Federal Register / Vol. 87, No. 71 / Wednesday, April 13, 2022 / Notices 21931 

1 15 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). 

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). 

7The 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 February, 2022. To calculate the dollar 

amount of covered sales from March, 2022 to the 

effective date of the new fee rate, the Commission 

is using the same methodology it used in fiscal year 

2020. This methodology is described in Appendix 

A of this order. 

8Currently, 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 2022 for single stock futures is zero. 

9To estimate the aggregate dollar amount of 

covered sales for the remainder of fiscal year 2022 

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. 

10The President signed into law the 

‘‘Consolidated Appropriations Act, 2022’’ on March 

15, 2022. This legislation included an appropriation 

of $1,988,550,000 to the SEC for fiscal year 2022 

operations. The Act further directed that ‘‘[i]n 

addition to the foregoing appropriation, for move, 

replication, and related costs associated with a 

replacement lease for the Commission’s Fort Worth 

Regional Office facilities, not to exceed $6,746,000, 

to remain available until expended; and for move, 

replication, and related costs associated with a 

replacement lease for the Commission’s San 

Francisco Regional Office facilities, not to exceed 

$4,367,000, to remain available until expended.’’ 

The sum of these three amounts is $1,999,663,000. 

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 2022.’’ 

11Appendix A shows the process of calculating 

the fiscal year 2022 annual adjustment and includes 

the data used by the Commission in making this 

adjustment. 

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

By the Commission. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2022–07817 Filed 4–12–22; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94644] 

Order Making Fiscal Year 2022 Annual 

Adjustments to Transaction Fee Rates 

I. Background 

Section 31 of the Securities Exchange 

Act of 1934 (‘‘Exchange Act’’) requires 

each national securities exchange and 

national securities association to pay 

transaction fees to the Commission.1

Specifically, Section 31(b) requires each 

national securities exchange to pay to 

the Commission fees based on the 

aggregate dollar amount of sales of 

certain securities (‘‘covered sales’’) 

transacted on the exchange.2 Section 

31(c) requires each national securities 

association to pay to the Commission 

fees based on the aggregate dollar 

amount of covered sales transacted by or 

through any member of the association 

other than on an exchange.3

Section 31 of the Exchange Act 

requires the Commission to annually 

adjust the fee rates applicable under 

Sections 31(b) and (c) to a uniform 

adjusted rate.4 Specifically, the 

Commission must adjust the fee rates to 

a uniform adjusted rate that is 

reasonably likely to produce aggregate 

fee collections (including assessments 

on security futures transactions) equal 

to the regular appropriation to the 

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 15, 2022, the President signed 

into law the Consolidated 

Appropriations Act, 2022, which 

includes total appropriations of 

$1,999,663,000 to the SEC for fiscal year 

2022. 

II. Fiscal Year 2022 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 2022 8 from an amount 

equal to the regular appropriation to the 

Commission for fiscal year 2022, and (2) 

dividing by the estimated aggregate 

dollar amount of covered sales for the 

remainder of the fiscal year following 

the effective date of the new fee rate.9

As noted above, the Consolidated 

Appropriations Act, 2022, includes total 

appropriations of $1,999,663,000 to the 

Commission for fiscal year 2022.10 The 

Commission estimates that it will 

collect $643,763,663 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 

2022. Using the methodology described 

in Appendix A, the Commission 

estimates that the aggregate dollar 

amount of covered sales for the 

remainder of fiscal year 2022 to be 

$59,331,516,269,025. 

The uniform adjusted rate is 

computed by dividing the residual fees 

to be collected of $1,355,899,337 by the 

estimated aggregate dollar amount of 

covered sales for the remainder of fiscal 

year 2022 of $59,331,516,269,025; this 

results in a uniform adjusted rate for 

fiscal year 2022 of $22.90 per million.11

III. Effective Date of the Uniform 

Adjusted Rate 

Under Section 31(j)(4)(A) of the 

Exchange Act, the fiscal year 2022 

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, 2021, or 60 days 

after the date on which a regular 

appropriation to the Commission for 

fiscal year 2022 is enacted.12 The 

regular appropriation to the 

Commission for fiscal year 2022 was 

enacted on March 15, 2022, and 

accordingly, the new fee rates 

applicable under Sections 31(b) and (c) 

of the Exchange Act will take effect on 

May 14, 2022. 

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 $22.90 per 

$1,000,000 effective on May 14, 2022. 

By the Commission. 

Dated: April 8, 2022. 

Jill M. Peterson, 

Assistant Secretary. 

APPENDIX A 

This appendix provides the 

methodology for determining the annual 

adjustment to the fee rates applicable 

under Sections 31(b) and (c) of the 

Exchange Act for fiscal year 2022. 

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 

2022. 

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 


jspears on DSK121TN23PROD with NOTICES1
21932 Federal Register / Vol. 87, No. 71 / Wednesday, April 13, 2022 / Notices 

13To 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 March 15, 2022. The first business day 

after this date was March 16, 2022. Data for 

February were due from the exchanges on March 

14, 2022. As a result, the Commission used 

February 2022 and earlier data to forecast volume 

for March 2022 and later months. 

14Because 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. 

Commission’s regular appropriation for 

fiscal year 2022 (less the sum of fees to 

be collected during fiscal year 2022 

prior to the effective date of the new fee 

rate and aggregate assessments on 

security futures transactions during all 

of fiscal year 2022) 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 2022, 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 

2022, the last month for which the 

Commission has data on the dollar 

volume of covered sales.13

The following sections describe this 

process in detail. 

A. Baseline Estimate of the Aggregate 

Dollar Amount of Covered Sales for 

Fiscal Year 2022 

First, calculate the average daily 

dollar amount of covered sales (‘‘ADS’’) 

for each month in the sample (August 

2011–February 2022). The monthly total 

dollar amount of covered sales 

(exchange plus certain OTC markets) is 

presented in column C of Table A. 

The model forecasts the monthly 

moving average of the average daily 

dollar amount of covered sales. Each 

month’s average daily dollar amount of 

covered sales is calculated by dividing 

the total covered sales for that month 

(column C of Table A) by the number of 

trading days for that month (column B 

of Table A). These amounts are shown 

in column D of Table A. The moving 

average will span the same number of 

months required to be forecast for the 

remainder of the fiscal year. The trailing 

moving average used in the forecast 

model is presented in column E of Table 

A. 

To capture the recent trends in the 

monthly changes in the moving 

averages, calculate the 1-month and 2- 

month lags of the trailing moving 

average shown in column E in Table A. 

These amounts are shown in columns F 

and G, respectively, of Table A. 

Next, model the monthly trailing 

moving average of ADS as function of a 

constant term and the two lagged 

trailing moving averages using the 

ordinary least squares technique. 

Use the estimated model to forecast 

the trailing moving average of ADS of 

the first month after the last available 

monthly data. Estimate the trailing 

moving average of the second month 

using the forecasted value of the first 

month and the actual value of the 

month before that. Similarly, estimate 

the trailing moving average of the third 

month using the forecasted values of the 

two previous months. Continue in this 

fashion until the end of the fiscal year. 

The estimate of the trailing moving 

average ADS for the last applicable 

month in the fiscal year is a prediction 

of the moving average for those months 

that need to be predicted. This estimate 

is used as the predicted value of ADS 

for each month in the forecast period; to 

obtain the forecast total covered sales 

for each month, multiply the predicted 

ADS by the number of days in each 

month. 

The following is a more formal 

(mathematical) description of the 

procedure: 

1. Begin with the monthly data for 

total dollar volume of covered sales 

(column C). The sample spans ten years, 

from August 2011–February 2022.14

Divide each month’s total dollar volume 

by the number of trading days in that 

month (column B) to obtain the average 

daily dollar volume (ADS, column D). 

2. For each month t, calculate the 6- 

month trailing moving average of ADS 

(shown in column E). For example, the 

value for January, 2012 is the average of 

the 6 months ending in January, 2012, 

or August 2011 through January 2012 

inclusive. 

3. Calculate the 1-month and 2-month 

lags of the trailing moving average. For 

example, the 1-month lag of the 6- 

month trailing moving average for 

February, 2012 is equal to the 6-month 

trailing moving average for January, 

2012. The 2-month lag of the 6-month 

trailing moving average for March, 2012 

is equal to the 6-month trailing moving 

average for January 2012. These are 

shown in columns F and G. 

4. Estimate the model using ordinary 

least squares: 

yt = a + b1yt-1 + b2 yt-2 + ut

Where yt is the 6-month trailing moving 

average of the average daily sales for 

month t, and yt-1 and yt-2 are the 1-month 

and 2-month lags of yt, and ut

representing the error term for month t. 

The model can be estimated using 

standard commercially available 

software. The estimated parameter 

values are a = ¥367,840,831, b1 = 

+1.635496, b2 = ¥0.629751. The rootmean squared error (RMSE) of the 

regression is 10,477,301,062. 

5. The predicted value of the 6-month 

trailing moving average of the last 

month to be forecast represents the final 

forecast of covered sales for the entire 

prediction period. This value is shown 

in column H. This represents the 

prediction for August of 2022. To 

calculate this value from the model 

above, one needs the 1-month and 2- 

month lag of the 6-month trailing 

moving average ADS, i.e., the 6-month 

trailing moving average for June and 

July. The 6-month trailing moving 

average for July is obtained by using the 

1-month and 2-month lags for July, that 

is, the 6-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 2022, and iterates predictions 

forward until the last month is 

predicted. One then multiplies the final 

predicted 6-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 2022, using 

the a, b1, and b2 parameter estimates 

shown above, along with the 1-month 

and two-month lags in the 6-month 

trailing moving average ADS 

(representing the 6-month trailing 

moving average ADS for January and 

February 2022, respectively), one can 

estimate the forecast 6-month trailing 

moving average ADS for March: 

¥367,840,831 + (1.635496 × 

681,912,575,789) + (¥0.629751 × 

641,935,586,835) = 710,637,605,562. 

7. With the estimated 6-month trailing 

moving average ADS for March 2022 

calculated above, one can estimate the 

6-month trailing moving average ADS 

for April, 2022. The estimate obtained 

from March becomes the 1-month lag for 

April, and the 1-month lag used in the 

March forecast becomes the 2-month lag 

for the April forecast. Thus, the 

predicted 6-month trailing moving 

average ADS for April 2022 is calculated 

as: –367,840,831 + (1.635496 × 

710,637,605,562) + (-0.629751 × 

681,912,575,789) = 732,441,711,767. 

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 2022 is obtained. This value 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 71 / Wednesday, April 13, 2022 / Notices 21933 

15One obtains insignificantly different values 

using the rounded parameter estimates shown 

above. The predicted ADS values displayed above 

represents the full precision estimate. 

16Currently, 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 2022 for single stock futures is zero. 

is 791,086,883,587.15 This value is then 

used to calculate the final forecast total 

monthly covered sales for all 6 months 

from March 2022 through August 2022. 

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 6-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, 

2021 through May 13, 2022. The 

projected aggregate dollar amount of 

covered sales for this period is 

$126,228,169,296,551. Actual and 

projected fee collections at the current 

fee rate of $5.10 per million are 

$643,763,663. 

2. Estimate the amount of assessments 

on security futures products collected 

from September 1, 2021 through August 

31, 2022. The only entity reporting 

assessable security futures products 

ceased operations in September, 2020.16

Consequently, the estimated amount of 

assessments on security futures 

products collected from September 2021 

through August 2022 is zero. 

3. Subtract the amount $643,763,663 

from the target off-setting collection 

amount set by Congress of 

$1,999,663,000, leaving $1,355,899,337 

to be collected on dollar volume for the 

period May 14, 2022 through August 31, 

2022. 

4. Use Table A to estimate dollar 

volume for the period May 14, 2022 

through August 31, 2022. The estimate 

is $59,331,516,269,025. Finally, 

compute the fee rate required to 

produce the additional $1,355,899,337 

in revenue. This rate is $1,355,899,337 

divided by $59,331,516,269,025 or 

0.00002285293. 

5. Round the result to the seventh 

decimal point, yielding a rate of 

0.0000229 (or $22.90 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. 


jspears on DSK121TN23PROD with NOTICES1EN13AP22.001</GPH>
21934 Federal Register / Vol. 87, No. 71 / Wednesday, April 13, 2022 / Notices Month # of trading days in month Total dollar amount of sales Average daily dollar amount of sales (ADS) 6-Month trailing mov- ing average ADS 1 Month lag of 6- month trailing moving average ADS 2 Month lag of 6- month trailing moving average ADS Forecast 6-month trailing moving aver- age ADS Forecast total dollar amount of sales (A) (B) (C) (D) (E) (F) (G) (H) (I) Aug–11 ................................ 23 $8,720,566,877,109 $379,155,081,613 .................................... .................................... .................................... .................................... .................................... Sep–11 ................................ 21 6,343,578,147,811 302,075,149,896 .................................... .................................... .................................... .................................... .................................... Oct–11 ................................ 21 6,163,272,963,688 293,489,188,747 .................................... .................................... .................................... .................................... .................................... Nov–11 ................................ 21 5,493,906,473,584 261,614,593,980 .................................... .................................... .................................... .................................... .................................... Dec–11 ................................ 21 5,017,867,255,600 238,946,059,790 .................................... .................................... .................................... .................................... .................................... Jan–12 ................................ 20 4,726,522,206,487 236,326,110,324 285,267,697,392 .................................... .................................... .................................... .................................... Feb–12 ................................ 20 5,011,862,514,132 250,593,125,707 263,840,704,741 285,267,697,392 .................................... .................................... .................................... Mar–12 ................................ 22 5,638,847,967,025 256,311,271,228 256,213,391,630 263,840,704,741 285,267,697,392 .................................... .................................... Apr–12 ................................ 20 5,084,239,396,560 254,211,969,828 249,667,188,476 256,213,391,630 263,840,704,741 .................................... .................................... May–12 ............................... 22 5,611,638,053,374 255,074,456,972 248,577,165,642 249,667,188,476 256,213,391,630 .................................... .................................... Jun–12 ................................ 21 5,121,896,896,362 243,899,852,208 249,402,797,711 248,577,165,642 249,667,188,476 .................................... .................................... Jul–12 ................................. 21 4,567,519,314,374 217,500,919,732 246,265,265,946 249,402,797,711 248,577,165,642 .................................... .................................... Aug–12 ................................ 23 4,621,597,884,730 200,939,038,467 237,989,584,739 246,265,265,946 249,402,797,711 .................................... .................................... Sep–12 ................................ 19 4,598,499,962,682 242,026,313,825 235,608,758,505 237,989,584,739 246,265,265,946 .................................... .................................... Oct–12 ................................ 21 5,095,175,588,310 242,627,408,967 233,677,998,362 235,608,758,505 237,989,584,739 .................................... .................................... Nov–12 ................................ 21 4,547,882,974,292 216,565,855,919 227,259,898,186 233,677,998,362 235,608,758,505 .................................... .................................... Dec–12 ................................ 20 4,744,922,754,360 237,246,137,718 226,150,945,771 227,259,898,186 233,677,998,362 .................................... .................................... Jan–13 ................................ 21 5,079,603,817,496 241,885,896,071 230,215,108,494 226,150,945,771 227,259,898,186 .................................... .................................... Feb–13 ................................ 19 4,800,663,527,089 252,666,501,426 238,836,352,321 230,215,108,494 226,150,945,771 .................................... .................................... Mar–13 ................................ 20 4,917,701,839,870 245,885,091,993 239,479,482,016 238,836,352,321 230,215,108,494 .................................... .................................... Apr–13 ................................ 22 5,451,358,637,079 247,789,028,958 240,339,752,014 239,479,482,016 238,836,352,321 .................................... .................................... May–13 ............................... 22 5,681,788,831,869 258,263,128,721 247,289,297,481 240,339,752,014 239,479,482,016 .................................... .................................... Jun–13 ................................ 20 5,623,545,462,226 281,177,273,111 254,611,153,380 247,289,297,481 240,339,752,014 .................................... .................................... Jul–13 ................................. 22 5,083,861,509,754 231,084,614,080 252,810,939,715 254,611,153,380 247,289,297,481 .................................... .................................... Aug–13 ................................ 22 4,925,611,193,095 223,891,417,868 248,015,092,455 252,810,939,715 254,611,153,380 .................................... .................................... Sep–13 ................................ 20 4,959,197,626,713 247,959,881,336 248,360,890,679 248,015,092,455 252,810,939,715 .................................... .................................... Oct–13 ................................ 23 5,928,804,028,970 257,774,088,216 250,025,067,222 248,360,890,679 248,015,092,455 .................................... .................................... Nov–13 ................................ 20 5,182,024,612,049 259,101,230,602 250,164,750,869 250,025,067,222 248,360,890,679 .................................... .................................... Dec–13 ................................ 21 5,265,282,994,173 250,727,761,627 245,089,832,288 250,164,750,869 250,025,067,222 .................................... .................................... Jan–14 ................................ 21 5,808,700,114,288 276,604,767,347 252,676,524,499 245,089,832,288 250,164,750,869 .................................... .................................... Feb–14 ................................ 19 6,018,926,931,054 316,785,627,950 268,158,892,846 252,676,524,499 245,089,832,288 .................................... .................................... 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 .................................... ....................................


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 71 / Wednesday, April 13, 2022 / Notices 21935 

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 .................................... ....................................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 .................................... ....................................


jspears on DSK121TN23PROD with NOTICES1
21936 Federal Register / Vol. 87, No. 71 / Wednesday, April 13, 2022 / Notices Month # of trading days in month Total dollar amount of sales Average daily dollar amount of sales (ADS) 6-Month trailing mov- ing average ADS 1 Month lag of 6- month trailing moving average ADS 2 Month lag of 6- month trailing moving average ADS Forecast 6-month trailing moving aver- age ADS Forecast total dollar amount of sales (A) (B) (C) (D) (E) (F) (G) (H) (I) 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 .................................... .................................... .................................... 681,912,575,789 641,935,586,835 791,086,883,587 18,194,998,322,501 Apr–22 ................................ 20 .................................... .................................... .................................... .................................... 681,912,575,789 791,086,883,587 15,821,737,671,740 May–22 ............................... 21 .................................... .................................... .................................... .................................... .................................... 791,086,883,587 16,612,824,555,327 Jun–22 ................................ 21 .................................... .................................... .................................... .................................... .................................... 791,086,883,587 16,612,824,555,327 Jul–22 ................................. 20 .................................... .................................... .................................... .................................... .................................... 791,086,883,587 15,821,737,671,740 Aug–22 ................................ 23 .................................... .................................... .................................... .................................... .................................... 791,086,883,587 18,194,998,322,501 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 71 / Wednesday, April 13, 2022 / Notices 21937 


jspears on DSK121TN23PROD with NOTICES1EN13AP22.002</GPH>
21938 Federal Register / Vol. 87, No. 71 / Wednesday, April 13, 2022 / Notices 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 62886 

(Sept. 10, 2010), 75 FR 56613 (Sept. 16, 2010) (SR– 

NSX–2010–07). 

5See Securities Exchange Act Release No. 68803 

(Feb. 1, 2013), 78 FR 9078 (Feb. 7, 2013) (SR–NSX– 

2013–06). 

6See Securities Exchange Act Release No. 72434 

(June 19, 2014), 79 FR 36110 (June 25, 2014) (SR– 

NSX–2014–08). 

7See Securities Exchange Act Release No. 83289 

(May 17, 2018), 83 FR 23968 (May 23, 2018) (SR– 

NYSENAT–2018–02). 

8See Securities Exchange Act Release No. 67091 

(May 31, 2012), 77 FR 33498 (June 6, 2012) (the 

‘‘Limit Up-Limit Down Release’’). 

9See Securities Exchange Act Release No. 71797 

(March 25, 2014), 79 FR 18108 (March 31, 2014) 

(SR–NSX–2014–07). 

10See Securities Exchange Act Release No. 85623 

(April 11, 2019), 84 FR 16086 (April 17, 2019) 

(approving Eighteenth Amendment to LULD Plan). 

11See Securities Exchange Act Release No. 85522 

(April 5, 2019), 84 FR 14704 (April 11, 2019) (SR– 

NYSENAT–2019–07). 

12See Securities Exchange Act Release No. 87352 

(October 18, 2019), 84 FR 57063 (October 24, 2019) 

(SR–NYSENAT–2019–24). 

13See Securities Exchange Act Release No. 88593 

(April 8, 2020), 85 FR 20728 (April 14, 2020) (SR– 

NYSENAT–2020–13). 

14See Securities Exchange Act Release No. 90157 

(October 13, 2020), 85 FR 66393 (October 19, 2020) 

(SR–NYSENAT–2020–32). 

15See Securities Exchange Act Release No. 91549 

(April 14, 2021), 86 FR 20548 (April 20, 2021) (SR– 

NYSENAT–2021–08). 

16See Securities Exchange Act Release No. 93359 

(October 15, 2021), 86 FR 58322 (October 21, 2021) 

(SR–NYSENAT–2021–20). 

17See supra notes 4–6. The prior versions of 

paragraphs (c), (e)(2), (f), and (g) generally provided 

greater discretion to the Exchange with respect to 

breaking erroneous trades. 

[FR Doc. 2022–07881 Filed 4–12–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94638; File No. SR– 

NYSENAT–2022–05] 

Self-Regulatory Organizations; NYSE 

National, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Extend the Current 

Pilot Program Related to Rule 7.10 

April 7, 2022. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on April 5, 

2022, NYSE National, Inc. (‘‘NYSE 

National’’ or the ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the self-regulatory 

organization. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to extend the 

current pilot program related to Rule 

7.10 (Clearly Erroneous Executions) to 

the close of business on July 20, 2022. 

The proposed rule change is available 

on the Exchange’s website at 

www.nyse.com, at the principal office of 

the Exchange, and at the Commission’s 

Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to extend the current pilot 

program related to Rule 7.10 (Clearly 

Erroneous Executions) to the close of 

business on July 20, 2022. The pilot 

program is currently due to expire on 

April 20, 2022. 

On September 10, 2010, the 

Commission approved, on a pilot basis, 

changes to Rule 11.19 (Clearly 

Erroneous Executions) that, among other 

things: (i) Provided for uniform 

treatment of clearly erroneous execution 

reviews in multi-stock events involving 

twenty or more securities; and (ii) 

reduced the ability of the Exchange to 

deviate from the objective standards set 

forth in the rule.4 In 2013, the Exchange 

adopted a provision designed to address 

the operation of the Plan.5 Finally, in 

2014, the Exchange adopted two 

additional provisions providing that: (i) 

A series of transactions in a particular 

security on one or more trading days 

may be viewed as one event if all such 

transactions were effected based on the 

same fundamentally incorrect or grossly 

misinterpreted issuance information 

resulting in a severe valuation error for 

all such transactions; and (ii) in the 

event of any disruption or malfunction 

in the operation of the electronic 

communications and trading facilities of 

an Exchange, another SRO, or 

responsible single plan processor in 

connection with the transmittal or 

receipt of a trading halt, an Officer, 

acting on his or her own motion, shall 

nullify any transaction that occurs after 

a trading halt has been declared by the 

primary listing market for a security and 

before such trading halt has officially 

ended according to the primary listing 

market.6 Rule 11.19 is no longer 

applicable to any securities that trade on 

the Exchange and has been replaced 

with Rule 7.10, which is substantively 

identical to Rule 11.19.7

These changes were originally 

scheduled to operate for a pilot period 

to coincide with the pilot period for the 

Plan to Address Extraordinary Market 

Volatility (the ‘‘Limit Up-Limit Down 

Plan’’ or ‘‘LULD Plan’’),8 including any 

extensions to the pilot period for the 

LULD Plan.9 In April 2019, the 

Commission approved an amendment to 

the LULD Plan for it to operate on a 

permanent, rather than pilot, basis.10 In 

light of that change, the Exchange 

amended Rule 7.10 to untie the pilot 

program’s effectiveness from that of the 

LULD Plan and to extend the pilot’s 

effectiveness to the close of business on 

October 18, 2019.11 The Exchange later 

amended Rule 7.10 to extend the pilot’s 

effectiveness to the close of business on 

April 20, 2020,12 October 20, 2020,13

April 20, 2021,14 October 20, 2021,15

and April 20, 2022.16

The Exchange now proposes to amend 

Rule 7.10 to extend the pilot’s 

effectiveness for a further three months 

to the close of business on July 20, 2022. 

If the pilot period is not either extended, 

replaced or approved as permanent, the 

prior versions of paragraphs (c), (e)(2), 

(f), and (g) as described in former Rule 

11.19 will be in effect, and the 

provisions of paragraphs (i) through (k) 

shall be null and void.17 In such an 

event, the remaining sections of Rule 

7.10 would continue to apply to all 

transactions executed on the Exchange. 

The Exchange understands that the 

other national securities exchanges and 

Financial Industry Regulatory Authority 

(‘‘FINRA’’) will also file similar 

proposals to extend their respective 

clearly erroneous execution pilot 

programs, the substance of which are 

identical to Rule 7.10. 

The Exchange does not propose any 

additional changes to Rule 7.10. 


jspears on DSK121TN23PROD with NOTICES1