Order Making Fiscal Year 2023 Annual Adjustments to Transaction Fee Rates, 5051-5058 [2023-01578]
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Federal Register / Vol. 88, No. 17 / Thursday, January 26, 2023 / Notices
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comments and suggestions submitted by
March 27, 2023.
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Please direct your written comments
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DC 20549, or send an email to: PRA_
Mailbox@sec.gov.
Dated: January 20, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–01519 Filed 1–25–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96724/January 23, 2023]
Order Making Fiscal Year 2023 Annual
Adjustments to Transaction Fee Rates
lotter on DSK11XQN23PROD with NOTICES1
I. Background
Section 31 of the Securities Exchange
Act of 1934 (‘‘Exchange Act’’) requires
each national securities exchange and
national securities association to pay
transaction fees to the Commission.1
Specifically, Section 31(b) requires each
national securities exchange to pay to
the Commission fees based on the
aggregate dollar amount of sales of
certain securities (‘‘covered sales’’)
transacted on the exchange.2 Section
31(c) requires each national securities
association to pay to the Commission
fees based on the aggregate dollar
amount of covered sales transacted by or
through any member of the association
other than on an exchange.3
Section 31 of the Exchange Act
requires the Commission to annually
adjust the fee rates applicable under
Sections 31(b) and (c) to a uniform
adjusted rate.4 Specifically, the
Commission must adjust the fee rates to
a uniform adjusted rate that is
reasonably likely to produce aggregate
fee collections (including assessments
on security futures transactions) equal
to the regular appropriation to the
Commission for the applicable fiscal
year.5
1 15
U.S.C. 78ee.
U.S.C. 78ee(b).
3 15 U.S.C. 78ee(c).
4 In some circumstances, the SEC also must make
a mid-year adjustment to the fee rates applicable
under Sections 31(b) and (c).
5 15 U.S.C. 78ee(j)(1) (the Commission must
adjust the rates under Sections 31(b) and (c) to a
2 15
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The Commission is required to
publish notice of the new fee rates
under Section 31 not later than 30 days
after the date on which an Act making
a regular appropriation for the
applicable fiscal year is enacted.6 On
December 29, 2022, the President signed
into law the Consolidated
Appropriations Act, 2023, which
includes total appropriations of
$2,209,770,000 to the SEC for fiscal year
2023.
II. Fiscal Year 2023 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 2023 8 from an amount
equal to the regular appropriation to the
Commission for fiscal year 2023, 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, 2023, includes total
appropriations of $2,209,770,000 to the
Commission for fiscal year 2023.10 The
‘‘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, 2022. To calculate the dollar
amount of covered sales from December, 2022 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 Currently, security futures do not trade on any
market, therefore the Commission has not collected
any assessments for transactions in security futures.
Accordingly, the forecast for the assessments for all
of fiscal year 2023 for single stock futures is zero.
9 To estimate the aggregate dollar amount of
covered sales for the remainder of fiscal year 2023
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, 2023’’ on
December 29, 2022. This legislation included an
appropriation of $2,149,000,000 to the SEC for
fiscal year 2023 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 facilities, not to
exceed $57,405,000, to remain available until
expended; and for move, replication, and related
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Commission estimates that it will
collect $1,601,107,658 in fees for the
period prior to the effective date of the
new fee rate and $0 in assessments on
round turn transactions in security
futures products during all of fiscal year
2023. Using the methodology described
in Appendix A, the Commission
estimates that the aggregate dollar
amount of covered sales for the
remainder of fiscal year 2023 to be
$76,211,125,379,350.
The uniform adjusted rate is
computed by dividing the residual fees
to be collected of $608,662,342 by the
estimated aggregate dollar amount of
covered sales for the remainder of fiscal
year 2023 of $76,211,125,379,350; this
results in a uniform adjusted rate for
fiscal year 2023 of $8.00 per million.11
III. Effective Date of the Uniform
Adjusted Rate
Under Section 31(j)(4)(A) of the
Exchange Act, the fiscal year 2023
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, 2022, or 60 days
after the date on which a regular
appropriation to the Commission for
fiscal year 2023 is enacted.12 The
regular appropriation to the
Commission for fiscal year 2023 was
enacted on December 29, 2022, and
accordingly, the new fee rates
applicable under Sections 31(b) and (c)
of the Exchange Act will take effect on
February 27, 2023.
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 $8.00 per
$1,000,000 effective on February 27,
2023.
By the Commission.
J. Matthew DeLesDernier,
Deputy Secretary.
Appendix A
This appendix provides the methodology
for determining the annual adjustment to the
costs associated with a replacement lease for the
Commission’s San Francisco Regional Office
facilities, not to exceed $3,365,000, to remain
available until expended.’’ The sum of these
amounts is $2,209,770,000. 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 2023.’’
11 Appendix A shows the process of calculating
the fiscal year 2023 annual adjustment and includes
the data used by the Commission in making this
adjustment.
12 15 U.S.C. 78ee(j)(4)(A).
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Federal Register / Vol. 88, No. 17 / Thursday, January 26, 2023 / Notices
fee rates applicable under Sections 31(b) and
(c) of the Exchange Act for fiscal year 2023.
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 2023.
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 2023 (less the sum of fees to be collected
during fiscal year 2023 prior to the effective
date of the new fee rate and aggregate
assessments on security futures transactions
during all of fiscal year 2023) 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 2023, 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 2022, 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.
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A. Baseline Estimate of the Aggregate Dollar
Amount of Covered Sales for Fiscal Year
2023
First, calculate the average daily dollar
amount of covered sales (‘‘ADS’’) for each
month in the sample (February 2012–
November 2022). 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
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 29, 2022. The first business
day after this date was December 30, 2022. Data for
November were due from the exchanges on
December 14, 2022. As a result, the Commission
used November 2022 and earlier data to forecast
volume for December 2022 and later months.
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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
2012–November 2022.14 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, 2012 is the average of the 9 months
ending in October, 2012, or February 2012
through October 2012 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 November, 2012 is equal
to the 9-month trailing moving average for
October, 2012. The 2-month lag of the 9month trailing moving average for December,
2012 is equal to the 9-month trailing moving
average for October 2012. 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
software. The estimated parameter values are
a = +2,150,476,361, b1 = +1.587842, b2 =
¥0.590472. The root-mean squared error
(RMSE) of the regression is 8,030,961,258.
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.
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.
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This value is shown in column H. This
represents the prediction for August of 2023.
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 2022, 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 2022, 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 October and
November 2022, respectively), one can
estimate the forecast 9-month trailing moving
average ADS for December: +2,150,476,361 +
(1.587842 × 606,143,338,486) + (¥0.590472 ×
627,874,685,327) = 593,867,637,983.
7. With the estimated 9-month trailing
moving average ADS for December 2022
calculated above, one can estimate the 9month trailing moving average ADS for
January, 2023. 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 2023 is calculated as: +2150476361
+ (1.587842 x 593,867,637,983) + (¥0.590472
× 606,143,338,486) = 587,207,522,789.
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 2023 is obtained. This value is
586,239,425,995.15 This value is then used to
calculate the final forecast total monthly
covered sales for all 9 months from December
2022 through August 2023.
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, 2022 through
February 26, 2023. The projected aggregate
dollar amount of covered sales for this period
is $69,917,364,964,488. Actual and projected
fee collections at the current fee rate of
$22.90 per million are $1,601,107,658.
15 One obtains insignificantly different values
using the rounded parameter estimates shown
above. The predicted ADS values displayed above
represents the full precision estimate.
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Federal Register / Vol. 88, No. 17 / Thursday, January 26, 2023 / Notices
2. Estimate the amount of assessments on
security futures products collected from
September 1, 2022 through August 31, 2023.
The only entity reporting assessable security
futures products ceased operations in
September, 2020.16 Consequently, the
estimated amount of assessments on security
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16 Currently, security futures do not trade on any
market, therefore the Commission has not collected
any assessments for transactions in security futures.
Accordingly, the forecast for the assessments for all
of fiscal year 2023 for single stock futures is zero.
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17:17 Jan 25, 2023
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futures products collected from September
2022 through August 2023 is zero.
3. Subtract the amount $1,601,107,658
from the target off-setting collection amount
set by Congress of $2,209,770,000, leaving
$608,662,342 to be collected on dollar
volume for the period February 27, 2023
through August 31, 2023.
4. Use Table A to estimate dollar volume
for the period February 27, 2023 through
August 31, 2023. The estimate is
$76,211,125,379,350. Finally, compute the
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5053
fee rate required to produce the additional
$608,662,342 in revenue. This rate is
$608,662,342 divided by
$76,211,125,379,350 or 0.00000798653.
5. Round the result to the seventh decimal
point, yielding a rate of 0.00000800 (or $8.00
per million).
This table summarizes the estimates of the
aggregate dollar amount of covered sales, by
time period. The figures in this table can be
used to determine the new fee rate.
BILLING CODE 8011–01–P
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Fee rate calculation.
a. Baseline estimate of the aggregate dollar amount of sales, 09/01/2022 to 01/31/2023 ($Millions)
b. Baseline estimate of the aggregate dollar amount of sales, 02/01/2023 to 02/26/2023 ($Millions)
c. Baseline estimate of the aggregate dollar amount of sales, 02/27/2023 to 02/28/2023 ($Millions)
d. Baseline estimate of the aggregate dollar amount of sales, 03/01/2023 to 08/31/2023 ($Millions)
e. Estimated collections in assessments on security futures products in fiscal year 2023 ($Millions)
f Implied fee rate (($2,209,770,000- $22.90*(a+b)- e) / (c+d)
59,951,295
9,966,070
1,172,479
75,038,647
0.000
$8.00
26JAN1
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17:17 Jan 25, 2023
BILLING CODE 8011–01–C
VerDate Sep<11>2014
EN26JA23.000</GPH>
Table A. Baseline estimate of the aggregate dollar amount of sales.
VerDate Sep<11>2014
20
22
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
$5,011,862,514,132
5,638,847,967,025
5,084,239,396,560
5,611,638,053,374
5,121,896,896,362
4,567,519,314,374
4,621,597,884,730
4,598,499,962,682
5,095,175,588,310
4,547,882,974,292
4,744,922,754,360
5,079,603,817,496
4,800,663,527,089
4,917,701,839,870
5,451,358,637,079
5,681,788,831,869
5,623,545,462,226
5,083,861,509,754
4,925,611,193,095
4,959,197,626,713
5,928,804,028,970
5,182,024,612,049
5,265,282,994,173
5,808,700,114,288
6,018,926,931,054
6,068,617,342,988
6,013,948,953,528
5,265,594,447,318
5,159,506,989,669
5,364,099,567,460
5,075,332,147,677
5,507,943,363,243
7,796,638,035,879
5,340,847,027,697
6,559,110,068,128
6,185,619,541,044
5,723,523,235,641
6,395,046,297,249
5,625,548,298,004
5,521,351,972,386
6,005,521,460,806
6,493,670,315,390
6,963,901,249,270
6,434,496,770,897
6,592,594,708,082
5,822,824,015,945
6,384,337,478,801
6,696,059,796,055
6,659,878,908,747
6,161,943,754,542
5,541,076,988,322
5,693,520,415,112
6,317,212,852,759
5,331,797,261,269
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
Total dollar amount
of sales
# of
trading
days in
month
Month
Feb-12 ...................................................
Mar-12 ...................................................
Apr-12 ...................................................
May-12 ..................................................
Jun-12 ...................................................
Jul-12 ....................................................
Aug-12 ..................................................
Sep-12 ..................................................
Oct-12 ...................................................
Nov-12 ..................................................
Dec-12 ..................................................
Jan-13 ...................................................
Feb-13 ...................................................
Mar-13 ...................................................
Apr-13 ...................................................
May-13 ..................................................
Jun-13 ...................................................
Jul-13 ....................................................
Aug-13 ..................................................
Sep-13 ..................................................
Oct-13 ...................................................
Nov-13 ..................................................
Dec-13 ..................................................
Jan-14 ...................................................
Feb-14 ...................................................
Mar-14 ...................................................
Apr-14 ...................................................
May-14 ..................................................
Jun-14 ...................................................
Jul-14 ....................................................
Aug-14 ..................................................
Sep-14 ..................................................
Oct-14 ...................................................
Nov-14 ..................................................
Dec-14 ..................................................
Jan-15 ...................................................
Feb-15 ...................................................
Mar-15 ...................................................
Apr-15 ...................................................
May-15 ..................................................
Jun-15 ...................................................
Jul-15 ....................................................
Aug-15 ..................................................
Sep-15 ..................................................
Oct-15 ...................................................
Nov-15 ..................................................
Dec-15 ..................................................
Jan-16 ...................................................
Feb-16 ...................................................
Mar-16 ...................................................
Apr-16 ...................................................
May-16 ..................................................
Jun-16 ...................................................
Jul-16 ....................................................
Aug-16 ..................................................
Sep-16 ..................................................
Oct-16 ...................................................
Nov-16 ..................................................
Dec-16 ..................................................
(C)
(B)
(A)
lotter on DSK11XQN23PROD with NOTICES1
$250,593,125,707
256,311,271,228
254,211,969,828
255,074,456,972
243,899,852,208
217,500,919,732
200,939,038,467
242,026,313,825
242,627,408,967
216,565,855,919
237,246,137,718
241,885,896,071
252,666,501,426
245,885,091,993
247,789,028,958
258,263,128,721
281,177,273,111
231,084,614,080
223,891,417,868
247,959,881,336
257,774,088,216
259,101,230,602
250,727,761,627
276,604,767,347
316,785,627,950
288,981,778,238
286,378,521,597
250,742,592,729
245,690,809,032
243,822,707,612
241,682,483,223
262,283,017,297
338,984,262,430
281,097,211,984
298,141,366,733
309,280,977,052
301,238,065,034
290,683,922,602
267,883,252,286
276,067,598,619
272,978,248,218
295,166,832,518
331,614,345,203
306,404,608,138
299,663,395,822
291,141,200,797
290,197,158,127
352,424,199,792
332,993,945,437
280,088,352,479
263,860,808,968
271,120,019,767
287,146,038,762
266,589,863,063
245,042,461,208
282,955,823,189
260,043,170,175
325,966,086,185
295,646,660,999
Average daily dollar
amount of sales
(ADS)
(D)
................................
................................
................................
................................
................................
................................
................................
................................
$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
9-month trailing
moving average
ADS
(E)
................................
................................
................................
................................
................................
................................
................................
................................
................................
$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
1-month lag of
9-month trailing
moving average
ADS
(F)
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
$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
2-month lag of
9-month trailing
moving average
ADS
(G)
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
Forecast 9-month
trailing moving
average ADS
(H)
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
Forecast total
dollar amount of sales
(I)
Federal Register / Vol. 88, No. 17 / Thursday, January 26, 2023 / Notices
17:17 Jan 25, 2023
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26JAN1
5055
VerDate Sep<11>2014
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
23
21
20
22
21
22
21
21
21
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
11,545,564,207,158
10,052,383,314,951
11,039,477,432,965
12,172,302,216,779
12,396,479,814,996
12,103,659,666,497
16,485,012,205,966
11,602,282,119,601
11,729,455,630,914
13,038,812,281,463
11,623,478,100,180
11,493,350,851,643
12,312,072,157,576
12,011,570,888,110
13,996,377,941,116
Total dollar amount
of sales
# of
trading
days in
month
Month
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 ...................................................
Mar-21 ...................................................
Apr-21 ...................................................
May-21 ..................................................
Jun-21 ...................................................
Jul-21 ....................................................
Aug-21 ..................................................
Sep-21 ..................................................
Oct-21 ...................................................
Nov-21 ..................................................
(C)
(B)
(A)
lotter on DSK11XQN23PROD with NOTICES1
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
549,788,771,769
456,926,514,316
551,973,871,648
553,286,464,399
652,446,306,052
637,034,719,289
716,739,661,129
552,489,624,743
586,472,781,546
592,673,285,521
553,498,957,151
522,425,038,711
586,289,150,361
571,979,566,100
666,494,187,672
Average daily dollar
amount of sales
(ADS)
(D)
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
510,519,092,842
518,017,950,000
527,000,106,555
506,563,620,093
524,615,342,443
542,977,395,700
561,535,047,178
570,623,114,814
584,128,746,099
588,893,692,071
599,623,963,498
596,340,759,838
600,007,724,945
591,066,976,061
594,340,250,326
9-month trailing
moving average
ADS
(E)
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
510,519,092,842
518,017,950,000
527,000,106,555
506,563,620,093
524,615,342,443
542,977,395,700
561,535,047,178
570,623,114,814
584,128,746,099
588,893,692,071
599,623,963,498
596,340,759,838
600,007,724,945
591,066,976,061
1-month lag of
9-month trailing
moving average
ADS
(F)
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
510,519,092,842
518,017,950,000
527,000,106,555
506,563,620,093
524,615,342,443
542,977,395,700
561,535,047,178
570,623,114,814
584,128,746,099
588,893,692,071
599,623,963,498
596,340,759,838
600,007,724,945
2-month lag of
9-month trailing
moving average
ADS
(G)
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
Forecast 9-month
trailing moving
average ADS
(H)
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
Forecast total
dollar amount of sales
(I)
5056
Federal Register / Vol. 88, No. 17 / Thursday, January 26, 2023 / Notices
17:17 Jan 25, 2023
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PO 00000
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26JAN1
Dec-21 ..................................................
Jan-22 ...................................................
Feb-22 ...................................................
Mar-22 ...................................................
Apr-22 ...................................................
May-22 ..................................................
Jun-22 ...................................................
Jul-22 ....................................................
Aug-22 ..................................................
Sep-22 ..................................................
Oct-22 ...................................................
Nov-22 ..................................................
Dec-22 ..................................................
Jan-23 ...................................................
Feb-23 ...................................................
Mar-23 ...................................................
Apr-23 ...................................................
May-23 ..................................................
Jun-23 ...................................................
Jul-23 ....................................................
Aug-23 ..................................................
lotter on DSK11XQN23PROD with NOTICES1
22
20
19
23
20
21
21
20
23
21
21
21
21
20
19
23
19
22
21
20
23
15,494,373,840,971
16,002,717,162,409
14,483,452,476,259
17,089,275,084,128
13,123,148,685,917
15,039,352,606,836
13,021,062,095,851
10,112,087,348,637
11,593,039,396,644
12,052,452,021,792
11,962,224,366,908
11,900,801,868,077
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
704,289,720,044
800,135,858,120
762,286,972,435
743,011,960,179
656,157,434,296
716,159,647,945
620,050,575,993
505,604,367,432
504,045,191,158
573,926,286,752
569,629,731,758
566,704,850,861
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
592,956,923,539
620,473,171,692
640,008,081,791
656,712,378,975
668,118,876,435
689,644,944,128
693,396,213,643
686,021,191,568
667,971,303,067
653,486,477,146
627,874,685,327
606,143,338,486
................................
................................
................................
................................
................................
................................
................................
................................
................................
594,340,250,326
592,956,923,539
620,473,171,692
640,008,081,791
656,712,378,975
668,118,876,435
689,644,944,128
693,396,213,643
686,021,191,568
667,971,303,067
653,486,477,146
627,874,685,327
606,143,338,486
................................
................................
................................
................................
................................
................................
................................
................................
591,066,976,061
594,340,250,326
592,956,923,539
620,473,171,692
640,008,081,791
656,712,378,975
668,118,876,435
689,644,944,128
693,396,213,643
686,021,191,568
667,971,303,067
653,486,477,146
627,874,685,327
606,143,338,486
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
................................
$586,239,425,995
586,239,425,995
586,239,425,995
586,239,425,995
586,239,425,995
586,239,425,995
586,239,425,995
586,239,425,995
586,239,425,995
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
$12,311,027,945,895
11,724,788,519,900
11,138,549,093,905
13,483,506,797,885
11,138,549,093,905
12,897,267,371,890
12,311,027,945,895
11,724,788,519,900
13,483,506,797,885
Federal Register / Vol. 88, No. 17 / Thursday, January 26, 2023 / Notices
VerDate Sep<11>2014
17:17 Jan 25, 2023
Jkt 259001
PO 00000
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E:\FR\FM\26JAN1.SGM
26JAN1
5057
lotter on DSK11XQN23PROD with NOTICES1
5058
(Dashed Line Indicates Forecast Values)
Dollar Value,
$Billions
$18,000 ~ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ~
PO 00000
$16,000
Frm 00097
$14,000
I
~
n ,\ :
11
' : \: \'
\: u "
•,:
$12,000
Fmt 4703
$10,000
Sfmt 9990
$8,000
'
E:\FR\FM\26JAN1.SGM
N
N
0
...
N
$6,000
Q)
.0
E
Q)
0
$4,000
Q)
Cl
26JAN1
$2,000
$ I'
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~✓ ~///~/~/~/~/~~~~?/?/
1Forecasted
EN26JA23.001</GPH>
I
line is not smooth because the number of trading days varies by month.
I I I
Federal Register / Vol. 88, No. 17 / Thursday, January 26, 2023 / Notices
Jkt 259001
[FR Doc. 2023–01578 Filed 1–25–23; 8:45 am]
17:17 Jan 25, 2023
BILLING CODE 8011–01–C
VerDate Sep<11>2014
Figure A.
Aggregate Dollar Amount of Sales Subject to Exchange Act Sections 3 l(b) and 3 l(c) 1
Methodology Developed in Consultation With 0MB and CBO
]]>Agencies
[Federal Register Volume 88, Number 17 (Thursday, January 26, 2023)]
[Notices]
[Pages 5051-5058]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-01578]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96724/January 23, 2023]
Order Making Fiscal Year 2023 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 29, 2022, the President signed into law the
Consolidated Appropriations Act, 2023, which includes total
appropriations of $2,209,770,000 to the SEC for fiscal year 2023.
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\6\ 15 U.S.C. 78ee(g).
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II. Fiscal Year 2023 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 2023 \8\ from an amount equal to the regular appropriation to the
Commission for fiscal year 2023, 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\
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\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, 2022. To calculate
the dollar amount of covered sales from December, 2022 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\ Currently, security futures do not trade on any market,
therefore the Commission has not collected any assessments for
transactions in security futures. Accordingly, the forecast for the
assessments for all of fiscal year 2023 for single stock futures is
zero.
\9\ To estimate the aggregate dollar amount of covered sales for
the remainder of fiscal year 2023 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.
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As noted above, the Consolidated Appropriations Act, 2023, includes
total appropriations of $2,209,770,000 to the Commission for fiscal
year 2023.\10\ The Commission estimates that it will collect
$1,601,107,658 in fees for the period prior to the effective date of
the new fee rate and $0 in assessments on round turn transactions in
security futures products during all of fiscal year 2023. Using the
methodology described in Appendix A, the Commission estimates that the
aggregate dollar amount of covered sales for the remainder of fiscal
year 2023 to be $76,211,125,379,350.
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\10\ The President signed into law the ``Consolidated
Appropriations Act, 2023'' on December 29, 2022. This legislation
included an appropriation of $2,149,000,000 to the SEC for fiscal
year 2023 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 facilities, not to exceed
$57,405,000, 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 $3,365,000, to remain available until expended.'' The sum
of these amounts is $2,209,770,000. 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 2023.''
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The uniform adjusted rate is computed by dividing the residual fees
to be collected of $608,662,342 by the estimated aggregate dollar
amount of covered sales for the remainder of fiscal year 2023 of
$76,211,125,379,350; this results in a uniform adjusted rate for fiscal
year 2023 of $8.00 per million.\11\
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\11\ Appendix A shows the process of calculating the fiscal year
2023 annual adjustment and includes the data used by the Commission
in making this adjustment.
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III. Effective Date of the Uniform Adjusted Rate
Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2023
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,
2022, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2023 is enacted.\12\ The regular
appropriation to the Commission for fiscal year 2023 was enacted on
December 29, 2022, and accordingly, the new fee rates applicable under
Sections 31(b) and (c) of the Exchange Act will take effect on February
27, 2023.
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\12\ 15 U.S.C. 78ee(j)(4)(A).
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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 $8.00 per $1,000,000
effective on February 27, 2023.
By the Commission.
J. Matthew DeLesDernier,
Deputy Secretary.
Appendix A
This appendix provides the methodology for determining the
annual adjustment to the
[[Page 5052]]
fee rates applicable under Sections 31(b) and (c) of the Exchange
Act for fiscal year 2023. 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 2023.
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 2023 (less the
sum of fees to be collected during fiscal year 2023 prior to the
effective date of the new fee rate and aggregate assessments on
security futures transactions during all of fiscal year 2023) 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 2023, 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 2022,
the last month for which the Commission has data on the dollar
volume of covered sales.\13\
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\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 29, 2022. The first business
day after this date was December 30, 2022. Data for November were
due from the exchanges on December 14, 2022. As a result, the
Commission used November 2022 and earlier data to forecast volume
for December 2022 and later months.
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The following sections describe this process in detail.
A. Baseline Estimate of the Aggregate Dollar Amount of Covered Sales
for Fiscal Year 2023
First, calculate the average daily dollar amount of covered
sales (``ADS'') for each month in the sample (February 2012-November
2022). 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
2012-November 2022.\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).
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\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.
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2. For each month t, calculate the 9-month trailing moving
average of ADS (shown in column E). For example, the value for
October, 2012 is the average of the 9 months ending in October,
2012, or February 2012 through October 2012 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 November, 2012 is equal to the 9-month trailing moving
average for October, 2012. The 2-month lag of the 9-month trailing
moving average for December, 2012 is equal to the 9-month trailing
moving average for October 2012. 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 software. The estimated
parameter values are a = +2,150,476,361, b1 = +1.587842,
b2 = -0.590472. The root-mean squared error (RMSE) of the
regression is 8,030,961,258.
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 2023. 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 2022, 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 2022, 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 October
and November 2022, respectively), one can estimate the forecast 9-
month trailing moving average ADS for December: +2,150,476,361 +
(1.587842 x 606,143,338,486) + (-0.590472 x 627,874,685,327) =
593,867,637,983.
7. With the estimated 9-month trailing moving average ADS for
December 2022 calculated above, one can estimate the 9-month
trailing moving average ADS for January, 2023. 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 2023 is calculated as: +2150476361 +
(1.587842 x 593,867,637,983) + (-0.590472 x 606,143,338,486) =
587,207,522,789.
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 2023 is obtained.
This value is 586,239,425,995.\15\ This value is then used to
calculate the final forecast total monthly covered sales for all 9
months from December 2022 through August 2023.
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\15\ One obtains insignificantly different values using the
rounded parameter estimates shown above. The predicted ADS values
displayed above represents the full precision estimate.
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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, 2022 through February 26, 2023. The projected aggregate
dollar amount of covered sales for this period is
$69,917,364,964,488. Actual and projected fee collections at the
current fee rate of $22.90 per million are $1,601,107,658.
[[Page 5053]]
2. Estimate the amount of assessments on security futures
products collected from September 1, 2022 through August 31, 2023.
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 2022 through August 2023 is zero.
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\16\ Currently, security futures do not trade on any market,
therefore the Commission has not collected any assessments for
transactions in security futures. Accordingly, the forecast for the
assessments for all of fiscal year 2023 for single stock futures is
zero.
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3. Subtract the amount $1,601,107,658 from the target off-
setting collection amount set by Congress of $2,209,770,000, leaving
$608,662,342 to be collected on dollar volume for the period
February 27, 2023 through August 31, 2023.
4. Use Table A to estimate dollar volume for the period February
27, 2023 through August 31, 2023. The estimate is
$76,211,125,379,350. Finally, compute the fee rate required to
produce the additional $608,662,342 in revenue. This rate is
$608,662,342 divided by $76,211,125,379,350 or 0.00000798653.
5. Round the result to the seventh decimal point, yielding a
rate of 0.00000800 (or $8.00 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.
BILLING CODE 8011-01-P
[[Page 5054]]
[GRAPHIC] [TIFF OMITTED] TN26JA23.000
BILLING CODE 8011-01-C
[[Page 5055]]
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(A) (B) (C) (D) (E) (F) (G) (H) (I)
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# of
trading Total dollar amount Average daily dollar 9-month trailing 1-month lag of 9- 2-month lag of 9- Forecast 9-month Forecast total dollar
Month days in of sales amount of sales moving average ADS month trailing month trailing trailing moving amount of sales
month (ADS) moving average ADS moving average ADS average ADS
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Feb-12............................ 20 $5,011,862,514,132 $250,593,125,707 .................. .................. .................. .................. .....................
Mar-12............................ 22 5,638,847,967,025 256,311,271,228 .................. .................. .................. .................. .....................
Apr-12............................ 20 5,084,239,396,560 254,211,969,828 .................. .................. .................. .................. .....................
May-12............................ 22 5,611,638,053,374 255,074,456,972 .................. .................. .................. .................. .....................
Jun-12............................ 21 5,121,896,896,362 243,899,852,208 .................. .................. .................. .................. .....................
Jul-12............................ 21 4,567,519,314,374 217,500,919,732 .................. .................. .................. .................. .....................
Aug-12............................ 23 4,621,597,884,730 200,939,038,467 .................. .................. .................. .................. .....................
Sep-12............................ 19 4,598,499,962,682 242,026,313,825 .................. .................. .................. .................. .....................
Oct-12............................ 21 5,095,175,588,310 242,627,408,967 $240,353,817,437 .................. .................. .................. .....................
Nov-12............................ 21 4,547,882,974,292 216,565,855,919 236,573,009,683 $240,353,817,437 .................. .................. .....................
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 .................. .....................
[[Page 5056]]
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 11,545,564,207,158 549,788,771,769 510,519,092,842 487,806,354,840 473,842,167,232 .................. .....................
Oct-20............................ 22 10,052,383,314,951 456,926,514,316 518,017,950,000 510,519,092,842 487,806,354,840 .................. .....................
Nov-20............................ 20 11,039,477,432,965 551,973,871,648 527,000,106,555 518,017,950,000 510,519,092,842 .................. .....................
Dec-20............................ 22 12,172,302,216,779 553,286,464,399 506,563,620,093 527,000,106,555 518,017,950,000 .................. .....................
Jan-21............................ 19 12,396,479,814,996 652,446,306,052 524,615,342,443 506,563,620,093 527,000,106,555 .................. .....................
Feb-21............................ 19 12,103,659,666,497 637,034,719,289 542,977,395,700 524,615,342,443 506,563,620,093 .................. .....................
Mar-21............................ 23 16,485,012,205,966 716,739,661,129 561,535,047,178 542,977,395,700 524,615,342,443 .................. .....................
Apr-21............................ 21 11,602,282,119,601 552,489,624,743 570,623,114,814 561,535,047,178 542,977,395,700 .................. .....................
May-21............................ 20 11,729,455,630,914 586,472,781,546 584,128,746,099 570,623,114,814 561,535,047,178 .................. .....................
Jun-21............................ 22 13,038,812,281,463 592,673,285,521 588,893,692,071 584,128,746,099 570,623,114,814 .................. .....................
Jul-21............................ 21 11,623,478,100,180 553,498,957,151 599,623,963,498 588,893,692,071 584,128,746,099 .................. .....................
Aug-21............................ 22 11,493,350,851,643 522,425,038,711 596,340,759,838 599,623,963,498 588,893,692,071 .................. .....................
Sep-21............................ 21 12,312,072,157,576 586,289,150,361 600,007,724,945 596,340,759,838 599,623,963,498 .................. .....................
Oct-21............................ 21 12,011,570,888,110 571,979,566,100 591,066,976,061 600,007,724,945 596,340,759,838 .................. .....................
Nov-21............................ 21 13,996,377,941,116 666,494,187,672 594,340,250,326 591,066,976,061 600,007,724,945 .................. .....................
[[Page 5057]]
Dec-21............................ 22 15,494,373,840,971 704,289,720,044 592,956,923,539 594,340,250,326 591,066,976,061 .................. .....................
Jan-22............................ 20 16,002,717,162,409 800,135,858,120 620,473,171,692 592,956,923,539 594,340,250,326 .................. .....................
Feb-22............................ 19 14,483,452,476,259 762,286,972,435 640,008,081,791 620,473,171,692 592,956,923,539 .................. .....................
Mar-22............................ 23 17,089,275,084,128 743,011,960,179 656,712,378,975 640,008,081,791 620,473,171,692 .................. .....................
Apr-22............................ 20 13,123,148,685,917 656,157,434,296 668,118,876,435 656,712,378,975 640,008,081,791 .................. .....................
May-22............................ 21 15,039,352,606,836 716,159,647,945 689,644,944,128 668,118,876,435 656,712,378,975 .................. .....................
Jun-22............................ 21 13,021,062,095,851 620,050,575,993 693,396,213,643 689,644,944,128 668,118,876,435 .................. .....................
Jul-22............................ 20 10,112,087,348,637 505,604,367,432 686,021,191,568 693,396,213,643 689,644,944,128 .................. .....................
Aug-22............................ 23 11,593,039,396,644 504,045,191,158 667,971,303,067 686,021,191,568 693,396,213,643 .................. .....................
Sep-22............................ 21 12,052,452,021,792 573,926,286,752 653,486,477,146 667,971,303,067 686,021,191,568 .................. .....................
Oct-22............................ 21 11,962,224,366,908 569,629,731,758 627,874,685,327 653,486,477,146 667,971,303,067 .................. .....................
Nov-22............................ 21 11,900,801,868,077 566,704,850,861 606,143,338,486 627,874,685,327 653,486,477,146 .................. .....................
Dec-22............................ 21 .................... .................... .................. 606,143,338,486 627,874,685,327 $586,239,425,995 $12,311,027,945,895
Jan-23............................ 20 .................... .................... .................. .................. 606,143,338,486 586,239,425,995 11,724,788,519,900
Feb-23............................ 19 .................... .................... .................. .................. .................. 586,239,425,995 11,138,549,093,905
Mar-23............................ 23 .................... .................... .................. .................. .................. 586,239,425,995 13,483,506,797,885
Apr-23............................ 19 .................... .................... .................. .................. .................. 586,239,425,995 11,138,549,093,905
May-23............................ 22 .................... .................... .................. .................. .................. 586,239,425,995 12,897,267,371,890
Jun-23............................ 21 .................... .................... .................. .................. .................. 586,239,425,995 12,311,027,945,895
Jul-23............................ 20 .................... .................... .................. .................. .................. 586,239,425,995 11,724,788,519,900
Aug-23............................ 23 .................... .................... .................. .................. .................. 586,239,425,995 13,483,506,797,885
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[[Page 5058]]
[GRAPHIC] [TIFF OMITTED] TN26JA23.001
[FR Doc. 2023-01578 Filed 1-25-23; 8:45 am]
BILLING CODE 8011-01-C
