Document ID: SEC-2018-0624-0001
Agency: sec
Document Type: Notice
Title: Orders: Fiscal Year 2018 Annual Adjustments to Transaction Fee Rates
Posted Date: 2018-04-20T04:00Z

[Federal Register Volume 83, Number 77 (Friday, April 20, 2018)]
[Notices]
[Pages 17577-17582]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-08339]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83057/April 17, 2018]

Order Making Fiscal Year 2018 Annual Adjustments to Transaction 
Fee Rates

I. Background

    Section 31 of the Securities Exchange Act of 1934 (``Exchange 
Act'') requires each national securities exchange and national 
securities association to pay transaction fees to the Commission.\1\ 
Specifically, Section 31(b) requires each national securities exchange 
to pay to the Commission fees based on the aggregate dollar amount of 
sales of certain securities (``covered sales'') transacted on the 
exchange.\2\ Section 31(c) requires each national securities 
association to pay to the Commission fees based on the aggregate dollar 
amount of covered sales transacted by or through any member of the 
association other than on an exchange.\3\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78ee.
    \2\ 15 U.S.C. 78ee(b).
    \3\ 15 U.S.C. 78ee(c).
---------------------------------------------------------------------------

    Section 31 of the Exchange Act requires the Commission to annually 
adjust the fee rates applicable under Sections 31(b) and (c) to a 
uniform adjusted rate.\4\ Specifically, the Commission must adjust the 
fee rates to a uniform adjusted rate that is reasonably likely to 
produce aggregate fee collections (including assessments on security 
futures transactions) equal to the regular appropriation to the 
Commission for the applicable fiscal year.\5\
---------------------------------------------------------------------------

    \4\ In some circumstances, the SEC also must make a mid-year 
adjustment to the fee rates applicable under Sections 31(b) and (c).
    \5\ 15 U.S.C. 78ee(j)(1) (the Commission must adjust the rates 
under Sections 31(b) and (c) to a ``uniform adjusted rate that, when 
applied to the baseline estimate of the aggregate dollar amount of 
sales for such fiscal year, is reasonably likely to produce 
aggregate fee collections under [Section 31] (including assessments 
collected under [Section 31(d)]) that are equal to the regular 
appropriation to the Commission by Congress for such fiscal 
year.'').
---------------------------------------------------------------------------

    The Commission is required to publish notice of the new fee rates 
under Section 31 not later than 30 days after the date on which an Act 
making a regular appropriation for the applicable fiscal year is 
enacted.\6\ On March 23, 2018, the President signed into law the 
Consolidated Appropriations Act, 2018, which includes total 
appropriations of $1,896,507,052 to the SEC for fiscal year 2018.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78ee(g).

---------------------------------------------------------------------------

[[Page 17578]]

II. Fiscal Year 2018 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 2018 \8\ from an amount equal to the regular appropriation to the 
Commission for fiscal year 2018, and (2) dividing by the estimated 
aggregate dollar amount of covered sales for the remainder of the 
fiscal year following the effective date of the new fee rate.\9\
---------------------------------------------------------------------------

    \7\ The sum of fees to be collected prior to the effective date 
of the new fee rate is determined by applying the current fee rate 
to the dollar amount of covered sales prior to the effective date of 
the new fee rate. The exchanges and FINRA have provided data on the 
dollar amount of covered sales through February, 2018. To calculate 
the dollar amount of covered sales from March, 2018 to the effective 
date of the new fee rate, the Commission is using the methodology 
described in the Appendix A of this order.
    \8\ The Commission is using the same methodology it has used 
previously to estimate assessments on security futures transactions 
to be collected in fiscal year 2018. An explanation of the 
methodology appears in Appendix A.
    \9\ To estimate the aggregate dollar amount of covered sales for 
the remainder of fiscal year 2018 following the effective date of 
the new fee rate, the Commission is using the methodology described 
in Appendix A of this order.
---------------------------------------------------------------------------

    As noted above, the Consolidated Appropriations Act, 2018, includes 
total appropriations of $1,896,507,052 to the Commission for fiscal 
year 2018.\10\ The Commission estimates that it will collect 
$1,387,201,997 in fees for the period prior to the effective date of 
the new fee rate and $41,227 in assessments on round turn transactions 
in security futures products during all of fiscal year 2018. Using the 
methodology described in Appendix A, the Commission estimates that the 
aggregate dollar amount of covered sales for the remainder of fiscal 
year 2018 to be $39,323,689,064,673.
---------------------------------------------------------------------------

    \10\ The Consolidated Appropriations Act, 2018 includes an 
appropriation of $1,652,000,000 for necessary expenses for the 
Commission and an appropriation of $244,507,052 for costs associated 
with relocation under a replacement lease for the Commission's 
headquarters facilities. The act provides that ``for purposes of 
calculating the fee rate under section 31(j) of the [Exchange Act] 
for fiscal year 2018, all amounts appropriated [to the Commission in 
the act] shall be deemed to be the regular appropriation to the 
Commission for fiscal year 2018.''
---------------------------------------------------------------------------

    The uniform adjusted rate is computed by dividing the residual fees 
to be collected of $509,263,828 by the estimated aggregate dollar 
amount of covered sales for the remainder of fiscal year 2018 of 
$39,323,689,064,673; this results in a uniform adjusted rate for fiscal 
year 2018 of $13.00 per million.\11\ The reduction in the fee rate for 
fiscal year 2018 is due, in part, to the substantially higher dollar 
amount of covered sales in recent months. The Commission notes that if 
the dollar amount of covered sales deviates from current levels when 
the fee rate is next adjusted, a large reduction or increase in the fee 
rate may again be required; this is especially so if the next 
adjustment occurs later in the next fiscal year.
---------------------------------------------------------------------------

    \11\ Appendix A shows the process of calculating the fiscal year 
2018 annual adjustment and includes the data used by the Commission 
in making this adjustment.
---------------------------------------------------------------------------

III. Effective Date of the Uniform Adjusted Rate

    Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2018 
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, 
2017, or 60 days after the date on which a regular appropriation to the 
Commission for fiscal year 2018 is enacted.\12\ The regular 
appropriation to the Commission for fiscal year 2018 was enacted on 
March 23, 2018, and accordingly, the new fee rates applicable under 
Sections 31(b) and (c) of the Exchange Act will take effect on May 22, 
2018.
---------------------------------------------------------------------------

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

IV. Conclusion

    Accordingly, pursuant to Section 31 of the Exchange Act, it is 
hereby ordered that the fee rates applicable under Sections 31(b) and 
(c) of the Exchange Act shall be $13.00 per $1,000,000 effective on May 
22, 2018.

    By the Commission.
Eduardo A. Aleman,
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 2018. 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 2018.
    To make the adjustment, the Commission must project the 
aggregate dollar amount of covered sales of securities on the 
securities exchanges and certain over-the-counter (``OTC'') markets 
over the course of the year. The fee rate equals the ratio of the 
Commission's regular appropriation for fiscal year 2018 (less the 
sum of fees to be collected during fiscal year 2018 prior to the 
effective date of the new fee rate and aggregate assessments on 
security futures transactions during all of fiscal year 2018) 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 2018, 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 2018, 
the last month for which the Commission has data on the dollar 
volume of covered sales.\13\
---------------------------------------------------------------------------

    \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 23, 2018. The first business day 
after this date was March 26, 2018. Data for February 2018 were due 
from the exchanges on March 14, 2018. As a result, the Commission 
used February 2018 and earlier data to forecast volume for March 
2018 and later months.
---------------------------------------------------------------------------

    The following sections describe this process in detail.

A. Baseline Estimate of the Aggregate Dollar Amount of Covered Sales 
for Fiscal Year 2018

    First, calculate the average daily dollar amount of covered 
sales (``ADS'') for each month in the sample (January 2008-February 
2018). The monthly total dollar amount of covered sales (exchange 
plus certain OTC markets) is presented in column C of Table A.
    Next, model the monthly change in the natural logarithm of ADS 
as a first order autoregressive process (``AR(1)''), including 
monthly indicator variables to control for seasonality.
    Use the estimated AR(1) model to forecast the monthly change in 
the log level of ADS. These percent changes can then be applied to 
obtain forecasts of the total dollar volume of covered sales. 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 January 
2008--February 2018.\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).
---------------------------------------------------------------------------

    \14\ Because the model uses a one period lag in the change in 
the log level of average daily sales, two additional months of data 
are added to the table so that the model is estimated with 120 
observations.
---------------------------------------------------------------------------

    2. For each month t, calculate [Delta] LN ADS (shown in column 
E) as the log growth rate of ADS, that is, the difference between 
the natural logarithm of ADS in month t and its value in the prior 
month.
    3. Estimate the AR(1) model
    [GRAPHIC] [TIFF OMITTED] TN20AP18.000
    
with Dtm representing monthly indicator variables, yt representing 
the log growth rate

[[Page 17579]]

in ADS ([Delta] LN ADS), and [egr]t representing the error term for 
month t. The model can be estimated using standard commercially 
available software. The estimated parameter values are [beta] = -
0.2028 and [alpha]1 - [alpha]12 as follows:

[alpha]1 (JAN) = 0.0524, [alpha]2 (FEB) = 
0.0733, [alpha]3 (MAR) = -0.0130, [alpha]4 
(APR) = -0.0579, [alpha]5 (MAY) = 0.0406, 
[alpha]6 (JUN) = 0.0036, [alpha]7 (JUL) = -
0.0655, [alpha]8 (AUG) = -0.0151, [alpha]9 
(SEP) = 0.0682, [alpha]10 (OCT) = 0.0354, 
[alpha]11 (NOV) = -0.0322, [alpha]12 (DEC) = -
0.0503. The root-mean squared error (RMSE) of the regression is 
0.1085.

    4. For the first month calculate the forecasted value of the log 
growth rate of ADS as
[GRAPHIC] [TIFF OMITTED] TN20AP18.001

    For the next month use the forecasted value of the log growth 
rate of the first month to calculate the forecast of the next month. 
This process iterates until a forecast is generated for all 
remaining months in the fiscal year. These data appear in column F.
    5. Assuming that the regression error in the AR(1) model is 
normally distributed, the expected percentage change in average 
daily dollar volume from month to month t - 1 to month t is then 
given by the expression exp
[GRAPHIC] [TIFF OMITTED] TN20AP18.004

where [sigma] denotes the root mean squared error of the regression 
(RMSE).
    6. For instance, for March 2018, using the [beta] parameter and 
the [alpha]3 parameter (for March) above, and the change 
in the log-level ADS from February, 2018, we can estimate the change 
in the log growth in average daily sales as [beta]yFeb + [alpha]Mar 
= ((- 0.2028 x 0.2287) - 0.0130) = - 0.0594. This represents the 
estimated change in log average daily dollar volume for March 2018 
relative to February 2018. To estimate the percent change in average 
daily sales from February 2018 to March 2018, use the formula shown 
in Step 5, above: exp
[GRAPHIC] [TIFF OMITTED] TN20AP18.005

Apply this estimated percent change in ADS to the ADS for February 
2018 to estimate the ADS for March 2018 as $459,232,655,928 x (1 - 
0.0521) = $435,316,961,660. Multiply this by the 21 trading days in 
March 2018 to obtain a total dollar volume forecast of 
$9,141,656,194,853.
    7. For April 2018, proceed in a similar fashion. Using the 
estimates for March 2018 along with the [beta] parameter and the 
[alpha]4 parameter (for April 2018) to generate a 
forecast for the one-month change in the log level of average daily 
sales. Convert the estimated log change in average daily sales to 
estimated percent change in ADS as in step 6, above to obtain a 
forecast ADS of $418,239,289,610. Multiply this figure by the 21 
trading days in April 2018 to obtain a total dollar volume forecast 
of $8,783,025,081,808.
    8. Repeat this procedure for subsequent months.

B. Using the Forecasts From A To Calculate the new fee Rate

    1. Use Table A to estimate fees collected for the period October 
1, 2017 through May 21, 2018. The projected aggregate dollar amount 
of covered sales for this period is $60,052,034,517,716. Actual and 
projected fee collections at the current fee rate of $23.10 per 
million are $1,387,201,997.
    2. Estimate the amount of assessments on security futures 
products collected from October 1, 2017 through September 30, 2018. 
First, calculate the average and the standard deviation of the 
change in log average daily sales, in column E, for the 120 months 
ending February 2018. The average is 0.003357 and the standard 
deviation is 0.114918. These are used to estimate an average growth 
rate in ADS using the formula
[GRAPHIC] [TIFF OMITTED] TN20AP18.006

This results in an average monthly increase of 1.001%. Apply this 
monthly increase to the last month for which single stock futures' 
assessments are available, which was $3,041.17, for February 2018. 
Estimate all subsequent months in fiscal year 2018 by applying the 
growth rate to the previously estimated monthly value, and sum the 
results. This totals $41,226.78 for the entire fiscal year.
    3. Subtract the amounts $1,387,201,997 and $41,227 from the 
target off-setting collection amount set by Congress of 
$1,896,507,052, leaving $509,263,838 to be collected on dollar 
volume for the period May 22, 2018 through September 30, 2018.
    4. Use Table A to estimate dollar volume for the period May 22, 
2018 through September 30, 2018. The estimate is 
$39,323,689,064,673. Finally, compute the fee rate required to 
produce the additional $509,263,838 in revenue. This rate is 
$509,263,828 divided by $39,323,689,064,673 or 0.00001295056.
    5. Round the result to the seventh decimal point, yielding a 
rate of 0.0000130 (or $13.00 per million).
    This table summarizes the estimates of the aggregate dollar 
amount of covered sales, by time period. The figures in this table 
can be used to determine the new fee rate.
[GRAPHIC] [TIFF OMITTED] TN20AP18.002

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                         Number of
                                          trading   Total dollar amount    Average daily     [Delta] LN   Forecast   Forecast average    Forecast Total
                 Month                    days in         of sales        dollar amount of      ADS       [Delta]      daily dollar     dollar amount of
                                           month                            sales (ADS)                    LN ADS    amount of sales         sales
(A)                                            (B)                  (C)                (D)          (E)        (F)                (G)                (H)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Jan-08................................          21    7,997,242,071,529    380,821,051,025  ...........  .........  .................  .................
Feb-08................................          20    6,139,080,448,887    306,954,022,444     -0.21563  .........  .................  .................
Mar-08................................          20    6,767,852,332,381    338,392,616,619      0.09751  .........  .................  .................
Apr-08................................          22    6,150,017,772,735    279,546,262,397     -0.19104  .........  .................  .................
May-08................................          21    6,080,169,766,807    289,531,893,657      0.03510  .........  .................  .................
Jun-08................................          21    6,962,199,302,412    331,533,300,115      0.13546  .........  .................  .................
Jul-08................................          22    8,104,256,787,805    368,375,308,537      0.10537  .........  .................  .................
Aug-08................................          21    6,106,057,711,009    290,764,652,905     -0.23659  .........  .................  .................

[[Page 17580]]

 
Sep-08................................          21    8,156,991,919,103    388,428,186,624      0.28959  .........  .................  .................
Oct-08................................          23    8,644,538,213,244    375,849,487,532     -0.03292  .........  .................  .................
Nov-08................................          19    5,727,998,341,833    301,473,596,939     -0.22051  .........  .................  .................
Dec-08................................          22    5,176,041,317,640    235,274,605,347     -0.24793  .........  .................  .................
Jan-09................................          20    4,670,249,433,806    233,512,471,690     -0.00752  .........  .................  .................
Feb-09................................          19    4,771,470,184,048    251,130,009,687      0.07274  .........  .................  .................
Mar-09................................          22    5,885,594,284,780    267,527,012,945      0.06325  .........  .................  .................
Apr-09................................          21    5,123,665,205,517    243,984,057,406     -0.09212  .........  .................  .................
May-09................................          20    5,086,717,129,965    254,335,856,498      0.04155  .........  .................  .................
Jun-09................................          22    5,271,742,782,609    239,624,671,937     -0.05958  .........  .................  .................
Jul-09................................          22    4,659,599,245,583    211,799,965,708     -0.12343  .........  .................  .................
Aug-09................................          21    4,582,102,295,783    218,195,347,418      0.02975  .........  .................  .................
Sep-09................................          21    4,929,155,364,888    234,721,684,042      0.07301  .........  .................  .................
Oct-09................................          22    5,410,025,301,030    245,910,240,956      0.04657  .........  .................  .................
Nov-09................................          20    4,770,928,103,032    238,546,405,152     -0.03040  .........  .................  .................
Dec-09................................          22    4,688,555,303,171    213,116,150,144     -0.11273  .........  .................  .................
Jan-10................................          19    4,661,793,708,648    245,357,563,613      0.14088  .........  .................  .................
Feb-10................................          19    4,969,848,578,023    261,570,977,791      0.06399  .........  .................  .................
Mar-10................................          23    5,563,529,823,621    241,892,601,027     -0.07821  .........  .................  .................
Apr-10................................          21    5,546,445,874,917    264,116,470,234      0.08790  .........  .................  .................
May-10................................          20    7,260,430,376,294    363,021,518,815      0.31807  .........  .................  .................
Jun-10................................          22    6,124,776,349,285    278,398,924,967     -0.26541  .........  .................  .................
Jul-10................................          21    5,058,242,097,334    240,868,671,302     -0.14480  .........  .................  .................
Aug-10................................          22    4,765,828,263,463    216,628,557,430     -0.10607  .........  .................  .................
Sep-10................................          21    4,640,722,344,586    220,986,778,314      0.01992  .........  .................  .................
Oct-10................................          21    5,138,411,712,272    244,686,272,013      0.10187  .........  .................  .................
Nov-10................................          21    5,279,700,881,901    251,414,327,710      0.02713  .........  .................  .................
Dec-10................................          22    4,998,574,681,208    227,207,940,055     -0.10124  .........  .................  .................
Jan-11................................          20    5,043,391,121,345    252,169,556,067      0.10424  .........  .................  .................
Feb-11................................          19    5,114,631,590,581    269,191,136,346      0.06532  .........  .................  .................
Mar-11................................          23    6,499,355,385,307    282,580,668,926      0.04854  .........  .................  .................
Apr-11................................          20    4,975,954,868,765    248,797,743,438     -0.12732  .........  .................  .................
May-11................................          21    5,717,905,621,053    272,281,220,050      0.09020  .........  .................  .................
Jun-11................................          22    5,820,079,494,414    264,549,067,928     -0.02881  .........  .................  .................
Jul-11................................          20    5,189,681,899,635    259,484,094,982     -0.01933  .........  .................  .................
Aug-11................................          23    8,720,566,877,109    379,155,081,613      0.37925  .........  .................  .................
Sep-11................................          21    6,343,578,147,811    302,075,149,896     -0.22727  .........  .................  .................
Oct-11................................          21    6,163,272,963,688    293,489,188,747     -0.02884  .........  .................  .................
Nov-11................................          21    5,493,906,473,584    261,614,593,980     -0.11497  .........  .................  .................
Dec-11................................          21    5,017,867,255,600    238,946,059,790     -0.09063  .........  .................  .................
Jan-12................................          20    4,726,522,206,487    236,326,110,324     -0.01103  .........  .................  .................
Feb-12................................          20    5,011,862,514,132    250,593,125,707      0.05862  .........  .................  .................
Mar-12................................          22    5,638,847,967,025    256,311,271,228      0.02256  .........  .................  .................
Apr-12................................          20    5,084,239,396,560    254,211,969,828     -0.00822  .........  .................  .................
May-12................................          22    5,611,638,053,374    255,074,456,972      0.00339  .........  .................  .................
Jun-12................................          21    5,121,896,896,362    243,899,852,208     -0.04480  .........  .................  .................
Jul-12................................          21    4,567,519,314,374    217,500,919,732     -0.11455  .........  .................  .................
Aug-12................................          23    4,621,597,884,730    200,939,038,467     -0.07920  .........  .................  .................
Sep-12................................          19    4,598,499,962,682    242,026,313,825      0.18604  .........  .................  .................
Oct-12................................          21    5,095,175,588,310    242,627,408,967      0.00248  .........  .................  .................
Nov-12................................          21    4,547,882,974,292    216,565,855,919     -0.11363  .........  .................  .................
Dec-12................................          20    4,744,922,754,360    237,246,137,718      0.09120  .........  .................  .................
Jan-13................................          21    5,079,603,817,496    241,885,896,071      0.01937  .........  .................  .................
Feb-13................................          19    4,800,663,527,089    252,666,501,426      0.04360  .........  .................  .................
Mar-13................................          20    4,917,701,839,870    245,885,091,993     -0.02721  .........  .................  .................
Apr-13................................          22    5,451,358,637,079    247,789,028,958      0.00771  .........  .................  .................
May-13................................          22    5,681,788,831,869    258,263,128,721      0.04140  .........  .................  .................
Jun-13................................          20    5,623,545,462,226    281,177,273,111      0.08501  .........  .................  .................
Jul-13................................          22    5,083,861,509,754    231,084,614,080     -0.19620  .........  .................  .................
Aug-13................................          22    4,925,611,193,095    223,891,417,868     -0.03162  .........  .................  .................
Sep-13................................          20    4,959,197,626,713    247,959,881,336      0.10211  .........  .................  .................
Oct-13................................          23    5,928,804,028,970    257,774,088,216      0.03882  .........  .................  .................
Nov-13................................          20    5,182,024,612,049    259,101,230,602      0.00514  .........  .................  .................
Dec-13................................          21    5,265,282,994,173    250,727,761,627     -0.03285  .........  .................  .................
Jan-14................................          21    5,808,700,114,288    276,604,767,347      0.09822  .........  .................  .................
Feb-14................................          19    6,018,926,931,054    316,785,627,950      0.13564  .........  .................  .................
Mar-14................................          21    6,068,617,342,988    288,981,778,238     -0.09186  .........  .................  .................
Apr-14................................          21    6,013,948,953,528    286,378,521,597     -0.00905  .........  .................  .................
May-14................................          21    5,265,594,447,318    250,742,592,729     -0.13289  .........  .................  .................

[[Page 17581]]

 
Jun-14................................          21    5,159,506,989,669    245,690,809,032     -0.02035  .........  .................  .................
Jul-14................................          22    5,364,099,567,460    243,822,707,612     -0.00763  .........  .................  .................
Aug-14................................          21    5,075,332,147,677    241,682,483,223     -0.00882  .........  .................  .................
Sep-14................................          21    5,507,943,363,243    262,283,017,297      0.08180  .........  .................  .................
Oct-14................................          23    7,796,638,035,879    338,984,262,430      0.25653  .........  .................  .................
Nov-14................................          19    5,340,847,027,697    281,097,211,984     -0.18725  .........  .................  .................
Dec-14................................          22    6,559,110,068,128    298,141,366,733      0.05887  .........  .................  .................
Jan-15................................          20    6,185,619,541,044    309,280,977,052      0.03668  .........  .................  .................
Feb-15................................          19    5,723,523,235,641    301,238,065,034     -0.02635  .........  .................  .................
Mar-15................................          22    6,395,046,297,249    290,683,922,602     -0.03566  .........  .................  .................
Apr-15................................          21    5,625,548,298,004    267,883,252,286     -0.08169  .........  .................  .................
May-15................................          20    5,521,351,972,386    276,067,598,619      0.03009  .........  .................  .................
Jun-15................................          22    6,005,521,460,806    272,978,248,218     -0.01125  .........  .................  .................
Jul-15................................          22    6,493,670,315,390    295,166,832,518      0.07815  .........  .................  .................
Aug-15................................          21    6,963,901,249,270    331,614,345,203      0.11643  .........  .................  .................
Sep-15................................          21    6,434,496,770,897    306,404,608,138     -0.07907  .........  .................  .................
Oct-15................................          22    6,592,594,708,082    299,663,395,822     -0.02225  .........  .................  .................
Nov-15................................          20    5,822,824,015,945    291,141,200,797     -0.02885  .........  .................  .................
Dec-15................................          22    6,384,337,478,801    290,197,158,127     -0.00325  .........  .................  .................
Jan-16................................          19    6,696,059,796,055    352,424,199,792      0.19428  .........  .................  .................
Feb-16................................          20    6,659,878,908,747    332,993,945,437     -0.05671  .........  .................  .................
Mar-16................................          22    6,161,943,754,542    280,088,352,479     -0.17302  .........  .................  .................
Apr-16................................          21    5,541,076,988,322    263,860,808,968     -0.05968  .........  .................  .................
May-16................................          21    5,693,520,415,112    271,120,019,767      0.02714  .........  .................  .................
Jun-16................................          22    6,317,212,852,759    287,146,038,762      0.05743  .........  .................  .................
Jul-16................................          20    5,331,797,261,269    266,589,863,063     -0.07428  .........  .................  .................
Aug-16................................          23    5,635,976,607,786    245,042,461,208     -0.08428  .........  .................  .................
Sep-16................................          21    5,942,072,286,976    282,955,823,189      0.14386  .........  .................  .................
Oct-16................................          21    5,460,906,573,682    260,043,170,175     -0.08444  .........  .................  .................
Nov-16................................          21    6,845,287,809,886    325,966,086,185      0.22595  .........  .................  .................
Dec-16................................          21    6,208,579,880,985    295,646,660,999     -0.09763  .........  .................  .................
Jan-17................................          20    5,598,200,907,603    279,910,045,380     -0.05470  .........  .................  .................
Feb-17................................          19    5,443,426,609,533    286,496,137,344      0.02326  .........  .................  .................
Mar-17................................          23    6,661,861,914,530    289,646,170,197      0.01094  .........  .................  .................
Apr-17................................          19    5,116,714,033,499    269,300,738,605     -0.07283  .........  .................  .................
May-17................................          22    6,305,822,460,672    286,628,293,667      0.06236  .........  .................  .................
Jun-17................................          22    6,854,993,097,601    311,590,595,346      0.08350  .........  .................  .................
Jul-17................................          20    5,394,333,070,522    269,716,653,526     -0.14432  .........  .................  .................
Aug-17................................          23    6,206,204,906,864    269,834,995,951      0.00044  .........  .................  .................
Sep-17................................          20    5,939,886,169,525    296,994,308,476      0.09590  .........  .................  .................
Oct-17................................          22    6,134,529,538,894    278,842,251,768     -0.06307  .........  .................  .................
Nov-17................................          21    6,289,748,560,897    299,511,836,233      0.07151  .........  .................  .................
Dec-17................................          20    6,672,181,323,001    333,609,066,150      0.10782  .........  .................  .................
Jan-18................................          21    7,672,172,336,996    365,341,539,857      0.09086  .........  .................  .................
Feb-18................................          19    8,725,420,462,639    459,232,655,928      0.22872  .........  .................  .................
Mar-18................................          21  ...................  .................  ...........    -0.0594    435,316,961,660  9,141,656,194,853
Apr-18................................          21  ...................  .................  ...........    -0.0459    418,239,289,610  8,783,025,081,808
May-18................................          22  ...................  .................  ...........     0.0499    442,220,067,909  9,728,841,493,989
Jun-18................................          21  ...................  .................  ...........    -0.0065    441,938,237,422  9,280,702,985,869
Jul-18................................          21  ...................  .................  ...........    -0.0642    416,913,075,359  8,755,174,582,547
Aug-18................................          23  ...................  .................  ...........    -0.0021    418,511,833,550  9,625,772,171,640
Sep-18................................          19  ...................  .................  ...........     0.0686    450,868,360,487  8,566,498,849,257
--------------------------------------------------------------------------------------------------------------------------------------------------------

BILLING CODE 8011-01-P

[[Page 17582]]

[GRAPHIC] [TIFF OMITTED] TN20AP18.003

[FR Doc. 2018-08339 Filed 4-19-18; 8:45 am]
 BILLING CODE 8011-01-C