Order Making Fiscal Year 2024 Annual Adjustments to Transaction Fee Rates, 29402-29408 [2024-08512]
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Federal Register / Vol. 89, No. 78 / Monday, April 22, 2024 / Notices
disapproval that would be facilitated by
an oral presentation of data, views, and
arguments, the Commission will
consider, pursuant to Rule 19b-4 under
the Act,91 any request for an
opportunity to make an oral
presentation.92
Interested persons are invited to
submit written data, views, and
arguments regarding whether the
proposed rule change should be
approved or disapproved by May 13,
2024. Any person who wishes to file a
rebuttal to any other person’s
submission must file that rebuttal by
May 28, 2024.
Comments may be submitted by any
of the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number
SR-CboeBYX–2023–020 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to file
number SR-CboeBYX–2023–020. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
91 17
CFR 240.19b–4.
19(b)(2) of the Act, as amended by the
Securities Acts Amendments of 1975, Pub. L. 94–
29 (Jun. 4, 1975), grants to the Commission
flexibility to determine what type of proceeding—
either oral or notice and opportunity for written
comments—is appropriate for consideration of a
particular proposal by a self-regulatory
organization. See Securities Acts Amendments of
1975, Senate Comm. on Banking, Housing & Urban
Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30
(1975).
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92 Section
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business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR-CboeBYX–2023–020 and should be
submitted by May 13, 2024. Rebuttal
comments should be submitted by May
28, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.93
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024–08487 Filed 4–19–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99973/April 17, 2024]
Order Making Fiscal Year 2024 Annual
Adjustments to Transaction Fee Rates
I. Background
Section 31 of the Securities Exchange
Act of 1934 (‘‘Exchange Act’’) requires
each national securities exchange and
national securities association to pay
transaction fees to the Commission.1
Specifically, Section 31(b) requires each
national securities exchange to pay to
the Commission fees based on the
aggregate dollar amount of sales of
certain securities (‘‘covered sales’’)
transacted on the exchange.2 Section
31(c) requires each national securities
association to pay to the Commission
fees based on the aggregate dollar
amount of covered sales transacted by or
through any member of the association
other than on an exchange.3
Section 31 of the Exchange Act
requires the Commission to annually
adjust the fee rates applicable under
Sections 31(b) and (c) to a uniform
adjusted rate.4 Specifically, the
Commission must adjust the fee rates to
a uniform adjusted rate that is
reasonably likely to produce aggregate
fee collections (including assessments
on security futures transactions) equal
93 17
CFR 200.30–3(a)(57).
U.S.C. 78ee.
2 15 U.S.C. 78ee(b).
3 15 U.S.C. 78ee(c).
4 In some circumstances, the SEC also must make
a mid-year adjustment to the fee rates applicable
under Sections 31(b) and (c).
1 15
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to the regular appropriation to the
Commission for the applicable fiscal
year.5
The Commission is required to
publish notice of the new fee rates
under Section 31 not later than 30 days
after the date on which an Act making
a regular appropriation for the
applicable fiscal year is enacted.6 On
March 23, 2024, the President signed
into law the Further Consolidated
Appropriations Act, 2024, which
includes total appropriations of
$2,188,658,000 to the SEC for fiscal year
2024.
II. Fiscal Year 2024 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 2024 8 from an amount
equal to the regular appropriation to the
Commission for fiscal year 2024, 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 Further
Consolidated Appropriations Act, 2024,
includes total appropriations of
$2,188,658,000 to the Commission for
fiscal year 2024.10 The Commission
5 15 U.S.C. 78ee(j)(1) (the Commission must
adjust the rates under Sections 31(b) and (c) to a
‘‘uniform adjusted rate that, when applied to the
baseline estimate of the aggregate dollar amount of
sales for such fiscal year, is reasonably likely to
produce aggregate fee collections under [Section 31]
(including assessments collected under [Section
31(d)]) that are equal to the regular appropriation
to the Commission by Congress for such fiscal
year.’’).
6 15 U.S.C. 78ee(g).
7 The sum of fees to be collected prior to the
effective date of the new fee rate is determined by
applying the current fee rate to the dollar amount
of covered sales prior to the effective date of the
new fee rate. The exchanges and FINRA have
provided data on the dollar amount of covered sales
through Feb. 2024. To calculate the dollar amount
of covered sales from Mar. 2024 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 2024 for single stock futures is zero.
9 To estimate the aggregate dollar amount of
covered sales for the remainder of fiscal year 2024
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 ‘‘Further
Consolidated Appropriations Act, 2024’’ on Mar.
23, 2024. This legislation included an appropriation
of $2,149,000,000 to the SEC for fiscal year 2024
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estimates that it will collect
$913,739,887 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 2024. Using the
methodology described in Appendix A,
the Commission estimates that the
aggregate dollar amount of covered sales
for the remainder of fiscal year 2024 to
be $45,844,550,874,710.
The uniform adjusted rate is
computed by dividing the residual fees
to be collected of $1,274,918,113 by the
estimated aggregate dollar amount of
covered sales for the remainder of fiscal
year 2024 of $45,844,550,874,710; this
results in a uniform adjusted rate for
fiscal year 2024 of $27.80 per million.11
III. Effective Date of the Uniform
Adjusted Rate
Under Section 31(j)(4)(A) of the
Exchange Act, the fiscal year 2024
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, 2023, or 60 days
after the date on which a regular
appropriation to the Commission for
fiscal year 2024 is enacted.12 The
regular appropriation to the
Commission for fiscal year 2024 was
enacted on March 23, 2024, and
accordingly, the new fee rates
applicable under Sections 31(b) and (c)
of the Exchange Act will take effect on
May 22, 2024.
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 $27.80 per
$1,000,000 effective on May 22, 2024.
By the Commission.
Sherry R. Haywood,
Assistant Secretary.
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APPENDIX A
This appendix provides the
methodology for determining the annual
adjustment to the fee rates applicable
operations. The Act further directed that ‘‘[i]n
addition to the foregoing appropriation, for move,
replication, and related costs associated with a
replacement leases [sic] for the Commission’s office
facilities, not to exceed $39,658,000, to remain
available until expended . . .’’. The sum of these
amounts is $2,188,658,000. 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 2024’’. Pub. L. 118-xx.
11 Appendix A shows the process of calculating
the fiscal year 2024 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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under Sections 31(b) and (c) of the
Exchange Act for fiscal year 2024.
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
2024.
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 2024 (less the sum of fees to
be collected during fiscal year 2024
prior to the effective date of the new fee
rate and aggregate assessments on
security futures transactions during all
of fiscal year 2024) 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 2024, 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 February
2024, the last month for which the
Commission has data on the dollar
volume of covered sales.1
The following sections describe this
process in detail.
A. Baseline Estimate of the Aggregate
Dollar Amount of Covered Sales for
Fiscal Year 2024
First, calculate the average daily
dollar amount of covered sales (‘‘ADS’’)
for each month in the sample (August
2013 through February 2024). 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
1 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 Mar. 23, 2024. The first business day after
this date was Mar. 25, 2024. Data for Feb. were due
from the exchanges on Mar. 14, 2024. As a result,
the Commission used Feb. 2024 and earlier data to
forecast volume for Mar. 2024 and later months.
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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 one- and twomonth 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 August 2013 through February
2024.2 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 sixmonth trailing moving average of ADS
(shown in column E). For example, the
value for March 2014 is the average of
the six months ending in March 2014,
or October 2013 through March 2014
inclusive.
2 Because the model uses a two period lag in the
6-month trailing moving average of average daily
covered sales, seven additional months of data are
added to the table so that the model is estimated
with 120 observations.
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3. Calculate the one- and two-month
lags of the trailing moving average. For
example, the one-month lag of the sixmonth trailing moving average for
March 2014 is equal to the six-month
trailing moving average for February
2014. The two-month lag of the sixmonth trailing moving average for
March 2024 is equal to the six-month
trailing moving average for January
2014. These are shown in columns F
and G.
4. Estimate the model using ordinary
least squares:
gt = a + b1 gt¥1 + b2 gt¥2 + ut
Where gt is the six-month trailing
moving average of the average daily
sales for month t, and gt¥1 and gt¥2 are
the one- and two-month lags of gt, 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 = +4,213,794,716, b1 =
+1.672194, b2 = –0.679948. The rootmean squared error (RMSE) of the
regression is 11,776,068,990.
5. The predicted value of the sixmonth 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 2024. To calculate
this value from the model above, one
needs the one-month and two-month lag
of the six-month trailing moving average
ADS, i.e., the six-month trailing moving
average for June and July. The sixmonth trailing moving average for July
is obtained by using the one- and twomonth lags for July, that is, the sixmonth 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, March 2024,
and iterates predictions forward until
the last month is predicted. One then
multiplies the final predicted six-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 March 2024, using
the a, b1, and b2 parameter estimates
shown above, along with the one- and
two-month lags in the six-month trailing
moving average ADS (representing the
six-month trailing moving average ADS
for January and February 2024,
respectively), one can estimate the
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forecast six-month trailing moving
average ADS for March: +4,213,794,716
+ (1.672194 × 620,578,082,121) +
(¥0.679948 × 597,620,038,362) =
635,590,443,613.
7. With the estimated six-month
trailing moving average ADS for March
2024 calculated above, one can estimate
the six-month trailing moving average
ADS for April 2024. The estimate
obtained from March 2024 becomes the
one-month lag for April, and the onemonth lag used in the March forecast
becomes the two-month lag for the April
forecast. Thus, the predicted six-month
trailing moving average ADS for April
2024 is calculated as: +4,213,794,716 +
(1.672194 × 635,590,443,613) +
(¥0.679948 × 620,578,082,121) =
645,083,757,473.
8. Using the forecasts for March and
April, one can estimate the value for
May. Repeat this procedure for
subsequent months, until the estimate
for August 2024 is obtained. This value
is 654,922,155,353.3 This value is then
used to calculate the final forecast total
monthly covered sales for all six months
from March 2024 through August 2024.
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 six-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,
2023, through May 21, 2024. The
projected aggregate dollar amount of
covered sales for this period is
$114,217,485,918,804. Actual and
projected fee collections at the current
fee rate of $8.00 per million are
$913,739,887.
2. Estimate the amount of assessments
on security futures products collected
from September 1, 2023, through August
31, 2024. The only entity reporting
assessable security futures products
ceased operations in September 2020.4
3 One obtains insignificantly different values
using the rounded parameter estimates shown
above. The predicted ADS values displayed above
represents the full precision estimate.
4 Currently, security futures do not trade on any
market, therefore the Commission has not collected
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Consequently, the estimated amount of
assessments on security futures
products collected from September 2023
through August 2024 is zero.
3. Subtract the amount $913,739,887
from the target off-setting collection
amount set by Congress of
$2,188,658,000, leaving $1,274,918,113
to be collected on dollar volume for the
period May 22, 2024, through August
31, 2024.
4. Use Table A to estimate dollar
volume for the period May 22, 2024,
through August 31, 2024. The estimate
is $45,844,550,874,710. Finally,
compute the fee rate required to
produce the additional $1,274,918,113
in revenue. This rate is $1,274,918,113
divided by $45,844,550,874,710 or
0.00002780959.
5. Round the result to the seventh
decimal point, yielding a rate of
0.00002780 (or $27.80 per million).
This table summarizes the estimates
of the aggregate dollar amount of
covered sales, by time period. The
figures in this table can be used to
determine the new fee rate.
TABLE A—BASELINE ESTIMATE OF THE
AGGREGATE DOLLAR AMOUNT OF
SALES
Fee rate calculation
a. Baseline estimate of the
aggregate dollar amount of
sales, 09/01/2023 to 04/
30/2024 ($Millions) ............
b. Baseline estimate of the
aggregate dollar amount of
sales, 05/01/2024 to 05/
21/2024 ($Millions) ............
c. Baseline estimate of the
aggregate dollar amount of
sales, 05/22/2024 to 05/
31/2024 ($Millions) ............
d. Baseline estimate of the
aggregate dollar amount of
sales, 06/01/2024 to 08/
31/2024 ($Millions) ............
e. Estimated collections in
assessments on security
futures products in fiscal
year 2023 ($Millions) ........
f. Implied fee rate
(($2,188,658,000 ¥ $8.00
* (a + b) ¥ e)/(c + d) ........
104,393,654
9,823,832
4,584,455
41,260,096
0.000
$27.80
any assessments for transactions in security futures.
Accordingly, the forecast for the assessments for all
of fiscal year 2024 for single stock futures is zero.
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(B)
(A)
Aug-13 ............................
Sep-13 ............................
Oct-13 .............................
Nov-13 ............................
Dec-13 ............................
Jan-14 .............................
Feb-14 .............................
Mar-14 .............................
Apr-14 .............................
May-14 ............................
Jun-14 .............................
Jul-14 ..............................
Aug-14 ............................
Sep-14 ............................
Oct-14 .............................
Nov-14 ............................
Dec-14 ............................
Jan-15 .............................
Feb-15 .............................
Mar-15 .............................
Apr-15 .............................
May-15 ............................
Jun-15 .............................
Jul-15 ..............................
Aug-15 ............................
Sep-15 ............................
Oct-15 .............................
Nov-15 ............................
Dec-15 ............................
Jan-16 .............................
Feb-16 .............................
Mar-16 .............................
Apr-16 .............................
May-16 ............................
Jun-16 .............................
Jul-16 ..............................
Aug-16 ............................
Sep-16 ............................
Oct-16 .............................
Nov-16 ............................
Dec-16 ............................
Jan-17 .............................
Feb-17 .............................
Mar-17 .............................
Apr-17 .............................
May-17 ............................
Jun-17 .............................
Jul-17 ..............................
Aug-17 ............................
Sep-17 ............................
Oct-17 .............................
Nov-17 ............................
Dec-17 ............................
Jan-18 .............................
Feb-18 .............................
Mar-18 .............................
Apr-18 .............................
May-18 ............................
Jun-18 .............................
Jul-18 ..............................
Aug-18 ............................
# of trading days
in month
Month
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$4,925,611,193,095
4,959,197,626,713
5,928,804,028,970
5,182,024,612,049
5,265,282,994,173
5,808,700,114,288
6,018,926,931,054
6,068,617,342,988
6,013,948,953,528
5,265,594,447,318
5,159,506,989,669
5,364,099,567,460
5,075,332,147,677
5,507,943,363,243
7,796,638,035,879
5,340,847,027,697
6,559,110,068,128
6,185,619,541,044
5,723,523,235,641
6,395,046,297,249
5,625,548,298,004
5,521,351,972,386
6,005,521,460,806
6,493,670,315,390
6,963,901,249,270
6,434,496,770,897
6,592,594,708,082
5,822,824,015,945
6,384,337,478,801
6,696,059,796,055
6,659,878,908,747
6,161,943,754,542
5,541,076,988,322
5,693,520,415,112
6,317,212,852,759
5,331,797,261,269
5,635,976,607,786
5,942,072,286,976
5,460,906,573,682
6,845,287,809,886
6,208,579,880,985
5,598,200,907,603
5,443,426,609,533
6,661,861,914,530
5,116,714,033,499
6,305,822,460,672
6,854,993,097,601
5,394,333,070,522
6,206,204,906,864
5,939,886,169,525
6,134,529,538,894
6,289,748,560,897
6,672,181,323,001
7,672,288,677,308
8,725,420,462,639
8,264,755,011,030
7,490,308,402,446
7,242,077,467,361
7,936,783,802,579
6,807,593,326,456
7,363,115,477,823
(C)
Total dollar amount of
sales
$223,891,417,868
247,959,881,336
257,774,088,216
259,101,230,602
250,727,761,627
276,604,767,347
316,785,627,950
288,981,778,238
286,378,521,597
250,742,592,729
245,690,809,032
243,822,707,612
241,682,483,223
262,283,017,297
338,984,262,430
281,097,211,984
298,141,366,733
309,280,977,052
301,238,065,034
290,683,922,602
267,883,252,286
276,067,598,619
272,978,248,218
295,166,832,518
331,614,345,203
306,404,608,138
299,663,395,822
291,141,200,797
290,197,158,127
352,424,199,792
332,993,945,437
280,088,352,479
263,860,808,968
271,120,019,767
287,146,038,762
266,589,863,063
245,042,461,208
282,955,823,189
260,043,170,175
325,966,086,185
295,646,660,999
279,910,045,380
286,496,137,344
289,646,170,197
269,300,738,605
286,628,293,667
311,590,595,346
269,716,653,526
269,834,995,951
296,994,308,476
278,842,251,768
299,511,836,233
333,609,066,150
365,347,079,872
459,232,655,928
393,559,762,430
356,681,352,497
329,185,339,426
377,942,085,837
324,171,110,784
320,135,455,558
(D)
Average daily dollar
amount of sales (ADS)
....................................
....................................
....................................
....................................
....................................
252,676,524,499
268,158,892,846
274,995,875,663
279,763,281,227
278,370,174,915
277,530,682,815
272,067,006,193
259,549,815,405
255,100,021,915
263,867,645,387
268,926,748,596
277,668,508,213
288,578,219,786
298,504,150,088
303,237,634,306
291,387,465,949
290,549,197,054
286,355,343,969
284,002,986,546
289,065,699,908
291,685,814,164
296,982,504,753
299,494,771,783
302,364,590,101
311,907,484,647
312,137,418,019
307,751,375,409
301,784,277,600
298,447,414,095
297,938,894,201
283,633,171,413
268,974,590,708
269,452,502,493
268,816,229,361
277,957,240,431
279,374,010,803
281,594,041,190
288,502,987,212
289,618,045,047
291,160,973,118
284,604,674,365
287,261,996,756
285,563,098,114
282,786,241,215
284,010,930,928
285,601,183,122
287,748,440,217
291,418,185,351
307,356,589,742
338,922,866,405
355,017,108,730
367,990,292,185
372,935,876,051
380,324,712,665
373,462,051,150
350,279,184,422
(E)
6-Month trailing moving
average ADS
....................................
....................................
....................................
....................................
....................................
....................................
252,676,524,499
268,158,892,846
274,995,875,663
279,763,281,227
278,370,174,915
277,530,682,815
272,067,006,193
259,549,815,405
255,100,021,915
263,867,645,387
268,926,748,596
277,668,508,213
288,578,219,786
298,504,150,088
303,237,634,306
291,387,465,949
290,549,197,054
286,355,343,969
284,002,986,546
289,065,699,908
291,685,814,164
296,982,504,753
299,494,771,783
302,364,590,101
311,907,484,647
312,137,418,019
307,751,375,409
301,784,277,600
298,447,414,095
297,938,894,201
283,633,171,413
268,974,590,708
269,452,502,493
268,816,229,361
277,957,240,431
279,374,010,803
281,594,041,190
288,502,987,212
289,618,045,047
291,160,973,118
284,604,674,365
287,261,996,756
285,563,098,114
282,786,241,215
284,010,930,928
285,601,183,122
287,748,440,217
291,418,185,351
307,356,589,742
338,922,866,405
355,017,108,730
367,990,292,185
372,935,876,051
380,324,712,665
373,462,051,150
(F)
1 Month lag of 6-month
trailing moving average
ADS
....................................
....................................
....................................
....................................
....................................
....................................
....................................
252,676,524,499
268,158,892,846
274,995,875,663
279,763,281,227
278,370,174,915
277,530,682,815
272,067,006,193
259,549,815,405
255,100,021,915
263,867,645,387
268,926,748,596
277,668,508,213
288,578,219,786
298,504,150,088
303,237,634,306
291,387,465,949
290,549,197,054
286,355,343,969
284,002,986,546
289,065,699,908
291,685,814,164
296,982,504,753
299,494,771,783
302,364,590,101
311,907,484,647
312,137,418,019
307,751,375,409
301,784,277,600
298,447,414,095
297,938,894,201
283,633,171,413
268,974,590,708
269,452,502,493
268,816,229,361
277,957,240,431
279,374,010,803
281,594,041,190
288,502,987,212
289,618,045,047
291,160,973,118
284,604,674,365
287,261,996,756
285,563,098,114
282,786,241,215
284,010,930,928
285,601,183,122
287,748,440,217
291,418,185,351
307,356,589,742
338,922,866,405
355,017,108,730
367,990,292,185
372,935,876,051
380,324,712,665
(G)
2 Month lag of 6-month
trailing moving average
ADS
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
(H)
Forecast 6-month trailing
moving average ADS
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
(I)
Forecast total dollar
amount of sales
Federal Register / Vol. 89, No. 78 / Monday, April 22, 2024 / Notices
VerDate Sep<11>2014
06:41 Apr 20, 2024
Jkt 262001
PO 00000
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22APN1
29405
VerDate Sep<11>2014
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
22
20
19
23
20
21
21
20
23
21
21
21
21
20
19
23
19
22
21
20
23
(B)
(A)
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 ............................
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 ............................
# of trading days
in month
Month
lotter on DSK11XQN23PROD with NOTICES1
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
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
11,980,859,826,961
11,045,225,185,619
10,787,317,510,620
13,985,409,202,169
9,399,552,596,651
11,791,806,548,751
13,061,036,476,029
11,366,116,854,082
12,671,358,964,418
(C)
Total dollar amount of
sales
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
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
570,517,134,617
552,261,259,281
567,753,553,191
608,061,269,660
494,713,294,561
535,991,206,761
621,954,117,906
568,305,842,704
550,928,650,627
(D)
Average daily dollar
amount of sales (ADS)
344,177,017,526
358,161,389,806
370,081,673,412
386,698,533,963
395,849,893,624
401,058,823,428
403,702,453,030
385,095,974,984
378,122,483,117
357,436,803,610
345,717,617,301
348,209,804,002
344,059,488,154
341,669,359,987
338,399,080,264
337,039,906,538
350,485,348,037
367,950,732,716
432,835,432,545
462,064,241,877
484,152,879,955
518,210,657,968
531,754,027,322
530,718,633,543
499,480,955,079
493,971,906,648
507,338,178,593
507,932,456,356
538,224,004,694
566,909,441,246
594,734,589,472
610,661,774,543
616,411,592,860
622,976,063,047
606,484,838,230
587,383,224,800
565,641,473,005
568,889,796,565
582,226,697,586
600,829,436,673
641,935,586,835
681,912,575,789
708,033,044,092
722,062,688,791
730,340,265,503
716,300,408,161
667,211,826,380
624,171,529,501
595,990,583,929
581,569,300,173
556,660,167,326
548,404,593,763
556,180,742,404
566,798,802,743
572,487,966,561
560,001,893,695
554,882,953,012
563,455,783,560
566,129,880,797
563,325,730,370
(E)
6-Month trailing moving
average ADS
350,279,184,422
344,177,017,526
358,161,389,806
370,081,673,412
386,698,533,963
395,849,893,624
401,058,823,428
403,702,453,030
385,095,974,984
378,122,483,117
357,436,803,610
345,717,617,301
348,209,804,002
344,059,488,154
341,669,359,987
338,399,080,264
337,039,906,538
350,485,348,037
367,950,732,716
432,835,432,545
462,064,241,877
484,152,879,955
518,210,657,968
531,754,027,322
530,718,633,543
499,480,955,079
493,971,906,648
507,338,178,593
507,932,456,356
538,224,004,694
566,909,441,246
594,734,589,472
610,661,774,543
616,411,592,860
622,976,063,047
606,484,838,230
587,383,224,800
565,641,473,005
568,889,796,565
582,226,697,586
600,829,436,673
641,935,586,835
681,912,575,789
708,033,044,092
722,062,688,791
730,340,265,503
716,300,408,161
667,211,826,380
624,171,529,501
595,990,583,929
581,569,300,173
556,660,167,326
548,404,593,763
556,180,742,404
566,798,802,743
572,487,966,561
560,001,893,695
554,882,953,012
563,455,783,560
566,129,880,797
(F)
1 Month lag of 6-month
trailing moving average
ADS
373,462,051,150
350,279,184,422
344,177,017,526
358,161,389,806
370,081,673,412
386,698,533,963
395,849,893,624
401,058,823,428
403,702,453,030
385,095,974,984
378,122,483,117
357,436,803,610
345,717,617,301
348,209,804,002
344,059,488,154
341,669,359,987
338,399,080,264
337,039,906,538
350,485,348,037
367,950,732,716
432,835,432,545
462,064,241,877
484,152,879,955
518,210,657,968
531,754,027,322
530,718,633,543
499,480,955,079
493,971,906,648
507,338,178,593
507,932,456,356
538,224,004,694
566,909,441,246
594,734,589,472
610,661,774,543
616,411,592,860
622,976,063,047
606,484,838,230
587,383,224,800
565,641,473,005
568,889,796,565
582,226,697,586
600,829,436,673
641,935,586,835
681,912,575,789
708,033,044,092
722,062,688,791
730,340,265,503
716,300,408,161
667,211,826,380
624,171,529,501
595,990,583,929
581,569,300,173
556,660,167,326
548,404,593,763
556,180,742,404
566,798,802,743
572,487,966,561
560,001,893,695
554,882,953,012
563,455,783,560
(G)
2 Month lag of 6-month
trailing moving average
ADS
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
(H)
Forecast 6-month trailing
moving average ADS
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
(I)
Forecast total dollar
amount of sales
29406
Federal Register / Vol. 89, No. 78 / Monday, April 22, 2024 / Notices
06:41 Apr 20, 2024
Jkt 262001
PO 00000
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22APN1
Sep-23 ............................
Oct-23 .............................
Nov-23 ............................
Dec-23 ............................
Jan-24 .............................
Feb-24 .............................
Mar-24 .............................
Apr-24 .............................
May-24 ............................
Jun-24 .............................
Jul-24 ..............................
Aug-24 ............................
lotter on DSK11XQN23PROD with NOTICES1
20
22
21
20
21
20
20
22
22
19
22
22
11,205,898,765,006
13,188,976,620,062
11,988,333,174,115
13,128,847,387,720
13,601,328,853,198
13,773,538,263,581
....................................
....................................
....................................
....................................
....................................
....................................
560,294,938,250
599,498,937,276
570,873,008,291
656,442,369,386
647,682,326,343
688,676,913,179
....................................
....................................
....................................
....................................
....................................
....................................
555,364,675,135
572,828,948,921
578,642,582,509
584,390,624,422
597,620,038,362
620,578,082,121
....................................
....................................
....................................
....................................
....................................
....................................
563,325,730,370
555,364,675,135
572,828,948,921
578,642,582,509
584,390,624,422
597,620,038,362
620,578,082,121
....................................
....................................
....................................
....................................
....................................
566,129,880,797
563,325,730,370
555,364,675,135
572,828,948,921
578,642,582,509
584,390,624,422
597,620,038,362
620,578,082,121
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
654,922,155,353
654,922,155,353
654,922,155,353
654,922,155,353
654,922,155,353
654,922,155,353
....................................
....................................
....................................
....................................
....................................
....................................
13,098,443,107,060
14,408,287,417,766
14,408,287,417,766
12,443,520,951,707
14,408,287,417,766
14,408,287,417,766
Federal Register / Vol. 89, No. 78 / Monday, April 22, 2024 / Notices
VerDate Sep<11>2014
06:41 Apr 20, 2024
Jkt 262001
PO 00000
Frm 00126
Fmt 4703
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E:\FR\FM\22APN1.SGM
22APN1
29407
lotter on DSK11XQN23PROD with NOTICES1
29408
{Dashed Line Indicates Forecast Values)
DoUal' Value,
SBIUiOll$
$18,000 - , - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - . - - - - ,
PO 00000
$16,000
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Federal Register / Vol. 89, No. 78 / Monday, April 22, 2024 / Notices
Jkt 262001
[FR Doc. 2024–08512 Filed 4–19–24; 8:45 am]
06:41 Apr 20, 2024
BILLING CODE 8011–01–P
VerDate Sep<11>2014
FigureA.
Aggregate Dollar Amount of Sales Subject to Exchange Act Sections 3l(b) and 31(c)1
Methodology Developed in Consultation Wtth 0MB and CBO
]]>Agencies
[Federal Register Volume 89, Number 78 (Monday, April 22, 2024)]
[Notices]
[Pages 29402-29408]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-08512]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99973/April 17, 2024]
Order Making Fiscal Year 2024 Annual Adjustments to Transaction
Fee Rates
I. Background
Section 31 of the Securities Exchange Act of 1934 (``Exchange
Act'') requires each national securities exchange and national
securities association to pay transaction fees to the Commission.\1\
Specifically, Section 31(b) requires each national securities exchange
to pay to the Commission fees based on the aggregate dollar amount of
sales of certain securities (``covered sales'') transacted on the
exchange.\2\ Section 31(c) requires each national securities
association to pay to the Commission fees based on the aggregate dollar
amount of covered sales transacted by or through any member of the
association other than on an exchange.\3\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78ee.
\2\ 15 U.S.C. 78ee(b).
\3\ 15 U.S.C. 78ee(c).
---------------------------------------------------------------------------
Section 31 of the Exchange Act requires the Commission to annually
adjust the fee rates applicable under Sections 31(b) and (c) to a
uniform adjusted rate.\4\ Specifically, the Commission must adjust the
fee rates to a uniform adjusted rate that is reasonably likely to
produce aggregate fee collections (including assessments on security
futures transactions) equal to the regular appropriation to the
Commission for the applicable fiscal year.\5\
---------------------------------------------------------------------------
\4\ In some circumstances, the SEC also must make a mid-year
adjustment to the fee rates applicable under Sections 31(b) and (c).
\5\ 15 U.S.C. 78ee(j)(1) (the Commission must adjust the rates
under Sections 31(b) and (c) to a ``uniform adjusted rate that, when
applied to the baseline estimate of the aggregate dollar amount of
sales for such fiscal year, is reasonably likely to produce
aggregate fee collections under [Section 31] (including assessments
collected under [Section 31(d)]) that are equal to the regular
appropriation to the Commission by Congress for such fiscal
year.'').
---------------------------------------------------------------------------
The Commission is required to publish notice of the new fee rates
under Section 31 not later than 30 days after the date on which an Act
making a regular appropriation for the applicable fiscal year is
enacted.\6\ On March 23, 2024, the President signed into law the
Further Consolidated Appropriations Act, 2024, which includes total
appropriations of $2,188,658,000 to the SEC for fiscal year 2024.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78ee(g).
---------------------------------------------------------------------------
II. Fiscal Year 2024 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 2024 \8\ from an amount equal to the regular appropriation to the
Commission for fiscal year 2024, and (2) dividing by the estimated
aggregate dollar amount of covered sales for the remainder of the
fiscal year following the effective date of the new fee rate.\9\
---------------------------------------------------------------------------
\7\ The sum of fees to be collected prior to the effective date
of the new fee rate is determined by applying the current fee rate
to the dollar amount of covered sales prior to the effective date of
the new fee rate. The exchanges and FINRA have provided data on the
dollar amount of covered sales through Feb. 2024. To calculate the
dollar amount of covered sales from Mar. 2024 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 2024 for single stock futures is
zero.
\9\ To estimate the aggregate dollar amount of covered sales for
the remainder of fiscal year 2024 following the effective date of
the new fee rate, the Commission is using the same methodology it
used previously. This methodology is described in Appendix A of this
order.
---------------------------------------------------------------------------
As noted above, the Further Consolidated Appropriations Act, 2024,
includes total appropriations of $2,188,658,000 to the Commission for
fiscal year 2024.\10\ The Commission
[[Page 29403]]
estimates that it will collect $913,739,887 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 2024. Using the methodology described in Appendix A, the
Commission estimates that the aggregate dollar amount of covered sales
for the remainder of fiscal year 2024 to be $45,844,550,874,710.
---------------------------------------------------------------------------
\10\ The President signed into law the ``Further Consolidated
Appropriations Act, 2024'' on Mar. 23, 2024. This legislation
included an appropriation of $2,149,000,000 to the SEC for fiscal
year 2024 operations. The Act further directed that ``[i]n addition
to the foregoing appropriation, for move, replication, and related
costs associated with a replacement leases [sic] for the
Commission's office facilities, not to exceed $39,658,000, to remain
available until expended . . .''. The sum of these amounts is
$2,188,658,000. 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 2024''. Pub.
L. 118-xx.
---------------------------------------------------------------------------
The uniform adjusted rate is computed by dividing the residual fees
to be collected of $1,274,918,113 by the estimated aggregate dollar
amount of covered sales for the remainder of fiscal year 2024 of
$45,844,550,874,710; this results in a uniform adjusted rate for fiscal
year 2024 of $27.80 per million.\11\
---------------------------------------------------------------------------
\11\ Appendix A shows the process of calculating the fiscal year
2024 annual adjustment and includes the data used by the Commission
in making this adjustment.
---------------------------------------------------------------------------
III. Effective Date of the Uniform Adjusted Rate
Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2024
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,
2023, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2024 is enacted.\12\ The regular
appropriation to the Commission for fiscal year 2024 was enacted on
March 23, 2024, and accordingly, the new fee rates applicable under
Sections 31(b) and (c) of the Exchange Act will take effect on May 22,
2024.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78ee(j)(4)(A).
---------------------------------------------------------------------------
IV. Conclusion
Accordingly, pursuant to Section 31 of the Exchange Act,
It is hereby ordered that the fee rates applicable under Sections
31(b) and (c) of the Exchange Act shall be $27.80 per $1,000,000
effective on May 22, 2024.
By the Commission.
Sherry R. Haywood,
Assistant Secretary.
APPENDIX A
This appendix provides the methodology for determining the annual
adjustment to the fee rates applicable under Sections 31(b) and (c) of
the Exchange Act for fiscal year 2024. 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 2024.
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 2024 (less the sum of fees to be
collected during fiscal year 2024 prior to the effective date of the
new fee rate and aggregate assessments on security futures transactions
during all of fiscal year 2024) 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 2024, 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 February 2024, the last month
for which the Commission has data on the dollar volume of covered
sales.\1\
---------------------------------------------------------------------------
\1\ 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 Mar. 23, 2024. The first business day
after this date was Mar. 25, 2024. Data for Feb. were due from the
exchanges on Mar. 14, 2024. As a result, the Commission used Feb.
2024 and earlier data to forecast volume for Mar. 2024 and later
months.
---------------------------------------------------------------------------
The following sections describe this process in detail.
A. Baseline Estimate of the Aggregate Dollar Amount of Covered Sales
for Fiscal Year 2024
First, calculate the average daily dollar amount of covered sales
(``ADS'') for each month in the sample (August 2013 through February
2024). 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 one- and two-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 August 2013 through
February 2024.\2\ 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\ Because the model uses a two period lag in the 6-month
trailing moving average of average daily covered sales, seven
additional months of data are added to the table so that the model
is estimated with 120 observations.
---------------------------------------------------------------------------
2. For each month t, calculate the six-month trailing moving
average of ADS (shown in column E). For example, the value for March
2014 is the average of the six months ending in March 2014, or October
2013 through March 2014 inclusive.
[[Page 29404]]
3. Calculate the one- and two-month lags of the trailing moving
average. For example, the one-month lag of the six-month trailing
moving average for March 2014 is equal to the six-month trailing moving
average for February 2014. The two-month lag of the six-month trailing
moving average for March 2024 is equal to the six-month trailing moving
average for January 2014. These are shown in columns F and G.
4. Estimate the model using ordinary least squares:
[gamma]t = [alpha] + [beta]1
[gamma]t-1 + [beta]2 [gamma]t-2 +
ut
Where [gamma]t is the six-month trailing moving average
of the average daily sales for month t, and [gamma]t-1 and
[gamma]t-2 are the one- and two-month lags of
[gamma]t, and ut representing the error term for
month t. The model can be estimated using standard commercially
available software. The estimated parameter values are [alpha] =
+4,213,794,716, [beta]1 = +1.672194, [beta]2 = -
0.679948. The root-mean squared error (RMSE) of the regression is
11,776,068,990.
5. The predicted value of the six-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 2024. To calculate this
value from the model above, one needs the one-month and two-month lag
of the six-month trailing moving average ADS, i.e., the six-month
trailing moving average for June and July. The six-month trailing
moving average for July is obtained by using the one- and two-month
lags for July, that is, the six-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, March 2024, and iterates
predictions forward until the last month is predicted. One then
multiplies the final predicted six-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 March 2024, using the a, b1, and
b2 parameter estimates shown above, along with the one- and
two-month lags in the six-month trailing moving average ADS
(representing the six-month trailing moving average ADS for January and
February 2024, respectively), one can estimate the forecast six-month
trailing moving average ADS for March: +4,213,794,716 + (1.672194 x
620,578,082,121) + (-0.679948 x 597,620,038,362) = 635,590,443,613.
7. With the estimated six-month trailing moving average ADS for
March 2024 calculated above, one can estimate the six-month trailing
moving average ADS for April 2024. The estimate obtained from March
2024 becomes the one-month lag for April, and the one-month lag used in
the March forecast becomes the two-month lag for the April forecast.
Thus, the predicted six-month trailing moving average ADS for April
2024 is calculated as: +4,213,794,716 + (1.672194 x 635,590,443,613) +
(-0.679948 x 620,578,082,121) = 645,083,757,473.
8. Using the forecasts for March and April, one can estimate the
value for May. Repeat this procedure for subsequent months, until the
estimate for August 2024 is obtained. This value is 654,922,155,353.\3\
This value is then used to calculate the final forecast total monthly
covered sales for all six months from March 2024 through August 2024.
---------------------------------------------------------------------------
\3\ One obtains insignificantly different values using the
rounded parameter estimates shown above. The predicted ADS values
displayed above represents the full precision estimate.
---------------------------------------------------------------------------
9. To obtain the estimate of total monthly covered sales for each
month, multiply the number of trading days in the month, shown in
column B in Table A, by the final forecast six-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, 2023, through May 21, 2024. The projected aggregate dollar amount of
covered sales for this period is $114,217,485,918,804. Actual and
projected fee collections at the current fee rate of $8.00 per million
are $913,739,887.
2. Estimate the amount of assessments on security futures products
collected from September 1, 2023, through August 31, 2024. The only
entity reporting assessable security futures products ceased operations
in September 2020.\4\ Consequently, the estimated amount of assessments
on security futures products collected from September 2023 through
August 2024 is zero.
---------------------------------------------------------------------------
\4\ 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 2024 for single stock futures is
zero.
---------------------------------------------------------------------------
3. Subtract the amount $913,739,887 from the target off-setting
collection amount set by Congress of $2,188,658,000, leaving
$1,274,918,113 to be collected on dollar volume for the period May 22,
2024, through August 31, 2024.
4. Use Table A to estimate dollar volume for the period May 22,
2024, through August 31, 2024. The estimate is $45,844,550,874,710.
Finally, compute the fee rate required to produce the additional
$1,274,918,113 in revenue. This rate is $1,274,918,113 divided by
$45,844,550,874,710 or 0.00002780959.
5. Round the result to the seventh decimal point, yielding a rate
of 0.00002780 (or $27.80 per million).
This table summarizes the estimates of the aggregate dollar amount
of covered sales, by time period. The figures in this table can be used
to determine the new fee rate.
Table A--Baseline Estimate of the Aggregate Dollar Amount of Sales
------------------------------------------------------------------------
Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate dollar amount of 104,393,654
sales, 09/01/2023 to 04/30/2024 ($Millions)............
b. Baseline estimate of the aggregate dollar amount of 9,823,832
sales, 05/01/2024 to 05/21/2024 ($Millions)............
c. Baseline estimate of the aggregate dollar amount of 4,584,455
sales, 05/22/2024 to 05/31/2024 ($Millions)............
d. Baseline estimate of the aggregate dollar amount of 41,260,096
sales, 06/01/2024 to 08/31/2024 ($Millions)............
e. Estimated collections in assessments on security 0.000
futures products in fiscal year 2023 ($Millions).......
f. Implied fee rate (($2,188,658,000 - $8.00 * (a + b) - $27.80
e)/(c + d).............................................
------------------------------------------------------------------------
[[Page 29405]]
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Average daily dollar 1 Month lag of 6- 2 Month lag of 6- Forecast 6-month Forecast total
Month # of trading Total dollar amount amount of sales 6-Month trailing month trailing month trailing trailing moving dollar amount of
days in month of sales (ADS) moving average ADS moving average ADS moving average ADS average ADS sales
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(A) (B) (C) (D) (E) (F) (G) (H) (I)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Aug-13........................................................ 22 $4,925,611,193,095 $223,891,417,868 .................... .................... .................... .................... ....................
Sep-13........................................................ 20 4,959,197,626,713 247,959,881,336 .................... .................... .................... .................... ....................
Oct-13........................................................ 23 5,928,804,028,970 257,774,088,216 .................... .................... .................... .................... ....................
Nov-13........................................................ 20 5,182,024,612,049 259,101,230,602 .................... .................... .................... .................... ....................
Dec-13........................................................ 21 5,265,282,994,173 250,727,761,627 .................... .................... .................... .................... ....................
Jan-14........................................................ 21 5,808,700,114,288 276,604,767,347 252,676,524,499 .................... .................... .................... ....................
Feb-14........................................................ 19 6,018,926,931,054 316,785,627,950 268,158,892,846 252,676,524,499 .................... .................... ....................
Mar-14........................................................ 21 6,068,617,342,988 288,981,778,238 274,995,875,663 268,158,892,846 252,676,524,499 .................... ....................
Apr-14........................................................ 21 6,013,948,953,528 286,378,521,597 279,763,281,227 274,995,875,663 268,158,892,846 .................... ....................
May-14........................................................ 21 5,265,594,447,318 250,742,592,729 278,370,174,915 279,763,281,227 274,995,875,663 .................... ....................
Jun-14........................................................ 21 5,159,506,989,669 245,690,809,032 277,530,682,815 278,370,174,915 279,763,281,227 .................... ....................
Jul-14........................................................ 22 5,364,099,567,460 243,822,707,612 272,067,006,193 277,530,682,815 278,370,174,915 .................... ....................
Aug-14........................................................ 21 5,075,332,147,677 241,682,483,223 259,549,815,405 272,067,006,193 277,530,682,815 .................... ....................
Sep-14........................................................ 21 5,507,943,363,243 262,283,017,297 255,100,021,915 259,549,815,405 272,067,006,193 .................... ....................
Oct-14........................................................ 23 7,796,638,035,879 338,984,262,430 263,867,645,387 255,100,021,915 259,549,815,405 .................... ....................
Nov-14........................................................ 19 5,340,847,027,697 281,097,211,984 268,926,748,596 263,867,645,387 255,100,021,915 .................... ....................
Dec-14........................................................ 22 6,559,110,068,128 298,141,366,733 277,668,508,213 268,926,748,596 263,867,645,387 .................... ....................
Jan-15........................................................ 20 6,185,619,541,044 309,280,977,052 288,578,219,786 277,668,508,213 268,926,748,596 .................... ....................
Feb-15........................................................ 19 5,723,523,235,641 301,238,065,034 298,504,150,088 288,578,219,786 277,668,508,213 .................... ....................
Mar-15........................................................ 22 6,395,046,297,249 290,683,922,602 303,237,634,306 298,504,150,088 288,578,219,786 .................... ....................
Apr-15........................................................ 21 5,625,548,298,004 267,883,252,286 291,387,465,949 303,237,634,306 298,504,150,088 .................... ....................
May-15........................................................ 20 5,521,351,972,386 276,067,598,619 290,549,197,054 291,387,465,949 303,237,634,306 .................... ....................
Jun-15........................................................ 22 6,005,521,460,806 272,978,248,218 286,355,343,969 290,549,197,054 291,387,465,949 .................... ....................
Jul-15........................................................ 22 6,493,670,315,390 295,166,832,518 284,002,986,546 286,355,343,969 290,549,197,054 .................... ....................
Aug-15........................................................ 21 6,963,901,249,270 331,614,345,203 289,065,699,908 284,002,986,546 286,355,343,969 .................... ....................
Sep-15........................................................ 21 6,434,496,770,897 306,404,608,138 291,685,814,164 289,065,699,908 284,002,986,546 .................... ....................
Oct-15........................................................ 22 6,592,594,708,082 299,663,395,822 296,982,504,753 291,685,814,164 289,065,699,908 .................... ....................
Nov-15........................................................ 20 5,822,824,015,945 291,141,200,797 299,494,771,783 296,982,504,753 291,685,814,164 .................... ....................
Dec-15........................................................ 22 6,384,337,478,801 290,197,158,127 302,364,590,101 299,494,771,783 296,982,504,753 .................... ....................
Jan-16........................................................ 19 6,696,059,796,055 352,424,199,792 311,907,484,647 302,364,590,101 299,494,771,783 .................... ....................
Feb-16........................................................ 20 6,659,878,908,747 332,993,945,437 312,137,418,019 311,907,484,647 302,364,590,101 .................... ....................
Mar-16........................................................ 22 6,161,943,754,542 280,088,352,479 307,751,375,409 312,137,418,019 311,907,484,647 .................... ....................
Apr-16........................................................ 21 5,541,076,988,322 263,860,808,968 301,784,277,600 307,751,375,409 312,137,418,019 .................... ....................
May-16........................................................ 21 5,693,520,415,112 271,120,019,767 298,447,414,095 301,784,277,600 307,751,375,409 .................... ....................
Jun-16........................................................ 22 6,317,212,852,759 287,146,038,762 297,938,894,201 298,447,414,095 301,784,277,600 .................... ....................
Jul-16........................................................ 20 5,331,797,261,269 266,589,863,063 283,633,171,413 297,938,894,201 298,447,414,095 .................... ....................
Aug-16........................................................ 23 5,635,976,607,786 245,042,461,208 268,974,590,708 283,633,171,413 297,938,894,201 .................... ....................
Sep-16........................................................ 21 5,942,072,286,976 282,955,823,189 269,452,502,493 268,974,590,708 283,633,171,413 .................... ....................
Oct-16........................................................ 21 5,460,906,573,682 260,043,170,175 268,816,229,361 269,452,502,493 268,974,590,708 .................... ....................
Nov-16........................................................ 21 6,845,287,809,886 325,966,086,185 277,957,240,431 268,816,229,361 269,452,502,493 .................... ....................
Dec-16........................................................ 21 6,208,579,880,985 295,646,660,999 279,374,010,803 277,957,240,431 268,816,229,361 .................... ....................
Jan-17........................................................ 20 5,598,200,907,603 279,910,045,380 281,594,041,190 279,374,010,803 277,957,240,431 .................... ....................
Feb-17........................................................ 19 5,443,426,609,533 286,496,137,344 288,502,987,212 281,594,041,190 279,374,010,803 .................... ....................
Mar-17........................................................ 23 6,661,861,914,530 289,646,170,197 289,618,045,047 288,502,987,212 281,594,041,190 .................... ....................
Apr-17........................................................ 19 5,116,714,033,499 269,300,738,605 291,160,973,118 289,618,045,047 288,502,987,212 .................... ....................
May-17........................................................ 22 6,305,822,460,672 286,628,293,667 284,604,674,365 291,160,973,118 289,618,045,047 .................... ....................
Jun-17........................................................ 22 6,854,993,097,601 311,590,595,346 287,261,996,756 284,604,674,365 291,160,973,118 .................... ....................
Jul-17........................................................ 20 5,394,333,070,522 269,716,653,526 285,563,098,114 287,261,996,756 284,604,674,365 .................... ....................
Aug-17........................................................ 23 6,206,204,906,864 269,834,995,951 282,786,241,215 285,563,098,114 287,261,996,756 .................... ....................
Sep-17........................................................ 20 5,939,886,169,525 296,994,308,476 284,010,930,928 282,786,241,215 285,563,098,114 .................... ....................
Oct-17........................................................ 22 6,134,529,538,894 278,842,251,768 285,601,183,122 284,010,930,928 282,786,241,215 .................... ....................
Nov-17........................................................ 21 6,289,748,560,897 299,511,836,233 287,748,440,217 285,601,183,122 284,010,930,928 .................... ....................
Dec-17........................................................ 20 6,672,181,323,001 333,609,066,150 291,418,185,351 287,748,440,217 285,601,183,122 .................... ....................
Jan-18........................................................ 21 7,672,288,677,308 365,347,079,872 307,356,589,742 291,418,185,351 287,748,440,217 .................... ....................
Feb-18........................................................ 19 8,725,420,462,639 459,232,655,928 338,922,866,405 307,356,589,742 291,418,185,351 .................... ....................
Mar-18........................................................ 21 8,264,755,011,030 393,559,762,430 355,017,108,730 338,922,866,405 307,356,589,742 .................... ....................
Apr-18........................................................ 21 7,490,308,402,446 356,681,352,497 367,990,292,185 355,017,108,730 338,922,866,405 .................... ....................
May-18........................................................ 22 7,242,077,467,361 329,185,339,426 372,935,876,051 367,990,292,185 355,017,108,730 .................... ....................
Jun-18........................................................ 21 7,936,783,802,579 377,942,085,837 380,324,712,665 372,935,876,051 367,990,292,185 .................... ....................
Jul-18........................................................ 21 6,807,593,326,456 324,171,110,784 373,462,051,150 380,324,712,665 372,935,876,051 .................... ....................
Aug-18........................................................ 23 7,363,115,477,823 320,135,455,558 350,279,184,422 373,462,051,150 380,324,712,665 .................... ....................
[[Page 29406]]
Sep-18........................................................ 19 6,781,988,459,996 356,946,761,052 344,177,017,526 350,279,184,422 373,462,051,150 .................... ....................
Oct-18........................................................ 23 10,133,514,482,168 440,587,586,181 358,161,389,806 344,177,017,526 350,279,184,422 .................... ....................
Nov-18........................................................ 21 8,414,847,862,204 400,707,041,057 370,081,673,412 358,161,389,806 344,177,017,526 .................... ....................
Dec-18........................................................ 19 9,075,221,733,736 477,643,249,144 386,698,533,963 370,081,673,412 358,161,389,806 .................... ....................
Jan-19........................................................ 21 7,960,664,643,749 379,079,268,750 395,849,893,624 386,698,533,963 370,081,673,412 .................... ....................
Feb-19........................................................ 19 6,676,391,653,247 351,389,034,381 401,058,823,428 395,849,893,624 386,698,533,963 .................... ....................
Mar-19........................................................ 21 7,828,979,311,928 372,808,538,663 403,702,453,030 401,058,823,428 395,849,893,624 .................... ....................
Apr-19........................................................ 21 6,907,923,076,080 328,948,717,909 385,095,974,984 403,702,453,030 401,058,823,428 .................... ....................
May-19........................................................ 22 7,895,053,976,747 358,866,089,852 378,122,483,117 385,095,974,984 403,702,453,030 .................... ....................
Jun-19........................................................ 20 7,070,583,442,058 353,529,172,103 357,436,803,610 378,122,483,117 385,095,974,984 .................... ....................
Jul-19........................................................ 22 6,792,811,319,721 308,764,150,896 345,717,617,301 357,436,803,610 378,122,483,117 .................... ....................
Aug-19........................................................ 22 8,059,527,400,976 366,342,154,590 348,209,804,002 345,717,617,301 357,436,803,610 .................... ....................
Sep-19........................................................ 20 6,958,132,871,506 347,906,643,575 344,059,488,154 348,209,804,002 345,717,617,301 .................... ....................
Oct-19........................................................ 23 7,235,982,824,882 314,607,948,908 341,669,359,987 344,059,488,154 348,209,804,002 .................... ....................
Nov-19........................................................ 20 6,784,888,230,209 339,244,411,510 338,399,080,264 341,669,359,987 344,059,488,154 .................... ....................
Dec-19........................................................ 21 7,252,856,724,647 345,374,129,745 337,039,906,538 338,399,080,264 341,669,359,987 .................... ....................
Jan-20........................................................ 21 8,178,172,797,805 389,436,799,895 350,485,348,037 337,039,906,538 338,399,080,264 .................... ....................
Feb-20........................................................ 19 8,951,554,790,521 471,134,462,659 367,950,732,716 350,485,348,037 337,039,906,538 .................... ....................
Mar-20........................................................ 22 16,218,726,536,159 737,214,842,553 432,835,432,545 367,950,732,716 350,485,348,037 .................... ....................
Apr-20........................................................ 21 10,289,596,902,933 489,980,804,902 462,064,241,877 432,835,432,545 367,950,732,716 .................... ....................
May-20........................................................ 20 9,435,524,799,540 471,776,239,977 484,152,879,955 462,064,241,877 432,835,432,545 .................... ....................
Jun-20........................................................ 22 12,093,857,552,130 549,720,797,824 518,210,657,968 484,152,879,955 462,064,241,877 .................... ....................
Jul-20........................................................ 22 10,355,334,352,448 470,697,016,020 531,754,027,322 518,210,657,968 484,152,879,955 .................... ....................
Aug-20........................................................ 21 9,763,364,099,611 464,922,099,981 530,718,633,543 531,754,027,322 518,210,657,968 .................... ....................
Sep-20........................................................ 21 11,545,564,207,158 549,788,771,769 499,480,955,079 530,718,633,543 531,754,027,322 .................... ....................
Oct-20........................................................ 22 10,052,383,314,951 456,926,514,316 493,971,906,648 499,480,955,079 530,718,633,543 .................... ....................
Nov-20........................................................ 20 11,039,477,432,965 551,973,871,648 507,338,178,593 493,971,906,648 499,480,955,079 .................... ....................
Dec-20........................................................ 22 12,172,302,216,779 553,286,464,399 507,932,456,356 507,338,178,593 493,971,906,648 .................... ....................
Jan-21........................................................ 19 12,396,479,814,996 652,446,306,052 538,224,004,694 507,932,456,356 507,338,178,593 .................... ....................
Feb-21........................................................ 19 12,103,659,666,497 637,034,719,289 566,909,441,246 538,224,004,694 507,932,456,356 .................... ....................
Mar-21........................................................ 23 16,485,012,205,966 716,739,661,129 594,734,589,472 566,909,441,246 538,224,004,694 .................... ....................
Apr-21........................................................ 21 11,602,282,119,601 552,489,624,743 610,661,774,543 594,734,589,472 566,909,441,246 .................... ....................
May-21........................................................ 20 11,729,455,630,914 586,472,781,546 616,411,592,860 610,661,774,543 594,734,589,472 .................... ....................
Jun-21........................................................ 22 13,038,812,281,463 592,673,285,521 622,976,063,047 616,411,592,860 610,661,774,543 .................... ....................
Jul-21........................................................ 21 11,623,478,100,180 553,498,957,151 606,484,838,230 622,976,063,047 616,411,592,860 .................... ....................
Aug-21........................................................ 22 11,493,350,851,643 522,425,038,711 587,383,224,800 606,484,838,230 622,976,063,047 .................... ....................
Sep-21........................................................ 21 12,312,072,157,576 586,289,150,361 565,641,473,005 587,383,224,800 606,484,838,230 .................... ....................
Oct-21........................................................ 21 12,011,570,888,110 571,979,566,100 568,889,796,565 565,641,473,005 587,383,224,800 .................... ....................
Nov-21........................................................ 21 13,996,377,941,116 666,494,187,672 582,226,697,586 568,889,796,565 565,641,473,005 .................... ....................
Dec-21........................................................ 22 15,494,373,840,971 704,289,720,044 600,829,436,673 582,226,697,586 568,889,796,565 .................... ....................
Jan-22........................................................ 20 16,002,717,162,409 800,135,858,120 641,935,586,835 600,829,436,673 582,226,697,586 .................... ....................
Feb-22........................................................ 19 14,483,452,476,259 762,286,972,435 681,912,575,789 641,935,586,835 600,829,436,673 .................... ....................
Mar-22........................................................ 23 17,089,275,084,128 743,011,960,179 708,033,044,092 681,912,575,789 641,935,586,835 .................... ....................
Apr-22........................................................ 20 13,123,148,685,917 656,157,434,296 722,062,688,791 708,033,044,092 681,912,575,789 .................... ....................
May-22........................................................ 21 15,039,352,606,836 716,159,647,945 730,340,265,503 722,062,688,791 708,033,044,092 .................... ....................
Jun-22........................................................ 21 13,021,062,095,851 620,050,575,993 716,300,408,161 730,340,265,503 722,062,688,791 .................... ....................
Jul-22........................................................ 20 10,112,087,348,637 505,604,367,432 667,211,826,380 716,300,408,161 730,340,265,503 .................... ....................
Aug-22........................................................ 23 11,593,039,396,644 504,045,191,158 624,171,529,501 667,211,826,380 716,300,408,161 .................... ....................
Sep-22........................................................ 21 12,052,452,021,792 573,926,286,752 595,990,583,929 624,171,529,501 667,211,826,380 .................... ....................
Oct-22........................................................ 21 11,962,224,366,908 569,629,731,758 581,569,300,173 595,990,583,929 624,171,529,501 .................... ....................
Nov-22........................................................ 21 11,900,801,868,077 566,704,850,861 556,660,167,326 581,569,300,173 595,990,583,929 .................... ....................
Dec-22........................................................ 21 11,980,859,826,961 570,517,134,617 548,404,593,763 556,660,167,326 581,569,300,173 .................... ....................
Jan-23........................................................ 20 11,045,225,185,619 552,261,259,281 556,180,742,404 548,404,593,763 556,660,167,326 .................... ....................
Feb-23........................................................ 19 10,787,317,510,620 567,753,553,191 566,798,802,743 556,180,742,404 548,404,593,763 .................... ....................
Mar-23........................................................ 23 13,985,409,202,169 608,061,269,660 572,487,966,561 566,798,802,743 556,180,742,404 .................... ....................
Apr-23........................................................ 19 9,399,552,596,651 494,713,294,561 560,001,893,695 572,487,966,561 566,798,802,743 .................... ....................
May-23........................................................ 22 11,791,806,548,751 535,991,206,761 554,882,953,012 560,001,893,695 572,487,966,561 .................... ....................
Jun-23........................................................ 21 13,061,036,476,029 621,954,117,906 563,455,783,560 554,882,953,012 560,001,893,695 .................... ....................
Jul-23........................................................ 20 11,366,116,854,082 568,305,842,704 566,129,880,797 563,455,783,560 554,882,953,012 .................... ....................
Aug-23........................................................ 23 12,671,358,964,418 550,928,650,627 563,325,730,370 566,129,880,797 563,455,783,560 .................... ....................
[[Page 29407]]
Sep-23........................................................ 20 11,205,898,765,006 560,294,938,250 555,364,675,135 563,325,730,370 566,129,880,797 .................... ....................
Oct-23........................................................ 22 13,188,976,620,062 599,498,937,276 572,828,948,921 555,364,675,135 563,325,730,370 .................... ....................
Nov-23........................................................ 21 11,988,333,174,115 570,873,008,291 578,642,582,509 572,828,948,921 555,364,675,135 .................... ....................
Dec-23........................................................ 20 13,128,847,387,720 656,442,369,386 584,390,624,422 578,642,582,509 572,828,948,921 .................... ....................
Jan-24........................................................ 21 13,601,328,853,198 647,682,326,343 597,620,038,362 584,390,624,422 578,642,582,509 .................... ....................
Feb-24........................................................ 20 13,773,538,263,581 688,676,913,179 620,578,082,121 597,620,038,362 584,390,624,422 .................... ....................
Mar-24........................................................ 20 .................... .................... .................... 620,578,082,121 597,620,038,362 654,922,155,353 13,098,443,107,060
Apr-24........................................................ 22 .................... .................... .................... .................... 620,578,082,121 654,922,155,353 14,408,287,417,766
May-24........................................................ 22 .................... .................... .................... .................... .................... 654,922,155,353 14,408,287,417,766
Jun-24........................................................ 19 .................... .................... .................... .................... .................... 654,922,155,353 12,443,520,951,707
Jul-24........................................................ 22 .................... .................... .................... .................... .................... 654,922,155,353 14,408,287,417,766
Aug-24........................................................ 22 .................... .................... .................... .................... .................... 654,922,155,353 14,408,287,417,766
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[[Page 29408]]
[GRAPHIC] [TIFF OMITTED] TN22AP24.500
[FR Doc. 2024-08512 Filed 4-19-24; 8:45 am]
BILLING CODE 8011-01-P
