in which
such rate applies. Therefore, the exchanges and the national securities
association that are subject to section 31 fees must pay fees under
sections 31(b) and (c) at the uniform adjusted rate of $16.90 per
million for sales of securities transacted on April 1, 2010, and
thereafter until the annual adjustment for fiscal 2011 is effective.
V. Conclusion
Accordingly, pursuant to Section 31 of the Exchange Act,\14\
---------------------------------------------------------------------------
\14\ 15 U.S.C. 78ee.
---------------------------------------------------------------------------
It is hereby ordered that each of the fee rates under sections
31(b) and (c) of the Exchange Act shall be $16.90 per $1,000,000 of the
aggregate dollar amount of sales of securities subject to these
sections effective April 1, 2010.
By the Commission.
Elizabeth M. Murphy,
Secretary.
`
A. Baseline Estimate of the Aggregate Dollar Amount of Sales
First, calculate the average daily dollar amount of sales (ADS)
for each month in the sample (January 2000-January 2010). The data
obtained from the exchanges and FINRA are presented in Table A. The
monthly aggregate dollar amount of sales from all exchanges and
FINRA is contained in column C.
Next, calculate the change in the natural logarithm of ADS from
month-to-month. The average monthly change in the logarithm of ADS
over the entire sample is 0.004 and the standard deviation 0.125.
Assume the monthly percentage change in ADS follows a random walk.
The expected monthly percentage growth rate of ADS is 1.2 percent.
Now, use the expected monthly percentage growth rate to forecast
total dollar volume. For example, one can use the ADS for January
2010 ($245,357,654,413) to forecast ADS for February 2010
($248,264,845,054 = $245,357,654,413 x 1.012).\15\ Multiply by the
number of trading days in February 2010 (19) to obtain a forecast of
the total dollar volume for the month ($4,717,032,056,030). Repeat
[[Page 9966]]
the method to generate forecasts for subsequent months.
---------------------------------------------------------------------------
\15\ The value 1.012 has been rounded. All computations are done
with the unrounded value.
---------------------------------------------------------------------------
The forecasts for total dollar volume are in column G of Table
A. The following is a more formal (mathematical) description of the
procedure:
1. Divide each month's total dollar volume (column C) by the
number of trading days in that month (column B) to obtain the
average daily dollar volume (ADS, column D).
2. For each month t, calculate the change in ADS from the
previous month as [Delta]t = log (ADSt/
ADSt-1), where log (x) denotes the natural logarithm of
x.
3. Calculate the mean and standard deviation of the series
{[Delta]1, [Delta]2,* * *,
[Delta]120{time} . These are given by [mu] = 0.004 and
[sigma] = 0.125, respectively.
4. Assume that the natural logarithm of ADS follows a random
walk, so that [Delta]s and [Delta]t are
statistically independent for any two months s and t.
5. Under the assumption that [Delta]t is normally
distributed, the expected value of ADSt/ADSt-1
is given by exp ([mu] + [sigma]\2\/2), or on average ADSt
= 1.012 x ADSt-1.
6. For February 2010, this gives a forecast ADS of 1.012 x
$245,357,654,413 = $248,264,845,054. Multiply this figure by the 19
trading days in February 2010 to obtain a total dollar volume
forecast of $4,717,032,056,030.
7. For March 2010, multiply the February 2010 ADS forecast by
1.012 to obtain a forecast ADS of $251,206,482,379. Multiply this
figure by the 23 trading days in March 2010 to obtain a total dollar
volume forecast of $5,777,749,094,716.
8. Repeat this procedure for subsequent months.
B. Using the forecasts from A to calculate the new fee rate
1. Determine the aggregate dollar volume of sales between 10/1/
09 and 1/14/10 to be $16,715,256,569,641. Multiply this amount by
the fee rate of $25.70 per million dollars in sales during this
period and get $429,582,094 in actual fees collected during 10/1/09
and 1/14/10. Determine the actual and projected aggregate dollar
volume of sales between 1/15/10 and 3/31/10 to be
$13,311,167,182,011. Multiply this amount by the fee rate of $12.70
per million dollars in sales during this period and get an estimate
of $169,051,823 in actual and projected fees collected during 1/15/
10 and 3/31/10.
2. Estimate the amount of assessments on security futures
products collected during 10/1/09 and 9/30/10 to be $18,611 by
summing the amounts collected through January 2010 of $5,684 with
projections of a 1.2% monthly increase in subsequent months.
3. Determine the projected aggregate dollar volume of sales
between 4/1/10 and 9/30/10 to be $33,260,374,276,849.
4. The rate necessary to collect the target $1,161,000,000 in
fee revenues is then calculated as: ($1,161,000,000-$429,582,094 -
$169,051,823-$18,611) / $33,260,374,276,849 = 0.0000169080.
5. Round the result to the seventh decimal point, yielding a
rate of 0.0000169000 (or $16.90 per million).
Table A--Estimation of Baseline of the Aggregate Dollar Amount of Sales
[Methodology developed in consultation with the Office of Management and
Budget and the Congressional Budget Office]
------------------------------------------------------------------------
------------------------------------------------------------------------
Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate dollar amount of 16,715,257
sales, 10/1/09 to 1/14/10 ($Millions).....................
b. Baseline estimate of the aggregate dollar amount of 13,311,167
sales, 1/15/00 to 3/31/10 ($Millions).....................
c. Baseline estimate of the aggregate dollar amount of 33,260,374
sales, 4/1/00 to 9/30/10 ($Millions)......................
d. Estimated collections in assessmests on security futures 0.019
products in FY 2010 ($Millions)...........................
e. Implied fee rate (($1,161,000,000-0.0000257 x a- $16.90
0.0000127 x b-d)/c).......................................
------------------------------------------------------------------------
Data
--------------------------------------------------------------------------------------------------------------------------------------------------------
Number of
trading Aggregate dollar Average daily Change in Forecast aggregate
Month days in amount of sales dollar amount of LN of ADS Forecast ADS dollar amount of sales
month sales (ADS)
(A) (B) (C) (D) (E) (F) (G)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Jan-00...................................... 20 3,057,831,397,113 152,891,569,856 - ................. .......................
Feb-00...................................... 20 2,973,119,888,063 148,655,994,403 -0.028 ................. .......................
Mar-00...................................... 23 4,135,152,366,234 179,789,233,315 0.190 ................. .......................
Apr-00...................................... 19 3,174,694,525,687 167,099,185,562 -0.073 ................. .......................
May-00...................................... 22 2,649,273,207,318 120,421,509,424 -0.328 ................. .......................
Jun-00...................................... 22 2,883,513,997,781 131,068,818,081 0.085 ................. .......................
Jul-00...................................... 20 2,804,753,395,361 140,237,669,768 0.068 ................. .......................
Aug-00...................................... 23 2,720,788,395,832 118,295,147,645 -0.170 ................. .......................
Sep-00...................................... 20 2,930,188,809,012 146,509,440,451 0.214 ................. .......................
Oct-00...................................... 22 3,485,926,307,727 158,451,195,806 0.078 ................. .......................
Nov-00...................................... 21 2,795,778,876,887 133,132,327,471 -0.174 ................. .......................
Dec-00...................................... 20 2,809,917,349,851 140,495,867,493 0.054 ................. .......................
Jan-01...................................... 21 3,143,501,125,244 149,690,529,774 0.063 ................. .......................
Feb-01...................................... 19 2,372,420,523,286 124,864,238,068 -0.181 ................. .......................
Mar-01...................................... 22 2,554,419,085,113 116,109,958,414 -0.073 ................. .......................
Apr-01...................................... 20 2,324,349,507,745 116,217,475,387 0.001 ................. .......................
May-01...................................... 22 2,353,179,388,303 106,962,699,468 -0.083 ................. .......................
Jun-01...................................... 21 2,111,922,113,236 100,567,719,678 -0.062 ................. .......................
Jul-01...................................... 21 2,004,384,034,554 95,446,858,788 -0.052 ................. .......................
Aug-01...................................... 23 1,803,565,337,795 78,415,884,252 -0.197 ................. .......................
Sep-01...................................... 15 1,573,484,946,383 104,898,996,426 0.291 ................. .......................
Oct-01...................................... 23 2,147,238,873,044 93,358,211,871 -0.117 ................. .......................
Nov-01...................................... 21 1,939,427,217,518 92,353,677,025 -0.011 ................. .......................
Dec-01...................................... 20 1,921,098,738,113 96,054,936,906 0.039 ................. .......................
Jan-02...................................... 21 2,149,243,312,432 102,344,919,640 0.063 ................. .......................
Feb-02...................................... 19 1,928,830,595,585 101,517,399,768 -0.008 ................. .......................
Mar-02...................................... 20 2,002,216,374,514 100,110,818,726 -0.014 ................. .......................
Apr-02...................................... 22 2,062,101,866,506 93,731,903,023 -0.066 ................. .......................
May-02...................................... 22 1,985,859,756,557 90,266,352,571 -0.038 ................. .......................
Jun-02...................................... 20 1,882,185,380,609 94,109,269,030 0.042 ................. .......................
Jul-02...................................... 22 2,349,564,490,189 106,798,385,918 0.126 ................. .......................
[[Page 9967]]
Aug-02...................................... 22 1,793,429,904,079 81,519,541,095 -0.270 ................. .......................
Sep-02...................................... 20 1,518,944,367,204 75,947,218,360 -0.071 ................. .......................
Oct-02...................................... 23 2,127,874,947,972 92,516,302,086 0.197 ................. .......................
Nov-02...................................... 20 1,780,816,458,122 89,040,822,906 -0.038 ................. .......................
Dec-02...................................... 21 1,561,092,215,646 74,337,724,555 -0.180 ................. .......................
Jan-03...................................... 21 1,723,698,830,414 82,080,896,686 0.099 ................. .......................
Feb-03...................................... 19 1,411,722,405,357 74,301,179,229 -0.180 ................. .......................
Mar-03...................................... 21 1,699,581,267,718 80,932,441,320 0.085 ................. .......................
Apr-03...................................... 21 1,759,751,025,279 83,797,667,870 0.035 ................. .......................
May-03...................................... 21 1,871,390,985,678 89,113,856,461 0.062 ................. .......................
Jun-03...................................... 21 2,122,225,077,345 101,058,337,016 0.126 ................. .......................
Jul-03...................................... 22 2,100,812,973,956 95,491,498,816 -0.057 ................. .......................
Aug-03...................................... 21 1,766,527,686,224 84,120,366,011 -0.127 ................. .......................
Sep-03...................................... 21 2,063,584,421,939 98,265,924,854 0.155 ................. .......................
Oct-03...................................... 23 2,331,850,083,022 101,384,786,218 0.031 ................. .......................
Nov-03...................................... 19 1,903,726,129,859 100,196,112,098 -0.012 ................. .......................
Dec-03...................................... 22 2,066,530,151,383 93,933,188,699 -0.065 ................. .......................
Jan-04...................................... 20 2,390,942,905,678 119,547,145,284 0.241 ................. .......................
Feb-04...................................... 19 2,177,765,594,701 114,619,241,826 -0.042 ................. .......................
Mar-04...................................... 23 2,613,809,754,550 113,643,858,893 -0.009 ................. .......................
Apr-04...................................... 21 2,418,663,760,191 115,174,464,771 0.013 ................. .......................
May-04...................................... 20 2,259,243,404,459 112,962,170,223 -0.019 ................. .......................
Jun-04...................................... 21 2,112,826,072,876 100,610,765,375 -0.116 ................. .......................
Jul-04...................................... 21 2,209,808,376,565 105,228,970,313 0.045 ................. .......................
Aug-04...................................... 22 2,033,343,354,640 92,424,697,938 -0.130 ................. .......................
Sep-04...................................... 21 1,993,803,487,749 94,943,023,226 0.027 ................. .......................
Oct-04...................................... 21 2,414,599,088,108 114,980,908,958 0.191 ................. .......................
Nov-04...................................... 21 2,577,513,374,160 122,738,732,103 0.065 ................. .......................
Dec-04...................................... 22 2,673,532,981,863 121,524,226,448 -0.010 ................. .......................
Jan-05...................................... 20 2,581,847,200,448 129,092,360,022 0.060 ................. .......................
Feb-05...................................... 19 2,532,202,408,589 133,273,810,978 0.032 ................. .......................
Mar-05...................................... 22 3,030,474,897,226 137,748,858,965 0.033 ................. .......................
Apr-05...................................... 21 2,906,386,944,434 138,399,378,306 0.005 ................. .......................
May-05...................................... 21 2,697,414,503,460 128,448,309,689 -0.075 ................. .......................
Jun-05...................................... 22 2,825,962,273,624 128,452,830,619 0.000 ................. .......................
Jul-05...................................... 20 2,604,021,263,875 130,201,063,194 0.014 ................. .......................
Aug-05...................................... 23 2,846,115,585,965 123,744,155,912 -0.051 ................. .......................
Sep-05...................................... 21 3,009,640,645,370 143,316,221,208 0.147 ................. .......................
Oct-05...................................... 21 3,279,847,331,057 156,183,206,241 0.086 ................. .......................
Nov-05...................................... 21 3,163,453,821,548 150,640,658,169 -0.036 ................. .......................
Dec-05...................................... 21 3,090,212,715,561 147,152,986,455 -0.023 ................. .......................
Jan-06...................................... 20 3,573,372,724,766 178,668,636,238 0.194 ................. .......................
Feb-06...................................... 19 3,314,259,849,456 174,434,728,919 -0.024 ................. .......................
Mar-06...................................... 23 3,807,974,821,564 165,564,122,677 -0.052
Apr-06...................................... 19 3,257,478,138,851 171,446,217,834 0.035 ................. .......................
May-06...................................... 22 4,206,447,844,451 191,202,174,748 0.109 ................. .......................
Jun-06...................................... 22 3,995,113,357,316 181,596,061,696 -0.052 ................. .......................
Jul-06...................................... 20 3,339,658,009,357 166,982,900,468 -0.084 ................. .......................
Aug-06...................................... 23 3,410,187,280,845 148,269,012,211 -0.119 ................. .......................
Sep-06...................................... 20 3,407,409,863,673 170,370,493,184 0.139 ................. .......................
Oct-06...................................... 22 3,980,070,216,912 180,912,282,587 0.060 ................. .......................
Nov-06...................................... 21 3,933,474,986,969 187,308,332,713 0.035 ................. .......................
Dec-06...................................... 20 3,715,146,848,695 185,757,342,435 -0.008 ................. .......................
Jan-07...................................... 20 4,263,986,570,973 213,199,328,549 0.138 ................. .......................
Feb-07...................................... 19 3,946,799,860,532 207,726,308,449 -0.026 ................. .......................
Mar-07...................................... 22 5,245,051,744,090 238,411,442,913 0.138 ................. .......................
Apr-07...................................... 20 4,274,665,072,437 213,733,253,622 -0.109 ................. .......................
May-07...................................... 22 5,172,568,357,522 235,116,743,524 0.095 ................. .......................
Jun-07...................................... 21 5,586,337,010,802 266,016,048,133 0.123 ................. .......................
Jul-07...................................... 21 5,938,330,480,139 282,777,641,911 0.061 ................. .......................
Aug-07...................................... 23 7,713,644,229,032 335,375,836,045 0.171 ................. .......................
Sep-07...................................... 19 4,805,676,596,099 252,930,347,163 -0.282 ................. .......................
Oct-07...................................... 23 6,499,651,716,225 282,593,552,879 0.111 ................. .......................
Nov-07...................................... 21 7,176,290,763,989 341,728,131,619 0.190 ................. .......................
Dec-07...................................... 20 5,512,903,594,564 275,645,179,728 -0.215 ................. .......................
Jan-08...................................... 21 7,997,242,071,529 380,821,051,025 0.323 ................. .......................
Feb-08...................................... 20 6,139,080,448,887 306,954,022,444 -0.216 ................. .......................
Mar-08...................................... 20 6,767,852,332,381 338,392,616,619 0.098 ................. .......................
Apr-08...................................... 22 6,150,017,772,735 279,546,262,397 -0.191 ................. .......................
May-08...................................... 21 6,080,169,766,807 289,531,893,657 0.035 ................. .......................
[[Page 9968]]
Jun-08...................................... 21 6,962,199,302,412 331,533,300,115 0.135 ................. .......................
Jul-08...................................... 22 8,104,256,787,805 368,375,308,537 0.105 ................. .......................
Aug-08...................................... 21 6,106,057,711,009 290,764,652,905 -0.237 ................. .......................
Sep-08...................................... 21 8,156,991,919,103 388,428,186,624 0.290 ................. .......................
Oct-08...................................... 23 8,644,538,213,244 375,849,487,532 -0.033 ................. .......................
Nov-08...................................... 19 5,727,998,341,833 301,473,596,939 -0.221 ................. .......................
Dec-08...................................... 22 5,176,041,317,640 235,274,605,347 -0.248 ................. .......................
Jan-09...................................... 20 4,670,249,433,806 233,512,471,690 -0.008 ................. .......................
Feb-09...................................... 19 4,771,470,184,048 251,130,009,687 0.073 ................. .......................
Mar-09...................................... 22 5,885,594,284,780 267,527,012,945 0.063 ................. .......................
Apr-09...................................... 21 5,123,665,205,517 243,984,057,406 -0.092 ................. .......................
May-09...................................... 20 5,086,717,129,965 254,335,856,498 0.042 ................. .......................
Jun-09...................................... 22 5,271,742,782,609 239,624,671,937 -0.060 ................. .......................
Jul-09...................................... 22 4,659,599,245,583 211,799,965,708 -0.123 ................. .......................
Aug-09...................................... 21 4,582,102,295,783 218,195,347,418 0.030 ................. .......................
Sep-09...................................... 21 4,929,211,335,509 234,724,349,310 0.073 ................. .......................
Oct-09...................................... 22 5,410,071,946,836 245,912,361,220 0.047 ................. .......................
Nov-09...................................... 20 4,770,994,671,867 238,549,733,593 -0.030 ................. .......................
Dec-09...................................... 22 4,688,780,548,360 213,126,388,562 -0.113 ................. .......................
Jan-10...................................... 19 4,661,795,433,843 245,357,654,413 0.141 ................. .......................
Feb-10...................................... 19 ................. ................. ........... 248,264,845,054 4,717,032,056,030
Mar-10...................................... 23 ................. ................. ........... 251,206,482,379 5,777,749,094,716
Apr-10...................................... 21 ................. ................. ........... 254,182,974,538 5,337,842,465,308
May-10...................................... 20 ................. ................. ........... 257,194,734,520 5,143,894,690,405
Jun-10...................................... 22 ................. ................. ........... 260,242,180,205 5,725,327,964,515
Jul-10...................................... 21 ................. ................. ........... 263,325,734,426 5,529,840,422,940
Aug-10...................................... 22 ................. ................. ........... 266,445,825,024 5,861,808,150,526
Sep-10...................................... 21 ................. ................. ........... 269,602,884,912 5,661,660,583,153
--------------------------------------------------------------------------------------------------------------------------------------------------------
[FR Doc. 2010-4530 Filed 3-3-10; 8:45 am]
BILLING CODE 8011-01-P
