[Federal Register Volume 75, Number 42 (Thursday, March 4, 2010)]
[Notices]
[Pages 9964-9968]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-4530]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61605/March 1, 2010]


Order Making Fiscal Year 2010 Mid-Year Adjustment to the Fee 
Rates Applicable Under Sections 31(b) and (c) of the Securities 
Exchange Act of 1934

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 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 sales of 
certain securities transacted by or through any member of the 
association other than on an exchange.\3\
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    \1\ 15 U.S.C. 78ee.
    \2\ 15 U.S.C. 78ee(b).
    \3\ 15 U.S.C. 78ee(c).
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    Sections 31(j)(1) and (3) require the Commission to make annual 
adjustments to the fee rates applicable under Sections 31(b) and (c) 
for each of the fiscal years 2003 through 2011, and one final 
adjustment to fix the fee rates for fiscal year 2012 and beyond.\4\ 
Section 31(j)(2) requires the Commission, in certain circumstances, to 
make a mid-year adjustment to the fee rates in fiscal years 2002 
through 2011.\5\ The annual and mid-year adjustments are designed to 
adjust the fee rates in a given fiscal year so that, when applied to 
the aggregate dollar volume of sales for the fiscal year, they are 
reasonably likely to produce total fee collections under Section 31 
equal to the ``target offsetting collection amount'' specified in 
Section 31(l)(1) for that fiscal year.\6\ For fiscal year 2010, the 
target offsetting collection amount is $1,161,000,000.\7\
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    \4\ 15 U.S.C. 78ee(j)(1) and (j)(3).
    \5\ 15 U.S.C. 78ee(j)(2).
    \6\ 15 U.S.C. 78ee(l)(1).
    \7\ See id.

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[[Page 9965]]

II. Determination of the Need for a Mid-Year Adjustment in Fiscal 2010

    Under section 31(j)(2) of the Exchange Act, the Commission must 
make a mid-year adjustment to the fee rates under Sections 31(b) and 
(c) in fiscal year 2010 if it determines, based on the actual aggregate 
dollar volume of sales during the first five months of the fiscal year, 
that the baseline estimate $84,822,877,437,603 is reasonably likely to 
be 10% (or more) greater or less than the actual aggregate dollar 
volume of sales for fiscal year 2010.\8\ To make this determination, 
the Commission must estimate the actual aggregate dollar volume of 
sales for fiscal year 2010.
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    \8\ The amount $84,822,877,437,603 is the baseline estimate of 
the aggregate dollar amount of sales for fiscal year 2010 calculated 
by the Commission in its Order Making Fiscal 2010 Annual Adjustments 
to the Fee Rates Applicable Under Section 6(b) of the Securities Act 
of 1933 and Sections 13(e), 14(g), 31(b) and 31(c) of the Securities 
Exchange Act of 1934, Rel. No. 33-9030 (April 30, 2009), 74 FR 21018 
(May 6, 2009).
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    Based on data provided by the national securities exchanges and the 
national securities association that are subject to section 31,\9\ the 
actual aggregate dollar volume of sales during the first four months of 
fiscal year 2010 was $19,531,642,600,905.\10\ Using these data and a 
methodology for estimating the aggregate dollar amount of sales for the 
remainder of fiscal year 2010 (developed after consultation with the 
Congressional Budget Office and the OMB),\11\ the Commission estimates 
that the aggregate dollar amount of sales for the remainder of fiscal 
year 2010 to be $43,755,155,427,595. Thus, the Commission estimates 
that the actual aggregate dollar volume of sales for all of fiscal year 
2010 will be $63,286,798,028,500.
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    \9\ The Financial Industry Regulatory Authority, Inc. 
(``FINRA'') and each exchange are required to file a monthly report 
on Form R31 containing dollar volume data on sales of securities 
subject to Section 31. The report is due on the 10th business day 
following any month in which the exchange or association has covered 
sales.
    \10\ Although section 31(j)(2) indicates that the Commission 
should determine the actual aggregate dollar volume of sales for 
fiscal 2010 ``based on the actual aggregate dollar volume of sales 
during the first 5 months of such fiscal year,'' data are only 
available for the first four months of the fiscal year as of the 
date the Commission is required to issue this order, i.e., March 1, 
2010. Dollar volume data on sales of securities subject to Section 
31 for February 2010 will not be available from the exchanges and 
FINRA for several weeks.
    \11\ See Appendix A.
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    Because the baseline estimate of $84,822,877,437,603 is more than 
10% greater than the $63,286,798,028,500 estimated actual aggregate 
dollar volume of sales for fiscal year 2010, Section 31(j)(2) of the 
Exchange Act requires the Commission to issue an order adjusting the 
fee rates under Sections 31(b) and (c).

III. Calculation of the Uniform Adjusted Rate

    Section 31(j)(2) specifies the method for determining the mid-year 
adjustment for fiscal 2010. Specifically, the Commission must adjust 
the rates under sections 31(b) and (c) to a ``uniform adjusted rate 
that, when applied to the revised estimate of the aggregate dollar 
amount of sales for the remainder of fiscal year 2010, is reasonably 
likely to produce aggregate fee collections under section 31 (including 
fees collected during such 5-month period and assessments collected 
under section 31(d)) that are equal to $1,161,000,000.'' \12\ In other 
words, the uniform adjusted rate is determined by subtracting fees 
collected prior to the effective date of the new rate and assessments 
collected under section 31(d) during all of fiscal year 2010 from 
$1,161,000,000, which is the target offsetting collection amount for 
fiscal year 2010. That difference is then divided by the revised 
estimate of the aggregate dollar volume of sales for the remainder of 
the fiscal year following the effective date of the new rate.
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    \12\ 15 U.S.C. 78ee(j)(2). The term ``fees collected'' is not 
defined in section 31. Because national securities exchanges and 
national securities associations are not required to pay the first 
installment of section 31 fees for fiscal 2010 until March 15, the 
Commission will not ``collect'' any fees in the first five months of 
fiscal 2010. See 15 U.S.C. 78ee(e). However, the Commission believes 
that, for purposes of calculating the mid-year adjustment, Congress, 
by stating in section 31(j)(2) that the ``uniform adjusted rate * * 
* is reasonably likely to produce aggregate fee collections under 
section 31 * * * that are equal to [$1,161,000,000],'' intended the 
Commission to include the fees that the Commission will collect 
based on transactions in the six months before the effective date of 
the mid-year adjustment.
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    The Commission estimates that it will collect $598,633,917 in fees 
for the period prior to the effective date of the mid-year adjustment 
and $18,611 in assessments on round turn transactions in security 
futures products during all of fiscal year 2010. Using the methodology 
referenced in Part II above, the Commission estimates that the 
aggregate dollar volume of sales for the remainder of fiscal year 2010 
following the effective date of the new rate will be 
$33,260,374,276,849. This amount reflects more recent information on 
the dollar amount of sales of securities than was available at the time 
of the setting of the initial fee rate for fiscal year 2010, and 
indicates a significant reduction in sales. Based on these estimates, 
and employing the mid-year adjustment mechanism established by statute, 
the uniform adjusted rate must be adjusted to $16.90 per million of the 
aggregate dollar amount of sales of securities.\13\ The aggregate 
dollar amount of sales of securities subject to Section 31 fees is 
illustrated in Appendix A.
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    \13\ The calculation is as follows: ($1,161,000,000-
$598,633,917-$18,611)/$33,260,374,276,849 = $0.0000169080. Round 
this result to the seventh decimal point, yielding a rate of $16.90 
per million.
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IV. Effective Date of the Uniform Adjusted Rate

    Section 31(j)(4)(B) of the Exchange Act provides that a mid-year 
adjustment shall take effect on April 1 of the fiscal year in which 
such rate applies. Therefore, the exchanges and the national securities 
association that are subject to section 31 fees must pay fees under 
sections 31(b) and (c) at the uniform adjusted rate of $16.90 per 
million for sales of securities transacted on April 1, 2010, and 
thereafter until the annual adjustment for fiscal 2011 is effective.

V. Conclusion

    Accordingly, pursuant to Section 31 of the Exchange Act,\14\
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    \14\ 15 U.S.C. 78ee.
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    It is hereby ordered that each of the fee rates under sections 
31(b) and (c) of the Exchange Act shall be $16.90 per $1,000,000 of the 
aggregate dollar amount of sales of securities subject to these 
sections effective April 1, 2010.

    By the Commission.
Elizabeth M. Murphy,
Secretary.

`

A. Baseline Estimate of the Aggregate Dollar Amount of Sales

    First, calculate the average daily dollar amount of sales (ADS) 
for each month in the sample (January 2000-January 2010). The data 
obtained from the exchanges and FINRA are presented in Table A. The 
monthly aggregate dollar amount of sales from all exchanges and 
FINRA is contained in column C.
    Next, calculate the change in the natural logarithm of ADS from 
month-to-month. The average monthly change in the logarithm of ADS 
over the entire sample is 0.004 and the standard deviation 0.125. 
Assume the monthly percentage change in ADS follows a random walk. 
The expected monthly percentage growth rate of ADS is 1.2 percent.
    Now, use the expected monthly percentage growth rate to forecast 
total dollar volume. For example, one can use the ADS for January 
2010 ($245,357,654,413) to forecast ADS for February 2010 
($248,264,845,054 = $245,357,654,413 x 1.012).\15\ Multiply by the 
number of trading days in February 2010 (19) to obtain a forecast of 
the total dollar volume for the month ($4,717,032,056,030). Repeat

[[Page 9966]]

the method to generate forecasts for subsequent months.
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    \15\ The value 1.012 has been rounded. All computations are done 
with the unrounded value.
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    The forecasts for total dollar volume are in column G of Table 
A. The following is a more formal (mathematical) description of the 
procedure:
    1. Divide each month's total dollar volume (column C) 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 change in ADS from the 
previous month as [Delta]<INF>t</INF> = log (ADS<INF>t</INF>/
ADS<INF>t-1</INF>), where log (x) denotes the natural logarithm of 
x.
    3. Calculate the mean and standard deviation of the series 
{[Delta]<INF>1</INF>, [Delta]<INF>2</INF>,* * *, 
[Delta]<INF>120</INF>{time} . These are given by [mu] = 0.004 and 
[sigma] = 0.125, respectively.
    4. Assume that the natural logarithm of ADS follows a random 
walk, so that [Delta]<INF>s</INF> and [Delta]<INF>t</INF> are 
statistically independent for any two months s and t.
    5. Under the assumption that [Delta]<INF>t</INF> is normally 
distributed, the expected value of ADS<INF>t</INF>/ADS<INF>t-1</INF> 
is given by exp ([mu] + [sigma]\2\/2), or on average ADS<INF>t</INF> 
= 1.012 x ADS<INF>t-1</INF>.
    6. For February 2010, this gives a forecast ADS of 1.012 x 
$245,357,654,413 = $248,264,845,054. Multiply this figure by the 19 
trading days in February 2010 to obtain a total dollar volume 
forecast of $4,717,032,056,030.
    7. For March 2010, multiply the February 2010 ADS forecast by 
1.012 to obtain a forecast ADS of $251,206,482,379. Multiply this 
figure by the 23 trading days in March 2010 to obtain a total dollar 
volume forecast of $5,777,749,094,716.
    8. Repeat this procedure for subsequent months.

B. Using the forecasts from A to calculate the new fee rate

    1. Determine the aggregate dollar volume of sales between 10/1/
09 and 1/14/10 to be $16,715,256,569,641. Multiply this amount by 
the fee rate of $25.70 per million dollars in sales during this 
period and get $429,582,094 in actual fees collected during 10/1/09 
and 1/14/10. Determine the actual and projected aggregate dollar 
volume of sales between 1/15/10 and 3/31/10 to be 
$13,311,167,182,011. Multiply this amount by the fee rate of $12.70 
per million dollars in sales during this period and get an estimate 
of $169,051,823 in actual and projected fees collected during 1/15/
10 and 3/31/10.
    2. Estimate the amount of assessments on security futures 
products collected during 10/1/09 and 9/30/10 to be $18,611 by 
summing the amounts collected through January 2010 of $5,684 with 
projections of a 1.2% monthly increase in subsequent months.
    3. Determine the projected aggregate dollar volume of sales 
between 4/1/10 and 9/30/10 to be $33,260,374,276,849.
    4. The rate necessary to collect the target $1,161,000,000 in 
fee revenues is then calculated as: ($1,161,000,000-$429,582,094 -
$169,051,823-$18,611) / $33,260,374,276,849 = 0.0000169080.
    5. Round the result to the seventh decimal point, yielding a 
rate of 0.0000169000 (or $16.90 per million).

 Table A--Estimation of Baseline of the Aggregate Dollar Amount of Sales
[Methodology developed in consultation with the Office of Management and
               Budget and the Congressional Budget Office]
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------------------------------------------------------------------------
                          Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate dollar amount of        16,715,257
 sales, 10/1/09 to 1/14/10 ($Millions).....................
b. Baseline estimate of the aggregate dollar amount of        13,311,167
 sales, 1/15/00 to 3/31/10 ($Millions).....................
c. Baseline estimate of the aggregate dollar amount of        33,260,374
 sales, 4/1/00 to 9/30/10 ($Millions)......................
d. Estimated collections in assessmests on security futures        0.019
 products in FY 2010 ($Millions)...........................
e. Implied fee rate (($1,161,000,000-0.0000257 x a-               $16.90
 0.0000127 x b-d)/c).......................................
------------------------------------------------------------------------
                                  Data


--------------------------------------------------------------------------------------------------------------------------------------------------------
                                               Number of
                                                trading     Aggregate dollar    Average daily     Change in                         Forecast aggregate
                    Month                       days in     amount of sales    dollar amount of   LN of ADS      Forecast ADS     dollar amount of sales
                                                 month                           sales (ADS)
(A)                                                   (B)                (C)                (D)          (E)                (F)                      (G)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Jan-00......................................           20  3,057,831,397,113    152,891,569,856            -  .................  .......................
Feb-00......................................           20  2,973,119,888,063    148,655,994,403       -0.028  .................  .......................
Mar-00......................................           23  4,135,152,366,234    179,789,233,315        0.190  .................  .......................
Apr-00......................................           19  3,174,694,525,687    167,099,185,562       -0.073  .................  .......................
May-00......................................           22  2,649,273,207,318    120,421,509,424       -0.328  .................  .......................
Jun-00......................................           22  2,883,513,997,781    131,068,818,081        0.085  .................  .......................
Jul-00......................................           20  2,804,753,395,361    140,237,669,768        0.068  .................  .......................
Aug-00......................................           23  2,720,788,395,832    118,295,147,645       -0.170  .................  .......................
Sep-00......................................           20  2,930,188,809,012    146,509,440,451        0.214  .................  .......................
Oct-00......................................           22  3,485,926,307,727    158,451,195,806        0.078  .................  .......................
Nov-00......................................           21  2,795,778,876,887    133,132,327,471       -0.174  .................  .......................
Dec-00......................................           20  2,809,917,349,851    140,495,867,493        0.054  .................  .......................
Jan-01......................................           21  3,143,501,125,244    149,690,529,774        0.063  .................  .......................
Feb-01......................................           19  2,372,420,523,286    124,864,238,068       -0.181  .................  .......................
Mar-01......................................           22  2,554,419,085,113    116,109,958,414       -0.073  .................  .......................
Apr-01......................................           20  2,324,349,507,745    116,217,475,387        0.001  .................  .......................
May-01......................................           22  2,353,179,388,303    106,962,699,468       -0.083  .................  .......................
Jun-01......................................           21  2,111,922,113,236    100,567,719,678       -0.062  .................  .......................
Jul-01......................................           21  2,004,384,034,554     95,446,858,788       -0.052  .................  .......................
Aug-01......................................           23  1,803,565,337,795     78,415,884,252       -0.197  .................  .......................
Sep-01......................................           15  1,573,484,946,383    104,898,996,426        0.291  .................  .......................
Oct-01......................................           23  2,147,238,873,044     93,358,211,871       -0.117  .................  .......................
Nov-01......................................           21  1,939,427,217,518     92,353,677,025       -0.011  .................  .......................
Dec-01......................................           20  1,921,098,738,113     96,054,936,906        0.039  .................  .......................
Jan-02......................................           21  2,149,243,312,432    102,344,919,640        0.063  .................  .......................
Feb-02......................................           19  1,928,830,595,585    101,517,399,768       -0.008  .................  .......................
Mar-02......................................           20  2,002,216,374,514    100,110,818,726       -0.014  .................  .......................
Apr-02......................................           22  2,062,101,866,506     93,731,903,023       -0.066  .................  .......................
May-02......................................           22  1,985,859,756,557     90,266,352,571       -0.038  .................  .......................
Jun-02......................................           20  1,882,185,380,609     94,109,269,030        0.042  .................  .......................
Jul-02......................................           22  2,349,564,490,189    106,798,385,918        0.126  .................  .......................

[[Page 9967]]

 
Aug-02......................................           22  1,793,429,904,079     81,519,541,095       -0.270  .................  .......................
Sep-02......................................           20  1,518,944,367,204     75,947,218,360       -0.071  .................  .......................
Oct-02......................................           23  2,127,874,947,972     92,516,302,086        0.197  .................  .......................
Nov-02......................................           20  1,780,816,458,122     89,040,822,906       -0.038  .................  .......................
Dec-02......................................           21  1,561,092,215,646     74,337,724,555       -0.180  .................  .......................
Jan-03......................................           21  1,723,698,830,414     82,080,896,686        0.099  .................  .......................
Feb-03......................................           19  1,411,722,405,357     74,301,179,229       -0.180  .................  .......................
Mar-03......................................           21  1,699,581,267,718     80,932,441,320        0.085  .................  .......................
Apr-03......................................           21  1,759,751,025,279     83,797,667,870        0.035  .................  .......................
May-03......................................           21  1,871,390,985,678     89,113,856,461        0.062  .................  .......................
Jun-03......................................           21  2,122,225,077,345    101,058,337,016        0.126  .................  .......................
Jul-03......................................           22  2,100,812,973,956     95,491,498,816       -0.057  .................  .......................
Aug-03......................................           21  1,766,527,686,224     84,120,366,011       -0.127  .................  .......................
Sep-03......................................           21  2,063,584,421,939     98,265,924,854        0.155  .................  .......................
Oct-03......................................           23  2,331,850,083,022    101,384,786,218        0.031  .................  .......................
Nov-03......................................           19  1,903,726,129,859    100,196,112,098       -0.012  .................  .......................
Dec-03......................................           22  2,066,530,151,383     93,933,188,699       -0.065  .................  .......................
Jan-04......................................           20  2,390,942,905,678    119,547,145,284        0.241  .................  .......................
Feb-04......................................           19  2,177,765,594,701    114,619,241,826       -0.042  .................  .......................
Mar-04......................................           23  2,613,809,754,550    113,643,858,893       -0.009  .................  .......................
Apr-04......................................           21  2,418,663,760,191    115,174,464,771        0.013  .................  .......................
May-04......................................           20  2,259,243,404,459    112,962,170,223       -0.019  .................  .......................
Jun-04......................................           21  2,112,826,072,876    100,610,765,375       -0.116  .................  .......................
Jul-04......................................           21  2,209,808,376,565    105,228,970,313        0.045  .................  .......................
Aug-04......................................           22  2,033,343,354,640     92,424,697,938       -0.130  .................  .......................
Sep-04......................................           21  1,993,803,487,749     94,943,023,226        0.027  .................  .......................
Oct-04......................................           21  2,414,599,088,108    114,980,908,958        0.191  .................  .......................
Nov-04......................................           21  2,577,513,374,160    122,738,732,103        0.065  .................  .......................
Dec-04......................................           22  2,673,532,981,863    121,524,226,448       -0.010  .................  .......................
Jan-05......................................           20  2,581,847,200,448    129,092,360,022        0.060  .................  .......................
Feb-05......................................           19  2,532,202,408,589    133,273,810,978        0.032  .................  .......................
Mar-05......................................           22  3,030,474,897,226    137,748,858,965        0.033  .................  .......................
Apr-05......................................           21  2,906,386,944,434    138,399,378,306        0.005  .................  .......................
May-05......................................           21  2,697,414,503,460    128,448,309,689       -0.075  .................  .......................
Jun-05......................................           22  2,825,962,273,624    128,452,830,619        0.000  .................  .......................
Jul-05......................................           20  2,604,021,263,875    130,201,063,194        0.014  .................  .......................
Aug-05......................................           23  2,846,115,585,965    123,744,155,912       -0.051  .................  .......................
Sep-05......................................           21  3,009,640,645,370    143,316,221,208        0.147  .................  .......................
Oct-05......................................           21  3,279,847,331,057    156,183,206,241        0.086  .................  .......................
Nov-05......................................           21  3,163,453,821,548    150,640,658,169       -0.036  .................  .......................
Dec-05......................................           21  3,090,212,715,561    147,152,986,455       -0.023  .................  .......................
Jan-06......................................           20  3,573,372,724,766    178,668,636,238        0.194  .................  .......................
Feb-06......................................           19  3,314,259,849,456    174,434,728,919       -0.024  .................  .......................
Mar-06......................................           23  3,807,974,821,564    165,564,122,677       -0.052
Apr-06......................................           19  3,257,478,138,851    171,446,217,834        0.035  .................  .......................
May-06......................................           22  4,206,447,844,451    191,202,174,748        0.109  .................  .......................
Jun-06......................................           22  3,995,113,357,316    181,596,061,696       -0.052  .................  .......................
Jul-06......................................           20  3,339,658,009,357    166,982,900,468       -0.084  .................  .......................
Aug-06......................................           23  3,410,187,280,845    148,269,012,211       -0.119  .................  .......................
Sep-06......................................           20  3,407,409,863,673    170,370,493,184        0.139  .................  .......................
Oct-06......................................           22  3,980,070,216,912    180,912,282,587        0.060  .................  .......................
Nov-06......................................           21  3,933,474,986,969    187,308,332,713        0.035  .................  .......................
Dec-06......................................           20  3,715,146,848,695    185,757,342,435       -0.008  .................  .......................
Jan-07......................................           20  4,263,986,570,973    213,199,328,549        0.138  .................  .......................
Feb-07......................................           19  3,946,799,860,532    207,726,308,449       -0.026  .................  .......................
Mar-07......................................           22  5,245,051,744,090    238,411,442,913        0.138  .................  .......................
Apr-07......................................           20  4,274,665,072,437    213,733,253,622       -0.109  .................  .......................
May-07......................................           22  5,172,568,357,522    235,116,743,524        0.095  .................  .......................
Jun-07......................................           21  5,586,337,010,802    266,016,048,133        0.123  .................  .......................
Jul-07......................................           21  5,938,330,480,139    282,777,641,911        0.061  .................  .......................
Aug-07......................................           23  7,713,644,229,032    335,375,836,045        0.171  .................  .......................
Sep-07......................................           19  4,805,676,596,099    252,930,347,163       -0.282  .................  .......................
Oct-07......................................           23  6,499,651,716,225    282,593,552,879        0.111  .................  .......................
Nov-07......................................           21  7,176,290,763,989    341,728,131,619        0.190  .................  .......................
Dec-07......................................           20  5,512,903,594,564    275,645,179,728       -0.215  .................  .......................
Jan-08......................................           21  7,997,242,071,529    380,821,051,025        0.323  .................  .......................
Feb-08......................................           20  6,139,080,448,887    306,954,022,444       -0.216  .................  .......................
Mar-08......................................           20  6,767,852,332,381    338,392,616,619        0.098  .................  .......................
Apr-08......................................           22  6,150,017,772,735    279,546,262,397       -0.191  .................  .......................
May-08......................................           21  6,080,169,766,807    289,531,893,657        0.035  .................  .......................

[[Page 9968]]

 
Jun-08......................................           21  6,962,199,302,412    331,533,300,115        0.135  .................  .......................
Jul-08......................................           22  8,104,256,787,805    368,375,308,537        0.105  .................  .......................
Aug-08......................................           21  6,106,057,711,009    290,764,652,905       -0.237  .................  .......................
Sep-08......................................           21  8,156,991,919,103    388,428,186,624        0.290  .................  .......................
Oct-08......................................           23  8,644,538,213,244    375,849,487,532       -0.033  .................  .......................
Nov-08......................................           19  5,727,998,341,833    301,473,596,939       -0.221  .................  .......................
Dec-08......................................           22  5,176,041,317,640    235,274,605,347       -0.248  .................  .......................
Jan-09......................................           20  4,670,249,433,806    233,512,471,690       -0.008  .................  .......................
Feb-09......................................           19  4,771,470,184,048    251,130,009,687        0.073  .................  .......................
Mar-09......................................           22  5,885,594,284,780    267,527,012,945        0.063  .................  .......................
Apr-09......................................           21  5,123,665,205,517    243,984,057,406       -0.092  .................  .......................
May-09......................................           20  5,086,717,129,965    254,335,856,498        0.042  .................  .......................
Jun-09......................................           22  5,271,742,782,609    239,624,671,937       -0.060  .................  .......................
Jul-09......................................           22  4,659,599,245,583    211,799,965,708       -0.123  .................  .......................
Aug-09......................................           21  4,582,102,295,783    218,195,347,418        0.030  .................  .......................
Sep-09......................................           21  4,929,211,335,509    234,724,349,310        0.073  .................  .......................
Oct-09......................................           22  5,410,071,946,836    245,912,361,220        0.047  .................  .......................
Nov-09......................................           20  4,770,994,671,867    238,549,733,593       -0.030  .................  .......................
Dec-09......................................           22  4,688,780,548,360    213,126,388,562       -0.113  .................  .......................
Jan-10......................................           19  4,661,795,433,843    245,357,654,413        0.141  .................  .......................
Feb-10......................................           19  .................  .................  ...........    248,264,845,054        4,717,032,056,030
Mar-10......................................           23  .................  .................  ...........    251,206,482,379        5,777,749,094,716
Apr-10......................................           21  .................  .................  ...........    254,182,974,538        5,337,842,465,308
May-10......................................           20  .................  .................  ...........    257,194,734,520        5,143,894,690,405
Jun-10......................................           22  .................  .................  ...........    260,242,180,205        5,725,327,964,515
Jul-10......................................           21  .................  .................  ...........    263,325,734,426        5,529,840,422,940
Aug-10......................................           22  .................  .................  ...........    266,445,825,024        5,861,808,150,526
Sep-10......................................           21  .................  .................  ...........    269,602,884,912        5,661,660,583,153
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[FR Doc. 2010-4530 Filed 3-3-10; 8:45 am]
BILLING CODE 8011-01-P