[Federal Register Volume 87, Number 71 (Wednesday, April 13, 2022)]
[Notices]
[Pages 21931-21938]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-07881]


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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\
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    \1\ 15 U.S.C. 78ee.
    \2\ 15 U.S.C. 78ee(b).
    \3\ 15 U.S.C. 78ee(c).
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    Section 31 of the Exchange Act requires the Commission to annually 
adjust the fee rates applicable under Sections 31(b) and (c) to a 
uniform adjusted rate.\4\ Specifically, the Commission must adjust the 
fee rates to a uniform adjusted rate that is reasonably likely to 
produce aggregate fee collections (including assessments on security 
futures transactions) equal to the regular appropriation to the 
Commission for the applicable fiscal year.\5\
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    \4\ In some circumstances, the SEC also must make a mid-year 
adjustment to the fee rates applicable under Sections 31(b) and (c).
    \5\ 15 U.S.C. 78ee(j)(1) (the Commission must adjust the rates 
under Sections 31(b) and (c) to a ``uniform adjusted rate that, when 
applied to the baseline estimate of the aggregate dollar amount of 
sales for such fiscal year, is reasonably likely to produce 
aggregate fee collections under [section 31] (including assessments 
collected under [Section 31(d)]) that are equal to the regular 
appropriation to the Commission by Congress for such fiscal 
year.'').
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    The Commission is required to publish notice of the new fee rates 
under Section 31 not later than 30 days after the date on which an Act 
making a regular appropriation for the applicable fiscal year is 
enacted.\6\ On 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.
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    \6\ 15 U.S.C. 78ee(g).
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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\
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    \7\ The sum of fees to be collected prior to the effective date 
of the new fee rate is determined by applying the current fee rate 
to the dollar amount of covered sales prior to the effective date of 
the new fee rate. The exchanges and FINRA have provided data on the 
dollar amount of covered sales through 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.
    \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 2022 for single stock futures is 
zero.
    \9\ To 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.
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    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.
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    \10\ The 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.''
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    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\
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    \11\ Appendix A shows the process of calculating the fiscal year 
2022 annual adjustment and includes the data used by the Commission 
in making this adjustment.
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III. Effective Date of the Uniform Adjusted Rate

    Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 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.
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    \12\ 15 U.S.C. 78ee(j)(4)(A).
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IV. Conclusion

    Accordingly, pursuant to Section 31 of the Exchange Act,
    It is hereby ordered that the fee rates applicable under sections 
31(b) and (c) of the Exchange Act shall be $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

[[Page 21932]]

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\
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    \13\ To determine the availability of data, the Commission 
compares the date of the appropriation with the date the transaction 
data are due from the exchanges (10 business days after the end of 
the month). If the business day following the date of the 
appropriation is equal to or subsequent to the date the data are due 
from the exchanges, the Commission uses these data. The 
appropriation was signed on 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.
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    The following sections describe this process in detail.

A. Baseline Estimate of the Aggregate Dollar Amount of Covered Sales 
for Fiscal Year 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).
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    \14\ 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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    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:

y<INF>t</INF> = [alpha] + [beta]<INF>1</INF>y<INF>t-1</INF> + 
[beta]<INF>2</INF> y<INF>t-2</INF> + u<INF>t</INF>

Where y<INF>t</INF> is the 6-month trailing moving average of the 
average daily sales for month t, and y<INF>t-1</INF> and 
y<INF>t-2</INF> are the 1-month and 2-month lags of y<INF>t,</INF> 
and u<INF>t</INF> 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, b<INF>1</INF> = 
+1.635496, b<INF>2</INF> = -0.629751. The root-mean 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, b<INF>1</INF>, and 
b<INF>2</INF> 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 x 
681,912,575,789) + (-0.629751 x 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 x 710,637,605,562) + (-0.629751 
x 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

[[Page 21933]]

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.
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    \15\ One obtains insignificantly different values using the 
rounded parameter estimates shown above. The predicted ADS values 
displayed above represents the full precision estimate.
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    9. To obtain the estimate of total monthly covered sales for each 
month, multiply the number of trading days in the month, shown in 
column B in Table A, by the final forecast 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.
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    \16\ Currently, security futures do not trade on any market, 
therefore the Commission has not collected any assessments for 
transactions in security futures. Accordingly, the forecast for the 
assessments for all of fiscal year 2022 for single stock futures is 
zero.
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    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.
[GRAPHIC] [TIFF OMITTED] TN13AP22.001


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                                                                       # of
                                                                     trading     Total dollar amount  Average daily dollar    6-Month trailing      1 Month lag of 6-     2 Month lag of 6-     Forecast 6-month       Forecast total
                              Month                                  days in          of sales           amount of sales     moving average ADS      month trailing        month trailing        trailing moving      dollar amount of
                                                                      month                                   (ADS)                                moving average ADS    moving average ADS        average ADS              sales
(A)                                                                        (B)                   (C)                   (D)                   (E)                   (F)                   (G)                   (H)                   (I)
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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  ....................  ....................

[[Page 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  ....................  ....................

[[Page 21936]]

 
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
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[[Page 21937]]

[GRAPHIC] [TIFF OMITTED] TN13AP22.002



[[Page 21938]]

[FR Doc. 2022-07881 Filed 4-12-22; 8:45 am]
BILLING CODE 8011-01-P