Order Making Fiscal Year 2020 Annual Adjustments to Registration Fee Rates, 45601-45606 [2019-18618]
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Federal Register / Vol. 84, No. 168 / Thursday, August 29, 2019 / Notices
Comments may be submitted by any of
the following methods:
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
[Release Nos. 33–10675; 34–86750/August
23, 2019]
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
CboeBYX–2019–014 on the subject line.
Paper Comments:
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
khammond on DSKBBV9HB2PROD with NOTICES
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submitted on or before September 19,
2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.37
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–18636 Filed 8–28–19; 8:45 am]
BILLING CODE 8011–01–P
37 17
CFR 200.30–3(a)(12).
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Order Making Fiscal Year 2020 Annual
Adjustments to Registration Fee Rates
I. Background
The Commission collects fees under
various provisions of the securities
laws. Section 6(b) of the Securities Act
of 1933 (‘‘Securities Act’’) requires the
Commission to collect fees from issuers
on the registration of securities.1 Section
13(e) of the Securities Exchange Act of
1934 (‘‘Exchange Act’’) requires the
Commission to collect fees on specified
repurchases of securities.2 Section 14(g)
of the Exchange Act requires the
Commission to collect fees on specified
proxy solicitations and statements in
corporate control transactions.3 These
provisions require the Commission to
make annual adjustments to the
applicable fee rates.
II. Fiscal Year 2020 Annual Adjustment
to Fee Rates
Section 6(b)(2) of the Securities Act
requires the Commission to make an
annual adjustment to the fee rate
applicable under Section 6(b).4 The
annual adjustment to the fee rate under
Section 6(b) of the Securities Act also
sets the annual adjustment to the fee
rates under Sections 13(e) and 14(g) of
the Exchange Act.5
Section 6(b)(2) sets forth the method
for determining the annual adjustment
to the fee rate under Section 6(b) for
fiscal year 2020. Specifically, the
Commission must adjust the fee rate
under Section 6(b) to a ‘‘rate that, when
applied to the baseline estimate of the
aggregate maximum offering prices for
[fiscal year 2020], is reasonably likely to
produce aggregate fee collections under
[Section 6(b)] that are equal to the target
fee collection amount for [fiscal year
2020].’’ That is, the adjusted rate is
determined by dividing the ‘‘target fee
collection amount’’ for fiscal year 2020
by the ‘‘baseline estimate of the
aggregate maximum offering prices’’ for
fiscal year 2020.
Section 6(b)(6)(A) specifies that the
‘‘target fee collection amount’’ for fiscal
1 15
U.S.C. 77f(b).
U.S.C. 78m(e).
3 15 U.S.C. 78n(g).
4 15 U.S.C. 77f(b)(2). The annual adjustments are
designed to adjust the fee rate in a given fiscal year
so that, when applied to the aggregate maximum
offering price at which securities are proposed to
be offered for the fiscal year, it is reasonably likely
to produce total fee collections under Section 6(b)
equal to the ‘‘target fee collection amount’’ specified
in Section 6(b)(6)(A) for that fiscal year.
5 15 U.S.C. 78m(e)(4) and 15 U.S.C. 78n(g)(4).
2 15
PO 00000
Frm 00139
Fmt 4703
Sfmt 4703
45601
year 2020 is $705,000,000. Section
6(b)(6)(B) defines the ‘‘baseline estimate
of the aggregate maximum offering
prices’’ for fiscal year 2020 as ‘‘the
baseline estimate of the aggregate
maximum offering price at which
securities are proposed to be offered
pursuant to registration statements filed
with the Commission during [fiscal year
2020] as determined by the
Commission, after consultation with the
Congressional Budget Office and the
Office of Management and
Budget. . . .’’
To make the baseline estimate of the
aggregate maximum offering price for
fiscal year 2020, the Commission is
using a methodology that has been used
in prior fiscal years and that was
developed in consultation with the
Congressional Budget Office and Office
of Management and Budget.6 Using this
methodology, the Commission
determines the ‘‘baseline estimate of the
aggregate maximum offering price’’ for
fiscal year 2020 to be
$5,429,883,452,897. Based on this
estimate, the Commission calculates the
fee rate for fiscal 2020 to be $129.80 per
million. This adjusted fee rate applies to
Section 6(b) of the Securities Act, as
well as to Sections 13(e) and 14(g) of the
Exchange Act.
III. Effective Dates of the Annual
Adjustments
The fiscal year 2020 annual
adjustments to the fee rates applicable
under Section 6(b) of the Securities Act
and Sections 13(e) and 14(g) of the
Exchange Act will be effective on
October 1, 2019.7
IV. Conclusion
Accordingly, pursuant to Section 6(b)
of the Securities Act and Sections 13(e)
and 14(g) of the Exchange Act,8
It is hereby ordered that the fee rates
applicable under Section 6(b) of the
Securities Act and Sections 13(e) and
14(g) of the Exchange Act shall be
$129.80 per million effective on October
1, 2019.
6 Appendix A explains how we determined the
‘‘baseline estimate of the aggregate maximum
offering price’’ for fiscal year 2020 using our
methodology, and then shows the arithmetical
process of calculating the fiscal year 2020 annual
adjustment based on that estimate. The appendix
includes the data used by the Commission in
making its ‘‘baseline estimate of the aggregate
maximum offering price’’ for fiscal year 2020.
7 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6) and 15
U.S.C. 78n(g)(6).
8 15 U.S.C. 77f(b), 78m(e) and 78n(g).
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Federal Register / Vol. 84, No. 168 / Thursday, August 29, 2019 / Notices
By the Commission.
Jill M. Peterson,
Assistant Secretary.
Appendix A
Congress has established a target amount of
monies to be collected from fees charged to
issuers based on the value of their
registrations. This appendix provides the
formula for determining such fees, which the
Commission adjusts annually. Congress has
mandated that the Commission determine
these fees based on the ‘‘aggregate maximum
offering prices,’’ which measures the
aggregate dollar amount of securities
registered with the Commission over the
course of the year. In order to maximize the
likelihood that the amount of monies targeted
by Congress will be collected, the fee rate
must be set to reflect projected aggregate
maximum offering prices. As a percentage,
the fee rate equals the ratio of the target
amounts of monies to the projected aggregate
maximum offering prices.
For 2020, the Commission has estimated
the aggregate maximum offering prices by
projecting forward the trend established in
the previous decade. More specifically, an
ARIMA model was used to forecast the value
of the aggregate maximum offering prices for
months subsequent to July 2019, the last
month for which the Commission has data on
the aggregate maximum offering prices.
The following sections describe this
process in detail.
A. Baseline Estimate of the Aggregate
Maximum Offering Prices for Fiscal Year
2020
First, calculate the aggregate maximum
offering prices (AMOP) for each month in the
sample (July 2009–July 2019). Next, calculate
the percentage change in the AMOP from
month to month.
Model the monthly percentage change in
AMOP as a first order moving average
process. The moving average approach
allows one to model the effect that an
exceptionally high (or low) observation of
AMOP tends to be followed by a more
‘‘typical’’ value of AMOP.
Use the estimated moving average model to
forecast the monthly percent change in
AMOP. These percent changes can then be
applied to obtain forecasts of the total dollar
value of registrations. The following is a
more formal (mathematical) description of
the procedure:
1. Begin with the monthly data for AMOP.
The sample spans ten years, from July 2009
to July 2019.
2. Divide each month’s AMOP (column C)
by the number of trading days in that month
(column B) to obtain the average daily AMOP
(AAMOP, column D).
3. For each month t, the natural logarithm
of AAMOP is reported in column E.
4. Calculate the change in log(AAMOP)
from the previous month as Dt =
log(AAMOPt)¥log(AAMOPt¥1). This
approximates the percentage change.
5. Estimate the first order moving average
model Dt = a + bet¥1 + et, where et denotes
the forecast error for month t. The forecast
error is simply the difference between the
one-month ahead forecast and the actual
realization of Dt. The forecast error is
expressed as et = Dt¥a¥bet¥1. The model
can be estimated using standard
commercially available software. Using least
squares, the estimated parameter values are
a = 0.00585851 and b = 0.88811274.
6. For the month of August 2019 forecast
Dt = 8/2019 = a + bet = 7/2019. For all subsequent
months, forecast Dt = a.
7. Calculate forecasts of log(AAMOP). For
example, the forecast of log(AAMOP) for
October 2019 is given by FLAAMOPt = 10/2019
= log(AAMOPt = 7/2019) + Dt = 8/2019 + Dt = 9/2019
+ Dt = 10/2019.
8. Under the assumption that et is normally
distributed, the n-step ahead forecast of
AAMOP is given by exp(FLAAMOPt + sn2/2),
where sn denotes the standard error of the nstep ahead forecast.
9. For October 2019, this gives a forecast
AAMOP of $20.703 billion (Column I), and
a forecast AMOP of $476.161 billion (Column
J).
10. Iterate this process through September
2020 to obtain a baseline estimate of the
aggregate maximum offering prices for fiscal
year 2020 of $5,429,883,452,897.
B. Using the Forecasts From A To Calculate
the New Fee Rate
1. Using the data from Table A, estimate
the aggregate maximum offering prices
between 10/01/19 and 9/30/20 to be
$5,429,883,452,897.
2. The rate necessary to collect the target
$705,000,000 in fee revenues set by Congress
is then calculated as: $705,000,000 ÷
$5,429,883,452,897 = 0.000129837.
3. Round the result to the seventh decimal
point, yielding a rate of 0.0001298 (or
$129.80 per million).
TABLE A—ESTIMATION OF BASELINE OF AGGREGATE MAXIMUM OFFERING PRICES
[Fee rate calculation]
khammond on DSKBBV9HB2PROD with NOTICES
a. Baseline estimate of the aggregate maximum offering prices, 10/01/19 to 09/30/20 ($Millions) ...............................................
b. Implied fee rate ($705 Million/a) ..................................................................................................................................................
Month
Number of
trading days
in month
Aggregate
maximum
offering
prices,
in $millions
Average
daily
aggregate
max.
offering
prices
(AAMOP)
in $millions
(A)
(B)
(C)
(D)
Jul-09 ........................................
Aug-09 ......................................
Sep-09 ......................................
Oct-09 .......................................
Nov-09 ......................................
Dec-09 ......................................
Jan-10 .......................................
Feb-10 .......................................
Mar-10 .......................................
Apr-10 .......................................
May-10 ......................................
Jun-10 .......................................
Jul-10 ........................................
Aug-10 ......................................
Sep-10 ......................................
Oct-10 .......................................
Nov-10 ......................................
Dec-10 ......................................
Jan-11 .......................................
Feb-11 .......................................
Mar-11 .......................................
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21
22
21
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21
22
20
19
23
Jkt 247001
185,187
192,726
189,224
215,720
248,353
340,464
173,235
209,963
432,934
280,188
278,611
364,251
171,191
240,793
260,783
214,988
340,112
297,992
233,668
252,785
595,198
PO 00000
log(AAMOP)
Log (change
in AAMOP)
Forecast
log(AAMOP)
Standard
error
Forecast
AAMOP,
in $millions
Forecast
aggregate
maximum
offering
prices,
in $millions
(E)
(F)
(G)
(H)
(I)
(J)
....................
0.086
¥0.018
0.085
0.236
0.220
¥0.529
0.192
0.533
¥0.344
0.043
0.173
¥0.709
0.295
0.126
¥0.193
0.459
¥0.179
¥0.148
0.130
0.665
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8,418
9,177
9,011
9,805
12,418
15,476
9,118
11,051
18,823
13,342
13,931
16,557
8,152
10,945
12,418
10,238
16,196
13,545
11,683
13,304
25,878
Frm 00140
5,429,883
$129.80
Fmt 4703
22.854
22.940
22.922
23.006
23.242
23.463
22.933
23.126
23.658
23.314
23.357
23.530
22.822
23.116
23.242
23.049
23.508
23.329
23.181
23.311
23.977
Sfmt 4703
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khammond on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 84, No. 168 / Thursday, August 29, 2019 / Notices
Month
Number of
trading days
in month
Aggregate
maximum
offering
prices,
in $millions
Average
daily
aggregate
max.
offering
prices
(AAMOP)
in $millions
log(AAMOP)
Log (change
in AAMOP)
Forecast
log(AAMOP)
(A)
(B)
(C)
(D)
(E)
(F)
Apr-11 .......................................
May-11 ......................................
Jun-11 .......................................
Jul-11 ........................................
Aug-11 ......................................
Sep-11 ......................................
Oct-11 .......................................
Nov-11 ......................................
Dec-11 ......................................
Jan-12 .......................................
Feb-12 .......................................
Mar-12 .......................................
Apr-12 .......................................
May-12 ......................................
Jun-12 .......................................
Jul-12 ........................................
Aug-12 ......................................
Sep-12 ......................................
Oct-12 .......................................
Nov-12 ......................................
Dec-12 ......................................
Jan-13 .......................................
Feb-13 .......................................
Mar-13 .......................................
Apr-13 .......................................
May-13 ......................................
Jun-13 .......................................
Jul-13 ........................................
Aug-13 ......................................
Sep-13 ......................................
Oct-13 .......................................
Nov-13 ......................................
Dec-13 ......................................
Jan-14 .......................................
Feb-14 .......................................
Mar-14 .......................................
Apr-14 .......................................
May-14 ......................................
Jun-14 .......................................
Jul-14 ........................................
Aug-14 ......................................
Sep-14 ......................................
Oct-14 .......................................
Nov-14 ......................................
Dec-14 ......................................
Jan-15 .......................................
Feb-15 .......................................
Mar-15 .......................................
Apr-15 .......................................
May-15 ......................................
Jun-15 .......................................
Jul-15 ........................................
Aug-15 ......................................
Sep-15 ......................................
Oct-15 .......................................
Nov-15 ......................................
Dec-15 ......................................
Jan-16 .......................................
Feb-16 .......................................
Mar-16 .......................................
Apr-16 .......................................
May-16 ......................................
Jun-16 .......................................
Jul-16 ........................................
Aug-16 ......................................
Sep-16 ......................................
Oct-16 .......................................
Nov-16 ......................................
Dec-16 ......................................
Jan-17 .......................................
Feb-17 .......................................
Mar-17 .......................................
Apr-17 .......................................
May-17 ......................................
Jun-17 .......................................
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Jkt 247001
236,355
319,053
359,727
215,391
179,870
168,005
181,452
256,418
237,652
276,965
228,419
430,806
173,626
414,122
272,218
170,462
295,472
331,295
137,562
221,521
321,602
368,488
252,148
533,440
235,779
382,950
480,624
263,869
253,305
267,923
293,847
326,257
358,169
369,067
298,376
564,840
263,401
403,700
423,075
373,811
405,017
409,349
338,832
386,898
370,760
394,127
466,138
753,747
356,560
478,591
446,102
402,062
334,746
289,872
300,276
409,690
308,569
457,411
554,343
900,301
250,716
409,992
321,219
289,671
352,068
326,116
266,115
443,034
310,614
503,030
255,815
723,870
255,275
569,965
445,081
PO 00000
11,818
15,193
16,351
10,770
7,820
8,000
8,641
12,210
11,317
13,848
11,421
19,582
8,681
18,824
12,963
8,117
12,847
17,437
6,551
10,549
16,080
17,547
13,271
26,672
10,717
17,407
24,031
11,994
11,514
13,396
12,776
16,313
17,056
17,575
15,704
26,897
12,543
19,224
20,146
16,991
19,287
19,493
14,732
20,363
16,853
19,706
24,534
34,261
16,979
23,930
20,277
18,276
15,940
13,803
13,649
20,485
14,026
24,074
27,717
40,923
11,939
19,523
14,601
14,484
15,307
15,529
12,672
21,097
14,791
25,152
13,464
31,473
13,436
25,908
20,231
Frm 00141
Fmt 4703
23.193
23.444
23.518
23.100
22.780
22.803
22.880
23.226
23.150
23.351
23.159
23.698
22.884
23.658
23.285
22.817
23.276
23.582
22.603
23.079
23.501
23.588
23.309
24.007
23.095
23.580
23.903
23.208
23.167
23.318
23.271
23.515
23.560
23.590
23.477
24.015
23.252
23.679
23.726
23.556
23.683
23.693
23.413
23.737
23.548
23.704
23.923
24.257
23.555
23.898
23.733
23.629
23.492
23.348
23.337
23.743
23.364
23.904
24.045
24.435
23.203
23.695
23.404
23.396
23.452
23.466
23.263
23.772
23.417
23.948
23.323
24.172
23.321
23.978
23.730
Sfmt 4703
¥0.784
0.251
0.073
¥0.418
¥0.320
0.023
0.077
0.346
¥0.076
0.202
¥0.193
0.539
¥0.813
0.774
¥0.373
¥0.468
0.459
0.305
¥0.979
0.476
0.422
0.087
¥0.279
0.698
¥0.912
0.485
0.322
¥0.695
¥0.041
0.151
¥0.047
0.244
0.045
0.030
¥0.113
0.538
¥0.763
0.427
0.047
¥0.170
0.127
0.011
¥0.280
0.324
¥0.189
0.156
0.219
0.334
¥0.702
0.343
¥0.166
¥0.104
¥0.137
¥0.144
¥0.011
0.406
¥0.379
0.540
0.141
0.390
¥1.232
0.492
¥0.291
¥0.008
0.055
0.014
¥0.203
0.510
¥0.355
0.531
¥0.625
0.849
¥0.851
0.657
¥0.247
Standard
error
Forecast
AAMOP,
in $millions
Forecast
aggregate
maximum
offering
prices,
in $millions
(G)
(H)
(I)
(J)
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E:\FR\FM\29AUN1.SGM
29AUN1
45604
Federal Register / Vol. 84, No. 168 / Thursday, August 29, 2019 / Notices
Month
Number of
trading days
in month
Aggregate
maximum
offering
prices,
in $millions
Average
daily
aggregate
max.
offering
prices
(AAMOP)
in $millions
log(AAMOP)
Log (change
in AAMOP)
Forecast
log(AAMOP)
(A)
(B)
(C)
(D)
(E)
(F)
291,167
263,981
372,705
173,749
377,262
281,126
593,025
353,182
685,784
367,569
543,840
477,967
327,710
347,239
259,874
300,814
447,767
276,130
495,624
372,166
604,813
267,737
476,892
399,178
359,438
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
14,558
11,477
18,635
7,898
17,965
14,056
28,239
18,589
32,656
17,503
24,720
22,760
15,605
15,097
13,678
13,079
21,322
14,533
23,601
19,588
28,801
12,749
21,677
19,959
16,338
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
23.401
23.164
23.648
22.790
23.612
23.366
24.064
23.646
24.209
23.586
23.931
23.848
23.471
23.438
23.339
23.294
23.783
23.400
23.885
23.698
24.084
23.269
23.800
23.717
23.517
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
¥0.329
¥0.238
0.485
¥0.858
0.822
¥0.245
0.698
¥0.418
0.563
¥0.624
0.345
¥0.083
¥0.377
¥0.033
¥0.099
¥0.045
0.489
¥0.383
0.485
¥0.186
0.385
¥0.815
0.531
¥0.083
¥0.200
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
khammond on DSKBBV9HB2PROD with NOTICES
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Feb-20 .......................................
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20
22
21
20
21
19
21
21
22
21
21
23
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23
21
19
21
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21
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22
21
20
22
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21
21
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Standard
error
Forecast
AAMOP,
in $millions
Forecast
aggregate
maximum
offering
prices,
in $millions
(G)
(H)
(I)
(J)
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
23.689
23.695
23.701
23.707
23.713
23.719
23.724
23.730
23.736
23.742
23.748
23.754
23.760
23.765
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
0.320
0.322
0.324
0.326
0.328
0.330
0.332
0.334
0.336
0.338
0.340
0.342
0.344
0.345
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
20,435
20,568
20,703
20,838
20,974
21,110
21,248
21,387
21,526
21,666
21,808
21,950
22,093
22,237
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
449,575
411,370
476,161
416,753
440,445
443,317
403,713
470,505
452,048
433,330
479,772
482,901
463,957
466,983
E:\FR\FM\29AUN1.SGM
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Federal Register / Vol. 84, No. 168 / Thursday, August 29, 2019 / Notices
17:00 Aug 28, 2019
Dollar Valuc,
$Billions
Figure A
Aggregate Maximum Offering Prices Subject to Securities Act Section 6(b)
(Dashed Line Indicates Forecast Values)
$0 ~~--~-------,------,------,------,------,------,-------,------,------,-1_--~~
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
Jul-20
45605
EN29AU19.015</GPH>
45606
Federal Register / Vol. 84, No. 168 / Thursday, August 29, 2019 / Notices
[FR Doc. 2019–18618 Filed 8–28–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86743; File No. SR–
CboeEDGX–2019–052]
Self-Regulatory Organizations; Cboe
EDGX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change Relating To
Amend the Fee Schedule Applicable to
Members and Non-Members of the
Exchange Pursuant to EDGX Rules
15.1(a) and (c)
August 23, 2019.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on August
16, 2019, Cboe EDGX Exchange, Inc.
(the ‘‘Exchange’’ or ‘‘EDGX’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
khammond on DSKBBV9HB2PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGX’’) is filing with
the Securities and Exchange
Commission (‘‘Commission’’) a
proposed rule change to amend the fee
schedule applicable to Members and
non-Members 3 of the Exchange
pursuant to EDGX Rules 15.1(a) and (c).
Changes to the fee schedule pursuant to
this proposal are effective upon filing.
The text of the proposed rule change is
attached [sic] as Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://markets.cboe.com/us/
options/regulation/rule_filings/edgx/),
at the Exchange’s Office of the
Secretary, and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 A Member is defined as ‘‘any registered broker
or dealer that has been admitted to membership in
the Exchange.’’ See Exchange Rule 1.5(n).
2 17
VerDate Sep<11>2014
17:00 Aug 28, 2019
Jkt 247001
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
fee schedule applicable to its options
trading platform (‘‘EDGX Options’’) to
adopt a fee for the equity leg of a stockoption order, which orders would yield
fee code ‘‘EQ’’, effective August 16,
2019.
The Exchange first notes that it
operates in a highly competitive market
in which market participants can
readily direct order flow to competing
venues if they deem fee levels at a
particular venue to be excessive or
incentives to be insufficient. More
specifically, the Exchange is only one of
16 options venues to which market
participants may direct their order flow.
Based on publicly available information,
no single options exchange has more
than 20% of the market share.4 Thus, in
such a low-concentrated and highly
competitive market, no single options
exchange possesses significant pricing
power in the execution of option order
flow. The Exchange believes that the
ever-shifting market share among the
exchanges from month to month
demonstrates that market participants
can shift order flow, or discontinue to
reduce use of certain categories of
products, in response to fee changes.
Accordingly, competitive forces
constrain the Exchange’s transaction
fees, and market participants can readily
trade on competing venues if they deem
pricing levels at those other venues to
be more favorable. In response to
competitive pricing, the Exchange, like
other options exchanges, offers rebates
and assesses fees for certain order types
executed on or routed through the
Exchange.
Pursuant to rule filing SR–2019–
CboeEDGX–039,5 the Exchange will
4 See Cboe Global Markets U.S. Options Market
Volume Summary (August 15, 2019), available at
https://markets.cboe.com/us/options/market_
statistics/.
5 See Securities Exchange Act Release No. 86353
(July 11, 2019), 84 FR 34230 (July 17, 2019) (Notice
of Filing and Immediate Effectiveness of a Proposed
Rule Change To Add Stock-Option Order
Functionality and Complex Qualified Contingent
PO 00000
Frm 00144
Fmt 4703
Sfmt 4703
implement stock-option order
functionality on August 16, 2019. Stockoption orders are complex instruments
that constitute the purchase or sale of a
stated number of units of an underlying
stock or a security convertible into the
underlying stock coupled with the
purchase or sale of an option contract(s)
on the opposite side of the market and
execute in the same manner as complex
orders. Through this new functionality,
the stock portions of stock-option
strategy orders will be electronically
communicated by the Exchange to a
designated broker-dealer, who will then
manage the execution of such stock
portions. In connection with the new
functionality, the Exchange proposes to
adopt a stock handling fee of $0.0010
per share for the processing and routing
by the Exchange of the stock portion of
stock-option strategy orders executed
through those mechanisms. The purpose
of the proposed stock handling fee is to
cover the fees charges by the outside
venue that prints the trade, as well as
assist in covering the Exchange’s costs
in matching these stock-option orders
against other stock option orders on the
complex book. Additionally, the
Exchange will also largely pass through
to Members the fees assessed to the
Exchange by the designated broker that
will be managing the execution of these
stock portions of stock-option strategy
orders. The Exchange notes that other
exchanges have likewise implemented
fees for stock portions of stock-option
strategy order in response to their
respective implementations of stockoption strategy order functionality.6
Moreover, the proposed fee is identical
to fees assessed by other options
exchanges, including that of its
affiliated exchange, Cboe Options, for
stock legs executed as a part of stockoption strategy orders.7
Cross (‘‘QCC’’) Order With Stock Functionality, and
To Make Other Changes to its Rules) (SR–
CboeEDGX–2019–039).
6 See Securities Exchange Act Release No. 85909
(May 21, 2019), 84 FR 24587 (May 28, 2019) (SR–
EMERALD–2019–21); Securities Exchange Act
Release No. 83788 (August 7, 2018), 83 FR 40110
(August 13, 2018) (SR–MIAX–2018–18); and
Securities Exchange Act Release No. 67383 (July 10,
2012), 77 FR 41841 (July 16, 2012) (SR–CBOE–
2012–063).
7 See NASDAQ ISE Options Pricing Schedule,
Section 4.12; NASDAQ MRX Options Pricing
Schedule, Section 4(1); MIAX Emerald Fee
Schedule, Section 1(a)(vi); MIAX Options Fee
Schedule, Section 1(a)(x); and Cboe Options Fees
Schedule, Stock Portion of Stock-Option Strategy
Orders (each exchange charges the same fee of
$0.0010 per share and capped at $50 per order). The
Exchange notes that at this time it does not have
the functionality available to impose a cap per
order. The Exchange intends to have this
functionality in place by Quarter 1 of 2020. The
Exchange also does not believe that the absence of
a cap prior to this timeframe will impact market
E:\FR\FM\29AUN1.SGM
29AUN1
]]>Agencies
[Federal Register Volume 84, Number 168 (Thursday, August 29, 2019)]
[Notices]
[Pages 45601-45606]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-18618]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release Nos. 33-10675; 34-86750/August 23, 2019]
Order Making Fiscal Year 2020 Annual Adjustments to Registration
Fee Rates
I. Background
The Commission collects fees under various provisions of the
securities laws. Section 6(b) of the Securities Act of 1933
(``Securities Act'') requires the Commission to collect fees from
issuers on the registration of securities.\1\ Section 13(e) of the
Securities Exchange Act of 1934 (``Exchange Act'') requires the
Commission to collect fees on specified repurchases of securities.\2\
Section 14(g) of the Exchange Act requires the Commission to collect
fees on specified proxy solicitations and statements in corporate
control transactions.\3\ These provisions require the Commission to
make annual adjustments to the applicable fee rates.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 77f(b).
\2\ 15 U.S.C. 78m(e).
\3\ 15 U.S.C. 78n(g).
---------------------------------------------------------------------------
II. Fiscal Year 2020 Annual Adjustment to Fee Rates
Section 6(b)(2) of the Securities Act requires the Commission to
make an annual adjustment to the fee rate applicable under Section
6(b).\4\ The annual adjustment to the fee rate under Section 6(b) of
the Securities Act also sets the annual adjustment to the fee rates
under Sections 13(e) and 14(g) of the Exchange Act.\5\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 77f(b)(2). The annual adjustments are designed to
adjust the fee rate in a given fiscal year so that, when applied to
the aggregate maximum offering price at which securities are
proposed to be offered for the fiscal year, it is reasonably likely
to produce total fee collections under Section 6(b) equal to the
``target fee collection amount'' specified in Section 6(b)(6)(A) for
that fiscal year.
\5\ 15 U.S.C. 78m(e)(4) and 15 U.S.C. 78n(g)(4).
---------------------------------------------------------------------------
Section 6(b)(2) sets forth the method for determining the annual
adjustment to the fee rate under Section 6(b) for fiscal year 2020.
Specifically, the Commission must adjust the fee rate under Section
6(b) to a ``rate that, when applied to the baseline estimate of the
aggregate maximum offering prices for [fiscal year 2020], is reasonably
likely to produce aggregate fee collections under [Section 6(b)] that
are equal to the target fee collection amount for [fiscal year 2020].''
That is, the adjusted rate is determined by dividing the ``target fee
collection amount'' for fiscal year 2020 by the ``baseline estimate of
the aggregate maximum offering prices'' for fiscal year 2020.
Section 6(b)(6)(A) specifies that the ``target fee collection
amount'' for fiscal year 2020 is $705,000,000. Section 6(b)(6)(B)
defines the ``baseline estimate of the aggregate maximum offering
prices'' for fiscal year 2020 as ``the baseline estimate of the
aggregate maximum offering price at which securities are proposed to be
offered pursuant to registration statements filed with the Commission
during [fiscal year 2020] as determined by the Commission, after
consultation with the Congressional Budget Office and the Office of
Management and Budget. . . .''
To make the baseline estimate of the aggregate maximum offering
price for fiscal year 2020, the Commission is using a methodology that
has been used in prior fiscal years and that was developed in
consultation with the Congressional Budget Office and Office of
Management and Budget.\6\ Using this methodology, the Commission
determines the ``baseline estimate of the aggregate maximum offering
price'' for fiscal year 2020 to be $5,429,883,452,897. Based on this
estimate, the Commission calculates the fee rate for fiscal 2020 to be
$129.80 per million. This adjusted fee rate applies to Section 6(b) of
the Securities Act, as well as to Sections 13(e) and 14(g) of the
Exchange Act.
---------------------------------------------------------------------------
\6\ Appendix A explains how we determined the ``baseline
estimate of the aggregate maximum offering price'' for fiscal year
2020 using our methodology, and then shows the arithmetical process
of calculating the fiscal year 2020 annual adjustment based on that
estimate. The appendix includes the data used by the Commission in
making its ``baseline estimate of the aggregate maximum offering
price'' for fiscal year 2020.
---------------------------------------------------------------------------
III. Effective Dates of the Annual Adjustments
The fiscal year 2020 annual adjustments to the fee rates applicable
under Section 6(b) of the Securities Act and Sections 13(e) and 14(g)
of the Exchange Act will be effective on October 1, 2019.\7\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6) and 15 U.S.C.
78n(g)(6).
---------------------------------------------------------------------------
IV. Conclusion
Accordingly, pursuant to Section 6(b) of the Securities Act and
Sections 13(e) and 14(g) of the Exchange Act,\8\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 77f(b), 78m(e) and 78n(g).
---------------------------------------------------------------------------
It is hereby ordered that the fee rates applicable under Section
6(b) of the Securities Act and Sections 13(e) and 14(g) of the Exchange
Act shall be $129.80 per million effective on October 1, 2019.
[[Page 45602]]
By the Commission.
Jill M. Peterson,
Assistant Secretary.
Appendix A
Congress has established a target amount of monies to be
collected from fees charged to issuers based on the value of their
registrations. This appendix provides the formula for determining
such fees, which the Commission adjusts annually. Congress has
mandated that the Commission determine these fees based on the
``aggregate maximum offering prices,'' which measures the aggregate
dollar amount of securities registered with the Commission over the
course of the year. In order to maximize the likelihood that the
amount of monies targeted by Congress will be collected, the fee
rate must be set to reflect projected aggregate maximum offering
prices. As a percentage, the fee rate equals the ratio of the target
amounts of monies to the projected aggregate maximum offering
prices.
For 2020, the Commission has estimated the aggregate maximum
offering prices by projecting forward the trend established in the
previous decade. More specifically, an ARIMA model was used to
forecast the value of the aggregate maximum offering prices for
months subsequent to July 2019, the last month for which the
Commission has data on the aggregate maximum offering prices.
The following sections describe this process in detail.
A. Baseline Estimate of the Aggregate Maximum Offering Prices for
Fiscal Year 2020
First, calculate the aggregate maximum offering prices (AMOP)
for each month in the sample (July 2009-July 2019). Next, calculate
the percentage change in the AMOP from month to month.
Model the monthly percentage change in AMOP as a first order
moving average process. The moving average approach allows one to
model the effect that an exceptionally high (or low) observation of
AMOP tends to be followed by a more ``typical'' value of AMOP.
Use the estimated moving average model to forecast the monthly
percent change in AMOP. These percent changes can then be applied to
obtain forecasts of the total dollar value of registrations. The
following is a more formal (mathematical) description of the
procedure:
1. Begin with the monthly data for AMOP. The sample spans ten
years, from July 2009 to July 2019.
2. Divide each month's AMOP (column C) by the number of trading
days in that month (column B) to obtain the average daily AMOP
(AAMOP, column D).
3. For each month t, the natural logarithm of AAMOP is reported
in column E.
4. Calculate the change in log(AAMOP) from the previous month as
[Delta]t = log(AAMOPt)-
log(AAMOPt-1). This approximates the percentage change.
5. Estimate the first order moving average model
[Delta]t = [alpha] + [beta]et-1 +
et, where et denotes the forecast error for
month t. The forecast error is simply the difference between the
one-month ahead forecast and the actual realization of
[Delta]t. The forecast error is expressed as
et = [Delta]t-[alpha]-[beta]et-1.
The model can be estimated using standard commercially available
software. Using least squares, the estimated parameter values are
[alpha] = 0.00585851 and [beta] = 0.88811274.
6. For the month of August 2019 forecast
[Delta]t = 8/2019 = [alpha] +
[beta]et = 7/2019. For all subsequent months, forecast
[Delta]t = [alpha].
7. Calculate forecasts of log(AAMOP). For example, the forecast
of log(AAMOP) for October 2019 is given by
FLAAMOPt = 10/2019 = log(AAMOPt = 7/2019) +
[Delta]t = 8/2019 + [Delta]t = 9/2019 +
[Delta]t = 10/2019.
8. Under the assumption that et is normally
distributed, the n-step ahead forecast of AAMOP is given by
exp(FLAAMOPt + [sigma]n\2\/2), where
[sigma]n denotes the standard error of the n-step ahead
forecast.
9. For October 2019, this gives a forecast AAMOP of $20.703
billion (Column I), and a forecast AMOP of $476.161 billion (Column
J).
10. Iterate this process through September 2020 to obtain a
baseline estimate of the aggregate maximum offering prices for
fiscal year 2020 of $5,429,883,452,897.
B. Using the Forecasts From A To Calculate the New Fee Rate
1. Using the data from Table A, estimate the aggregate maximum
offering prices between 10/01/19 and 9/30/20 to be
$5,429,883,452,897.
2. The rate necessary to collect the target $705,000,000 in fee
revenues set by Congress is then calculated as: $705,000,000 /
$5,429,883,452,897 = 0.000129837.
3. Round the result to the seventh decimal point, yielding a
rate of 0.0001298 (or $129.80 per million).
Table A--Estimation of Baseline of Aggregate Maximum Offering Prices
[Fee rate calculation]
------------------------------------------------------------------------
------------------------------------------------------------------------
a. Baseline estimate of the aggregate maximum offering 5,429,883
prices, 10/01/19 to 09/30/20 ($Millions)...............
b. Implied fee rate ($705 Million/a).................... $129.80
------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------
Average
daily Forecast
Number of Aggregate aggregate aggregate
trading maximum max. Log (change Forecast Standard Forecast maximum
Month days in offering offering log(AAMOP) in AAMOP) log(AAMOP) error AAMOP, in offering
month prices, in prices $millions prices, in
$millions (AAMOP) in $millions
$millions
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Jul-09............................. 22 185,187 8,418 22.854 ........... ........... ........... ........... ...........
Aug-09............................. 21 192,726 9,177 22.940 0.086 ........... ........... ........... ...........
Sep-09............................. 21 189,224 9,011 22.922 -0.018 ........... ........... ........... ...........
Oct-09............................. 22 215,720 9,805 23.006 0.085 ........... ........... ........... ...........
Nov-09............................. 20 248,353 12,418 23.242 0.236 ........... ........... ........... ...........
Dec-09............................. 22 340,464 15,476 23.463 0.220 ........... ........... ........... ...........
Jan-10............................. 19 173,235 9,118 22.933 -0.529 ........... ........... ........... ...........
Feb-10............................. 19 209,963 11,051 23.126 0.192 ........... ........... ........... ...........
Mar-10............................. 23 432,934 18,823 23.658 0.533 ........... ........... ........... ...........
Apr-10............................. 21 280,188 13,342 23.314 -0.344 ........... ........... ........... ...........
May-10............................. 20 278,611 13,931 23.357 0.043 ........... ........... ........... ...........
Jun-10............................. 22 364,251 16,557 23.530 0.173 ........... ........... ........... ...........
Jul-10............................. 21 171,191 8,152 22.822 -0.709 ........... ........... ........... ...........
Aug-10............................. 22 240,793 10,945 23.116 0.295 ........... ........... ........... ...........
Sep-10............................. 21 260,783 12,418 23.242 0.126 ........... ........... ........... ...........
Oct-10............................. 21 214,988 10,238 23.049 -0.193 ........... ........... ........... ...........
Nov-10............................. 21 340,112 16,196 23.508 0.459 ........... ........... ........... ...........
Dec-10............................. 22 297,992 13,545 23.329 -0.179 ........... ........... ........... ...........
Jan-11............................. 20 233,668 11,683 23.181 -0.148 ........... ........... ........... ...........
Feb-11............................. 19 252,785 13,304 23.311 0.130 ........... ........... ........... ...........
Mar-11............................. 23 595,198 25,878 23.977 0.665 ........... ........... ........... ...........
[[Page 45603]]
Apr-11............................. 20 236,355 11,818 23.193 -0.784 ........... ........... ........... ...........
May-11............................. 21 319,053 15,193 23.444 0.251 ........... ........... ........... ...........
Jun-11............................. 22 359,727 16,351 23.518 0.073 ........... ........... ........... ...........
Jul-11............................. 20 215,391 10,770 23.100 -0.418 ........... ........... ........... ...........
Aug-11............................. 23 179,870 7,820 22.780 -0.320 ........... ........... ........... ...........
Sep-11............................. 21 168,005 8,000 22.803 0.023 ........... ........... ........... ...........
Oct-11............................. 21 181,452 8,641 22.880 0.077 ........... ........... ........... ...........
Nov-11............................. 21 256,418 12,210 23.226 0.346 ........... ........... ........... ...........
Dec-11............................. 21 237,652 11,317 23.150 -0.076 ........... ........... ........... ...........
Jan-12............................. 20 276,965 13,848 23.351 0.202 ........... ........... ........... ...........
Feb-12............................. 20 228,419 11,421 23.159 -0.193 ........... ........... ........... ...........
Mar-12............................. 22 430,806 19,582 23.698 0.539 ........... ........... ........... ...........
Apr-12............................. 20 173,626 8,681 22.884 -0.813 ........... ........... ........... ...........
May-12............................. 22 414,122 18,824 23.658 0.774 ........... ........... ........... ...........
Jun-12............................. 21 272,218 12,963 23.285 -0.373 ........... ........... ........... ...........
Jul-12............................. 21 170,462 8,117 22.817 -0.468 ........... ........... ........... ...........
Aug-12............................. 23 295,472 12,847 23.276 0.459 ........... ........... ........... ...........
Sep-12............................. 19 331,295 17,437 23.582 0.305 ........... ........... ........... ...........
Oct-12............................. 21 137,562 6,551 22.603 -0.979 ........... ........... ........... ...........
Nov-12............................. 21 221,521 10,549 23.079 0.476 ........... ........... ........... ...........
Dec-12............................. 20 321,602 16,080 23.501 0.422 ........... ........... ........... ...........
Jan-13............................. 21 368,488 17,547 23.588 0.087 ........... ........... ........... ...........
Feb-13............................. 19 252,148 13,271 23.309 -0.279 ........... ........... ........... ...........
Mar-13............................. 20 533,440 26,672 24.007 0.698 ........... ........... ........... ...........
Apr-13............................. 22 235,779 10,717 23.095 -0.912 ........... ........... ........... ...........
May-13............................. 22 382,950 17,407 23.580 0.485 ........... ........... ........... ...........
Jun-13............................. 20 480,624 24,031 23.903 0.322 ........... ........... ........... ...........
Jul-13............................. 22 263,869 11,994 23.208 -0.695 ........... ........... ........... ...........
Aug-13............................. 22 253,305 11,514 23.167 -0.041 ........... ........... ........... ...........
Sep-13............................. 20 267,923 13,396 23.318 0.151 ........... ........... ........... ...........
Oct-13............................. 23 293,847 12,776 23.271 -0.047 ........... ........... ........... ...........
Nov-13............................. 20 326,257 16,313 23.515 0.244 ........... ........... ........... ...........
Dec-13............................. 21 358,169 17,056 23.560 0.045 ........... ........... ........... ...........
Jan-14............................. 21 369,067 17,575 23.590 0.030 ........... ........... ........... ...........
Feb-14............................. 19 298,376 15,704 23.477 -0.113 ........... ........... ........... ...........
Mar-14............................. 21 564,840 26,897 24.015 0.538 ........... ........... ........... ...........
Apr-14............................. 21 263,401 12,543 23.252 -0.763 ........... ........... ........... ...........
May-14............................. 21 403,700 19,224 23.679 0.427 ........... ........... ........... ...........
Jun-14............................. 21 423,075 20,146 23.726 0.047 ........... ........... ........... ...........
Jul-14............................. 22 373,811 16,991 23.556 -0.170 ........... ........... ........... ...........
Aug-14............................. 21 405,017 19,287 23.683 0.127 ........... ........... ........... ...........
Sep-14............................. 21 409,349 19,493 23.693 0.011 ........... ........... ........... ...........
Oct-14............................. 23 338,832 14,732 23.413 -0.280 ........... ........... ........... ...........
Nov-14............................. 19 386,898 20,363 23.737 0.324 ........... ........... ........... ...........
Dec-14............................. 22 370,760 16,853 23.548 -0.189 ........... ........... ........... ...........
Jan-15............................. 20 394,127 19,706 23.704 0.156 ........... ........... ........... ...........
Feb-15............................. 19 466,138 24,534 23.923 0.219 ........... ........... ........... ...........
Mar-15............................. 22 753,747 34,261 24.257 0.334 ........... ........... ........... ...........
Apr-15............................. 21 356,560 16,979 23.555 -0.702 ........... ........... ........... ...........
May-15............................. 20 478,591 23,930 23.898 0.343 ........... ........... ........... ...........
Jun-15............................. 22 446,102 20,277 23.733 -0.166 ........... ........... ........... ...........
Jul-15............................. 22 402,062 18,276 23.629 -0.104 ........... ........... ........... ...........
Aug-15............................. 21 334,746 15,940 23.492 -0.137 ........... ........... ........... ...........
Sep-15............................. 21 289,872 13,803 23.348 -0.144 ........... ........... ........... ...........
Oct-15............................. 22 300,276 13,649 23.337 -0.011 ........... ........... ........... ...........
Nov-15............................. 20 409,690 20,485 23.743 0.406 ........... ........... ........... ...........
Dec-15............................. 22 308,569 14,026 23.364 -0.379 ........... ........... ........... ...........
Jan-16............................. 19 457,411 24,074 23.904 0.540 ........... ........... ........... ...........
Feb-16............................. 20 554,343 27,717 24.045 0.141 ........... ........... ........... ...........
Mar-16............................. 22 900,301 40,923 24.435 0.390 ........... ........... ........... ...........
Apr-16............................. 21 250,716 11,939 23.203 -1.232 ........... ........... ........... ...........
May-16............................. 21 409,992 19,523 23.695 0.492 ........... ........... ........... ...........
Jun-16............................. 22 321,219 14,601 23.404 -0.291 ........... ........... ........... ...........
Jul-16............................. 20 289,671 14,484 23.396 -0.008 ........... ........... ........... ...........
Aug-16............................. 23 352,068 15,307 23.452 0.055 ........... ........... ........... ...........
Sep-16............................. 21 326,116 15,529 23.466 0.014 ........... ........... ........... ...........
Oct-16............................. 21 266,115 12,672 23.263 -0.203 ........... ........... ........... ...........
Nov-16............................. 21 443,034 21,097 23.772 0.510 ........... ........... ........... ...........
Dec-16............................. 21 310,614 14,791 23.417 -0.355 ........... ........... ........... ...........
Jan-17............................. 20 503,030 25,152 23.948 0.531 ........... ........... ........... ...........
Feb-17............................. 19 255,815 13,464 23.323 -0.625 ........... ........... ........... ...........
Mar-17............................. 23 723,870 31,473 24.172 0.849 ........... ........... ........... ...........
Apr-17............................. 19 255,275 13,436 23.321 -0.851 ........... ........... ........... ...........
May-17............................. 22 569,965 25,908 23.978 0.657 ........... ........... ........... ...........
Jun-17............................. 22 445,081 20,231 23.730 -0.247 ........... ........... ........... ...........
[[Page 45604]]
Jul-17............................. 20 291,167 14,558 23.401 -0.329 ........... ........... ........... ...........
Aug-17............................. 23 263,981 11,477 23.164 -0.238 ........... ........... ........... ...........
Sep-17............................. 20 372,705 18,635 23.648 0.485 ........... ........... ........... ...........
Oct-17............................. 22 173,749 7,898 22.790 -0.858 ........... ........... ........... ...........
Nov-17............................. 21 377,262 17,965 23.612 0.822 ........... ........... ........... ...........
Dec-17............................. 20 281,126 14,056 23.366 -0.245 ........... ........... ........... ...........
Jan-18............................. 21 593,025 28,239 24.064 0.698 ........... ........... ........... ...........
Feb-18............................. 19 353,182 18,589 23.646 -0.418 ........... ........... ........... ...........
Mar-18............................. 21 685,784 32,656 24.209 0.563 ........... ........... ........... ...........
Apr-18............................. 21 367,569 17,503 23.586 -0.624 ........... ........... ........... ...........
May-18............................. 22 543,840 24,720 23.931 0.345 ........... ........... ........... ...........
Jun-18............................. 21 477,967 22,760 23.848 -0.083 ........... ........... ........... ...........
Jul-18............................. 21 327,710 15,605 23.471 -0.377 ........... ........... ........... ...........
Aug-18............................. 23 347,239 15,097 23.438 -0.033 ........... ........... ........... ...........
Sep-18............................. 19 259,874 13,678 23.339 -0.099 ........... ........... ........... ...........
Oct-18............................. 23 300,814 13,079 23.294 -0.045 ........... ........... ........... ...........
Nov-18............................. 21 447,767 21,322 23.783 0.489 ........... ........... ........... ...........
Dec-18............................. 19 276,130 14,533 23.400 -0.383 ........... ........... ........... ...........
Jan-19............................. 21 495,624 23,601 23.885 0.485 ........... ........... ........... ...........
Feb-19............................. 19 372,166 19,588 23.698 -0.186 ........... ........... ........... ...........
Mar-19............................. 21 604,813 28,801 24.084 0.385 ........... ........... ........... ...........
Apr-19............................. 21 267,737 12,749 23.269 -0.815 ........... ........... ........... ...........
May-19............................. 22 476,892 21,677 23.800 0.531 ........... ........... ........... ...........
Jun-19............................. 20 399,178 19,959 23.717 -0.083 ........... ........... ........... ...........
Jul-19............................. 22 359,438 16,338 23.517 -0.200 ........... ........... ........... ...........
Aug-19............................. 22 ........... ........... ........... ........... 23.689 0.320 20,435 449,575
Sep-19............................. 20 ........... ........... ........... ........... 23.695 0.322 20,568 411,370
Oct-19............................. 23 ........... ........... ........... ........... 23.701 0.324 20,703 476,161
Nov-19............................. 20 ........... ........... ........... ........... 23.707 0.326 20,838 416,753
Dec-19............................. 21 ........... ........... ........... ........... 23.713 0.328 20,974 440,445
Jan-20............................. 21 ........... ........... ........... ........... 23.719 0.330 21,110 443,317
Feb-20............................. 19 ........... ........... ........... ........... 23.724 0.332 21,248 403,713
Mar-20............................. 22 ........... ........... ........... ........... 23.730 0.334 21,387 470,505
Apr-20............................. 21 ........... ........... ........... ........... 23.736 0.336 21,526 452,048
May-20............................. 20 ........... ........... ........... ........... 23.742 0.338 21,666 433,330
Jun-20............................. 22 ........... ........... ........... ........... 23.748 0.340 21,808 479,772
Jul-20............................. 22 ........... ........... ........... ........... 23.754 0.342 21,950 482,901
Aug-20............................. 21 ........... ........... ........... ........... 23.760 0.344 22,093 463,957
Sep-20............................. 21 ........... ........... ........... ........... 23.765 0.345 22,237 466,983
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[[Page 45605]]
[GRAPHIC] [TIFF OMITTED] TN29AU19.015
[[Page 45606]]
[FR Doc. 2019-18618 Filed 8-28-19; 8:45 am]
BILLING CODE 8011-01-P
