Order Making Fiscal Year 2020 Annual Adjustments to Transaction Fee Rates, 2218-2224 [2020-00423]
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Federal Register / Vol. 85, No. 9 / Tuesday, January 14, 2020 / Notices
decisions on funding of and
improvements for the SIPs?
13. Do commenters believe the
proposed remedy in the event that a
Covered Person discloses ‘‘Highly
Confidential Information’’ in a manner
inconsistent with the proposed policy is
sufficient, or should any other
consequences of such disclosure be
provided?
14. Similarly, do commenters believe
the Amendment would sufficiently
deter unauthorized disclosure of
‘‘Confidential Information’’ by a
Covered Person without authorization
by the Operating Committee? Do
commenters believe appropriate
remedies for Participants and Advisors
should differ, or should potential
remedies for Participants that disclose
confidential information also include
the possibility of removal of that
Participant from the Operating
Committee?
Comments may be submitted by any
of the following methods:
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24–89 on the subject line.
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proposed Amendment that are filed
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Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number S7–24–89 and should be
submitted on or before February 4, 2020.
By the Commission.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020–00358 Filed 1–13–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87918/January 9, 2020]
Order Making Fiscal Year 2020 Annual
Adjustments to Transaction Fee Rates
I. Background
Section 31 of the Securities Exchange
Act of 1934 (‘‘Exchange Act’’) requires
each national securities exchange and
national securities association to pay
transaction fees to the Commission.1
Specifically, Section 31(b) requires each
national securities exchange to pay to
the Commission fees based on the
aggregate dollar amount of sales of
certain securities (‘‘covered sales’’)
transacted on the exchange.2 Section
31(c) requires each national securities
association to pay to the Commission
fees based on the aggregate dollar
amount of covered sales transacted by or
through any member of the association
other than on an exchange.3
Section 31 of the Exchange Act
requires the Commission to annually
adjust the fee rates applicable under
Sections 31(b) and (c) to a uniform
adjusted rate.4 Specifically, the
Commission must adjust the fee rates to
a uniform adjusted rate that is
reasonably likely to produce aggregate
fee collections (including assessments
on security futures transactions) equal
to the regular appropriation to the
Commission for the applicable fiscal
year.5
1 15
U.S.C. 78ee.
U.S.C. 78ee(b).
3 15 U.S.C. 78ee(c).
4 In some circumstances, the SEC also must make
a mid-year adjustment to the fee rates applicable
under Sections 31(b) and (c).
5 15 U.S.C. 78ee(j)(1) (the Commission must
adjust the rates under Sections 31(b) and (c) to a
‘‘uniform adjusted rate that, when applied to the
baseline estimate of the aggregate dollar amount of
sales for such fiscal year, is reasonably likely to
produce aggregate fee collections under [Section 31]
(including assessments collected under [Section
31(d)]) that are equal to the regular appropriation
to the Commission by Congress for such fiscal
year.’’).
2 15
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The Commission is required to
publish notice of the new fee rates
under Section 31 not later than 30 days
after the date on which an Act making
a regular appropriation for the
applicable fiscal year is enacted.6 On
December 20, 2019, the President signed
into law the Consolidated
Appropriations Act, 2020, which
includes total appropriations of
$1,825,525,000 to the SEC for fiscal year
2020.
II. Fiscal Year 2020 Annual Adjustment
to the Fee Rate
The new fee rate is determined by (1)
subtracting the sum of fees estimated to
be collected prior to the effective date of
the new fee rate 7 and estimated
assessments on security futures
transactions to be collected under
Section 31(d) of the Exchange Act for all
of fiscal year 2020 8 from an amount
equal to the regular appropriation to the
Commission for fiscal year 2020, and (2)
dividing by the estimated aggregate
dollar amount of covered sales for the
remainder of the fiscal year following
the effective date of the new fee rate.9
As noted above, the Consolidated
Appropriations Act, 2020, includes total
appropriations of $1,825,525,000 to the
Commission for fiscal year 2020.10 The
Commission estimates that it will
collect $798,679,778 in fees for the
period prior to the effective date of the
new fee rate and $26,122 in assessments
6 15
U.S.C. 78ee(g).
sum of fees to be collected prior to the
effective date of the new fee rate is determined by
applying the current fee rate to the dollar amount
of covered sales prior to the effective date of the
new fee rate. The exchanges and FINRA have
provided data on the dollar amount of covered sales
through November, 2019. To calculate the dollar
amount of covered sales from December, 2019 to the
effective date of the new fee rate, the Commission
is using a new methodology described further in
this order and also in Appendix A of this order.
8 Although the Commission is using a new
methodology to calculate the baseline estimate of
the aggregate dollar amount of covered sales, the
Commission is using the same methodology it has
used previously to estimate assessments on security
futures transactions to be collected in fiscal year
2020. An explanation of the methodology appears
in Appendix A.
9 To estimate the aggregate dollar amount of
covered sales for the remainder of fiscal year 2020
following the effective date of the new fee rate, the
Commission is using the new methodology
referenced above and further described in
Appendix A of this order.
10 The Consolidated Appropriations Act, 2020
includes an appropriation of $1,815,000,000 for
necessary expenses for the Commission and an
appropriation of $10,525,000 for costs associated
with relocation under a replacement lease for the
Commission’s New York regional office facilities.
The act provides that ‘‘for purposes of calculating
the fee rate under section 31(j) of the [Exchange
Act] for fiscal year 2020, all amounts appropriated
[to the Commission in the act] shall be deemed to
be the regular appropriation to the Commission for
fiscal year 2020.’’
7 The
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Federal Register / Vol. 85, No. 9 / Tuesday, January 14, 2020 / Notices
on round turn transactions in security
futures products during all of fiscal year
2020. Using the methodology described
in Appendix A, the Commission
estimates that the aggregate dollar
amount of covered sales for the
remainder of fiscal year 2020 to be
$46,381,289,295,437.
The uniform adjusted rate is
computed by dividing the residual fees
to be collected of $1,026,819,100 by the
estimated aggregate dollar amount of
covered sales for the remainder of fiscal
year 2020 of $46,381,289,295,437; this
results in a uniform adjusted rate for
fiscal year 2020 of $22.10 per million.11
III. Effective Date of the Uniform
Adjusted Rate
Under Section 31(j)(4)(A) of the
Exchange Act, the fiscal year 2020
annual adjustments to the fee rates
applicable under Sections 31(b) and (c)
of the Exchange Act shall take effect on
the later of October 1, 2019, or 60 days
after the date on which a regular
appropriation to the Commission for
fiscal year 2020 is enacted.12 The
regular appropriation to the
Commission for fiscal year 2020 was
enacted on December 20, 2019, and
accordingly, the new fee rates
applicable under Sections 31(b) and (c)
of the Exchange Act will take effect on
February 18, 2020.
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IV. New Methodology for the Baseline
Estimate of the Aggregate Dollar
Volume of Covered Sales
The methodology used to generate the
baseline estimate of the aggregate dollar
amount of covered sales is required to
be developed by the Commission in
consultation with the Congressional
Budget Office (‘‘CBO’’) and the Office of
Management and Budget (‘‘OMB’’).13
The Commission recently completed a
comprehensive review of the
methodology and determined that
modifications to the methodology
would improve the accuracy of the
estimates. The Commission consulted
with CBO and OMB regarding the
modifications to the methodology, as
required under Section 31(l) of the
Exchange Act. Consequently, the
Commission has adopted the new
methodology to generate the baseline
estimate of the aggregate dollar volume
of covered sales, which is used to
determine the new fee rates. The
11 Appendix A shows the process of calculating
the fiscal year 2020 annual adjustment and includes
the data used by the Commission in making this
adjustment.
12 15 U.S.C. 78ee(j)(4)(A).
13 15 U.S.C. 78ee(l).
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methodology is explained in Appendix
A of this order.
The following sections describe this
process in detail.
V. Conclusion
A. Baseline Estimate of the Aggregate
Dollar Amount of Covered Sales for
Fiscal Year 2020
First, calculate the average daily
dollar amount of covered sales (‘‘ADS’’)
for each month in the sample (February
2009–November 2019). The monthly
total dollar amount of covered sales
(exchange plus certain OTC markets) is
presented in column C of Table A.
The model forecasts the monthly
moving average of the average daily
dollar amount of covered sales. Each
month’s average daily dollar amount of
covered sales is calculated by dividing
the total covered sales for that month
(column C of Table A) by the number of
trading days for that month (column B
of Table A). These amounts are shown
in column D of Table A. The moving
average will span the same number of
months required to be forecast for the
remainder of the fiscal year. The trailing
moving average used in the forecast
model is presented in column E of Table
A.
To capture the recent trends in the
monthly changes in the moving
averages, calculate the 1-month and 2month lags of the trailing moving
average shown in column E in Table A.
These amounts are shown in columns F
and G, respectively, of Table A.
Next, model the monthly trailing
moving average of ADS as function of a
constant term and the two lagged
trailing moving averages using the
ordinary least squares technique.
Use the estimated model to forecast
the trailing moving average of ADS of
the first month after the last available
monthly data. Estimate the trailing
moving average of the second month
using the forecasted value of the first
month and the actual value of the
month before that. Similarly, estimate
the trailing moving average of the third
month using the forecasted values of the
two previous months. Continue in this
fashion until the end of the fiscal year.
The estimate of the trailing moving
average ADS for the last applicable
month in the fiscal year is a prediction
of the moving average for those months
that need to be predicted. This estimate
is used as the predicted value of ADS
for each month in the forecast period; to
obtain the forecast total covered sales
for each month, multiply the predicted
ADS by the number of days in each
month.
The following is a more formal
(mathematical) description of the
procedure:
1. Begin with the monthly data for
total dollar volume of covered sales
Accordingly, pursuant to Section 31
of the Exchange Act,
It is hereby ordered that the fee rates
applicable under Sections 31(b) and (c)
of the Exchange Act shall be $22.10 per
$1,000,000 effective on February 18,
2020.
By the Commission.
Vanessa A. Countryman,
Secretary.
Appendix A
This appendix provides the
methodology for determining the annual
adjustment to the fee rates applicable
under Sections 31(b) and (c) of the
Exchange Act for fiscal year 2020.
Section 31 of the Exchange Act requires
the fee rates to be adjusted so that it is
reasonably likely that the Commission
will collect aggregate fees equal to its
regular appropriation for fiscal year
2020.
To make the adjustment, the
Commission must project the aggregate
dollar amount of covered sales of
securities on the securities exchanges
and certain over-the-counter (‘‘OTC’’)
markets over the course of the year. The
fee rate equals the ratio of the
Commission’s regular appropriation for
fiscal year 2020 (less the sum of fees to
be collected during fiscal year 2020
prior to the effective date of the new fee
rate and aggregate assessments on
security futures transactions during all
of fiscal year 2020) to the estimated
aggregate dollar amount of covered sales
for the remainder of the fiscal year
following the effective date of the new
fee rate.
For 2020, the Commission has
estimated the aggregate dollar amount of
covered sales by projecting forward the
trend established in the previous
decade. More specifically, the dollar
amount of covered sales was forecasted
for months subsequent to November
2019, the last month for which the
Commission has data on the dollar
volume of covered sales.14
14 To determine the availability of data, the
Commission compares the date of the appropriation
with the date the transaction data are due from the
exchanges (10 business days after the end of the
month). If the business day following the date of the
appropriation is equal to or subsequent to the date
the data are due from the exchanges, the
Commission uses these data. The appropriation was
signed on December 20, 2019. The first business
day after this date was December 23, 2019. Data for
November 2019 were due from the exchanges on
December 13, 2019. As a result, the Commission
used November 2019 and earlier data to forecast
volume for December 2019 and later months.
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(column C). The sample spans ten years,
from February 2009–November 2019.15
Divide each month’s total dollar volume
by the number of trading days in that
month (column B) to obtain the average
daily dollar volume (ADS, column D).
2. For each month t, calculate the 9month trailing moving average of ADS
(shown in column E). For example, the
value for October 2010 is the average of
the 9 months ending in October, 2010,
or February 2010 through October 2010
inclusive.
3. Calculate the 1-month and 2-month
lags of the trailing moving average. For
example, the 1-month lag of the 9month trailing moving average for
October, 2010 is equal to the 9-month
trailing moving average for September,
2010. The 2-month lag of the 9-month
trailing moving average for October
2010 is equal to the 9-month trailing
moving average for August 2010. These
are shown in columns F and G.
4. Estimate the model using ordinary
least squares:
yt = a + b1yt¥1 + b2yt¥2 + ut
Where yt is the 9-month trailing moving
average of the average daily sales for
month t, and yt¥1 and yt¥2 are the 1month and 2-month lags of yt, and ut
representing the error term for month t.
The model can be estimated using
standard commercially available
software. The estimated parameter
values are a√ = 3,776,474,199, b√1 =
+1.4834 and b√2 = ¥0.49513. The rootmean squared error (RMSE) of the
regression is 4,771,330,095.
5. The predicted value of the 9-month
trailing moving average of the last
month to be forecast represents the final
forecast of covered sales for the entire
prediction period. This value is shown
in column H. This represents the
prediction for August of 2020. To
calculate this value from the model
above, one needs the 1-month and 2month lag of the 9-month trailing
moving average ADS, i.e., the 9-month
trailing moving average for June and
July. The 9-month trailing moving
average for July is obtained by using the
1-month and 2-month lags for July, that
is, the 9-month trailing moving averages
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15 Because the model uses a two period lag in the
9-month trailing moving average of average daily
covered sales, ten additional months of data are
added to the table so that the model is estimated
with 120 observations.
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for June and May. To arrive at all the
necessary inputs, one begins with the
first month to be forecast, in this case,
December 2019, and iterates predictions
forward until the last month is
predicted. One then multiplies the final
predicted 9-month trailing moving
average ADS by the number of days in
each month to arrive at the forecast total
dollar amount of covered sales. This is
shown in column I.
6. For example, for December 2019,
using the a√, b√1, and b√2 parameters
shown above, along with the 1-month
and two-month lags in the 9-month
trailing moving average ADS
(representing the 9-month trailing
moving average ADS for November and
October 2019, respectively), one can
estimate the forecast 9-month trailing
moving average ADS for December:
3,776,474,199 + (1.4834 ×
343,446,332,375) + (¥0.49513 ×
344,795,734,916) = 342,525,566,044.
7. With the estimated 9-month trailing
moving average ADS for December 2019
calculated above, one can estimate the
9-month trailing moving average ADS
for January, 2020. The estimate obtained
from December becomes the 1-month
lag for January, and the 1-month lag
used in the December forecast becomes
the 2-month lag for the January forecast.
Thus, the predicted 9-month trailing
moving average ADS for January 2020 is
calculated as: 3,776,474,199 + (1.4834 ×
342,525,566,044) + (¥0.49513 ×
343,446,332,375) = 341,827,831,235.
8. Using the forecasts for December
and January, one can estimate the value
for February. Repeat this procedure for
subsequent months, until the estimate
for August 2020 is obtained. This value
is 338,549,556,901.16 This value is then
used to calculate the final forecast total
monthly covered sales for all 9 months
from December 2019 through August
2020.
9. To obtain the estimate of total
monthly covered sales for each month,
multiply the number of trading days in
the month, shown in column B in Table
A, by the final forecast 9-month trailing
moving average ADS, shown in column
H of Table A. This product is shown in
column I of Table A, and these figures
are used to calculate the new fee rate.
16 One obtains insignificantly different values
using the rounded parameter estimates shown
above. The predicted ADS values displayed above
represents the full precision estimate.
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B. Using the Forecasts From A To
Calculate the New Fee Rate
1. Use Table A to estimate fees
collected for the period September 1,
2019 through February 17, 2020. The
projected aggregate dollar amount of
covered sales for this period is
$38,583,564,152,842. Actual and
projected fee collections at the current
fee rate of $20.70 per million are
$798,679,778.
2. Estimate the amount of assessments
on security futures products collected
from September 1, 2019 through August
31, 2020. First, calculate the average and
the standard deviation of the change in
log average daily sales, in column E, for
the 120 months ending December 2019.
The average is 0.00293464 and the
standard deviation is 0.11329321. These
are used to estimate an average growth
rate in ADS using the formula exp
(0.00293464 + 1⁄20.113293212) ¥ 1. This
results in an average monthly increase
of 0.93962%. Apply this monthly
increase to the last month for which
single stock futures’ assessments are
available, which was $2,068.87, for
November 2019. Estimate all subsequent
months in fiscal year 2020 by applying
the growth rate to the previously
estimated monthly value, and sum the
results. This totals $26,122.20 for the
entire fiscal year.
3. Subtract the amounts $798,679,778
and $26,122 from the target off-setting
collection amount set by Congress of
$1,825,525,000, leaving $1,026,819,100
to be collected on dollar volume for the
period February 18, 2020 through
August 31, 2020.
4. Use Table A to estimate dollar
volume for the period February 18, 2020
through August 31, 2020. The estimate
is $46,381,289,295,437. Finally,
compute the fee rate required to
produce the additional $1,026,819,100
in revenue. This rate is $1,026,819,100
divided by $46,381,289,295,437 or
0.00002213865.
5. Round the result to the seventh
decimal point, yielding a rate of
0.0000221 (or $22.10 per million).
This table summarizes the estimates
of the aggregate dollar amount of
covered sales, by time period. The
figures in this table can be used to
determine the new fee rate.
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TABLE A—BASELINE ESTIMATE OF THE AGGREGATE DOLLAR AMOUNT OF SALES
Fee rate calculation
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a. Baseline estimate of the aggregate dollar amount of sales, 09/01/2019 to 01/31/2020 ($Millions) ..............................................
b. Baseline estimate of the aggregate dollar amount of sales, 02/01/2020 to 02/17/2020 ($Millions) ..............................................
c. Baseline estimate of the aggregate dollar amount of sales, 02/18/2020 to 02/29/2020 ($Millions) ..............................................
d. Baseline estimate of the aggregate dollar amount of sales, 03/01/2020 to 08/31/2020 ($Millions) ..............................................
e. Estimate collections in assessments on security futures products in fiscal year 2020 ($Millions) ................................................
f. Implied fee rate (($1,825,525,000 ¥ $20.70 * (a + b) ¥ e) / (c + d) .............................................................................................
Month
Number
of trading
days in
month
(A)
(B)
Feb–09 ................................
Mar–09 ................................
Apr–09 .................................
May–09 ...............................
Jun–09 ................................
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 ................................
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 ..................................
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Total dollar amount of
sales
(C)
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$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
4,929,155,364,888
5,410,025,301,030
4,770,928,103,032
4,688,555,303,171
4,661,793,708,648
4,969,848,578,023
5,563,529,823,621
5,546,445,874,917
7,260,430,376,294
6,124,776,349,285
5,058,242,097,334
4,765,828,263,463
4,640,722,344,586
5,138,411,712,272
5,279,700,881,901
4,998,574,681,208
5,043,391,121,345
5,114,631,590,581
6,499,355,385,307
4,975,954,868,765
5,717,905,621,053
5,820,079,494,414
5,189,681,899,635
8,720,566,877,109
6,343,578,147,811
6,163,272,963,688
5,493,906,473,584
5,017,867,255,600
4,726,522,206,487
5,011,862,514,132
5,638,847,967,025
5,084,239,396,560
5,611,638,053,374
5,121,896,896,362
4,567,519,314,374
4,621,597,884,730
4,598,499,962,682
5,095,175,588,310
4,547,882,974,292
4,744,922,754,360
5,079,603,817,496
4,800,663,527,089
4,917,701,839,870
5,451,358,637,079
5,681,788,831,869
5,623,545,462,226
5,083,861,509,754
4,925,611,193,095
4,959,197,626,713
5,928,804,028,970
5,182,024,612,049
5,265,282,994,173
5,808,700,114,288
6,018,926,931,054
6,068,617,342,988
6,013,948,953,528
5,265,594,447,318
5,159,506,989,669
5,364,099,567,460
5,075,332,147,677
5,507,943,363,243
7,796,638,035,879
5,340,847,027,697
6,559,110,068,128
6,185,619,541,044
5,723,523,235,641
6,395,046,297,249
5,625,548,298,004
5,521,351,972,386
6,005,521,460,806
6,493,670,315,390
6,963,901,249,270
6,434,496,770,897
6,592,594,708,082
5,822,824,015,945
6,384,337,478,801
6,696,059,796,055
6,659,878,908,747
6,161,943,754,542
5,541,076,988,322
5,693,520,415,112
6,317,212,852,759
5,331,797,261,269
20:13 Jan 13, 2020
Jkt 250001
Average daily dollar
amount of sales
(ADS)
9-month trailing moving
average
ADS
(D)
$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
234,721,684,042
245,910,240,956
238,546,405,152
213,116,150,144
245,357,563,613
261,570,977,791
241,892,601,027
264,116,470,234
363,021,518,815
278,398,924,967
240,868,671,302
216,628,557,430
220,986,778,314
244,686,272,013
251,414,327,710
227,207,940,055
252,169,556,067
269,191,136,346
282,580,668,926
248,797,743,438
272,281,220,050
264,549,067,928
259,484,094,982
379,155,081,613
302,075,149,896
293,489,188,747
261,614,593,980
238,946,059,790
236,326,110,324
250,593,125,707
256,311,271,228
254,211,969,828
255,074,456,972
243,899,852,208
217,500,919,732
200,939,038,467
242,026,313,825
242,627,408,967
216,565,855,919
237,246,137,718
241,885,896,071
252,666,501,426
245,885,091,993
247,789,028,958
258,263,128,721
281,177,273,111
231,084,614,080
223,891,417,868
247,959,881,336
257,774,088,216
259,101,230,602
250,727,761,627
276,604,767,347
316,785,627,950
288,981,778,238
286,378,521,597
250,742,592,729
245,690,809,032
243,822,707,612
241,682,483,223
262,283,017,297
338,984,262,430
281,097,211,984
298,141,366,733
309,280,977,052
301,238,065,034
290,683,922,602
267,883,252,286
276,067,598,619
272,978,248,218
295,166,832,518
331,614,345,203
306,404,608,138
299,663,395,822
291,141,200,797
290,197,158,127
352,424,199,792
332,993,945,437
280,088,352,479
263,860,808,968
271,120,019,767
287,146,038,762
266,589,863,063
PO 00000
1 month lag of 9-month
trailing moving average
ADS
2 month lag of 9-month
trailing moving average
ADS
Forecast 9-month trailing
moving average
ADS
$35,198,069
3,385,496
3,046,946
43,334,343
0.026
22.10
Forecast total dollar
amount of sales
(E)
(F)
(G)
(H)
(I)
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
$240,803,205,177
239,405,026,896
233,359,375,473
233,511,987,274
234,315,889,640
234,567,881,761
240,380,826,709
256,472,623,530
261,325,650,300
260,765,475,894
258,330,159,480
259,204,673,721
259,130,085,766
258,001,569,090
256,369,940,093
255,042,505,186
244,616,907,134
245,081,545,351
245,962,553,367
252,146,182,547
256,986,436,948
258,630,639,500
272,824,056,601
281,142,635,472
285,733,705,770
284,891,867,729
280,043,577,825
278,657,840,812
276,248,052,552
275,332,741,808
274,746,950,124
260,960,214,052
254,496,292,087
246,053,151,085
239,311,422,695
239,653,673,143
240,353,817,437
236,573,009,683
234,454,661,515
233,085,097,764
232,817,547,148
233,038,129,346
236,403,474,816
242,772,818,178
247,122,924,765
245,840,392,000
246,654,343,327
247,844,759,285
249,610,113,968
250,325,083,876
250,863,158,280
254,064,906,990
260,567,406,904
261,434,574,140
267,578,341,642
270,561,805,516
270,309,686,371
268,759,532,970
266,824,116,595
268,108,033,892
275,039,088,901
271,073,709,349
272,091,441,404
274,636,158,677
280,246,766,711
285,246,001,552
287,919,395,405
291,739,963,782
292,928,322,773
288,059,719,450
293,672,734,252
294,590,872,186
293,522,252,049
292,400,378,245
292,346,293,303
301,739,731,915
308,064,881,562
308,854,893,146
305,376,446,085
298,654,854,370
296,515,013,328
292,840,176,355
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
$240,803,205,177
239,405,026,896
233,359,375,473
233,511,987,274
234,315,889,640
234,567,881,761
240,380,826,709
256,472,623,530
261,325,650,300
260,765,475,894
258,330,159,480
259,204,673,721
259,130,085,766
258,001,569,090
256,369,940,093
255,042,505,186
244,616,907,134
245,081,545,351
245,962,553,367
252,146,182,547
256,986,436,948
258,630,639,500
272,824,056,601
281,142,635,472
285,733,705,770
284,891,867,729
280,043,577,825
278,657,840,812
276,248,052,552
275,332,741,808
274,746,950,124
260,960,214,052
254,496,292,087
246,053,151,085
239,311,422,695
239,653,673,143
240,353,817,437
236,573,009,683
234,454,661,515
233,085,097,764
232,817,547,148
233,038,129,346
236,403,474,816
242,772,818,178
247,122,924,765
245,840,392,000
246,654,343,327
247,844,759,285
249,610,113,968
250,325,083,876
250,863,158,280
254,064,906,990
260,567,406,904
261,434,574,140
267,578,341,642
270,561,805,516
270,309,686,371
268,759,532,970
266,824,116,595
268,108,033,892
275,039,088,901
271,073,709,349
272,091,441,404
274,636,158,677
280,246,766,711
285,246,001,552
287,919,395,405
291,739,963,782
292,928,322,773
288,059,719,450
293,672,734,252
294,590,872,186
293,522,252,049
292,400,378,245
292,346,293,303
301,739,731,915
308,064,881,562
308,854,893,146
305,376,446,085
298,654,854,370
296,515,013,328
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
$240,803,205,177
239,405,026,896
233,359,375,473
233,511,987,274
234,315,889,640
234,567,881,761
240,380,826,709
256,472,623,530
261,325,650,300
260,765,475,894
258,330,159,480
259,204,673,721
259,130,085,766
258,001,569,090
256,369,940,093
255,042,505,186
244,616,907,134
245,081,545,351
245,962,553,367
252,146,182,547
256,986,436,948
258,630,639,500
272,824,056,601
281,142,635,472
285,733,705,770
284,891,867,729
280,043,577,825
278,657,840,812
276,248,052,552
275,332,741,808
274,746,950,124
260,960,214,052
254,496,292,087
246,053,151,085
239,311,422,695
239,653,673,143
240,353,817,437
236,573,009,683
234,454,661,515
233,085,097,764
232,817,547,148
233,038,129,346
236,403,474,816
242,772,818,178
247,122,924,765
245,840,392,000
246,654,343,327
247,844,759,285
249,610,113,968
250,325,083,876
250,863,158,280
254,064,906,990
260,567,406,904
261,434,574,140
267,578,341,642
270,561,805,516
270,309,686,371
268,759,532,970
266,824,116,595
268,108,033,892
275,039,088,901
271,073,709,349
272,091,441,404
274,636,158,677
280,246,766,711
285,246,001,552
287,919,395,405
291,739,963,782
292,928,322,773
288,059,719,450
293,672,734,252
294,590,872,186
293,522,252,049
292,400,378,245
292,346,293,303
301,739,731,915
308,064,881,562
308,854,893,146
305,376,446,085
298,654,854,370
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
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........................................
........................................
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........................................
........................................
........................................
........................................
........................................
........................................
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........................................
........................................
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........................................
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........................................
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........................................
........................................
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........................................
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........................................
........................................
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........................................
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........................................
........................................
........................................
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Frm 00118
Fmt 4703
Sfmt 4703
E:\FR\FM\14JAN1.SGM
14JAN1
2222
Federal Register / Vol. 85, No. 9 / Tuesday, January 14, 2020 / Notices
Month
Number
of trading
days in
month
(A)
(B)
Aug–16 ................................
Sep–16 ................................
Oct–16 .................................
Nov–16 ................................
Dec–16 ................................
Jan–17 ................................
Feb–17 ................................
Mar–17 ................................
Apr–17 .................................
May–17 ...............................
Jun–17 ................................
Jul–17 ..................................
Aug–17 ................................
Sep–17 ................................
Oct–17 .................................
Nov–17 ................................
Dec–17 ................................
Jan–18 ................................
Feb–18 ................................
Mar–18 ................................
Apr–18 .................................
May–18 ...............................
Jun–18 ................................
Jul–18 ..................................
Aug–18 ................................
Sep–18 ................................
Oct–18 .................................
Nov–18 ................................
Dec–18 ................................
Jan–19 ................................
Feb–19 ................................
Mar–19 ................................
Apr–19 .................................
May–19 ...............................
Jun–19 ................................
Jul–19 ..................................
Aug–19 ................................
Sep–19 ................................
Oct–19 .................................
Nov–19 ................................
Dec–19 ................................
Jan–20 ................................
Feb–20 ................................
Mar–20 ................................
Apr–20 .................................
May–20 ...............................
Jun–20 ................................
Jul–20 ..................................
Aug–20 ................................
23
21
21
21
21
20
19
23
19
22
22
20
23
20
22
21
20
21
19
21
21
22
21
21
23
19
23
21
19
21
19
21
21
22
20
22
22
20
23
20
21
21
19
22
21
20
22
22
21
Total dollar amount of
sales
Average daily dollar
amount of sales
(ADS)
9-month trailing moving
average
ADS
1 month lag of 9-month
trailing moving average
ADS
2 month lag of 9-month
trailing moving average
ADS
lotter on DSKBCFDHB2PROD with NOTICES
Forecast total dollar
amount of sales
(C)
(D)
(E)
(F)
(G)
(H)
(I)
5,635,976,607,786
5,942,072,286,976
5,460,906,573,682
6,845,287,809,886
6,208,579,880,985
5,598,200,907,603
5,443,426,609,533
6,661,861,914,530
5,116,714,033,499
6,305,822,460,672
6,854,993,097,601
5,394,333,070,522
6,206,204,906,864
5,939,886,169,525
6,134,529,538,894
6,289,748,560,897
6,672,181,323,001
7,672,288,677,308
8,725,420,462,639
8,264,755,011,030
7,490,308,402,446
7,242,077,467,179
7,936,783,802,579
6,807,593,326,456
7,363,115,444,274
6,781,988,459,996
10,133,514,480,998
8,414,847,862,204
9,075,221,733,736
7,960,664,643,749
6,676,391,653,247
7,828,979,311,928
6,907,923,076,080
7,895,053,976,747
7,070,583,442,058
6,792,811,319,721
8,059,527,400,976
6,958,116,138,899
7,235,982,824,882
6,784,888,230,209
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
245,042,461,208
282,955,823,189
260,043,170,175
325,966,086,185
295,646,660,999
279,910,045,380
286,496,137,344
289,646,170,197
269,300,738,605
286,628,293,667
311,590,595,346
269,716,653,526
269,834,995,951
296,994,308,476
278,842,251,768
299,511,836,233
333,609,066,150
365,347,079,872
459,232,655,928
393,559,762,430
356,681,352,497
329,185,339,417
377,942,085,837
324,171,110,784
320,135,454,099
356,946,761,052
440,587,586,130
400,707,041,057
477,643,249,144
379,079,268,750
351,389,034,381
372,808,538,663
328,948,717,909
358,866,089,852
353,529,172,103
308,764,150,896
366,342,154,590
347,905,806,945
314,607,948,908
339,244,411,510
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
287,718,094,178
286,913,501,407
276,648,942,561
275,868,069,311
277,596,770,257
279,380,018,748
281,088,476,256
281,366,268,638
281,667,477,031
286,288,125,082
289,469,766,433
290,544,597,917
284,307,810,113
284,457,548,721
284,338,904,987
285,785,093,752
290,669,859,969
301,341,675,665
320,519,938,139
329,627,623,370
339,290,367,701
345,884,850,308
354,879,047,793
359,915,587,683
362,207,100,779
364,800,177,991
373,160,234,242
366,657,388,145
375,999,997,780
378,488,655,141
380,955,732,359
380,385,338,229
380,916,183,465
385,219,587,438
384,839,855,332
370,192,806,973
366,374,486,254
351,959,214,899
344,795,734,916
343,446,332,375
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
292,840,176,355
287,718,094,178
286,913,501,407
276,648,942,561
275,868,069,311
277,596,770,257
279,380,018,748
281,088,476,256
281,366,268,638
281,667,477,031
286,288,125,082
289,469,766,433
290,544,597,917
284,307,810,113
284,457,548,721
284,338,904,987
285,785,093,752
290,669,859,969
301,341,675,665
320,519,938,139
329,627,623,370
339,290,367,701
345,884,850,308
354,879,047,793
359,915,587,683
362,207,100,779
364,800,177,991
373,160,234,242
366,657,388,145
375,999,997,780
378,488,655,141
380,955,732,359
380,385,338,229
380,916,183,465
385,219,587,438
384,839,855,332
370,192,806,973
366,374,486,254
351,959,214,899
344,795,734,916
343,446,332,375
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
296,515,013,328
292,840,176,355
287,718,094,178
286,913,501,407
276,648,942,561
275,868,069,311
277,596,770,257
279,380,018,748
281,088,476,256
281,366,268,638
281,667,477,031
286,288,125,082
289,469,766,433
290,544,597,917
284,307,810,113
284,457,548,721
284,338,904,987
285,785,093,752
290,669,859,969
301,341,675,665
320,519,938,139
329,627,623,370
339,290,367,701
345,884,850,308
354,879,047,793
359,915,587,683
362,207,100,779
364,800,177,991
373,160,234,242
366,657,388,145
375,999,997,780
378,488,655,141
380,955,732,359
380,385,338,229
380,916,183,465
385,219,587,438
384,839,855,332
370,192,806,973
366,374,486,254
351,959,214,899
344,795,734,916
343,446,332,375
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
338,549,556,901
338,549,556,901
338,549,556,901
338,549,556,901
338,549,556,901
338,549,556,901
338,549,556,901
338,549,556,901
338,549,556,901
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
7,109,540,694,921
7,109,540,694,921
6,432,441,581,119
7,448,090,251,822
7,109,540,694,921
6,770,991,138,020
7,448,090,251,822
7,448,090,251,822
7,109,540,694,921
BILLING CODE 8011–01–P
VerDate Sep<11>2014
Forecast 9-month trailing
moving average
ADS
20:13 Jan 13, 2020
Jkt 250001
PO 00000
Frm 00119
Fmt 4703
Sfmt 4703
E:\FR\FM\14JAN1.SGM
14JAN1
lotter on DSKBCFDHB2PROD with NOTICES
VerDate Sep<11>2014
FlgureA.
(Dashed Line Indicates Fo1'ecast Values)
Dallar Value,
SBl.llio11s
Jkt 250001
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Federal Register / Vol. 85, No. 9 / Tuesday, January 14, 2020 / Notices
18:41 Jan 13, 2020
Aggregate Dollar A:mmmtofSales Subject to Exchange Act Sections 3l(b) and 3l(c)1
Methodology Developed in Consultation With 0MB and CBO
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2223
EN14JA20.016</GPH>
2224
Federal Register / Vol. 85, No. 9 / Tuesday, January 14, 2020 / Notices
BILLING CODE 8011–01–C
SOCIAL SECURITY ADMINISTRATION
[Docket No. SSA–2019–0058]
Privacy Act of 1974; System of
Records
Office of Financial Policy and
Operations, Office of Budget, Finance,
and Management, Social Security
Administration (SSA).
ACTION: Notice of a modified system of
records.
AGENCY:
In accordance with the
Privacy Act, we are issuing public
notice of our intent to modify an
existing system of records entitled,
Financial Transactions of SSA
Accounting and Finance Offices (60–
0231), last published on January 11,
2006. This notice publishes details of
the modified system as set forth below
under the caption, SUPPLEMENTARY
INFORMATION.
SUMMARY:
The system of records notice
(SORN) is applicable upon its
publication in today’s Federal Register,
with the exception of the new routine
uses, which are effective February 13,
2020. We invite public comment on the
routine uses or other aspects of this
SORN. In accordance with 5 U.S.C.
552a(e)(4) and (e)(11), the public is
given a 30-day period in which to
submit comments. Therefore, please
submit any comments by February 13,
2020.
DATES:
The public, Office of
Management and Budget (OMB), and
Congress may comment on this
publication by writing to the Executive
Director, Office of Privacy and
Disclosure, Office of the General
Counsel, SSA, Room G–401 West High
Rise, 6401 Security Boulevard,
Baltimore, Maryland 21235–6401, or
through the Federal e-Rulemaking Portal
at https://www.regulations.gov, please
reference docket number SSA–2019–
0058. All comments we receive will be
available for public inspection at the
above address and we will post them to
https://www.regulations.gov.
FOR FURTHER INFORMATION CONTACT:
Tristin Dorsey, Government Information
Specialist, Privacy Implementation
Division, Office of Privacy and
Disclosure, Office of the General
Counsel, SSA, Room G–401 West High
Rise, 6401 Security Boulevard,
Baltimore, Maryland 21235–6401,
telephone: (410) 966–5855, email:
tristin.dorsey@ssa.gov.
lotter on DSKBCFDHB2PROD with NOTICES
ADDRESSES:
VerDate Sep<11>2014
18:41 Jan 13, 2020
Jkt 250001
We are
modifying the system of records name
from ‘‘Financial Transactions of SSA
Accounting and Finance Offices, SSA,
Deputy Commissioner for Finance,
Assessment and Management, Office of
Financial Policy and Operations’’ to
‘‘Social Security Online Accounting and
Reporting System’’ to accurately reflect
the system. We are modifying the
system manager and location to clarify
the name of the office.
We are clarifying the categories of
individuals covered by the system of
records and clarifying how we will store
and retrieve records. We are also
expanding the categories of records to
include collection payment information,
taxpayer identification numbers, and
email addresses; and expanding the
record source categories to include
existing SSA systems of records.
In addition, we are revising the
language in routine use No. 1 to clarify
that we may also provide records to the
Department of Treasury, for the purpose
of administering licenses for individuals
residing in sanctioned foreign countries.
We are revising routine use No. 8 by
specifying additional debt collection
reasons, in which we may disclose
information to the Department of
Treasury.
We are deleting the following routine
uses, of the prior version of the SORN,
as they are no longer applicable:
• No. 2—this routine use permitted
disclosures to members of Congress, for
the purpose of Federal financial
assistance.
• No. 5—this routine use permitted
disclosures to Federal, State, and local
agencies that maintain civil, criminal, or
other relevant enforcement records or
other pertinent records, for the purpose
of obtaining records relevant to an
agency decision concerning the hiring
or retention of an employee; the
issuance of a security clearance; the
letting of a contract; or the issuance of
a license or other benefit.
• No. 6—this routine use permitted
disclosures to Federal agencies, in
response to their request, for the
purpose of obtaining records relevant
and necessary to an agency decision
concerning the hiring or retention of an
employee; the issuance of a security
clearance; the reporting of an
investigation of an employee; the letting
of a contract; or the issuance of a license
or other benefit by the requesting
agency.
• No. 7—this routine use permitted
disclosures to Federal agencies that
have the power to subpoena records,
e.g., the Internal Revenue Service or the
Civil Rights Commission, in response to
a subpoena for information.
SUPPLEMENTARY INFORMATION:
[FR Doc. 2020–00423 Filed 1–13–20; 8:45 am]
PO 00000
Frm 00121
Fmt 4703
Sfmt 4703
• No. 11(a)—this routine use
permitted disclosures to the Department
of Treasury, for purposes of determining
whether an individual has a delinquent
tax account and determining an
individual’s creditworthiness.
We are adding three new routine uses
to permit disclosures to the Office of the
President, for the purpose of responding
to an inquiry received; to Federal, State
and local law enforcement agencies and
private contractors, for the safety and
security of SSA employees, customers,
and facilities; and to the Internal
Revenue Service, for auditing purposes
of the safeguard provisions of Internal
Revenue Code of 1986. Lastly, we are
modifying the notice throughout to
correct miscellaneous stylistic
formatting and typographical errors of
the previously published notice, and to
ensure the language reads consistently
across multiple systems. We are
republishing the entire notice for ease of
reference.
In accordance with 5 U.S.C. 552a(r),
we have provided a report to OMB and
Congress on this modified system of
records.
Matthew Ramsey,
Executive Director, Office of Privacy and
Disclosure, Office of the General Counsel.
SYSTEM NAME AND NUMBER
Social Security Online Accounting
and Reporting System, 60–0231
SECURITY CLASSIFICATION:
Unclassified.
SYSTEM LOCATION:
Social Security Administration, Office
of Budget, Finance, and Management,
Office of Financial Policy and
Operations, 6401 Security Boulevard,
Baltimore, Maryland 21235–6401.
SYSTEM MANAGER(S):
Social Security Administration,
Deputy Commissioner of Office of
Budget, Finance, and Management,
Office of Financial Policy and
Operations, 6401 Security Boulevard,
Baltimore, MD 21235–6401,
DCBFM.OFPO.Controls@ssa.gov.
AUTHORITY FOR MAINTENANCE OF THE SYSTEM:
Sections 204 and 1631 of the Social
Security Act, as amended; Budget and
Accounting Procedures Act of 1950
(Pub. L. 81–784); Debt Collection Act of
1982 (Pub. L. 97–365); Debt Collection
Improvement Act of 1996 (Pub. L. 104–
134); International Emergency Economic
Powers Act (Pub. L. 95–223); Digital
Accountability and Transparency Act
(Pub. L. 113–101); and SSA Regulations
(20 CFR parts 404, 416, and 422).
E:\FR\FM\14JAN1.SGM
14JAN1
]]>Agencies
[Federal Register Volume 85, Number 9 (Tuesday, January 14, 2020)]
[Notices]
[Pages 2218-2224]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-00423]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-87918/January 9, 2020]
Order Making Fiscal Year 2020 Annual Adjustments to Transaction
Fee Rates
I. Background
Section 31 of the Securities Exchange Act of 1934 (``Exchange
Act'') requires each national securities exchange and national
securities association to pay transaction fees to the Commission.\1\
Specifically, Section 31(b) requires each national securities exchange
to pay to the Commission fees based on the aggregate dollar amount of
sales of certain securities (``covered sales'') transacted on the
exchange.\2\ Section 31(c) requires each national securities
association to pay to the Commission fees based on the aggregate dollar
amount of covered sales transacted by or through any member of the
association other than on an exchange.\3\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78ee.
\2\ 15 U.S.C. 78ee(b).
\3\ 15 U.S.C. 78ee(c).
---------------------------------------------------------------------------
Section 31 of the Exchange Act requires the Commission to annually
adjust the fee rates applicable under Sections 31(b) and (c) to a
uniform adjusted rate.\4\ Specifically, the Commission must adjust the
fee rates to a uniform adjusted rate that is reasonably likely to
produce aggregate fee collections (including assessments on security
futures transactions) equal to the regular appropriation to the
Commission for the applicable fiscal year.\5\
---------------------------------------------------------------------------
\4\ In some circumstances, the SEC also must make a mid-year
adjustment to the fee rates applicable under Sections 31(b) and (c).
\5\ 15 U.S.C. 78ee(j)(1) (the Commission must adjust the rates
under Sections 31(b) and (c) to a ``uniform adjusted rate that, when
applied to the baseline estimate of the aggregate dollar amount of
sales for such fiscal year, is reasonably likely to produce
aggregate fee collections under [Section 31] (including assessments
collected under [Section 31(d)]) that are equal to the regular
appropriation to the Commission by Congress for such fiscal
year.'').
---------------------------------------------------------------------------
The Commission is required to publish notice of the new fee rates
under Section 31 not later than 30 days after the date on which an Act
making a regular appropriation for the applicable fiscal year is
enacted.\6\ On December 20, 2019, the President signed into law the
Consolidated Appropriations Act, 2020, which includes total
appropriations of $1,825,525,000 to the SEC for fiscal year 2020.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78ee(g).
---------------------------------------------------------------------------
II. Fiscal Year 2020 Annual Adjustment to the Fee Rate
The new fee rate is determined by (1) subtracting the sum of fees
estimated to be collected prior to the effective date of the new fee
rate \7\ and estimated assessments on security futures transactions to
be collected under Section 31(d) of the Exchange Act for all of fiscal
year 2020 \8\ from an amount equal to the regular appropriation to the
Commission for fiscal year 2020, and (2) dividing by the estimated
aggregate dollar amount of covered sales for the remainder of the
fiscal year following the effective date of the new fee rate.\9\
---------------------------------------------------------------------------
\7\ The sum of fees to be collected prior to the effective date
of the new fee rate is determined by applying the current fee rate
to the dollar amount of covered sales prior to the effective date of
the new fee rate. The exchanges and FINRA have provided data on the
dollar amount of covered sales through November, 2019. To calculate
the dollar amount of covered sales from December, 2019 to the
effective date of the new fee rate, the Commission is using a new
methodology described further in this order and also in Appendix A
of this order.
\8\ Although the Commission is using a new methodology to
calculate the baseline estimate of the aggregate dollar amount of
covered sales, the Commission is using the same methodology it has
used previously to estimate assessments on security futures
transactions to be collected in fiscal year 2020. An explanation of
the methodology appears in Appendix A.
\9\ To estimate the aggregate dollar amount of covered sales for
the remainder of fiscal year 2020 following the effective date of
the new fee rate, the Commission is using the new methodology
referenced above and further described in Appendix A of this order.
---------------------------------------------------------------------------
As noted above, the Consolidated Appropriations Act, 2020, includes
total appropriations of $1,825,525,000 to the Commission for fiscal
year 2020.\10\ The Commission estimates that it will collect
$798,679,778 in fees for the period prior to the effective date of the
new fee rate and $26,122 in assessments
[[Page 2219]]
on round turn transactions in security futures products during all of
fiscal year 2020. Using the methodology described in Appendix A, the
Commission estimates that the aggregate dollar amount of covered sales
for the remainder of fiscal year 2020 to be $46,381,289,295,437.
---------------------------------------------------------------------------
\10\ The Consolidated Appropriations Act, 2020 includes an
appropriation of $1,815,000,000 for necessary expenses for the
Commission and an appropriation of $10,525,000 for costs associated
with relocation under a replacement lease for the Commission's New
York regional office facilities. The act provides that ``for
purposes of calculating the fee rate under section 31(j) of the
[Exchange Act] for fiscal year 2020, all amounts appropriated [to
the Commission in the act] shall be deemed to be the regular
appropriation to the Commission for fiscal year 2020.''
---------------------------------------------------------------------------
The uniform adjusted rate is computed by dividing the residual fees
to be collected of $1,026,819,100 by the estimated aggregate dollar
amount of covered sales for the remainder of fiscal year 2020 of
$46,381,289,295,437; this results in a uniform adjusted rate for fiscal
year 2020 of $22.10 per million.\11\
---------------------------------------------------------------------------
\11\ Appendix A shows the process of calculating the fiscal year
2020 annual adjustment and includes the data used by the Commission
in making this adjustment.
---------------------------------------------------------------------------
III. Effective Date of the Uniform Adjusted Rate
Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2020
annual adjustments to the fee rates applicable under Sections 31(b) and
(c) of the Exchange Act shall take effect on the later of October 1,
2019, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2020 is enacted.\12\ The regular
appropriation to the Commission for fiscal year 2020 was enacted on
December 20, 2019, and accordingly, the new fee rates applicable under
Sections 31(b) and (c) of the Exchange Act will take effect on February
18, 2020.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78ee(j)(4)(A).
---------------------------------------------------------------------------
IV. New Methodology for the Baseline Estimate of the Aggregate Dollar
Volume of Covered Sales
The methodology used to generate the baseline estimate of the
aggregate dollar amount of covered sales is required to be developed by
the Commission in consultation with the Congressional Budget Office
(``CBO'') and the Office of Management and Budget (``OMB'').\13\ The
Commission recently completed a comprehensive review of the methodology
and determined that modifications to the methodology would improve the
accuracy of the estimates. The Commission consulted with CBO and OMB
regarding the modifications to the methodology, as required under
Section 31(l) of the Exchange Act. Consequently, the Commission has
adopted the new methodology to generate the baseline estimate of the
aggregate dollar volume of covered sales, which is used to determine
the new fee rates. The methodology is explained in Appendix A of this
order.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78ee(l).
---------------------------------------------------------------------------
V. Conclusion
Accordingly, pursuant to Section 31 of the Exchange Act,
It is hereby ordered that the fee rates applicable under Sections
31(b) and (c) of the Exchange Act shall be $22.10 per $1,000,000
effective on February 18, 2020.
By the Commission.
Vanessa A. Countryman,
Secretary.
Appendix A
This appendix provides the methodology for determining the annual
adjustment to the fee rates applicable under Sections 31(b) and (c) of
the Exchange Act for fiscal year 2020. Section 31 of the Exchange Act
requires the fee rates to be adjusted so that it is reasonably likely
that the Commission will collect aggregate fees equal to its regular
appropriation for fiscal year 2020.
To make the adjustment, the Commission must project the aggregate
dollar amount of covered sales of securities on the securities
exchanges and certain over-the-counter (``OTC'') markets over the
course of the year. The fee rate equals the ratio of the Commission's
regular appropriation for fiscal year 2020 (less the sum of fees to be
collected during fiscal year 2020 prior to the effective date of the
new fee rate and aggregate assessments on security futures transactions
during all of fiscal year 2020) to the estimated aggregate dollar
amount of covered sales for the remainder of the fiscal year following
the effective date of the new fee rate.
For 2020, the Commission has estimated the aggregate dollar amount
of covered sales by projecting forward the trend established in the
previous decade. More specifically, the dollar amount of covered sales
was forecasted for months subsequent to November 2019, the last month
for which the Commission has data on the dollar volume of covered
sales.\14\
---------------------------------------------------------------------------
\14\ To determine the availability of data, the Commission
compares the date of the appropriation with the date the transaction
data are due from the exchanges (10 business days after the end of
the month). If the business day following the date of the
appropriation is equal to or subsequent to the date the data are due
from the exchanges, the Commission uses these data. The
appropriation was signed on December 20, 2019. The first business
day after this date was December 23, 2019. Data for November 2019
were due from the exchanges on December 13, 2019. As a result, the
Commission used November 2019 and earlier data to forecast volume
for December 2019 and later months.
---------------------------------------------------------------------------
The following sections describe this process in detail.
A. Baseline Estimate of the Aggregate Dollar Amount of Covered Sales
for Fiscal Year 2020
First, calculate the average daily dollar amount of covered sales
(``ADS'') for each month in the sample (February 2009-November 2019).
The monthly total dollar amount of covered sales (exchange plus certain
OTC markets) is presented in column C of Table A.
The model forecasts the monthly moving average of the average daily
dollar amount of covered sales. Each month's average daily dollar
amount of covered sales is calculated by dividing the total covered
sales for that month (column C of Table A) by the number of trading
days for that month (column B of Table A). These amounts are shown in
column D of Table A. The moving average will span the same number of
months required to be forecast for the remainder of the fiscal year.
The trailing moving average used in the forecast model is presented in
column E of Table A.
To capture the recent trends in the monthly changes in the moving
averages, calculate the 1-month and 2-month lags of the trailing moving
average shown in column E in Table A. These amounts are shown in
columns F and G, respectively, of Table A.
Next, model the monthly trailing moving average of ADS as function
of a constant term and the two lagged trailing moving averages using
the ordinary least squares technique.
Use the estimated model to forecast the trailing moving average of
ADS of the first month after the last available monthly data. Estimate
the trailing moving average of the second month using the forecasted
value of the first month and the actual value of the month before that.
Similarly, estimate the trailing moving average of the third month
using the forecasted values of the two previous months. Continue in
this fashion until the end of the fiscal year.
The estimate of the trailing moving average ADS for the last
applicable month in the fiscal year is a prediction of the moving
average for those months that need to be predicted. This estimate is
used as the predicted value of ADS for each month in the forecast
period; to obtain the forecast total covered sales for each month,
multiply the predicted ADS by the number of days in each month.
The following is a more formal (mathematical) description of the
procedure:
1. Begin with the monthly data for total dollar volume of covered
sales
[[Page 2220]]
(column C). The sample spans ten years, from February 2009-November
2019.\15\ Divide each month's total dollar volume by the number of
trading days in that month (column B) to obtain the average daily
dollar volume (ADS, column D).
---------------------------------------------------------------------------
\15\ Because the model uses a two period lag in the 9-month
trailing moving average of average daily covered sales, ten
additional months of data are added to the table so that the model
is estimated with 120 observations.
---------------------------------------------------------------------------
2. For each month t, calculate the 9-month trailing moving average
of ADS (shown in column E). For example, the value for October 2010 is
the average of the 9 months ending in October, 2010, or February 2010
through October 2010 inclusive.
3. Calculate the 1-month and 2-month lags of the trailing moving
average. For example, the 1-month lag of the 9-month trailing moving
average for October, 2010 is equal to the 9-month trailing moving
average for September, 2010. The 2-month lag of the 9-month trailing
moving average for October 2010 is equal to the 9-month trailing moving
average for August 2010. These are shown in columns F and G.
4. Estimate the model using ordinary least squares:
yt = [alpha] + [beta]1yt-1 +
[beta]2yt-2 + ut
Where yt is the 9-month trailing moving average of the average daily
sales for month t, and yt-1 and yt-2 are the 1-
month and 2-month lags of yt, and ut representing the error term for
month t. The model can be estimated using standard commercially
available software. The estimated parameter values are [alpha] =
3,776,474,199, [beta]1 = +1.4834 and [beta]2 = -
0.49513. The root-mean squared error (RMSE) of the regression is
4,771,330,095.
5. The predicted value of the 9-month trailing moving average of
the last month to be forecast represents the final forecast of covered
sales for the entire prediction period. This value is shown in column
H. This represents the prediction for August of 2020. To calculate this
value from the model above, one needs the 1-month and 2-month lag of
the 9-month trailing moving average ADS, i.e., the 9-month trailing
moving average for June and July. The 9-month trailing moving average
for July is obtained by using the 1-month and 2-month lags for July,
that is, the 9-month trailing moving averages for June and May. To
arrive at all the necessary inputs, one begins with the first month to
be forecast, in this case, December 2019, and iterates predictions
forward until the last month is predicted. One then multiplies the
final predicted 9-month trailing moving average ADS by the number of
days in each month to arrive at the forecast total dollar amount of
covered sales. This is shown in column I.
6. For example, for December 2019, using the [alpha],
[beta]1, and [beta]2 parameters shown above,
along with the 1-month and two-month lags in the 9-month trailing
moving average ADS (representing the 9-month trailing moving average
ADS for November and October 2019, respectively), one can estimate the
forecast 9-month trailing moving average ADS for December:
3,776,474,199 + (1.4834 x 343,446,332,375) + (-0.49513 x
344,795,734,916) = 342,525,566,044.
7. With the estimated 9-month trailing moving average ADS for
December 2019 calculated above, one can estimate the 9-month trailing
moving average ADS for January, 2020. The estimate obtained from
December becomes the 1-month lag for January, and the 1-month lag used
in the December forecast becomes the 2-month lag for the January
forecast. Thus, the predicted 9-month trailing moving average ADS for
January 2020 is calculated as: 3,776,474,199 + (1.4834 x
342,525,566,044) + (-0.49513 x 343,446,332,375) = 341,827,831,235.
8. Using the forecasts for December and January, one can estimate
the value for February. Repeat this procedure for subsequent months,
until the estimate for August 2020 is obtained. This value is
338,549,556,901.\16\ This value is then used to calculate the final
forecast total monthly covered sales for all 9 months from December
2019 through August 2020.
---------------------------------------------------------------------------
\16\ One obtains insignificantly different values using the
rounded parameter estimates shown above. The predicted ADS values
displayed above represents the full precision estimate.
---------------------------------------------------------------------------
9. To obtain the estimate of total monthly covered sales for each
month, multiply the number of trading days in the month, shown in
column B in Table A, by the final forecast 9-month trailing moving
average ADS, shown in column H of Table A. This product is shown in
column I of Table A, and these figures are used to calculate the new
fee rate.
B. Using the Forecasts From A To Calculate the New Fee Rate
1. Use Table A to estimate fees collected for the period September
1, 2019 through February 17, 2020. The projected aggregate dollar
amount of covered sales for this period is $38,583,564,152,842. Actual
and projected fee collections at the current fee rate of $20.70 per
million are $798,679,778.
2. Estimate the amount of assessments on security futures products
collected from September 1, 2019 through August 31, 2020. First,
calculate the average and the standard deviation of the change in log
average daily sales, in column E, for the 120 months ending December
2019. The average is 0.00293464 and the standard deviation is
0.11329321. These are used to estimate an average growth rate in ADS
using the formula exp (0.00293464 + \1/2\0.113293212) - 1.
This results in an average monthly increase of 0.93962%. Apply this
monthly increase to the last month for which single stock futures'
assessments are available, which was $2,068.87, for November 2019.
Estimate all subsequent months in fiscal year 2020 by applying the
growth rate to the previously estimated monthly value, and sum the
results. This totals $26,122.20 for the entire fiscal year.
3. Subtract the amounts $798,679,778 and $26,122 from the target
off-setting collection amount set by Congress of $1,825,525,000,
leaving $1,026,819,100 to be collected on dollar volume for the period
February 18, 2020 through August 31, 2020.
4. Use Table A to estimate dollar volume for the period February
18, 2020 through August 31, 2020. The estimate is $46,381,289,295,437.
Finally, compute the fee rate required to produce the additional
$1,026,819,100 in revenue. This rate is $1,026,819,100 divided by
$46,381,289,295,437 or 0.00002213865.
5. Round the result to the seventh decimal point, yielding a rate
of 0.0000221 (or $22.10 per million).
This table summarizes the estimates of the aggregate dollar amount
of covered sales, by time period. The figures in this table can be used
to determine the new fee rate.
[[Page 2221]]
Table A--Baseline Estimate of the Aggregate Dollar Amount of Sales
------------------------------------------------------------------------
Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate dollar amount of $35,198,069
sales, 09/01/2019 to 01/31/2020 ($Millions)............
b. Baseline estimate of the aggregate dollar amount of 3,385,496
sales, 02/01/2020 to 02/17/2020 ($Millions)............
c. Baseline estimate of the aggregate dollar amount of 3,046,946
sales, 02/18/2020 to 02/29/2020 ($Millions)............
d. Baseline estimate of the aggregate dollar amount of 43,334,343
sales, 03/01/2020 to 08/31/2020 ($Millions)............
e. Estimate collections in assessments on security 0.026
futures products in fiscal year 2020 ($Millions).......
f. Implied fee rate (($1,825,525,000 - $20.70 * (a + b) - 22.10
e) / (c + d)..........................................
------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Number of
trading Total dollar amount of Average daily dollar 9-month trailing moving 1 month lag of 9-month 2 month lag of 9-month Forecast 9-month Forecast total dollar
Month days in sales amount of sales (ADS) average ADS trailing moving average trailing moving average trailing moving average amount of sales
month ADS ADS ADS
(A) (B) (C) (D) (E) (F) (G) (H) (I)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Feb-09........................................ 19 $4,771,470,184,048 $251,130,009,687 ....................... ....................... ....................... ....................... .......................
Mar-09........................................ 22 5,885,594,284,780 267,527,012,945 ....................... ....................... ....................... ....................... .......................
Apr-09........................................ 21 5,123,665,205,517 243,984,057,406 ....................... ....................... ....................... ....................... .......................
May-09........................................ 20 5,086,717,129,965 254,335,856,498 ....................... ....................... ....................... ....................... .......................
Jun-09........................................ 22 5,271,742,782,609 239,624,671,937 ....................... ....................... ....................... ....................... .......................
Jul-09........................................ 22 4,659,599,245,583 211,799,965,708 ....................... ....................... ....................... ....................... .......................
Aug-09........................................ 21 4,582,102,295,783 218,195,347,418 ....................... ....................... ....................... ....................... .......................
Sep-09........................................ 21 4,929,155,364,888 234,721,684,042 ....................... ....................... ....................... ....................... .......................
Oct-09........................................ 22 5,410,025,301,030 245,910,240,956 $240,803,205,177 ....................... ....................... ....................... .......................
Nov-09........................................ 20 4,770,928,103,032 238,546,405,152 239,405,026,896 $240,803,205,177 ....................... ....................... .......................
Dec-09........................................ 22 4,688,555,303,171 213,116,150,144 233,359,375,473 239,405,026,896 $240,803,205,177 ....................... .......................
Jan-10........................................ 19 4,661,793,708,648 245,357,563,613 233,511,987,274 233,359,375,473 239,405,026,896 ....................... .......................
Feb-10........................................ 19 4,969,848,578,023 261,570,977,791 234,315,889,640 233,511,987,274 233,359,375,473 ....................... .......................
Mar-10........................................ 23 5,563,529,823,621 241,892,601,027 234,567,881,761 234,315,889,640 233,511,987,274 ....................... .......................
Apr-10........................................ 21 5,546,445,874,917 264,116,470,234 240,380,826,709 234,567,881,761 234,315,889,640 ....................... .......................
May-10........................................ 20 7,260,430,376,294 363,021,518,815 256,472,623,530 240,380,826,709 234,567,881,761 ....................... .......................
Jun-10........................................ 22 6,124,776,349,285 278,398,924,967 261,325,650,300 256,472,623,530 240,380,826,709 ....................... .......................
Jul-10........................................ 21 5,058,242,097,334 240,868,671,302 260,765,475,894 261,325,650,300 256,472,623,530 ....................... .......................
Aug-10........................................ 22 4,765,828,263,463 216,628,557,430 258,330,159,480 260,765,475,894 261,325,650,300 ....................... .......................
Sep-10........................................ 21 4,640,722,344,586 220,986,778,314 259,204,673,721 258,330,159,480 260,765,475,894 ....................... .......................
Oct-10........................................ 21 5,138,411,712,272 244,686,272,013 259,130,085,766 259,204,673,721 258,330,159,480 ....................... .......................
Nov-10........................................ 21 5,279,700,881,901 251,414,327,710 258,001,569,090 259,130,085,766 259,204,673,721 ....................... .......................
Dec-10........................................ 22 4,998,574,681,208 227,207,940,055 256,369,940,093 258,001,569,090 259,130,085,766 ....................... .......................
Jan-11........................................ 20 5,043,391,121,345 252,169,556,067 255,042,505,186 256,369,940,093 258,001,569,090 ....................... .......................
Feb-11........................................ 19 5,114,631,590,581 269,191,136,346 244,616,907,134 255,042,505,186 256,369,940,093 ....................... .......................
Mar-11........................................ 23 6,499,355,385,307 282,580,668,926 245,081,545,351 244,616,907,134 255,042,505,186 ....................... .......................
Apr-11........................................ 20 4,975,954,868,765 248,797,743,438 245,962,553,367 245,081,545,351 244,616,907,134 ....................... .......................
May-11........................................ 21 5,717,905,621,053 272,281,220,050 252,146,182,547 245,962,553,367 245,081,545,351 ....................... .......................
Jun-11........................................ 22 5,820,079,494,414 264,549,067,928 256,986,436,948 252,146,182,547 245,962,553,367 ....................... .......................
Jul-11........................................ 20 5,189,681,899,635 259,484,094,982 258,630,639,500 256,986,436,948 252,146,182,547 ....................... .......................
Aug-11........................................ 23 8,720,566,877,109 379,155,081,613 272,824,056,601 258,630,639,500 256,986,436,948 ....................... .......................
Sep-11........................................ 21 6,343,578,147,811 302,075,149,896 281,142,635,472 272,824,056,601 258,630,639,500 ....................... .......................
Oct-11........................................ 21 6,163,272,963,688 293,489,188,747 285,733,705,770 281,142,635,472 272,824,056,601 ....................... .......................
Nov-11........................................ 21 5,493,906,473,584 261,614,593,980 284,891,867,729 285,733,705,770 281,142,635,472 ....................... .......................
Dec-11........................................ 21 5,017,867,255,600 238,946,059,790 280,043,577,825 284,891,867,729 285,733,705,770 ....................... .......................
Jan-12........................................ 20 4,726,522,206,487 236,326,110,324 278,657,840,812 280,043,577,825 284,891,867,729 ....................... .......................
Feb-12........................................ 20 5,011,862,514,132 250,593,125,707 276,248,052,552 278,657,840,812 280,043,577,825 ....................... .......................
Mar-12........................................ 22 5,638,847,967,025 256,311,271,228 275,332,741,808 276,248,052,552 278,657,840,812 ....................... .......................
Apr-12........................................ 20 5,084,239,396,560 254,211,969,828 274,746,950,124 275,332,741,808 276,248,052,552 ....................... .......................
May-12........................................ 22 5,611,638,053,374 255,074,456,972 260,960,214,052 274,746,950,124 275,332,741,808 ....................... .......................
Jun-12........................................ 21 5,121,896,896,362 243,899,852,208 254,496,292,087 260,960,214,052 274,746,950,124 ....................... .......................
Jul-12........................................ 21 4,567,519,314,374 217,500,919,732 246,053,151,085 254,496,292,087 260,960,214,052 ....................... .......................
Aug-12........................................ 23 4,621,597,884,730 200,939,038,467 239,311,422,695 246,053,151,085 254,496,292,087 ....................... .......................
Sep-12........................................ 19 4,598,499,962,682 242,026,313,825 239,653,673,143 239,311,422,695 246,053,151,085 ....................... .......................
Oct-12........................................ 21 5,095,175,588,310 242,627,408,967 240,353,817,437 239,653,673,143 239,311,422,695 ....................... .......................
Nov-12........................................ 21 4,547,882,974,292 216,565,855,919 236,573,009,683 240,353,817,437 239,653,673,143 ....................... .......................
Dec-12........................................ 20 4,744,922,754,360 237,246,137,718 234,454,661,515 236,573,009,683 240,353,817,437 ....................... .......................
Jan-13........................................ 21 5,079,603,817,496 241,885,896,071 233,085,097,764 234,454,661,515 236,573,009,683 ....................... .......................
Feb-13........................................ 19 4,800,663,527,089 252,666,501,426 232,817,547,148 233,085,097,764 234,454,661,515 ....................... .......................
Mar-13........................................ 20 4,917,701,839,870 245,885,091,993 233,038,129,346 232,817,547,148 233,085,097,764 ....................... .......................
Apr-13........................................ 22 5,451,358,637,079 247,789,028,958 236,403,474,816 233,038,129,346 232,817,547,148 ....................... .......................
May-13........................................ 22 5,681,788,831,869 258,263,128,721 242,772,818,178 236,403,474,816 233,038,129,346 ....................... .......................
Jun-13........................................ 20 5,623,545,462,226 281,177,273,111 247,122,924,765 242,772,818,178 236,403,474,816 ....................... .......................
Jul-13........................................ 22 5,083,861,509,754 231,084,614,080 245,840,392,000 247,122,924,765 242,772,818,178 ....................... .......................
Aug-13........................................ 22 4,925,611,193,095 223,891,417,868 246,654,343,327 245,840,392,000 247,122,924,765 ....................... .......................
Sep-13........................................ 20 4,959,197,626,713 247,959,881,336 247,844,759,285 246,654,343,327 245,840,392,000 ....................... .......................
Oct-13........................................ 23 5,928,804,028,970 257,774,088,216 249,610,113,968 247,844,759,285 246,654,343,327 ....................... .......................
Nov-13........................................ 20 5,182,024,612,049 259,101,230,602 250,325,083,876 249,610,113,968 247,844,759,285 ....................... .......................
Dec-13........................................ 21 5,265,282,994,173 250,727,761,627 250,863,158,280 250,325,083,876 249,610,113,968 ....................... .......................
Jan-14........................................ 21 5,808,700,114,288 276,604,767,347 254,064,906,990 250,863,158,280 250,325,083,876 ....................... .......................
Feb-14........................................ 19 6,018,926,931,054 316,785,627,950 260,567,406,904 254,064,906,990 250,863,158,280 ....................... .......................
Mar-14........................................ 21 6,068,617,342,988 288,981,778,238 261,434,574,140 260,567,406,904 254,064,906,990 ....................... .......................
Apr-14........................................ 21 6,013,948,953,528 286,378,521,597 267,578,341,642 261,434,574,140 260,567,406,904 ....................... .......................
May-14........................................ 21 5,265,594,447,318 250,742,592,729 270,561,805,516 267,578,341,642 261,434,574,140 ....................... .......................
Jun-14........................................ 21 5,159,506,989,669 245,690,809,032 270,309,686,371 270,561,805,516 267,578,341,642 ....................... .......................
Jul-14........................................ 22 5,364,099,567,460 243,822,707,612 268,759,532,970 270,309,686,371 270,561,805,516 ....................... .......................
Aug-14........................................ 21 5,075,332,147,677 241,682,483,223 266,824,116,595 268,759,532,970 270,309,686,371 ....................... .......................
Sep-14........................................ 21 5,507,943,363,243 262,283,017,297 268,108,033,892 266,824,116,595 268,759,532,970 ....................... .......................
Oct-14........................................ 23 7,796,638,035,879 338,984,262,430 275,039,088,901 268,108,033,892 266,824,116,595 ....................... .......................
Nov-14........................................ 19 5,340,847,027,697 281,097,211,984 271,073,709,349 275,039,088,901 268,108,033,892 ....................... .......................
Dec-14........................................ 22 6,559,110,068,128 298,141,366,733 272,091,441,404 271,073,709,349 275,039,088,901 ....................... .......................
Jan-15........................................ 20 6,185,619,541,044 309,280,977,052 274,636,158,677 272,091,441,404 271,073,709,349 ....................... .......................
Feb-15........................................ 19 5,723,523,235,641 301,238,065,034 280,246,766,711 274,636,158,677 272,091,441,404 ....................... .......................
Mar-15........................................ 22 6,395,046,297,249 290,683,922,602 285,246,001,552 280,246,766,711 274,636,158,677 ....................... .......................
Apr-15........................................ 21 5,625,548,298,004 267,883,252,286 287,919,395,405 285,246,001,552 280,246,766,711 ....................... .......................
May-15........................................ 20 5,521,351,972,386 276,067,598,619 291,739,963,782 287,919,395,405 285,246,001,552 ....................... .......................
Jun-15........................................ 22 6,005,521,460,806 272,978,248,218 292,928,322,773 291,739,963,782 287,919,395,405 ....................... .......................
Jul-15........................................ 22 6,493,670,315,390 295,166,832,518 288,059,719,450 292,928,322,773 291,739,963,782 ....................... .......................
Aug-15........................................ 21 6,963,901,249,270 331,614,345,203 293,672,734,252 288,059,719,450 292,928,322,773 ....................... .......................
Sep-15........................................ 21 6,434,496,770,897 306,404,608,138 294,590,872,186 293,672,734,252 288,059,719,450 ....................... .......................
Oct-15........................................ 22 6,592,594,708,082 299,663,395,822 293,522,252,049 294,590,872,186 293,672,734,252 ....................... .......................
Nov-15........................................ 20 5,822,824,015,945 291,141,200,797 292,400,378,245 293,522,252,049 294,590,872,186 ....................... .......................
Dec-15........................................ 22 6,384,337,478,801 290,197,158,127 292,346,293,303 292,400,378,245 293,522,252,049 ....................... .......................
Jan-16........................................ 19 6,696,059,796,055 352,424,199,792 301,739,731,915 292,346,293,303 292,400,378,245 ....................... .......................
Feb-16........................................ 20 6,659,878,908,747 332,993,945,437 308,064,881,562 301,739,731,915 292,346,293,303 ....................... .......................
Mar-16........................................ 22 6,161,943,754,542 280,088,352,479 308,854,893,146 308,064,881,562 301,739,731,915 ....................... .......................
Apr-16........................................ 21 5,541,076,988,322 263,860,808,968 305,376,446,085 308,854,893,146 308,064,881,562 ....................... .......................
May-16........................................ 21 5,693,520,415,112 271,120,019,767 298,654,854,370 305,376,446,085 308,854,893,146 ....................... .......................
Jun-16........................................ 22 6,317,212,852,759 287,146,038,762 296,515,013,328 298,654,854,370 305,376,446,085 ....................... .......................
Jul-16........................................ 20 5,331,797,261,269 266,589,863,063 292,840,176,355 296,515,013,328 298,654,854,370 ....................... .......................
[[Page 2222]]
Aug-16........................................ 23 5,635,976,607,786 245,042,461,208 287,718,094,178 292,840,176,355 296,515,013,328 ....................... .......................
Sep-16........................................ 21 5,942,072,286,976 282,955,823,189 286,913,501,407 287,718,094,178 292,840,176,355 ....................... .......................
Oct-16........................................ 21 5,460,906,573,682 260,043,170,175 276,648,942,561 286,913,501,407 287,718,094,178 ....................... .......................
Nov-16........................................ 21 6,845,287,809,886 325,966,086,185 275,868,069,311 276,648,942,561 286,913,501,407 ....................... .......................
Dec-16........................................ 21 6,208,579,880,985 295,646,660,999 277,596,770,257 275,868,069,311 276,648,942,561 ....................... .......................
Jan-17........................................ 20 5,598,200,907,603 279,910,045,380 279,380,018,748 277,596,770,257 275,868,069,311 ....................... .......................
Feb-17........................................ 19 5,443,426,609,533 286,496,137,344 281,088,476,256 279,380,018,748 277,596,770,257 ....................... .......................
Mar-17........................................ 23 6,661,861,914,530 289,646,170,197 281,366,268,638 281,088,476,256 279,380,018,748 ....................... .......................
Apr-17........................................ 19 5,116,714,033,499 269,300,738,605 281,667,477,031 281,366,268,638 281,088,476,256 ....................... .......................
May-17........................................ 22 6,305,822,460,672 286,628,293,667 286,288,125,082 281,667,477,031 281,366,268,638 ....................... .......................
Jun-17........................................ 22 6,854,993,097,601 311,590,595,346 289,469,766,433 286,288,125,082 281,667,477,031 ....................... .......................
Jul-17........................................ 20 5,394,333,070,522 269,716,653,526 290,544,597,917 289,469,766,433 286,288,125,082 ....................... .......................
Aug-17........................................ 23 6,206,204,906,864 269,834,995,951 284,307,810,113 290,544,597,917 289,469,766,433 ....................... .......................
Sep-17........................................ 20 5,939,886,169,525 296,994,308,476 284,457,548,721 284,307,810,113 290,544,597,917 ....................... .......................
Oct-17........................................ 22 6,134,529,538,894 278,842,251,768 284,338,904,987 284,457,548,721 284,307,810,113 ....................... .......................
Nov-17........................................ 21 6,289,748,560,897 299,511,836,233 285,785,093,752 284,338,904,987 284,457,548,721 ....................... .......................
Dec-17........................................ 20 6,672,181,323,001 333,609,066,150 290,669,859,969 285,785,093,752 284,338,904,987 ....................... .......................
Jan-18........................................ 21 7,672,288,677,308 365,347,079,872 301,341,675,665 290,669,859,969 285,785,093,752 ....................... .......................
Feb-18........................................ 19 8,725,420,462,639 459,232,655,928 320,519,938,139 301,341,675,665 290,669,859,969 ....................... .......................
Mar-18........................................ 21 8,264,755,011,030 393,559,762,430 329,627,623,370 320,519,938,139 301,341,675,665 ....................... .......................
Apr-18........................................ 21 7,490,308,402,446 356,681,352,497 339,290,367,701 329,627,623,370 320,519,938,139 ....................... .......................
May-18........................................ 22 7,242,077,467,179 329,185,339,417 345,884,850,308 339,290,367,701 329,627,623,370 ....................... .......................
Jun-18........................................ 21 7,936,783,802,579 377,942,085,837 354,879,047,793 345,884,850,308 339,290,367,701 ....................... .......................
Jul-18........................................ 21 6,807,593,326,456 324,171,110,784 359,915,587,683 354,879,047,793 345,884,850,308 ....................... .......................
Aug-18........................................ 23 7,363,115,444,274 320,135,454,099 362,207,100,779 359,915,587,683 354,879,047,793 ....................... .......................
Sep-18........................................ 19 6,781,988,459,996 356,946,761,052 364,800,177,991 362,207,100,779 359,915,587,683 ....................... .......................
Oct-18........................................ 23 10,133,514,480,998 440,587,586,130 373,160,234,242 364,800,177,991 362,207,100,779 ....................... .......................
Nov-18........................................ 21 8,414,847,862,204 400,707,041,057 366,657,388,145 373,160,234,242 364,800,177,991 ....................... .......................
Dec-18........................................ 19 9,075,221,733,736 477,643,249,144 375,999,997,780 366,657,388,145 373,160,234,242 ....................... .......................
Jan-19........................................ 21 7,960,664,643,749 379,079,268,750 378,488,655,141 375,999,997,780 366,657,388,145 ....................... .......................
Feb-19........................................ 19 6,676,391,653,247 351,389,034,381 380,955,732,359 378,488,655,141 375,999,997,780 ....................... .......................
Mar-19........................................ 21 7,828,979,311,928 372,808,538,663 380,385,338,229 380,955,732,359 378,488,655,141 ....................... .......................
Apr-19........................................ 21 6,907,923,076,080 328,948,717,909 380,916,183,465 380,385,338,229 380,955,732,359 ....................... .......................
May-19........................................ 22 7,895,053,976,747 358,866,089,852 385,219,587,438 380,916,183,465 380,385,338,229 ....................... .......................
Jun-19........................................ 20 7,070,583,442,058 353,529,172,103 384,839,855,332 385,219,587,438 380,916,183,465 ....................... .......................
Jul-19........................................ 22 6,792,811,319,721 308,764,150,896 370,192,806,973 384,839,855,332 385,219,587,438 ....................... .......................
Aug-19........................................ 22 8,059,527,400,976 366,342,154,590 366,374,486,254 370,192,806,973 384,839,855,332 ....................... .......................
Sep-19........................................ 20 6,958,116,138,899 347,905,806,945 351,959,214,899 366,374,486,254 370,192,806,973 ....................... .......................
Oct-19........................................ 23 7,235,982,824,882 314,607,948,908 344,795,734,916 351,959,214,899 366,374,486,254 ....................... .......................
Nov-19........................................ 20 6,784,888,230,209 339,244,411,510 343,446,332,375 344,795,734,916 351,959,214,899 ....................... .......................
Dec-19........................................ 21 ....................... ....................... ....................... 343,446,332,375 344,795,734,916 338,549,556,901 7,109,540,694,921
Jan-20........................................ 21 ....................... ....................... ....................... ....................... 343,446,332,375 338,549,556,901 7,109,540,694,921
Feb-20........................................ 19 ....................... ....................... ....................... ....................... ....................... 338,549,556,901 6,432,441,581,119
Mar-20........................................ 22 ....................... ....................... ....................... ....................... ....................... 338,549,556,901 7,448,090,251,822
Apr-20........................................ 21 ....................... ....................... ....................... ....................... ....................... 338,549,556,901 7,109,540,694,921
May-20........................................ 20 ....................... ....................... ....................... ....................... ....................... 338,549,556,901 6,770,991,138,020
Jun-20........................................ 22 ....................... ....................... ....................... ....................... ....................... 338,549,556,901 7,448,090,251,822
Jul-20........................................ 22 ....................... ....................... ....................... ....................... ....................... 338,549,556,901 7,448,090,251,822
Aug-20........................................ 21 ....................... ....................... ....................... ....................... ....................... 338,549,556,901 7,109,540,694,921
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BILLING CODE 8011-01-P
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[GRAPHIC] [TIFF OMITTED] TN14JA20.016
[[Page 2224]]
[FR Doc. 2020-00423 Filed 1-13-20; 8:45 am]
BILLING CODE 8011-01-C
