Order Making Fiscal Year 2021 Annual Adjustments to Registration Fee Rates, 53890-53896 [2020-19079]
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physical securities may result in a CNS
fail to deliver position that persists
beyond the T+35 close-out timeframe.
Pursuant to Rule 204(b) of Regulation
SHO,23 if a Participant has not closed
out a fail to deliver position in an equity
security in accordance with Rule 204(a),
the Participant and any broker-dealer
from which the Participant receives
trades for clearance and settlement, may
not accept a short sale order in that
equity security from another person or
effect a short sale in that equity security
for its own account, without first
borrowing, or arranging to borrow, the
security until the Participant closes out
the fail to deliver position by
purchasing securities of like kind and
quantity, and that purchase has cleared
and settled at a registered clearing
agency. This requirement is known as
the ‘‘Penalty Box’’ provision. As stated
by the Commission, this provision is
‘‘intended to act as an additional
incentive to broker-dealers to deliver
securities by settlement date, and to
close out fail to deliver positions in
accordance with the requirements of
Rule 204.’’ 24 Absent relief, Participants
would be required to close out any fail
to deliver positions resulting from the
sale of owned physical securities
pursuant to Rule 204(a)(2) and, if they
did not, would be subject to the Penalty
Box provision.
We believe that, due to DTC’s
intermittent suspension of physical
securities processing, sales of owned
physical securities raise policy
considerations that warrant granting
limited exemptive relief.25 Moreover,
requiring compliance with the Rule
204(a)(2) close-out requirement may
create undue burdens for Participants
and other broker-dealers for which they
clear and settle trades, and we do not
believe that subjecting Participants or
other broker-dealers to the Penalty Box
provision in this context would further
the policy goal of incentivizing brokerdealers to deliver securities by
settlement and to close out fail to
deliver positions in accordance with
Rule 204. Thus, we believe that the
temporary relief from the close-out
requirement of Regulation SHO
provided by this Exemptive Order is
appropriate in the public interest and
consistent with the protection of
investors.
Accordingly, it is further ordered,
pursuant to Section 36 of the Exchange
23 17
CFR 242.204(b).
204 Adopting Release at 38275.
25 These policy considerations are similar to those
considered in the context of the 2012 Hurricane
Sandy Order. See supra note 6.
24 Rule
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Act,26 that a Participant is exempt from
the close-out requirement of Rule
204(a) 27 and the Penalty Box provision
of Rule 204(b) 28 of Regulation SHO with
respect to a fail to deliver position
resulting from the sale of an owned
physical security,29 subject to the
following conditions: 30
(a) The Participant must determine
and document that the fail to deliver
position resulted from a sale of an
owned physical security 31 that a person
is ‘‘deemed to own’’ pursuant to Rule
200 of Regulation SHO; 32
(b) The Participant must check DTCC
systems on a daily basis to determine
when an owned physical security, the
sale of which resulted in a fail to deliver
position, is available for settlement; 33
(c) The Participant must deliver the
owned physical security as soon as
26 See
supra note 16.
CFR 242.204(a).
28 17 CFR 242.204(b).
29 Rule 203(b)(3) of Regulation SHO provides that
if a Participant has a fail to deliver position at a
registered clearing agency in a threshold security,
as defined by Rule 203(c)(6), for thirteen
consecutive settlement days, the Participant shall
immediately thereafter close out the fail to deliver
position by purchasing securities of like kind and
quantity. If the sale of an owned physical security
resulted in a fail to deliver position in a threshold
security and that fail to deliver position persisted
for thirteen consecutive settlement days because the
close-out date applicable under this Exemptive
Order had not yet arrived, Rule 203(b)(3) would
nonetheless require the Participant to close out the
fail to deliver position. Accordingly, Participants
are exempt from the close-out requirements of Rule
203(b)(3) with respect to fail to deliver positions in
threshold securities resulting from sales of owned
physical securities, provided that the Participants
close out the fail to deliver positions in compliance
with this Exemptive Order. See 17 CFR
242.203(b)(3).
30 These conditions are designed to (1) promote
the prompt delivery of securities by participants as
soon as practical under the circumstances
surrounding COVID–19 without putting undue
burdens on participants or their customers, and (2)
aid in ensuring participants’ compliance with this
Order.
31 Such determination could be based, for
example, on records indicating that the sale
involves a physical certificate custodied at DTCC.
32 17 CFR 242.200.
33 We understand based on conversations with
SIFMA that processing for certain securities may
resume prior to that for others. As such, this
determination must be made on a security-bysecurity basis. We further understand that DTC
systems (including the Participant Browser System
and the Participant Terminal System) enable
Participants to verify their positions in physical
securities held at DTC and issue withdrawal
instructions. We understand that these systems
permit Participants, in conjunction with the
Participant’s own books and records, to track when
physical securities have been debited (withdrawn)
and sent to the transfer agent and when the physical
securities are available for settlement after they
have been returned to DTC and are available for
Participant pickup, are mailed directly to the
customer, or are set up as a Direct Registration
System account, and that Participants check these
systems for completed status of physical certificate
processing on a daily basis.
27 17
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possible, and in any event, must deliver
the security or close out the fail to
deliver position resulting from the sale
by purchasing or borrowing securities of
like kind and quantity by no later than
the beginning of regular trading hours
on the fourth settlement day following
the date on which the Participant
determines, in accordance with
condition (b) above, that the owned
physical security, the sale of which
resulted in the fail to deliver position,
is available for settlement;
(d) The Participant’s books and
records must reflect that it made
delivery of the owned physical security
or closed out the fail to deliver position
resulting from the sale within the
applicable time period, consistent with
this Exemptive Order;
(e) The Participant must maintain
contemporaneous records reflecting any
reliance on this Order, and make this
information available to Commission
staff upon request; and
(f) The participant provides notice on
its website promptly upon its initial
reliance on the Order and maintains the
notice on its website until it ceases
reliance on the Order.
III. Modification, Revocation, and
Expiration of Exemptions
The relief provided in this Order shall
expire on December 31, 2020. The
Commission intends to continue to
monitor the current situation. The time
period for any or all of the relief may,
if necessary, be extended with any
additional conditions that are deemed
appropriate, and the Commission may
issue other relief as necessary or
appropriate.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.34
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2020–19061 Filed 8–28–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release Nos. 33–10826; 34–89671/August
26, 2020]
Order Making Fiscal Year 2021 Annual
Adjustments to Registration Fee Rates
I. Background
The Commission collects fees under
various provisions of the securities
laws. Section 6(b) of the Securities Act
of 1933 (‘‘Securities Act’’) requires the
Commission to collect fees from issuers
34 See
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17 CFR 200.30–3(a)(11).
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on the registration of securities.1 Section
13(e) of the Securities Exchange Act of
1934 (‘‘Exchange Act’’) requires the
Commission to collect fees on specified
repurchases of securities.2 Section 14(g)
of the Exchange Act requires the
Commission to collect fees on specified
proxy solicitations and statements in
corporate control transactions.3 These
provisions require the Commission to
make annual adjustments to the
applicable fee rates.
II. Fiscal Year 2021 Annual Adjustment
to Fee Rates
Section 6(b)(2) of the Securities Act
requires the Commission to make an
annual adjustment to the fee rate
applicable under Section 6(b).4 The
annual adjustment to the fee rate under
Section 6(b) of the Securities Act also
sets the annual adjustment to the fee
rates under Sections 13(e) and 14(g) of
the Exchange Act.5
Section 6(b)(2) sets forth the method
for determining the annual adjustment
to the fee rate under Section 6(b) for
fiscal year 2021. Specifically, the
Commission must adjust the fee rate
under Section 6(b) to a ‘‘rate that, when
applied to the baseline estimate of the
aggregate maximum offering prices for
[fiscal year 2021], is reasonably likely to
produce aggregate fee collections under
[Section 6(b)] that are equal to the target
fee collection amount for [fiscal year
2021].’’ That is, the adjusted rate is
determined by dividing the ‘‘target fee
collection amount’’ for fiscal year 2021
by the ‘‘baseline estimate of the
aggregate maximum offering prices’’ for
fiscal year 2021.
III. Target Fee Collection Amount for
FY 2021
The statutory ‘‘target fee collection
amount’’ for fiscal year 2021 and ‘‘each
fiscal year thereafter’’ is ‘‘an amount
that is equal to the target fee collection
amount for the prior fiscal year,
adjusted by the rate of inflation.’’ The
target fee collection amount for fiscal
year 2020 was $705,000,000. To adjust
the fiscal year 2020 target fee collection
amount by the rate of inflation to
determine the fiscal year 2021 target fee
collect amount, the Commission has
determined that it will use an approach
1 15
U.S.C. 77f(b).
U.S.C. 78m(e).
3 15 U.S.C. 78n(g).
4 15 U.S.C. 77f(b)(2). The annual adjustments are
designed to adjust the fee rate in a given fiscal year
so that, when applied to the aggregate maximum
offering price at which securities are proposed to
be offered for the fiscal year, it is reasonably likely
to produce total fee collections under Section 6(b)
equal to the ‘‘target fee collection amount’’ specified
in Section 6(b)(6)(A) for that fiscal year.
5 15 U.S.C. 78m(e)(4) and 15 U.S.C. 78n(g)(4).
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similar to one that it uses to annually
adjust civil monetary penalties by the
rate of inflation.6 Under this approach,
the Commission will use the Consumer
Price Index for All Urban Consumers
(‘‘CPI–U’’), not seasonally adjusted,
rounded to five decimal places, in
calculating the target fee collection
amount, which is then rounded to the
nearest whole dollar. The calculation for
the fiscal year 2021 target fee collection
amount is described in more detail
below.
The most recent CPI–U index value,
not seasonally adjusted, available for
use by the Commission is for June 2020.
This value is 257.797.7 The CPI–U index
value, not seasonally adjusted, for June
2019 is 256.143.8 Dividing the June
2020 value by the June 2019 value and
rounding to five decimal places yields a
multiplier value of 1.00646. Multiplying
the fiscal year 2020 target fee collection
amount of $705,000,000 by the
multiplier value of 1.00646 and
rounding to the nearest whole dollar
yields a fiscal year 2021 target fee
collection amount of $709,554,300.
Section 6(b)(6)(B) defines the
‘‘baseline estimate of the aggregate
maximum offering prices’’ for fiscal year
2021 as ‘‘the baseline estimate of the
aggregate maximum offering price at
which securities are proposed to be
offered pursuant to registration
statements filed with the Commission
during [fiscal year 2021] as determined
by the Commission, after consultation
with the Congressional Budget Office
and the Office of Management and
Budget . . . .’’
To make the baseline estimate of the
aggregate maximum offering price for
fiscal year 2021, the Commission is
using the methodology it has used in
prior fiscal years and that was
developed in consultation with the
Congressional Budget Office and the
Office of Management and Budget
(‘‘OMB’’). 9 Using this methodology, the
6 The Commission annually adjusts for inflation
the civil money penalties that can be imposed
under the statutes administered by Commission, as
required by the Federal Civil Penalties Inflation
Adjustment Act Improvements Act of 2015,
pursuant to guidance from the Office of
Management and Budget (‘‘OMB’’). See OMB
December 16, 2019 Memorandum for the Heads of
Executive Departments and Agencies,’’ M–20–05,
on ‘‘Implementation of Penalty Inflation
Adjustments for 2020, Pursuant to the Federal Civil
Penalties Inflation Adjustment Act Improvements
Act of 2015.’’
7 This was announced on July 14, 2020. See
https://www.bls.gov/news.release/archives/cpi_
07142020.htm.
8 See Supplemental Tables, ‘‘CPI–U News Release
Companion File’’ from the July 14, 2020 press
release.
9 Appendix A explains how we determined the
‘‘baseline estimate of the aggregate maximum
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53891
Commission determines the ‘‘baseline
estimate of the aggregate maximum
offering price’’ for fiscal year 2021 to be
$6,506,143,522,561. Based on this
estimate and the fiscal year 2021 target
fee collection amount, the Commission
calculates the fee rate for fiscal 2021 to
be $109.10 per million. This adjusted
fee rate applies to Section 6(b) of the
Securities Act, as well as to Sections
13(e) and 14(g) of the Exchange Act. IV.
Effective Dates of the Annual
Adjustments
The fiscal year 2021 annual
adjustments to the fee rates applicable
under Section 6(b) of the Securities Act
and Sections 13(e) and 14(g) of the
Exchange Act will be effective on
October 1, 2020.10
V. Conclusion
Accordingly, pursuant to Section 6(b)
of the Securities Act and Sections 13(e)
and 14(g) of the Exchange Act,11
It is hereby ordered that the fee rates
applicable under Section 6(b) of the
Securities Act and Sections 13(e) and
14(g) of the Exchange Act shall be
$109.10 per million effective on October
1, 2020.
By the Commission.
Vanessa A. Countryman,
Secretary.
Appendix A
Congress has established a target amount of
monies to be collected from fees charged to
issuers based on the value of their
registrations. This appendix provides the
formula for determining such fees, which the
Commission adjusts annually. Congress has
mandated that the Commission determine
these fees based on the ‘‘aggregate maximum
offering prices,’’ which measures the
aggregate dollar amount of securities
registered with the Commission over the
course of the year. In order to maximize the
likelihood that the amount of monies targeted
by Congress will be collected, the fee rate
must be set to reflect projected aggregate
maximum offering prices. As a percentage,
the fee rate equals the ratio of the target
amounts of monies to the projected aggregate
maximum offering prices.
For 2021, the Commission has estimated
the aggregate maximum offering prices by
projecting forward the trend established in
the previous decade. More specifically, an
auto-regressive integrated moving average
(‘‘ARIMA’’) model was used to forecast the
value of the aggregate maximum offering
prices for months subsequent to July 2020,
offering price’’ for fiscal year 2021 using our
methodology, and then shows the arithmetical
process of calculating the fiscal year 2021 annual
adjustment based on that estimate. The appendix
includes the data used by the Commission in
making its ‘‘baseline estimate of the aggregate
maximum offering price’’ for fiscal year 2021.
10 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6) and 15
U.S.C. 78n(g)(6).
11 15 U.S.C. 77f(b), 78m(e) and 78n(g).
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the last month for which the Commission has
data on the aggregate maximum offering
prices.
The following sections describe this
process in detail.
A. Baseline Estimate of the Aggregate
Maximum Offering Prices for Fiscal Year
2021
First, calculate the aggregate maximum
offering prices (AMOP) for each month in the
sample (July 2010–July 2020). Next, calculate
the percentage change in the AMOP from
month to month.
Model the monthly percentage change in
AMOP as a first order moving average
process. The moving average approach
allows one to model the effect that an
exceptionally high (or low) observation of
AMOP tends to be followed by a more
‘‘typical’’ value of AMOP.
Use the [estimated moving average]
[ARIMA] model to forecast the monthly
percent change in AMOP. These percent
changes can then be applied to obtain
forecasts of the total dollar value of
registrations. The following is a more formal
(mathematical) description of the procedure:
1. Begin with the monthly data for AMOP.
The sample spans ten years, from July 2010
to July 2020.
2. Divide each month’s AMOP (column C)
by the number of trading days in that month
(column B) to obtain the average daily AMOP
(AAMOP, column D).
3. For each month t, the natural logarithm
of AAMOP is reported in column E.
4. Calculate the change in log(AAMOP)
from the previous month as Dt = log
(AAMOPt)-log(AAMOPt-1). This
approximates the percentage change.
5. Estimate the first order moving average
model Dt = a + be tØ1 + e t, where e t denotes
the forecast error for month t. The forecast
error is simply the difference between the
one-month ahead forecast and the actual
realization of D t. The forecast error is
expressed as e t = D t¥a¥be tØ1. The model
can be estimated using standard
commercially available software. Using least
squares, the estimated parameter values are
a = 0.0070920641 and b = 0.8803315102.
6. For the month of August 2020 forecast
D t = 8/2020 = a + be t = 7/2020. For all subsequent
months, forecast D t = a.
7. Calculate forecasts of log(AAMOP). For
example, the forecast of log(AAMOP) for
October 2020 is given by FLAAMOP t = 10/2020
= log(AAMOP t = 7/2020) + D t = 8/2020 + D t =
9/2020 + D t = 10/2020.
8. Under the assumption that e t is
normally distributed, the n-step ahead
forecast of AAMOP is given by
exp(FLAAMOP t + s n 2/2), where s n denotes
the standard error of the n-step ahead
forecast.
9. For October 2020, this gives a forecast
AAMOP of $24.705 billion (Column I), and
a forecast AMOP of $543.503 billion (Column
J).
10. Iterate this process through September
2021 to obtain a baseline estimate of the
aggregate maximum offering prices for fiscal
year 2021 of $6,506,143,522,561.
B. Using the Forecasts From A To Calculate
the New Fee Rate
1. Using the data from Table A, estimate
the aggregate maximum offering prices
between 10/01/20 and 9/30/21 to be
$6,506,143,522,561.
2. The rate necessary to collect the target
$709,554,300 in fee revenues set by Congress
is then calculated as: $709,554,300 ÷
$6,506,143,522,561 = 0.00010906.
3. Round the result to the seventh decimal
point, yielding a rate of 0.0001091 (or
$109.10 per million).
TABLE A—ESTIMATION OF BASELINE OF AGGREGATE MAXIMUM OFFERING PRICES
Fee rate calculation
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a. Baseline estimate of the aggregate maximum offering prices, 10/01/20 to 09/30/21 ($Millions) ..................................................
b. Implied fee rate ($709,554,300 / a) .................................................................................................................................................
Month
Number of
trading
days in
month
Aggregate
maximum offering prices,
in $millions
Average daily
aggregate
max. offering
prices
(AAMOP) in
$millions
Log(AAMOP)
Log (change
in AAMOP)
forecast
log(AAMOP)
(A)
(B)
(C)
(D)
(E)
(F)
....................
0.295
0.126
–0.193
0.459
¥0.179
¥0.148
0.130
0.665
¥0.784
0.251
0.073
¥0.418
¥0.320
0.023
0.077
0.346
¥0.076
0.202
¥0.193
0.539
¥0.813
0.774
¥0.373
¥0.468
0.459
0.305
¥0.979
0.476
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 .........
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260,783
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23.116
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6,506,144
$109.10
Standard
error
Forecast
AAMOP, in
$millions
Forecast
aggregate
maximum
offering
prices, in
$millions
(G)
(H)
(I)
(J)
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Month
Number of
trading
days in
month
Aggregate
maximum offering prices,
in $millions
Average daily
aggregate
max. offering
prices
(AAMOP) in
$millions
Log(AAMOP)
Log (change
in AAMOP)
forecast
log(AAMOP)
(A)
(B)
(C)
(D)
(E)
(F)
Dec–12 .........
Jan–13 .........
Feb–13 .........
Mar–13 .........
Apr–13 ..........
May–13 ........
Jun–13 .........
Jul–13 ...........
Aug–13 .........
Sep–13 .........
Oct–13 ..........
Nov–13 .........
Dec–13 .........
Jan–14 .........
Feb–14 .........
Mar–14 .........
Apr–14 ..........
May–14 ........
Jun–14 .........
Jul–14 ...........
Aug–14 .........
Sep–14 .........
Oct–14 ..........
Nov–14 .........
Dec–14 .........
Jan–15 .........
Feb–15 .........
Mar–15 .........
Apr–15 ..........
May–15 ........
Jun–15 .........
Jul–15 ...........
Aug–15 .........
Sep–15 .........
Oct–15 ..........
Nov–15 .........
Dec–15 .........
Jan–16 .........
Feb–16 .........
Mar–16 .........
Apr–16 ..........
May–16 ........
Jun–16 .........
Jul–16 ...........
Aug–16 .........
Sep–16 .........
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Nov–16 .........
Dec–16 .........
Jan–17 .........
Feb–17 .........
Mar–17 .........
Apr–17 ..........
May–17 ........
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Sep–17 .........
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21
20
19
23
19
22
22
20
23
20
22
21
20
21
19
21
21
22
21
21
19:30 Aug 28, 2020
321,602
368,488
252,148
533,440
235,779
382,950
480,624
263,869
253,305
267,923
293,847
326,257
358,169
369,067
298,376
564,840
263,401
403,700
423,075
373,811
405,017
409,349
338,832
386,898
370,760
394,127
466,138
753,747
356,560
478,591
446,102
402,062
334,746
289,872
300,276
409,690
308,569
457,411
554,343
900,301
250,716
409,992
321,219
289,671
352,068
326,116
266,115
443,034
310,614
503,030
255,815
723,870
255,275
569,965
445,081
291,167
263,981
372,705
173,749
377,262
281,126
593,025
353,182
685,784
367,569
543,840
477,967
327,710
Jkt 250001
16,080
17,547
13,271
26,672
10,717
17,407
24,031
11,994
11,514
13,396
12,776
16,313
17,056
17,575
15,704
26,897
12,543
19,224
20,146
16,991
19,287
19,493
14,732
20,363
16,853
19,706
24,534
34,261
16,979
23,930
20,277
18,276
15,940
13,803
13,649
20,485
14,026
24,074
27,717
40,923
11,939
19,523
14,601
14,484
15,307
15,529
12,672
21,097
14,791
25,152
13,464
31,473
13,436
25,908
20,231
14,558
11,477
18,635
7,898
17,965
14,056
28,239
18,589
32,656
17,503
24,720
22,760
15,605
PO 00000
Frm 00108
23.501
23.588
23.309
24.007
23.095
23.580
23.903
23.208
23.167
23.318
23.271
23.515
23.560
23.590
23.477
24.015
23.252
23.679
23.726
23.556
23.683
23.693
23.413
23.737
23.548
23.704
23.923
24.257
23.555
23.898
23.733
23.629
23.492
23.348
23.337
23.743
23.364
23.904
24.045
24.435
23.203
23.695
23.404
23.396
23.452
23.466
23.263
23.772
23.417
23.948
23.323
24.172
23.321
23.978
23.730
23.401
23.164
23.648
22.790
23.612
23.366
24.064
23.646
24.209
23.586
23.931
23.848
23.471
Fmt 4703
0.422
0.087
¥0.279
0.698
¥0.912
0.485
0.322
¥0.695
¥0.041
0.151
¥0.047
0.244
0.045
0.030
¥0.113
0.538
¥0.763
0.427
0.047
¥0.170
0.127
0.011
¥0.280
0.324
¥0.189
0.156
0.219
0.334
¥0.702
0.343
¥0.166
¥0.104
¥0.137
¥0.144
¥0.011
0.406
¥0.379
0.540
0.141
0.390
¥1.232
0.492
¥0.291
¥0.008
0.055
0.014
¥0.203
0.510
¥0.355
0.531
¥0.625
0.849
¥0.851
0.657
¥0.247
¥0.329
¥0.238
0.485
¥0.858
0.822
¥0.245
0.698
¥0.418
0.563
¥0.624
0.345
¥0.083
¥0.377
Sfmt 4703
Standard
error
Forecast
AAMOP, in
$millions
Forecast
aggregate
maximum
offering
prices, in
$millions
(G)
(H)
(I)
(J)
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
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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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....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
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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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....................
....................
....................
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....................
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E:\FR\FM\31AUN1.SGM
31AUN1
53894
Federal Register / Vol. 85, No. 169 / Monday, August 31, 2020 / Notices
Month
Number of
trading
days in
month
Aggregate
maximum offering prices,
in $millions
Average daily
aggregate
max. offering
prices
(AAMOP) in
$millions
Log(AAMOP)
Log (change
in AAMOP)
forecast
log(AAMOP)
(A)
(B)
(C)
(D)
(E)
(F)
347,239
259,874
300,814
447,767
276,130
495,624
372,166
604,813
267,737
476,892
399,178
359,438
401,391
382,876
181,113
553,889
438,062
636,403
424,133
409,403
389,821
731,835
650,219
457,871
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
15,097
13,678
13,079
21,322
14,533
23,601
19,588
28,801
12,749
21,677
19,959
16,338
18,245
19,144
7,874
27,694
20,860
30,305
22,323
18,609
18,563
36,592
29,555
20,812
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
23.438
23.339
23.294
23.783
23.400
23.885
23.698
24.084
23.269
23.800
23.717
23.517
23.627
23.675
22.787
24.044
23.761
24.135
23.829
23.647
23.644
24.323
24.110
23.759
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
¥0.033
¥0.099
¥0.045
0.489
¥0.383
0.485
¥0.186
0.385
¥0.815
0.531
¥0.083
¥0.200
0.110
0.048
¥0.888
1.258
¥0.283
0.373
¥0.306
¥0.182
¥0.002
0.679
¥0.214
¥0.351
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
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 .........
Sep–20 .........
Oct–20 ..........
Nov–20 .........
Dec–20 .........
Jan–21 .........
Feb–21 .........
Mar–21 .........
Apr–21 ..........
May–21 ........
Jun–21 .........
Jul–21 ...........
Aug–21 .........
Sep–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
21
22
20
22
19
19
23
21
20
22
21
22
21
Standard
error
Forecast
AAMOP, in
$millions
Forecast
aggregate
maximum
offering
prices, in
$millions
(G)
(H)
(I)
(J)
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
23.858
23.865
23.872
23.879
23.886
23.893
23.901
23.908
23.915
23.922
23.929
23.936
23.943
23.950
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
0.336
0.338
0.341
0.343
0.346
0.348
0.350
0.353
0.355
0.357
0.359
0.362
0.364
0.366
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
24,317
24,510
24,705
24,901
25,098
25,297
25,498
25,700
25,904
26,109
26,317
26,525
26,736
26,948
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
510,665
514,715
543,503
498,013
552,159
480,647
484,460
591,103
543,984
522,189
578,965
557,032
588,186
565,904
khammond on DSKJM1Z7X2PROD with NOTICES
BILLING CODE 8011–01–P
VerDate Sep<11>2014
19:30 Aug 28, 2020
Jkt 250001
PO 00000
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Fmt 4703
Sfmt 4703
E:\FR\FM\31AUN1.SGM
31AUN1
VerDate Sep<11>2014
19:30 Aug 28, 2020
Jkt 250001
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Frm 00110
Fmt 4703
Sfmt 4725
E:\FR\FM\31AUN1.SGM
31AUN1
53895
EN31AU20.001</GPH>
khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 85, No. 169 / Monday, August 31, 2020 / Notices
53896
Federal Register / Vol. 85, No. 169 / Monday, August 31, 2020 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2020–19079 Filed 8–28–20; 8:45 am]
BILLING CODE 8011–01–C
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–89651; File No. SR–
NYSEAMER–2020–63]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Change To Extend the Temporary
Waiver of the Co-Location Hot Hands
Fee
August 25, 2020.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b-4 thereunder,3
notice is hereby given that, on August
11, 2020, NYSE American LLC (‘‘NYSE
American’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to extend the
temporary waiver of the co-location
‘‘Hot Hands’’ fee. The proposed change
is available on the Exchange’s website at
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
khammond on DSKJM1Z7X2PROD with NOTICES
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
VerDate Sep<11>2014
19:30 Aug 28, 2020
Jkt 250001
1. Purpose
The Exchange proposes to extend of
the temporary waiver of the colocation 4 ‘‘Hot Hands’’ fee through the
reopening of the Mahwah, New Jersey
data center (‘‘Data Center’’). The waiver
of the Hot Hands fee is scheduled to
expire on August 31, 2020.5
The Exchange is an indirect
subsidiary of Intercontinental Exchange,
Inc. (‘‘ICE’’). Through its ICE Data
Services (‘‘IDS’’) business, ICE operates
the Data Center, from which the
Exchange provides co-location services
to Users.6 Among those services is a
‘‘Hot Hands’’ service, which allows
Users to use on-site Data Center
personnel to maintain User equipment,
support network troubleshooting, rack
and stack a server in a User’s cabinet;
power recycling; and install and
document the fitting of cable in a User’s
cabinet(s).7 The Hot Hands fee is $100
per half hour.
ICE previously announced to Users
that the Data Center would be closed to
third parties starting on March 16, 2020,
to help avoid the spread of COVID–19,
which could negatively impact Data
Center functions. Prior to the closure of
the Data Center, the Chief Executive
Officer of the Exchange took the actions
required under NYSE American Rules
7.1E and 901NY to close the co-location
4 The Exchange initially filed rule changes
relating to its co-location services with the
Securities and Exchange Commission
(‘‘Commission’’) in 2010. See Securities Exchange
Act Release No. 62961 (September 21, 2010), 75 FR
59299 (September 27, 2010) (SR–NYSEAmex–2010–
80).
5 See Securities Exchange Act Release No. 89173
(June 29, 2020), 85 FR 40352 (July 6, 2020) (SR–
NYSEAmer–2020–46).
6 For purposes of the Exchange’s co-location
services, a ‘‘User’’ means any market participant
that requests to receive co-location services directly
from the Exchange. See Securities Exchange Act
Release No. 76009 (September 29, 2015), 80 FR
60213 (October 5, 2015) (SR–NYSEMKT–2015–67).
As specified in the NYSE American Equities Price
List and Fee Schedule and the NYSE American
Options Fee Schedule (together, the ‘‘Price List and
Fee Schedule’’), a User that incurs co-location fees
for a particular co-location service pursuant thereto
would not be subject to co-location fees for the
same co-location service charged by the Exchange’s
affiliates the New York Stock Exchange LLC, NYSE
Arca, Inc., NYSE Chicago, Inc., and NYSE National,
Inc. (together, the ‘‘Affiliate SROs’’). See Securities
Exchange Act Release No. 70176 (August 13, 2013),
78 FR 50471 (August 19, 2013) (SR–NYSEMKT–
2013–67). Each Affiliate SRO has submitted
substantially the same proposed rule change to
propose the changes described herein. See SR–
NYSE–2020–69, SR–NYSEArca–2020–74, SR–
NYSECHX–2020–25, and SR–NYSENAT–2020–26.
7 See Securities Exchange Act Release No. 72719
(July 30, 2014), 79 FR 45502 (August 5, 2014) (SR–
NYSEMKT–2014–61).
PO 00000
Frm 00111
Fmt 4703
Sfmt 4703
facility of the Exchange to third parties.
The closure period was extended twice,
through June 30, 2020 (the ‘‘Initial
Closure’’).8
ICE has announced to Users that,
because the concerns that led to the
Initial Closure still apply, the closure of
the Data Center will be extended, with
the date of the reopening announced
through a customer notice.
If a User’s equipment requires work
while a Rules 7.1E and 901NY closure
is in effect, the User has to use the Hot
Hands service and, absent a waiver,
incurs Hot Hands fees for the work.
Given that, the Exchange waived all Hot
Hands fees for the duration of the Initial
Closure.9 Because the period has been
extended, the Exchange proposes to
extend the waiver of the Hot Hands Fee
for the length of the period. To that end,
the Exchange proposes to revise the
footnote to the Hot Hands Fee in the
Price List and Fee Schedule as follows
(deletions bracketed, additions
underlined):
† Fees for Hot Hands Services will be
waived beginning on March 16, 2020 through
[the earlier of August 31, 2020 and] the
reopening of the Mahwah, New Jersey data
center. The date of the reopening will be
announced through a customer notice.
The Exchange believes that there will
be sufficient Data Center staff on-site to
comply with User requests for Hot
Hands service.
The proposed extension of the waiver
would apply equally to all Users. The
proposed extension of the fee waiver
would not apply differently to distinct
types or sizes of market participants.
Rather, it would continue to apply
uniformly to all Users.
The proposed change is not otherwise
intended to address any other issues
relating to co-location services and/or
related fees, and the Exchange is not
aware of any problems that Users would
have in complying with the proposed
change.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,10 in general, and
furthers the objectives of Sections
6(b)(4) and (5) of the Act,11 in particular,
because it provides for the equitable
allocation of reasonable dues, fees, and
other charges among its members,
8 See Securities Exchange Act Release Nos. 88403
(March 17, 2020), 85 FR 16400 (March 23, 2020)
(SR–NYSEAMER–2020–19); 88523 (March 31,
2020), 85 FR 19179 (April 6, 2020) (SR–
NYSEAMER–2020–23); and 88956 (May 27, 2020),
85 FR 33760 (June 2, 2020) (SR–NYSEAmer–2020–
39).
9 See 85 FR 40352, supra note 5.
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(4) and (5).
E:\FR\FM\31AUN1.SGM
31AUN1
]]>Agencies
[Federal Register Volume 85, Number 169 (Monday, August 31, 2020)]
[Notices]
[Pages 53890-53896]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-19079]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release Nos. 33-10826; 34-89671/August 26, 2020]
Order Making Fiscal Year 2021 Annual Adjustments to Registration
Fee Rates
I. Background
The Commission collects fees under various provisions of the
securities laws. Section 6(b) of the Securities Act of 1933
(``Securities Act'') requires the Commission to collect fees from
issuers
[[Page 53891]]
on the registration of securities.\1\ Section 13(e) of the Securities
Exchange Act of 1934 (``Exchange Act'') requires the Commission to
collect fees on specified repurchases of securities.\2\ Section 14(g)
of the Exchange Act requires the Commission to collect fees on
specified proxy solicitations and statements in corporate control
transactions.\3\ These provisions require the Commission to make annual
adjustments to the applicable fee rates.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 77f(b).
\2\ 15 U.S.C. 78m(e).
\3\ 15 U.S.C. 78n(g).
---------------------------------------------------------------------------
II. Fiscal Year 2021 Annual Adjustment to Fee Rates
Section 6(b)(2) of the Securities Act requires the Commission to
make an annual adjustment to the fee rate applicable under Section
6(b).\4\ The annual adjustment to the fee rate under Section 6(b) of
the Securities Act also sets the annual adjustment to the fee rates
under Sections 13(e) and 14(g) of the Exchange Act.\5\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 77f(b)(2). The annual adjustments are designed to
adjust the fee rate in a given fiscal year so that, when applied to
the aggregate maximum offering price at which securities are
proposed to be offered for the fiscal year, it is reasonably likely
to produce total fee collections under Section 6(b) equal to the
``target fee collection amount'' specified in Section 6(b)(6)(A) for
that fiscal year.
\5\ 15 U.S.C. 78m(e)(4) and 15 U.S.C. 78n(g)(4).
---------------------------------------------------------------------------
Section 6(b)(2) sets forth the method for determining the annual
adjustment to the fee rate under Section 6(b) for fiscal year 2021.
Specifically, the Commission must adjust the fee rate under Section
6(b) to a ``rate that, when applied to the baseline estimate of the
aggregate maximum offering prices for [fiscal year 2021], is reasonably
likely to produce aggregate fee collections under [Section 6(b)] that
are equal to the target fee collection amount for [fiscal year 2021].''
That is, the adjusted rate is determined by dividing the ``target fee
collection amount'' for fiscal year 2021 by the ``baseline estimate of
the aggregate maximum offering prices'' for fiscal year 2021.
III. Target Fee Collection Amount for FY 2021
The statutory ``target fee collection amount'' for fiscal year 2021
and ``each fiscal year thereafter'' is ``an amount that is equal to the
target fee collection amount for the prior fiscal year, adjusted by the
rate of inflation.'' The target fee collection amount for fiscal year
2020 was $705,000,000. To adjust the fiscal year 2020 target fee
collection amount by the rate of inflation to determine the fiscal year
2021 target fee collect amount, the Commission has determined that it
will use an approach similar to one that it uses to annually adjust
civil monetary penalties by the rate of inflation.\6\ Under this
approach, the Commission will use the Consumer Price Index for All
Urban Consumers (``CPI-U''), not seasonally adjusted, rounded to five
decimal places, in calculating the target fee collection amount, which
is then rounded to the nearest whole dollar. The calculation for the
fiscal year 2021 target fee collection amount is described in more
detail below.
---------------------------------------------------------------------------
\6\ The Commission annually adjusts for inflation the civil
money penalties that can be imposed under the statutes administered
by Commission, as required by the Federal Civil Penalties Inflation
Adjustment Act Improvements Act of 2015, pursuant to guidance from
the Office of Management and Budget (``OMB''). See OMB December 16,
2019 Memorandum for the Heads of Executive Departments and
Agencies,'' M-20-05, on ``Implementation of Penalty Inflation
Adjustments for 2020, Pursuant to the Federal Civil Penalties
Inflation Adjustment Act Improvements Act of 2015.''
---------------------------------------------------------------------------
The most recent CPI-U index value, not seasonally adjusted,
available for use by the Commission is for June 2020. This value is
257.797.\7\ The CPI-U index value, not seasonally adjusted, for June
2019 is 256.143.\8\ Dividing the June 2020 value by the June 2019 value
and rounding to five decimal places yields a multiplier value of
1.00646. Multiplying the fiscal year 2020 target fee collection amount
of $705,000,000 by the multiplier value of 1.00646 and rounding to the
nearest whole dollar yields a fiscal year 2021 target fee collection
amount of $709,554,300.
---------------------------------------------------------------------------
\7\ This was announced on July 14, 2020. See https://www.bls.gov/news.release/archives/cpi_07142020.htm.
\8\ See Supplemental Tables, ``CPI-U News Release Companion
File'' from the July 14, 2020 press release.
---------------------------------------------------------------------------
Section 6(b)(6)(B) defines the ``baseline estimate of the aggregate
maximum offering prices'' for fiscal year 2021 as ``the baseline
estimate of the aggregate maximum offering price at which securities
are proposed to be offered pursuant to registration statements filed
with the Commission during [fiscal year 2021] as determined by the
Commission, after consultation with the Congressional Budget Office and
the Office of Management and Budget . . . .''
To make the baseline estimate of the aggregate maximum offering
price for fiscal year 2021, the Commission is using the methodology it
has used in prior fiscal years and that was developed in consultation
with the Congressional Budget Office and the Office of Management and
Budget (``OMB''). \9\ Using this methodology, the Commission determines
the ``baseline estimate of the aggregate maximum offering price'' for
fiscal year 2021 to be $6,506,143,522,561. Based on this estimate and
the fiscal year 2021 target fee collection amount, the Commission
calculates the fee rate for fiscal 2021 to be $109.10 per million. This
adjusted fee rate applies to Section 6(b) of the Securities Act, as
well as to Sections 13(e) and 14(g) of the Exchange Act. IV. Effective
Dates of the Annual Adjustments
---------------------------------------------------------------------------
\9\ Appendix A explains how we determined the ``baseline
estimate of the aggregate maximum offering price'' for fiscal year
2021 using our methodology, and then shows the arithmetical process
of calculating the fiscal year 2021 annual adjustment based on that
estimate. The appendix includes the data used by the Commission in
making its ``baseline estimate of the aggregate maximum offering
price'' for fiscal year 2021.
---------------------------------------------------------------------------
The fiscal year 2021 annual adjustments to the fee rates applicable
under Section 6(b) of the Securities Act and Sections 13(e) and 14(g)
of the Exchange Act will be effective on October 1, 2020.\10\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6) and 15 U.S.C.
78n(g)(6).
---------------------------------------------------------------------------
V. Conclusion
Accordingly, pursuant to Section 6(b) of the Securities Act and
Sections 13(e) and 14(g) of the Exchange Act,\11\
---------------------------------------------------------------------------
\11\ 15 U.S.C. 77f(b), 78m(e) and 78n(g).
---------------------------------------------------------------------------
It is hereby ordered that the fee rates applicable under Section
6(b) of the Securities Act and Sections 13(e) and 14(g) of the Exchange
Act shall be $109.10 per million effective on October 1, 2020.
By the Commission.
Vanessa A. Countryman,
Secretary.
Appendix A
Congress has established a target amount of monies to be
collected from fees charged to issuers based on the value of their
registrations. This appendix provides the formula for determining
such fees, which the Commission adjusts annually. Congress has
mandated that the Commission determine these fees based on the
``aggregate maximum offering prices,'' which measures the aggregate
dollar amount of securities registered with the Commission over the
course of the year. In order to maximize the likelihood that the
amount of monies targeted by Congress will be collected, the fee
rate must be set to reflect projected aggregate maximum offering
prices. As a percentage, the fee rate equals the ratio of the target
amounts of monies to the projected aggregate maximum offering
prices.
For 2021, the Commission has estimated the aggregate maximum
offering prices by projecting forward the trend established in the
previous decade. More specifically, an auto-regressive integrated
moving average (``ARIMA'') model was used to forecast the value of
the aggregate maximum offering prices for months subsequent to July
2020,
[[Page 53892]]
the last month for which the Commission has data on the aggregate
maximum offering prices.
The following sections describe this process in detail.
A. Baseline Estimate of the Aggregate Maximum Offering Prices for
Fiscal Year 2021
First, calculate the aggregate maximum offering prices (AMOP)
for each month in the sample (July 2010-July 2020). Next, calculate
the percentage change in the AMOP from month to month.
Model the monthly percentage change in AMOP as a first order
moving average process. The moving average approach allows one to
model the effect that an exceptionally high (or low) observation of
AMOP tends to be followed by a more ``typical'' value of AMOP.
Use the [estimated moving average] [ARIMA] model to forecast the
monthly percent change in AMOP. These percent changes can then be
applied to obtain forecasts of the total dollar value of
registrations. The following is a more formal (mathematical)
description of the procedure:
1. Begin with the monthly data for AMOP. The sample spans ten
years, from July 2010 to July 2020.
2. Divide each month's AMOP (column C) by the number of trading
days in that month (column B) to obtain the average daily AMOP
(AAMOP, column D).
3. For each month t, the natural logarithm of AAMOP is reported
in column E.
4. Calculate the change in log(AAMOP) from the previous month as
[Delta]t = log (AAMOPt)-
log(AAMOPt-1). This approximates the percentage change.
5. Estimate the first order moving average model
[Delta]t = [alpha] + [beta]e t-1 +
e t, where e t denotes the forecast error for
month t. The forecast error is simply the difference between the
one-month ahead forecast and the actual realization of [Delta]
t. The forecast error is expressed as e t =
[Delta] t-[alpha]-[beta]e t-1. The
model can be estimated using standard commercially available
software. Using least squares, the estimated parameter values are
[alpha] = 0.0070920641 and [beta] = 0.8803315102.
6. For the month of August 2020 forecast [Delta] t =
8/2020 = [alpha] + [beta]e t =
7/2020. For all subsequent months, forecast [Delta]
t = [alpha].
7. Calculate forecasts of log(AAMOP). For example, the forecast
of log(AAMOP) for October 2020 is given by FLAAMOP t =
10/2020 = log(AAMOP t = 7/2020) +
[Delta] t = 8/2020 + [Delta] t =
9/2020 + [Delta] t = 10/2020.
8. Under the assumption that e t is normally
distributed, the n-step ahead forecast of AAMOP is given by
exp(FLAAMOP t + [sigma] n \2\/2), where
[sigma] n denotes the standard error of the n-step ahead
forecast.
9. For October 2020, this gives a forecast AAMOP of $24.705
billion (Column I), and a forecast AMOP of $543.503 billion (Column
J).
10. Iterate this process through September 2021 to obtain a
baseline estimate of the aggregate maximum offering prices for
fiscal year 2021 of $6,506,143,522,561.
B. Using the Forecasts From A To Calculate the New Fee Rate
1. Using the data from Table A, estimate the aggregate maximum
offering prices between 10/01/20 and 9/30/21 to be
$6,506,143,522,561.
2. The rate necessary to collect the target $709,554,300 in fee
revenues set by Congress is then calculated as: $709,554,300 /
$6,506,143,522,561 = 0.00010906.
3. Round the result to the seventh decimal point, yielding a
rate of 0.0001091 (or $109.10 per million).
Table A--Estimation of Baseline of Aggregate Maximum Offering Prices
------------------------------------------------------------------------
Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate maximum offering 6,506,144
prices, 10/01/20 to 09/30/21 ($Millions)...............
b. Implied fee rate ($709,554,300 / a).................. $109.10
------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------
Average
daily Forecast
Number of Aggregate aggregate aggregate
trading maximum max. Log (change forecast Standard Forecast maximum
Month days in offering offering Log(AAMOP) in AAMOP) log(AAMOP) error AAMOP, in offering
month prices, in prices $millions prices, in
$millions (AAMOP) in $millions
$millions
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Jul-10............................... 21 171,191 8,152 22.822 ........... ........... ........... ........... ...........
Aug-10............................... 22 240,793 10,945 23.116 0.295 ........... ........... ........... ...........
Sep-10............................... 21 260,783 12,418 23.242 0.126 ........... ........... ........... ...........
Oct-10............................... 21 214,988 10,238 23.049 -0.193 ........... ........... ........... ...........
Nov-10............................... 21 340,112 16,196 23.508 0.459 ........... ........... ........... ...........
Dec-10............................... 22 297,992 13,545 23.329 -0.179 ........... ........... ........... ...........
Jan-11............................... 20 233,668 11,683 23.181 -0.148 ........... ........... ........... ...........
Feb-11............................... 19 252,785 13,304 23.311 0.130 ........... ........... ........... ...........
Mar-11............................... 23 595,198 25,878 23.977 0.665 ........... ........... ........... ...........
Apr-11............................... 20 236,355 11,818 23.193 -0.784 ........... ........... ........... ...........
May-11............................... 21 319,053 15,193 23.444 0.251 ........... ........... ........... ...........
Jun-11............................... 22 359,727 16,351 23.518 0.073 ........... ........... ........... ...........
Jul-11............................... 20 215,391 10,770 23.100 -0.418 ........... ........... ........... ...........
Aug-11............................... 23 179,870 7,820 22.780 -0.320 ........... ........... ........... ...........
Sep-11............................... 21 168,005 8,000 22.803 0.023 ........... ........... ........... ...........
Oct-11............................... 21 181,452 8,641 22.880 0.077 ........... ........... ........... ...........
Nov-11............................... 21 256,418 12,210 23.226 0.346 ........... ........... ........... ...........
Dec-11............................... 21 237,652 11,317 23.150 -0.076 ........... ........... ........... ...........
Jan-12............................... 20 276,965 13,848 23.351 0.202 ........... ........... ........... ...........
Feb-12............................... 20 228,419 11,421 23.159 -0.193 ........... ........... ........... ...........
Mar-12............................... 22 430,806 19,582 23.698 0.539 ........... ........... ........... ...........
Apr-12............................... 20 173,626 8,681 22.884 -0.813 ........... ........... ........... ...........
May-12............................... 22 414,122 18,824 23.658 0.774 ........... ........... ........... ...........
Jun-12............................... 21 272,218 12,963 23.285 -0.373 ........... ........... ........... ...........
Jul-12............................... 21 170,462 8,117 22.817 -0.468 ........... ........... ........... ...........
Aug-12............................... 23 295,472 12,847 23.276 0.459 ........... ........... ........... ...........
Sep-12............................... 19 331,295 17,437 23.582 0.305 ........... ........... ........... ...........
Oct-12............................... 21 137,562 6,551 22.603 -0.979 ........... ........... ........... ...........
Nov-12............................... 21 221,521 10,549 23.079 0.476 ........... ........... ........... ...........
[[Page 53893]]
Dec-12............................... 20 321,602 16,080 23.501 0.422 ........... ........... ........... ...........
Jan-13............................... 21 368,488 17,547 23.588 0.087 ........... ........... ........... ...........
Feb-13............................... 19 252,148 13,271 23.309 -0.279 ........... ........... ........... ...........
Mar-13............................... 20 533,440 26,672 24.007 0.698 ........... ........... ........... ...........
Apr-13............................... 22 235,779 10,717 23.095 -0.912 ........... ........... ........... ...........
May-13............................... 22 382,950 17,407 23.580 0.485 ........... ........... ........... ...........
Jun-13............................... 20 480,624 24,031 23.903 0.322 ........... ........... ........... ...........
Jul-13............................... 22 263,869 11,994 23.208 -0.695 ........... ........... ........... ...........
Aug-13............................... 22 253,305 11,514 23.167 -0.041 ........... ........... ........... ...........
Sep-13............................... 20 267,923 13,396 23.318 0.151 ........... ........... ........... ...........
Oct-13............................... 23 293,847 12,776 23.271 -0.047 ........... ........... ........... ...........
Nov-13............................... 20 326,257 16,313 23.515 0.244 ........... ........... ........... ...........
Dec-13............................... 21 358,169 17,056 23.560 0.045 ........... ........... ........... ...........
Jan-14............................... 21 369,067 17,575 23.590 0.030 ........... ........... ........... ...........
Feb-14............................... 19 298,376 15,704 23.477 -0.113 ........... ........... ........... ...........
Mar-14............................... 21 564,840 26,897 24.015 0.538 ........... ........... ........... ...........
Apr-14............................... 21 263,401 12,543 23.252 -0.763 ........... ........... ........... ...........
May-14............................... 21 403,700 19,224 23.679 0.427 ........... ........... ........... ...........
Jun-14............................... 21 423,075 20,146 23.726 0.047 ........... ........... ........... ...........
Jul-14............................... 22 373,811 16,991 23.556 -0.170 ........... ........... ........... ...........
Aug-14............................... 21 405,017 19,287 23.683 0.127 ........... ........... ........... ...........
Sep-14............................... 21 409,349 19,493 23.693 0.011 ........... ........... ........... ...........
Oct-14............................... 23 338,832 14,732 23.413 -0.280 ........... ........... ........... ...........
Nov-14............................... 19 386,898 20,363 23.737 0.324 ........... ........... ........... ...........
Dec-14............................... 22 370,760 16,853 23.548 -0.189 ........... ........... ........... ...........
Jan-15............................... 20 394,127 19,706 23.704 0.156 ........... ........... ........... ...........
Feb-15............................... 19 466,138 24,534 23.923 0.219 ........... ........... ........... ...........
Mar-15............................... 22 753,747 34,261 24.257 0.334 ........... ........... ........... ...........
Apr-15............................... 21 356,560 16,979 23.555 -0.702 ........... ........... ........... ...........
May-15............................... 20 478,591 23,930 23.898 0.343 ........... ........... ........... ...........
Jun-15............................... 22 446,102 20,277 23.733 -0.166 ........... ........... ........... ...........
Jul-15............................... 22 402,062 18,276 23.629 -0.104 ........... ........... ........... ...........
Aug-15............................... 21 334,746 15,940 23.492 -0.137 ........... ........... ........... ...........
Sep-15............................... 21 289,872 13,803 23.348 -0.144 ........... ........... ........... ...........
Oct-15............................... 22 300,276 13,649 23.337 -0.011 ........... ........... ........... ...........
Nov-15............................... 20 409,690 20,485 23.743 0.406 ........... ........... ........... ...........
Dec-15............................... 22 308,569 14,026 23.364 -0.379 ........... ........... ........... ...........
Jan-16............................... 19 457,411 24,074 23.904 0.540 ........... ........... ........... ...........
Feb-16............................... 20 554,343 27,717 24.045 0.141 ........... ........... ........... ...........
Mar-16............................... 22 900,301 40,923 24.435 0.390 ........... ........... ........... ...........
Apr-16............................... 21 250,716 11,939 23.203 -1.232 ........... ........... ........... ...........
May-16............................... 21 409,992 19,523 23.695 0.492 ........... ........... ........... ...........
Jun-16............................... 22 321,219 14,601 23.404 -0.291 ........... ........... ........... ...........
Jul-16............................... 20 289,671 14,484 23.396 -0.008 ........... ........... ........... ...........
Aug-16............................... 23 352,068 15,307 23.452 0.055 ........... ........... ........... ...........
Sep-16............................... 21 326,116 15,529 23.466 0.014 ........... ........... ........... ...........
Oct-16............................... 21 266,115 12,672 23.263 -0.203 ........... ........... ........... ...........
Nov-16............................... 21 443,034 21,097 23.772 0.510 ........... ........... ........... ...........
Dec-16............................... 21 310,614 14,791 23.417 -0.355 ........... ........... ........... ...........
Jan-17............................... 20 503,030 25,152 23.948 0.531 ........... ........... ........... ...........
Feb-17............................... 19 255,815 13,464 23.323 -0.625 ........... ........... ........... ...........
Mar-17............................... 23 723,870 31,473 24.172 0.849 ........... ........... ........... ...........
Apr-17............................... 19 255,275 13,436 23.321 -0.851 ........... ........... ........... ...........
May-17............................... 22 569,965 25,908 23.978 0.657 ........... ........... ........... ...........
Jun-17............................... 22 445,081 20,231 23.730 -0.247 ........... ........... ........... ...........
Jul-17............................... 20 291,167 14,558 23.401 -0.329 ........... ........... ........... ...........
Aug-17............................... 23 263,981 11,477 23.164 -0.238 ........... ........... ........... ...........
Sep-17............................... 20 372,705 18,635 23.648 0.485 ........... ........... ........... ...........
Oct-17............................... 22 173,749 7,898 22.790 -0.858 ........... ........... ........... ...........
Nov-17............................... 21 377,262 17,965 23.612 0.822 ........... ........... ........... ...........
Dec-17............................... 20 281,126 14,056 23.366 -0.245 ........... ........... ........... ...........
Jan-18............................... 21 593,025 28,239 24.064 0.698 ........... ........... ........... ...........
Feb-18............................... 19 353,182 18,589 23.646 -0.418 ........... ........... ........... ...........
Mar-18............................... 21 685,784 32,656 24.209 0.563 ........... ........... ........... ...........
Apr-18............................... 21 367,569 17,503 23.586 -0.624 ........... ........... ........... ...........
May-18............................... 22 543,840 24,720 23.931 0.345 ........... ........... ........... ...........
Jun-18............................... 21 477,967 22,760 23.848 -0.083 ........... ........... ........... ...........
Jul-18............................... 21 327,710 15,605 23.471 -0.377 ........... ........... ........... ...........
[[Page 53894]]
Aug-18............................... 23 347,239 15,097 23.438 -0.033 ........... ........... ........... ...........
Sep-18............................... 19 259,874 13,678 23.339 -0.099 ........... ........... ........... ...........
Oct-18............................... 23 300,814 13,079 23.294 -0.045 ........... ........... ........... ...........
Nov-18............................... 21 447,767 21,322 23.783 0.489 ........... ........... ........... ...........
Dec-18............................... 19 276,130 14,533 23.400 -0.383 ........... ........... ........... ...........
Jan-19............................... 21 495,624 23,601 23.885 0.485 ........... ........... ........... ...........
Feb-19............................... 19 372,166 19,588 23.698 -0.186 ........... ........... ........... ...........
Mar-19............................... 21 604,813 28,801 24.084 0.385 ........... ........... ........... ...........
Apr-19............................... 21 267,737 12,749 23.269 -0.815 ........... ........... ........... ...........
May-19............................... 22 476,892 21,677 23.800 0.531 ........... ........... ........... ...........
Jun-19............................... 20 399,178 19,959 23.717 -0.083 ........... ........... ........... ...........
Jul-19............................... 22 359,438 16,338 23.517 -0.200 ........... ........... ........... ...........
Aug-19............................... 22 401,391 18,245 23.627 0.110 ........... ........... ........... ...........
Sep-19............................... 20 382,876 19,144 23.675 0.048 ........... ........... ........... ...........
Oct-19............................... 23 181,113 7,874 22.787 -0.888 ........... ........... ........... ...........
Nov-19............................... 20 553,889 27,694 24.044 1.258 ........... ........... ........... ...........
Dec-19............................... 21 438,062 20,860 23.761 -0.283 ........... ........... ........... ...........
Jan-20............................... 21 636,403 30,305 24.135 0.373 ........... ........... ........... ...........
Feb-20............................... 19 424,133 22,323 23.829 -0.306 ........... ........... ........... ...........
Mar-20............................... 22 409,403 18,609 23.647 -0.182 ........... ........... ........... ...........
Apr-20............................... 21 389,821 18,563 23.644 -0.002 ........... ........... ........... ...........
May-20............................... 20 731,835 36,592 24.323 0.679 ........... ........... ........... ...........
Jun-20............................... 22 650,219 29,555 24.110 -0.214 ........... ........... ........... ...........
Jul-20............................... 22 457,871 20,812 23.759 -0.351 ........... ........... ........... ...........
Aug-20............................... 21 ........... ........... ........... ........... 23.858 0.336 24,317 510,665
Sep-20............................... 21 ........... ........... ........... ........... 23.865 0.338 24,510 514,715
Oct-20............................... 22 ........... ........... ........... ........... 23.872 0.341 24,705 543,503
Nov-20............................... 20 ........... ........... ........... ........... 23.879 0.343 24,901 498,013
Dec-20............................... 22 ........... ........... ........... ........... 23.886 0.346 25,098 552,159
Jan-21............................... 19 ........... ........... ........... ........... 23.893 0.348 25,297 480,647
Feb-21............................... 19 ........... ........... ........... ........... 23.901 0.350 25,498 484,460
Mar-21............................... 23 ........... ........... ........... ........... 23.908 0.353 25,700 591,103
Apr-21............................... 21 ........... ........... ........... ........... 23.915 0.355 25,904 543,984
May-21............................... 20 ........... ........... ........... ........... 23.922 0.357 26,109 522,189
Jun-21............................... 22 ........... ........... ........... ........... 23.929 0.359 26,317 578,965
Jul-21............................... 21 ........... ........... ........... ........... 23.936 0.362 26,525 557,032
Aug-21............................... 22 ........... ........... ........... ........... 23.943 0.364 26,736 588,186
Sep-21............................... 21 ........... ........... ........... ........... 23.950 0.366 26,948 565,904
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BILLING CODE 8011-01-P
[[Page 53895]]
[GRAPHIC] [TIFF OMITTED] TN31AU20.001
[[Page 53896]]
[FR Doc. 2020-19079 Filed 8-28-20; 8:45 am]
BILLING CODE 8011-01-C
