Order Making Fiscal Year 2021 Annual Adjustments to Transaction Fee Rates, 6694-6700 [2021-01341]

Download as PDF 6694 Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices of the Act 70 and paragraph (f)(6) of Rule 19b–4 thereunder.71 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) 72 of the Act to determine whether the proposed rule change should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: jbell on DSKJLSW7X2PROD with NOTICES Electronic Comments • Use the Commission’s internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– IEX–2021–01 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to File Number SR–IEX–2021–01. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s internet website (http://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission’s Public Reference Room, 100 F Street NE, Washington, DC 20549 on official business days between the hours of 70 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4. 72 15 U.S.C. 78s(b)(2)(B). 71 17 VerDate Sep<11>2014 19:27 Jan 21, 2021 Jkt 253001 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal offices of the Exchange. All comments received will be posted without change. 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 SR–IEX–2021–01, and should be submitted on or before February 12, 2021. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.73 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–01402 Filed 1–21–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–90932/January 15, 2021] Order Making Fiscal Year 2021 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 73 17 CFR 200.30–3(a)(12). U.S.C. 78ee. 2 15 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). 1 15 PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 Commission for the applicable fiscal year.5 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 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021, which includes total appropriations of $1,926,162,000 to the SEC for fiscal year 2021. II. Fiscal Year 2021 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 2021 8 from an amount equal to the regular appropriation to the Commission for fiscal year 2021, 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, 2021, includes total appropriations of $1,926,162,000 to the Commission for fiscal year 2021.10 The 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.’’). 6 15 U.S.C. 78ee(g). 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, 2020. To calculate the dollar amount of covered sales from December, 2020 to the effective date of the new fee rate, the Commission is using the same methodology it used in fiscal year 2020. This methodology is described in Appendix A of this order. 8 OneChicago, LLC, the only reporting entity for single stock futures, ceased operations in September, 2020; its last R–31 report was filed in October, 2020. Accordingly, the forecast for the assessments for all of fiscal year 2021 for single stock futures is the reported assessments on single stock futures from September, 2020 by OneChicago, LLC. 9 To estimate the aggregate dollar amount of covered sales for the remainder of fiscal year 2021 following the effective date of the new fee rate, the Commission is using the same methodology it used previously. This methodology is described in Appendix A of this order. 10 The President signed into law the ‘‘Consolidated Appropriations Act, 2021’’ on December 27, 2020. This legislation included an E:\FR\FM\22JAN1.SGM 22JAN1 Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices Commission estimates that it will collect $1,514,646,590 in fees for the period prior to the effective date of the new fee rate and $494 in assessments on round turn transactions in security futures products during all of fiscal year 2021. Using the methodology described in Appendix A, the Commission estimates that the aggregate dollar amount of covered sales for the remainder of fiscal year 2021 to be $81,081,356,203,186. The uniform adjusted rate is computed by dividing the residual fees to be collected of $411,514,917 by the estimated aggregate dollar amount of covered sales for the remainder of fiscal year 2021 of $81,081,356,203,186; this results in a uniform adjusted rate for fiscal year 2021 of $5.10 per million.11 III. Effective Date of the Uniform Adjusted Rate Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2021 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, 2020, or 60 days after the date on which a regular appropriation to the Commission for fiscal year 2021 is enacted.12 The regular appropriation to the Commission for fiscal year 2021 was enacted on December 27, 2020, and accordingly, the new fee rates applicable under Sections 31(b) and (c) of the Exchange Act will take effect on February 25, 2021. IV. Conclusion jbell on DSKJLSW7X2PROD with NOTICES 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 $5.10 per $1,000,000 effective on February 25, 2021. appropriation of $1,894,835,000 to the SEC for fiscal year 2021 operations. The Act further directed that ‘‘[i]n addition to the foregoing appropriation, for move, replication, and related costs associated with a replacement lease for the Commission’s District of Columbia headquarters, not to exceed $18,650,000, to remain available until expended; and for move, replication, and related costs associated with a replacement lease for the Commission’s San Francisco Regional Office facilities, not to exceed $12,677,000, to remain available until expended.’’ The sum of these three amounts is $1,926,162,000. Finally, the Act further directed that ‘‘for purposes of calculating the fee rate under section 31(j) . . . all amounts appropriated under this heading shall be deemed to be the regular appropriation to the Commission for fiscal year 2021.’’ 11 Appendix A shows the process of calculating the fiscal year 2021 annual adjustment and includes the data used by the Commission in making this adjustment. 12 15 U.S.C. 78ee(j)(4)(A). VerDate Sep<11>2014 19:27 Jan 21, 2021 Jkt 253001 By the Commission. Jill M. Peterson, Assistant Secretary. Appendix A This appendix provides the methodology for determining the annual adjustment to the fee rates applicable under Sections 31(b) and (c) of the Exchange Act for fiscal year 2021. 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 2021. 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 2021 (less the sum of fees to be collected during fiscal year 2021 prior to the effective date of the new fee rate and aggregate assessments on security futures transactions during all of fiscal year 2021) 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 2021, 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 2020, the last month for which the Commission has data on the dollar volume of covered sales.13 The following sections describe this process in detail. A. Baseline Estimate of the Aggregate Dollar Amount of Covered Sales for Fiscal Year 2021 First, calculate the average daily dollar amount of covered sales (‘‘ADS’’) for each month in the sample (February 2010– November 2020). 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 13 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 27, 2020. The first business day after this date was December 28, 2020. Data for November 2020 were due from the exchanges on December 14, 2020. As a result, the Commission used November 2020 and earlier data to forecast volume for December 2020 and later months. PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 6695 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 (column C). The sample spans ten years, from February 2010–November 2020.14 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 9-month trailing moving average of ADS (shown in column E). For example, the value for October, 2011 is the average of the 9 months ending in October, 2011, or February 2011 through October 2011 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, 2011 is equal to the 9-month trailing moving average for September, 2011. The 2-month lag of the 9month trailing moving average for October, 2011 is equal to the 9-month trailing moving average for August 2011. These are shown in columns F and G. 4. Estimate the model using ordinary least squares: yt = a + b1 yt-1 + b2 yt-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 2month lags of yt, and ut representing the error term for month t. The model can be estimated using standard commercially available 14 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. E:\FR\FM\22JAN1.SGM 22JAN1 6696 Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices software. The estimated parameter values are a = ¥3,106,716,928, b1 = +1.574199, b2 = ¥0.560507. The root-mean squared error (RMSE) of the regression is 6,022,194,076. 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 2021. 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 1month 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 2020, 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 2020, using the a, b1, and b2 parameter estimates shown above, along with the 1-month and twomonth lags in the 9-month trailing moving average ADS (representing the 9-month trailing moving average ADS for November and October 2020, respectively), one can estimate the forecast 9-month trailing moving average ADS for December: –3,106,716,928 + (1.574199 × 527,000,127,996) + (¥0.560507 × 518,017,127,996) = 536,143,950,634. 7. With the estimated 9-month trailing moving average ADS for December 2020 calculated above, one can estimate the 9month trailing moving average ADS for January, 2021. 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 2021 is calculated as: –3,106,716,928+ (1.574199 × 536,143,950,634) + (¥0.560507 × 527,000,127,996) = 545,503,592,273. 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 2021 is obtained. This value is 618,941,650,406.15 This value is then used to calculate the final forecast total monthly covered sales for all 9 months from December 2020 through August 2021. 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, 2020 through February 24, 2021. The projected aggregate dollar amount of covered sales for this period is $68,536,044,778,746. Actual and projected fee collections at the current fee rate of $22.10 per million are $1,514,646,590. 2. Estimate the amount of assessments on security futures products collected from September 1, 2020 through August 31, 2021. The only entity reporting assessable security futures products ceased operations in September, 2020.16 Consequently, the estimated amount of assessments on security futures products collected from September 2020 through August 2021 is equal to the amount already reported, which is $493.87. 3. Subtract the amounts $1,514,646,590 and $493.87 from the target off-setting collection amount set by Congress of $1,926,162,000, leaving $411,514,917 to be collected on dollar volume for the period February 25, 2021 through August 31, 2021. 4. Use Table A to estimate dollar volume for the period February 25, 2021 through August 31, 2021. The estimate is $81,081,356,203,186. Finally, compute the fee rate required to produce the additional $411,514,917 in revenue. This rate is $411,514,917 divided by $81,081,356,203,186 or 0.00000507533. 5. Round the result to the seventh decimal point, yielding a rate of 0.0000051 (or $5.10 per million). This table summarizes the estimates of the aggregate dollar amount of covered sales, by time period. The figures in this table can be used to determine the new fee rate. TABLE A—BASELINE ESTIMATE OF THE AGGREGATE DOLLAR AMOUNT OF SALES Fee rate calculation jbell on DSKJLSW7X2PROD with NOTICES a. Baseline estimate of the aggregate dollar amount of sales, 09/01/2020 to 01/31/2021 ($Millions) .............................................. b. Baseline estimate of the aggregate dollar amount of sales, 02/01/2021 to 02/24/2021 ($Millions) .............................................. c. Baseline estimate of the aggregate dollar amount of sales, 02/25/2021 to 02/28/2021 ($Millions) .............................................. d. Baseline estimate of the aggregate dollar amount of sales, 03/01/2021 to 08/31/2021 ($Millions) .............................................. e. Estimated collections in assessments on security futures products in fiscal year 2021 ($Millions) .............................................. f. Implied fee rate (($1,926,162,000 ¥ $22.10*(a + b)¥e)/(c + d) .................................................................................................... Month Number of trading days in month (A) (B) 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 ................................. Total dollar amount of sales Average daily dollar amount of sales (ADS) (C) 19 23 21 20 22 21 22 21 21 21 22 20 19 23 20 21 22 20 23 21 21 21 21 20 20 22 (D) $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 $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 15 One obtains insignificantly different values using the rounded parameter estimates shown above. The predicted ADS values displayed above represents the full precision estimate. VerDate Sep<11>2014 19:27 Jan 21, 2021 Jkt 253001 9-Month trailing moving average ADS 1 Month lag of 9-month trailing moving average ADS Forecast 9-month trailing moving average ADS Forecast total dollar amount of sales (E) (F) (G) (H) (I) ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ $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 ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ $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 ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ $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 ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ 16 OneChicago, LLC, the only reporting entity for single stock futures, ceased operations in September, 2020; its last R–31 report was filed in October, 2020. Accordingly, the forecast for the PO 00000 2 Month lag of 9-month trailing moving average ADS $58,014,037 10,522,008 1,237,883 79,843,473 0.026 5.0 Frm 00085 Fmt 4703 Sfmt 4703 assessments for all of fiscal year 2021 for single stock futures is the reported assessments on single stock futures from September, 2020 by OneChicago, LLC. E:\FR\FM\22JAN1.SGM 22JAN1 6697 jbell on DSKJLSW7X2PROD with NOTICES Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices Month Number of trading days in month (A) (B) Apr-12 ................................. May-12 ................................ Jun-12 ................................. Jul-12 .................................. Aug-12 ................................. Sep-12 ................................. Oct-12 ................................. Nov-12 ................................. Dec-12 ................................. Jan-13 ................................. Feb-13 ................................. Mar-13 ................................. Apr-13 ................................. May-13 ................................ Jun-13 ................................. Jul-13 .................................. Aug-13 ................................. Sep-13 ................................. Oct-13 ................................. Nov-13 ................................. Dec-13 ................................. Jan-14 ................................. Feb-14 ................................. Mar-14 ................................. Apr-14 ................................. May-14 ................................ Jun-14 ................................. Jul-14 .................................. Aug-14 ................................. Sep-14 ................................. Oct-14 ................................. Nov-14 ................................. Dec-14 ................................. Jan-15 ................................. Feb-15 ................................. Mar-15 ................................. Apr-15 ................................. May-15 ................................ Jun-15 ................................. Jul-15 .................................. Aug-15 ................................. Sep-15 ................................. Oct-15 ................................. Nov-15 ................................. Dec-15 ................................. Jan-16 ................................. Feb-16 ................................. Mar-16 ................................. Apr-16 ................................. May-16 ................................ Jun-16 ................................. Jul-16 .................................. Aug-16 ................................. Sep-16 ................................. Oct-16 ................................. Nov-16 ................................. Dec-16 ................................. Jan-17 ................................. Feb-17 ................................. Mar-17 ................................. Apr-17 ................................. May-17 ................................ Jun-17 ................................. 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 ................................. Sep-20 ................................. Oct-20 ................................. Nov-20 ................................. Dec-20 ................................. Jan-21 ................................. Feb-21 ................................. VerDate Sep<11>2014 20 22 21 21 23 19 21 21 20 21 19 20 22 22 20 22 22 20 23 20 21 21 19 21 21 21 21 22 21 21 23 19 22 20 19 22 21 20 22 22 21 21 22 20 22 19 20 22 21 21 22 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 21 22 20 22 19 19 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 Forecast 9-month trailing moving average ADS Forecast total dollar amount of sales (C) (D) (E) (F) (G) (H) (I) 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 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 7,242,077,467,361 7,936,783,802,579 6,807,593,326,456 7,363,115,477,823 6,781,988,459,996 10,133,514,482,168 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 6,958,132,871,506 7,235,982,824,882 6,784,888,230,209 7,252,856,724,647 8,178,172,797,805 8,951,554,790,521 16,218,726,536,159 10,289,596,902,933 9,435,524,799,540 12,093,857,552,130 10,355,334,352,448 9,763,364,099,611 11,545,568,415,944 10,052,383,756,890 11,039,476,882,364 ........................................ ........................................ ........................................ 254,211,969,828 255,074,456,972 243,899,852,208 217,500,919,732 200,939,038,467 242,026,313,825 242,627,408,967 216,565,855,919 237,246,137,718 241,885,896,071 252,666,501,426 245,885,091,993 247,789,028,958 258,263,128,721 281,177,273,111 231,084,614,080 223,891,417,868 247,959,881,336 257,774,088,216 259,101,230,602 250,727,761,627 276,604,767,347 316,785,627,950 288,981,778,238 286,378,521,597 250,742,592,729 245,690,809,032 243,822,707,612 241,682,483,223 262,283,017,297 338,984,262,430 281,097,211,984 298,141,366,733 309,280,977,052 301,238,065,034 290,683,922,602 267,883,252,286 276,067,598,619 272,978,248,218 295,166,832,518 331,614,345,203 306,404,608,138 299,663,395,822 291,141,200,797 290,197,158,127 352,424,199,792 332,993,945,437 280,088,352,479 263,860,808,968 271,120,019,767 287,146,038,762 266,589,863,063 245,042,461,208 282,955,823,189 260,043,170,175 325,966,086,185 295,646,660,999 279,910,045,380 286,496,137,344 289,646,170,197 269,300,738,605 286,628,293,667 311,590,595,346 269,716,653,526 269,834,995,951 296,994,308,476 278,842,251,768 299,511,836,233 333,609,066,150 365,347,079,872 459,232,655,928 393,559,762,430 356,681,352,497 329,185,339,426 377,942,085,837 324,171,110,784 320,135,455,558 356,946,761,052 440,587,586,181 400,707,041,057 477,643,249,144 379,079,268,750 351,389,034,381 372,808,538,663 328,948,717,909 358,866,089,852 353,529,172,103 308,764,150,896 366,342,154,590 347,906,643,575 314,607,948,908 339,244,411,510 345,374,129,745 389,436,799,895 471,134,462,659 737,214,842,553 489,980,804,902 471,776,239,977 549,720,797,824 470,697,016,020 464,922,099,981 549,788,972,188 456,926,534,404 551,973,844,118 ........................................ ........................................ ........................................ 274,746,950,124 260,960,214,052 254,496,292,087 246,053,151,085 239,311,422,695 239,653,673,143 240,353,817,437 236,573,009,683 234,454,661,515 233,085,097,764 232,817,547,148 233,038,129,346 236,403,474,816 242,772,818,178 247,122,924,765 245,840,392,000 246,654,343,327 247,844,759,285 249,610,113,968 250,325,083,876 250,863,158,280 254,064,906,990 260,567,406,904 261,434,574,140 267,578,341,642 270,561,805,516 270,309,686,371 268,759,532,970 266,824,116,595 268,108,033,892 275,039,088,901 271,073,709,349 272,091,441,404 274,636,158,677 280,246,766,711 285,246,001,552 287,919,395,405 291,739,963,782 292,928,322,773 288,059,719,450 293,672,734,252 294,590,872,186 293,522,252,049 292,400,378,245 292,346,293,303 301,739,731,915 308,064,881,562 308,854,893,146 305,376,446,085 298,654,854,370 296,515,013,328 292,840,176,355 287,718,094,178 286,913,501,407 276,648,942,561 275,868,069,311 277,596,770,257 279,380,018,748 281,088,476,256 281,366,268,638 281,667,477,031 286,288,125,082 289,469,766,433 290,544,597,917 284,307,810,113 284,457,548,721 284,338,904,987 285,785,093,752 290,669,859,969 301,341,675,665 320,519,938,139 329,627,623,370 339,290,367,701 345,884,850,309 354,879,047,793 359,915,587,684 362,207,100,942 364,800,178,154 373,160,234,410 366,657,388,314 375,999,997,948 378,488,655,310 380,955,732,527 380,385,338,397 380,916,183,633 385,219,587,443 384,839,855,338 370,192,806,973 366,374,486,254 351,959,307,858 344,795,827,875 343,446,425,334 340,398,157,677 347,119,055,675 359,593,319,320 402,225,060,481 422,360,244,260 434,075,142,636 456,498,937,553 473,842,167,232 487,806,354,840 510,519,115,111 518,017,974,501 527,000,127,996 ........................................ ........................................ ........................................ 275,332,741,808 274,746,950,124 260,960,214,052 254,496,292,087 246,053,151,085 239,311,422,695 239,653,673,143 240,353,817,437 236,573,009,683 234,454,661,515 233,085,097,764 232,817,547,148 233,038,129,346 236,403,474,816 242,772,818,178 247,122,924,765 245,840,392,000 246,654,343,327 247,844,759,285 249,610,113,968 250,325,083,876 250,863,158,280 254,064,906,990 260,567,406,904 261,434,574,140 267,578,341,642 270,561,805,516 270,309,686,371 268,759,532,970 266,824,116,595 268,108,033,892 275,039,088,901 271,073,709,349 272,091,441,404 274,636,158,677 280,246,766,711 285,246,001,552 287,919,395,405 291,739,963,782 292,928,322,773 288,059,719,450 293,672,734,252 294,590,872,186 293,522,252,049 292,400,378,245 292,346,293,303 301,739,731,915 308,064,881,562 308,854,893,146 305,376,446,085 298,654,854,370 296,515,013,328 292,840,176,355 287,718,094,178 286,913,501,407 276,648,942,561 275,868,069,311 277,596,770,257 279,380,018,748 281,088,476,256 281,366,268,638 281,667,477,031 286,288,125,082 289,469,766,433 290,544,597,917 284,307,810,113 284,457,548,721 284,338,904,987 285,785,093,752 290,669,859,969 301,341,675,665 320,519,938,139 329,627,623,370 339,290,367,701 345,884,850,309 354,879,047,793 359,915,587,684 362,207,100,942 364,800,178,154 373,160,234,410 366,657,388,314 375,999,997,948 378,488,655,310 380,955,732,527 380,385,338,397 380,916,183,633 385,219,587,443 384,839,855,338 370,192,806,973 366,374,486,254 351,959,307,858 344,795,827,875 343,446,425,334 340,398,157,677 347,119,055,675 359,593,319,320 402,225,060,481 422,360,244,260 434,075,142,636 456,498,937,553 473,842,167,232 487,806,354,840 510,519,115,111 518,017,974,501 527,000,127,996 ........................................ ........................................ 276,248,052,552 275,332,741,808 274,746,950,124 260,960,214,052 254,496,292,087 246,053,151,085 239,311,422,695 239,653,673,143 240,353,817,437 236,573,009,683 234,454,661,515 233,085,097,764 232,817,547,148 233,038,129,346 236,403,474,816 242,772,818,178 247,122,924,765 245,840,392,000 246,654,343,327 247,844,759,285 249,610,113,968 250,325,083,876 250,863,158,280 254,064,906,990 260,567,406,904 261,434,574,140 267,578,341,642 270,561,805,516 270,309,686,371 268,759,532,970 266,824,116,595 268,108,033,892 275,039,088,901 271,073,709,349 272,091,441,404 274,636,158,677 280,246,766,711 285,246,001,552 287,919,395,405 291,739,963,782 292,928,322,773 288,059,719,450 293,672,734,252 294,590,872,186 293,522,252,049 292,400,378,245 292,346,293,303 301,739,731,915 308,064,881,562 308,854,893,146 305,376,446,085 298,654,854,370 296,515,013,328 292,840,176,355 287,718,094,178 286,913,501,407 276,648,942,561 275,868,069,311 277,596,770,257 279,380,018,748 281,088,476,256 281,366,268,638 281,667,477,031 286,288,125,082 289,469,766,433 290,544,597,917 284,307,810,113 284,457,548,721 284,338,904,987 285,785,093,752 290,669,859,969 301,341,675,665 320,519,938,139 329,627,623,370 339,290,367,701 345,884,850,309 354,879,047,793 359,915,587,684 362,207,100,942 364,800,178,154 373,160,234,410 366,657,388,314 375,999,997,948 378,488,655,310 380,955,732,527 380,385,338,397 380,916,183,633 385,219,587,443 384,839,855,338 370,192,806,973 366,374,486,254 351,959,307,858 344,795,827,875 343,446,425,334 340,398,157,677 347,119,055,675 359,593,319,320 402,225,060,481 422,360,244,260 434,075,142,636 456,498,937,553 473,842,167,232 487,806,354,840 510,519,115,111 518,017,974,501 527,000,127,996 ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ $618,941,650,406 618,941,650,406 618,941,650,406 ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ $13,616,716,308,932 11,759,891,357,714 11,759,891,357,714 19:27 Jan 21, 2021 Jkt 253001 PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 E:\FR\FM\22JAN1.SGM 22JAN1 6698 Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices Month Number of trading days in month (A) (B) jbell on DSKJLSW7X2PROD with NOTICES Mar-21 ................................. Apr-21 ................................. May-21 ................................ Jun-21 ................................. Jul-21 .................................. Aug-21 ................................. VerDate Sep<11>2014 23 21 20 22 21 22 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 (C) (D) (E) (F) (G) ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ 19:27 Jan 21, 2021 Jkt 253001 PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 E:\FR\FM\22JAN1.SGM Forecast 9-month trailing moving average ADS (H) 22JAN1 618,941,650,406 618,941,650,406 618,941,650,406 618,941,650,406 618,941,650,406 618,941,650,406 Forecast total dollar amount of sales (I) 14,235,657,959,338 12,997,774,658,526 12,378,833,008,120 13,616,716,308,932 12,997,774,658,526 13,616,716,308,932 VerDate Sep<11>2014 19:27 Jan 21, 2021 Jkt 253001 PO 00000 Frm 00088 Fmt 4703 Sfmt 9990 E:\FR\FM\22JAN1.SGM 22JAN1 6699 EN22JA21.008</GPH> jbell on DSKJLSW7X2PROD with NOTICES Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices 6700 Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change [FR Doc. 2021–01341 Filed 1–21–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION 1. Purpose [Release No. 34–90936; File No. SR–BX– 2021–001] Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the BX Options Pricing Schedule January 15, 2021. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on January 4, 2021, Nasdaq BX, Inc. (‘‘BX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the BX Options Pricing Schedule at Options 7. The text of the proposed rule change is available on the Exchange’s website at https://listingcenter.nasdaq.com/ rulebook/bx/rules, at the principal office of the Exchange, and at the Commission’s Public Reference Room. jbell on DSKJLSW7X2PROD 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 Exchange 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 these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Sep<11>2014 19:27 Jan 21, 2021 Jkt 253001 Today, Lead Market Makers (‘‘LMMs’’) 3 are assessed the same fees and rebates in Options 7, Section 2 as BX Options Market Makers.4 The purpose of the proposed rule change is to amend Options 7, Section 2 to (i) increase the LMM Rebate to Add Liquidity, (ii) decrease the LMM Fee to Add Liquidity, and (iii) restructure the existing pricing schedules to add separate pricing for LMMs, which will apply in each case to LMMs in their specifically appointed options classes. As described in detail below, while the Exchange is proposing to add separate pricing for LMMs in the existing schedules, LMMs will continue to be assessed the same BX Options Market Makers fees and rebates in their specifically allocated options classes under this proposal except with respect to the proposed LMM Rebate to Add Liquidity and proposed LMM Fee to Add Liquidity. The Exchange also proposes to amend its Opening Cross 5 pricing provisions in Options 7, Section 2(2) to correct an inadvertent omission. Lastly, the Exchange proposes various technical, non-substantive changes throughout Options 7, including to update cross-cites to obsolete rules. The proposed changes respond in part to the current competitive environment where market participants have a choice of where to direct order flow by incentivizing LMMs to increase their liquidity provision on the Exchange. LMM Rebate To Add Liquidity Today, as set forth in Options 7, Section 2(1), LMMs are provided the $0.10 per contract BX Options Market Maker Rebate to Add Liquidity in Penny Symbols in their specifically allocated options classes. This rebate is provided only when the LMM is contra to a Non3 The term ‘‘Lead Market Maker’’ or (‘‘LMM’’) applies to a registered BX Options Market Maker that is approved pursuant to Options 2, Section 3 to be the LMM in an options class (options classes). 4 The term ‘‘BX Options Market Maker’’ or (‘‘M’’) is a Participant that has registered as a Market Maker on BX Options pursuant to Options 2, Section 1, and must also remain in good standing pursuant to Options 2, Section 9. In order to receive Market Maker pricing in all securities, the Participant must be registered as a BX Options Market Maker in at least one security. 5 See Options 3, Section 8. PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 Customer,6 Firm,7 or BX Options Market Maker (including LMMs).8 The Exchange now proposes to increase this rebate to $0.11 per contract for LMMs only. This rebate will apply to LMMs in their specifically allocated options classes, and will have the same qualifications as the existing BX Options Market Maker rebate in that the incentive will only be provided to LMMs that are contra to Non-Customers, Firms, BX Options Market Makers, or LMMs. To effect this change, the Exchange proposes to set forth the LMM Rebate to Add Liquidity in Penny Symbols in a separate pricing column in Options 7, Section 2(1). The Exchange will also amend the rebate qualifications in note 2 of Options 7, Section 2(1) to include LMMs. As amended, note 2 will provide that the Rebate to Add Liquidity will be paid to a BX Options Market Maker or a Lead Market Maker only when the BX Options Market Maker or Lead Market Maker is contra to a NonCustomer, Firm, BX Options Market Maker, or Lead Market Maker. LMM Fee To Add Liquidity Today, as set forth in Options 7, Section 2(1), LMMs are charged the $0.39 per contract BX Options Market Maker Fee to Add Liquidity in Penny Symbols in their specifically allocated options classes. Pursuant to note 3 of Options 7, Section 2(1), this fee is assessed only when the LMM is contra to a Customer.9 The Exchange now proposes to decrease this fee to $0.38 per contract for LMMs only. This fee will apply to LMMs in their specifically allocated options classes, and will have the same qualifications as the existing BX Options Market Maker fee in that the fee only will be assessed to LMMs that are contra to Customers. To effect this change, the Exchange proposes to set forth the LMM Fee to Add Liquidity in Penny Symbols in a separate pricing column in Options 7, Section 2(1). The Exchange will also amend the fee qualifications in note 3 of Options 7, Section 2(1) to include LMMs. As amended, note 3 will provide that the Fee to Add Liquidity will be assessed to a BX Options Market Maker or a Lead 6 A Non-Customer includes a Professional, Broker-Dealer and Non-BX Options Market Maker. 7 The term ‘‘Firm’’ or (‘‘F’’) applies to any transaction that is identified by a Participant for clearing in the Firm range at OCC. 8 See Options 7, Section 2(1), note 2. 9 The term ‘‘Customer’’ or (‘‘C’’) applies to any transaction that is identified by a Participant for clearing in the Customer range at The Options Clearing Corporation (‘‘OCC’’) which is not for the account of broker or dealer or for the account of a ‘‘Professional’’ (as that term is defined in Options 1, Section 1(a)(48)). E:\FR\FM\22JAN1.SGM 22JAN1

Agencies

[Federal Register Volume 86, Number 13 (Friday, January 22, 2021)]
[Notices]
[Pages 6694-6700]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-01341]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90932/January 15, 2021]


Order Making Fiscal Year 2021 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\
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    \1\ 15 U.S.C. 78ee.
    \2\ 15 U.S.C. 78ee(b).
    \3\ 15 U.S.C. 78ee(c).
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    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\
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    \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.'').
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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 27, 2020, the President signed into law the 
Consolidated Appropriations Act, 2021, which includes total 
appropriations of $1,926,162,000 to the SEC for fiscal year 2021.
---------------------------------------------------------------------------

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

II. Fiscal Year 2021 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 2021 \8\ from an amount equal to the regular appropriation to the 
Commission for fiscal year 2021, 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, 2020. To calculate 
the dollar amount of covered sales from December, 2020 to the 
effective date of the new fee rate, the Commission is using the same 
methodology it used in fiscal year 2020. This methodology is 
described in Appendix A of this order.
    \8\ OneChicago, LLC, the only reporting entity for single stock 
futures, ceased operations in September, 2020; its last R-31 report 
was filed in October, 2020. Accordingly, the forecast for the 
assessments for all of fiscal year 2021 for single stock futures is 
the reported assessments on single stock futures from September, 
2020 by OneChicago, LLC.
    \9\ To estimate the aggregate dollar amount of covered sales for 
the remainder of fiscal year 2021 following the effective date of 
the new fee rate, the Commission is using the same methodology it 
used previously. This methodology is described in Appendix A of this 
order.
---------------------------------------------------------------------------

    As noted above, the Consolidated Appropriations Act, 2021, includes 
total appropriations of $1,926,162,000 to the Commission for fiscal 
year 2021.\10\ The

[[Page 6695]]

Commission estimates that it will collect $1,514,646,590 in fees for 
the period prior to the effective date of the new fee rate and $494 in 
assessments on round turn transactions in security futures products 
during all of fiscal year 2021. Using the methodology described in 
Appendix A, the Commission estimates that the aggregate dollar amount 
of covered sales for the remainder of fiscal year 2021 to be 
$81,081,356,203,186.
---------------------------------------------------------------------------

    \10\ The President signed into law the ``Consolidated 
Appropriations Act, 2021'' on December 27, 2020. This legislation 
included an appropriation of $1,894,835,000 to the SEC for fiscal 
year 2021 operations. The Act further directed that ``[i]n addition 
to the foregoing appropriation, for move, replication, and related 
costs associated with a replacement lease for the Commission's 
District of Columbia headquarters, not to exceed $18,650,000, to 
remain available until expended; and for move, replication, and 
related costs associated with a replacement lease for the 
Commission's San Francisco Regional Office facilities, not to exceed 
$12,677,000, to remain available until expended.'' The sum of these 
three amounts is $1,926,162,000. Finally, the Act further directed 
that ``for purposes of calculating the fee rate under section 31(j) 
. . . all amounts appropriated under this heading shall be deemed to 
be the regular appropriation to the Commission for fiscal year 
2021.''
---------------------------------------------------------------------------

    The uniform adjusted rate is computed by dividing the residual fees 
to be collected of $411,514,917 by the estimated aggregate dollar 
amount of covered sales for the remainder of fiscal year 2021 of 
$81,081,356,203,186; this results in a uniform adjusted rate for fiscal 
year 2021 of $5.10 per million.\11\
---------------------------------------------------------------------------

    \11\ Appendix A shows the process of calculating the fiscal year 
2021 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 2021 
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, 
2020, or 60 days after the date on which a regular appropriation to the 
Commission for fiscal year 2021 is enacted.\12\ The regular 
appropriation to the Commission for fiscal year 2021 was enacted on 
December 27, 2020, and accordingly, the new fee rates applicable under 
Sections 31(b) and (c) of the Exchange Act will take effect on February 
25, 2021.
---------------------------------------------------------------------------

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

IV. Conclusion

    Accordingly, pursuant to Section 31 of the Exchange Act,
    It is hereby ordered that the fee rates applicable under Sections 
31(b) and (c) of the Exchange Act shall be $5.10 per $1,000,000 
effective on February 25, 2021.

    By the Commission.
Jill M. Peterson,
Assistant Secretary.

Appendix A

    This appendix provides the methodology for determining the 
annual adjustment to the fee rates applicable under Sections 31(b) 
and (c) of the Exchange Act for fiscal year 2021. 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 2021.
    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 2021 (less the 
sum of fees to be collected during fiscal year 2021 prior to the 
effective date of the new fee rate and aggregate assessments on 
security futures transactions during all of fiscal year 2021) 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 2021, 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 2020, 
the last month for which the Commission has data on the dollar 
volume of covered sales.\13\
---------------------------------------------------------------------------

    \13\ 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 27, 2020. The first business 
day after this date was December 28, 2020. Data for November 2020 
were due from the exchanges on December 14, 2020. As a result, the 
Commission used November 2020 and earlier data to forecast volume 
for December 2020 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 2021

    First, calculate the average daily dollar amount of covered 
sales (``ADS'') for each month in the sample (February 2010-November 
2020). 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 (column C). The sample spans ten years, from February 
2010-November 2020.\14\ 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).
---------------------------------------------------------------------------

    \14\ 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, 2011 is the average of the 9 months ending in October, 
2011, or February 2011 through October 2011 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, 2011 is equal to the 9-month trailing moving 
average for September, 2011. The 2-month lag of the 9-month trailing 
moving average for October, 2011 is equal to the 9-month trailing 
moving average for August 2011. These are shown in columns F and G.
    4. Estimate the model using ordinary least squares:

yt = [alpha] + [beta]1 yt-1 + 
[beta]2 yt-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

[[Page 6696]]

software. The estimated parameter values are a = -3,106,716,928, 
b1 = +1.574199, b2 = -0.560507. The root-mean 
squared error (RMSE) of the regression is 6,022,194,076.
    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 2021. 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 2020, 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 2020, using the a, b1, 
and b2 parameter estimates 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 2020, respectively), one can estimate the forecast 9-
month trailing moving average ADS for December: -3,106,716,928 + 
(1.574199 x 527,000,127,996) + (-0.560507 x 518,017,127,996) = 
536,143,950,634.
    7. With the estimated 9-month trailing moving average ADS for 
December 2020 calculated above, one can estimate the 9-month 
trailing moving average ADS for January, 2021. 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 2021 is calculated as: -3,106,716,928+ 
(1.574199 x 536,143,950,634) + (-0.560507 x 527,000,127,996) = 
545,503,592,273.
    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 2021 is obtained. 
This value is 618,941,650,406.\15\ This value is then used to 
calculate the final forecast total monthly covered sales for all 9 
months from December 2020 through August 2021.
---------------------------------------------------------------------------

    \15\ 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, 2020 through February 24, 2021. The projected aggregate 
dollar amount of covered sales for this period is 
$68,536,044,778,746. Actual and projected fee collections at the 
current fee rate of $22.10 per million are $1,514,646,590.
    2. Estimate the amount of assessments on security futures 
products collected from September 1, 2020 through August 31, 2021. 
The only entity reporting assessable security futures products 
ceased operations in September, 2020.\16\ Consequently, the 
estimated amount of assessments on security futures products 
collected from September 2020 through August 2021 is equal to the 
amount already reported, which is $493.87.
---------------------------------------------------------------------------

    \16\ OneChicago, LLC, the only reporting entity for single stock 
futures, ceased operations in September, 2020; its last R-31 report 
was filed in October, 2020. Accordingly, the forecast for the 
assessments for all of fiscal year 2021 for single stock futures is 
the reported assessments on single stock futures from September, 
2020 by OneChicago, LLC.
---------------------------------------------------------------------------

    3. Subtract the amounts $1,514,646,590 and $493.87 from the 
target off-setting collection amount set by Congress of 
$1,926,162,000, leaving $411,514,917 to be collected on dollar 
volume for the period February 25, 2021 through August 31, 2021.
    4. Use Table A to estimate dollar volume for the period February 
25, 2021 through August 31, 2021. The estimate is 
$81,081,356,203,186. Finally, compute the fee rate required to 
produce the additional $411,514,917 in revenue. This rate is 
$411,514,917 divided by $81,081,356,203,186 or 0.00000507533.
    5. Round the result to the seventh decimal point, yielding a 
rate of 0.0000051 (or $5.10 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.

   Table A--Baseline Estimate of the Aggregate Dollar Amount of Sales
------------------------------------------------------------------------
                  Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate dollar amount of       $58,014,037
 sales, 09/01/2020 to 01/31/2021 ($Millions)............
b. Baseline estimate of the aggregate dollar amount of        10,522,008
 sales, 02/01/2021 to 02/24/2021 ($Millions)............
c. Baseline estimate of the aggregate dollar amount of         1,237,883
 sales, 02/25/2021 to 02/28/2021 ($Millions)............
d. Baseline estimate of the aggregate dollar amount of        79,843,473
 sales, 03/01/2021 to 08/31/2021 ($Millions)............
e. Estimated collections in assessments on security                0.026
 futures products in fiscal year 2021 ($Millions).......
f. Implied fee rate (($1,926,162,000 - $22.10*(a + b)-e)/            5.0
 (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         amount of sales
                                                  month                                                                                          ADS                      ADS                 average  ADS
(A)                                                   (B)                      (C)                      (D)                      (E)                      (F)                      (G)                      (H)                      (I)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Feb-10........................................         19       $4,969,848,578,023         $261,570,977,791  .......................  .......................  .......................  .......................  .......................
Mar-10........................................         23        5,563,529,823,621          241,892,601,027  .......................  .......................  .......................  .......................  .......................
Apr-10........................................         21        5,546,445,874,917          264,116,470,234  .......................  .......................  .......................  .......................  .......................
May-10........................................         20        7,260,430,376,294          363,021,518,815  .......................  .......................  .......................  .......................  .......................
Jun-10........................................         22        6,124,776,349,285          278,398,924,967  .......................  .......................  .......................  .......................  .......................
Jul-10........................................         21        5,058,242,097,334          240,868,671,302  .......................  .......................  .......................  .......................  .......................
Aug-10........................................         22        4,765,828,263,463          216,628,557,430  .......................  .......................  .......................  .......................  .......................
Sep-10........................................         21        4,640,722,344,586          220,986,778,314  .......................  .......................  .......................  .......................  .......................
Oct-10........................................         21        5,138,411,712,272          244,686,272,013         $259,130,085,766  .......................  .......................  .......................  .......................
Nov-10........................................         21        5,279,700,881,901          251,414,327,710          258,001,569,090         $259,130,085,766  .......................  .......................  .......................
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  .......................  .......................

[[Page 6697]]

 
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  .......................  .......................
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        7,242,077,467,361          329,185,339,426          345,884,850,309          339,290,367,701          329,627,623,370  .......................  .......................
Jun-18........................................         21        7,936,783,802,579          377,942,085,837          354,879,047,793          345,884,850,309          339,290,367,701  .......................  .......................
Jul-18........................................         21        6,807,593,326,456          324,171,110,784          359,915,587,684          354,879,047,793          345,884,850,309  .......................  .......................
Aug-18........................................         23        7,363,115,477,823          320,135,455,558          362,207,100,942          359,915,587,684          354,879,047,793  .......................  .......................
Sep-18........................................         19        6,781,988,459,996          356,946,761,052          364,800,178,154          362,207,100,942          359,915,587,684  .......................  .......................
Oct-18........................................         23       10,133,514,482,168          440,587,586,181          373,160,234,410          364,800,178,154          362,207,100,942  .......................  .......................
Nov-18........................................         21        8,414,847,862,204          400,707,041,057          366,657,388,314          373,160,234,410          364,800,178,154  .......................  .......................
Dec-18........................................         19        9,075,221,733,736          477,643,249,144          375,999,997,948          366,657,388,314          373,160,234,410  .......................  .......................
Jan-19........................................         21        7,960,664,643,749          379,079,268,750          378,488,655,310          375,999,997,948          366,657,388,314  .......................  .......................
Feb-19........................................         19        6,676,391,653,247          351,389,034,381          380,955,732,527          378,488,655,310          375,999,997,948  .......................  .......................
Mar-19........................................         21        7,828,979,311,928          372,808,538,663          380,385,338,397          380,955,732,527          378,488,655,310  .......................  .......................
Apr-19........................................         21        6,907,923,076,080          328,948,717,909          380,916,183,633          380,385,338,397          380,955,732,527  .......................  .......................
May-19........................................         22        7,895,053,976,747          358,866,089,852          385,219,587,443          380,916,183,633          380,385,338,397  .......................  .......................
Jun-19........................................         20        7,070,583,442,058          353,529,172,103          384,839,855,338          385,219,587,443          380,916,183,633  .......................  .......................
Jul-19........................................         22        6,792,811,319,721          308,764,150,896          370,192,806,973          384,839,855,338          385,219,587,443  .......................  .......................
Aug-19........................................         22        8,059,527,400,976          366,342,154,590          366,374,486,254          370,192,806,973          384,839,855,338  .......................  .......................
Sep-19........................................         20        6,958,132,871,506          347,906,643,575          351,959,307,858          366,374,486,254          370,192,806,973  .......................  .......................
Oct-19........................................         23        7,235,982,824,882          314,607,948,908          344,795,827,875          351,959,307,858          366,374,486,254  .......................  .......................
Nov-19........................................         20        6,784,888,230,209          339,244,411,510          343,446,425,334          344,795,827,875          351,959,307,858  .......................  .......................
Dec-19........................................         21        7,252,856,724,647          345,374,129,745          340,398,157,677          343,446,425,334          344,795,827,875  .......................  .......................
Jan-20........................................         21        8,178,172,797,805          389,436,799,895          347,119,055,675          340,398,157,677          343,446,425,334  .......................  .......................
Feb-20........................................         19        8,951,554,790,521          471,134,462,659          359,593,319,320          347,119,055,675          340,398,157,677  .......................  .......................
Mar-20........................................         22       16,218,726,536,159          737,214,842,553          402,225,060,481          359,593,319,320          347,119,055,675  .......................  .......................
Apr-20........................................         21       10,289,596,902,933          489,980,804,902          422,360,244,260          402,225,060,481          359,593,319,320  .......................  .......................
May-20........................................         20        9,435,524,799,540          471,776,239,977          434,075,142,636          422,360,244,260          402,225,060,481  .......................  .......................
Jun-20........................................         22       12,093,857,552,130          549,720,797,824          456,498,937,553          434,075,142,636          422,360,244,260  .......................  .......................
Jul-20........................................         22       10,355,334,352,448          470,697,016,020          473,842,167,232          456,498,937,553          434,075,142,636  .......................  .......................
Aug-20........................................         21        9,763,364,099,611          464,922,099,981          487,806,354,840          473,842,167,232          456,498,937,553  .......................  .......................
Sep-20........................................         21       11,545,568,415,944          549,788,972,188          510,519,115,111          487,806,354,840          473,842,167,232  .......................  .......................
Oct-20........................................         22       10,052,383,756,890          456,926,534,404          518,017,974,501          510,519,115,111          487,806,354,840  .......................  .......................
Nov-20........................................         20       11,039,476,882,364          551,973,844,118          527,000,127,996          518,017,974,501          510,519,115,111  .......................  .......................
Dec-20........................................         22  .......................  .......................  .......................          527,000,127,996          518,017,974,501         $618,941,650,406      $13,616,716,308,932
Jan-21........................................         19  .......................  .......................  .......................  .......................          527,000,127,996          618,941,650,406       11,759,891,357,714
Feb-21........................................         19  .......................  .......................  .......................  .......................  .......................          618,941,650,406       11,759,891,357,714

[[Page 6698]]

 
Mar-21........................................         23  .......................  .......................  .......................  .......................  .......................          618,941,650,406       14,235,657,959,338
Apr-21........................................         21  .......................  .......................  .......................  .......................  .......................          618,941,650,406       12,997,774,658,526
May-21........................................         20  .......................  .......................  .......................  .......................  .......................          618,941,650,406       12,378,833,008,120
Jun-21........................................         22  .......................  .......................  .......................  .......................  .......................          618,941,650,406       13,616,716,308,932
Jul-21........................................         21  .......................  .......................  .......................  .......................  .......................          618,941,650,406       12,997,774,658,526
Aug-21........................................         22  .......................  .......................  .......................  .......................  .......................          618,941,650,406       13,616,716,308,932
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[[Page 6699]]

[GRAPHIC] [TIFF OMITTED] TN22JA21.008


[[Page 6700]]

[FR Doc. 2021-01341 Filed 1-21-21; 8:45 am]
BILLING CODE 8011-01-P