Document ID: SEC-2021-0089-0001
Agency: sec
Document Type: Notice
Title: Order Making Fiscal Year 2021 Annual Adjustments to Transaction Fee Rates
Posted Date: 2021-01-22T05:00Z

[Federal Register Volume 86, Number 13 (Friday, January 22, 2021)]
[Notices]
[Pages 6694-6700]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-01341]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90932/January 15, 2021]

Order Making Fiscal Year 2021 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 December 27, 2020, the President signed into law the 
Consolidated Appropriations Act, 2021, which includes total 
appropriations of $1,926,162,000 to the SEC for fiscal year 2021.
---------------------------------------------------------------------------

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

II. Fiscal Year 2021 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 2021 \8\ from an amount equal to the regular appropriation to the 
Commission for fiscal year 2021, 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 November, 2020. To calculate 
the dollar amount of covered sales from December, 2020 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\ OneChicago, LLC, the only reporting entity for single stock 
futures, ceased operations in September, 2020; its last R-31 report 
was filed in October, 2020. Accordingly, the forecast for the 
assessments for all of fiscal year 2021 for single stock futures is 
the reported assessments on single stock futures from September, 
2020 by OneChicago, LLC.
    \9\ To estimate the aggregate dollar amount of covered sales for 
the remainder of fiscal year 2021 following the effective date of 
the new fee rate, the Commission is using the same methodology it 
used previously. This methodology is described in Appendix A of this 
order.
---------------------------------------------------------------------------

    As noted above, the Consolidated Appropriations Act, 2021, includes 
total appropriations of $1,926,162,000 to the Commission for fiscal 
year 2021.\10\ The

[[Page 6695]]

Commission estimates that it will collect $1,514,646,590 in fees for 
the period prior to the effective date of the new fee rate and $494 in 
assessments on round turn transactions in security futures products 
during all of fiscal year 2021. Using the methodology described in 
Appendix A, the Commission estimates that the aggregate dollar amount 
of covered sales for the remainder of fiscal year 2021 to be 
$81,081,356,203,186.
---------------------------------------------------------------------------

    \10\ The President signed into law the ``Consolidated 
Appropriations Act, 2021'' on December 27, 2020. This legislation 
included an appropriation of $1,894,835,000 to the SEC for fiscal 
year 2021 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 
District of Columbia headquarters, not to exceed $18,650,000, 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 
$12,677,000, to remain available until expended.'' The sum of these 
three amounts is $1,926,162,000. 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 
2021.''
---------------------------------------------------------------------------

    The uniform adjusted rate is computed by dividing the residual fees 
to be collected of $411,514,917 by the estimated aggregate dollar 
amount of covered sales for the remainder of fiscal year 2021 of 
$81,081,356,203,186; this results in a uniform adjusted rate for fiscal 
year 2021 of $5.10 per million.\11\
---------------------------------------------------------------------------

    \11\ Appendix A shows the process of calculating the fiscal year 
2021 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 2021 
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, 
2020, or 60 days after the date on which a regular appropriation to the 
Commission for fiscal year 2021 is enacted.\12\ The regular 
appropriation to the Commission for fiscal year 2021 was enacted on 
December 27, 2020, and accordingly, the new fee rates applicable under 
Sections 31(b) and (c) of the Exchange Act will take effect on February 
25, 2021.
---------------------------------------------------------------------------

    \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 $5.10 per $1,000,000 
effective on February 25, 2021.

    By the Commission.
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 2021. 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 2021.
    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 2021 (less the 
sum of fees to be collected during fiscal year 2021 prior to the 
effective date of the new fee rate and aggregate assessments on 
security futures transactions during all of fiscal year 2021) 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 2021, 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 November 2020, 
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 December 27, 2020. The first business 
day after this date was December 28, 2020. Data for November 2020 
were due from the exchanges on December 14, 2020. As a result, the 
Commission used November 2020 and earlier data to forecast volume 
for December 2020 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 2021

    First, calculate the average daily dollar amount of covered 
sales (``ADS'') for each month in the sample (February 2010-November 
2020). 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 February 
2010-November 2020.\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 two period lag in the 9-month 
trailing moving average of average daily covered sales, ten 
additional months of data are added to the table so that the model 
is estimated with 120 observations.
---------------------------------------------------------------------------

    2. For each month t, calculate the 9-month trailing moving 
average of ADS (shown in column E). For example, the value for 
October, 2011 is the average of the 9 months ending in October, 
2011, or February 2011 through October 2011 inclusive.
    3. Calculate the 1-month and 2-month lags of the trailing moving 
average. For example, the 1-month lag of the 9-month trailing moving 
average for October, 2011 is equal to the 9-month trailing moving 
average for September, 2011. The 2-month lag of the 9-month trailing 
moving average for October, 2011 is equal to the 9-month trailing 
moving average for August 2011. These are shown in columns F and G.
    4. Estimate the model using ordinary least squares:

yt = [alpha] + [beta]1 yt-1 + 
[beta]2 yt-2 + ut

    Where yt is the 9-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

[[Page 6696]]

software. The estimated parameter values are a = -3,106,716,928, 
b1 = +1.574199, b2 = -0.560507. The root-mean 
squared error (RMSE) of the regression is 6,022,194,076.
    5. The predicted value of the 9-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 2021. To 
calculate this value from the model above, one needs the 1-month and 
2-month lag of the 9-month trailing moving average ADS, i.e., the 9-
month trailing moving average for June and July. The 9-month 
trailing moving average for July is obtained by using the 1-month 
and 2-month lags for July, that is, the 9-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, 
December 2020, and iterates predictions forward until the last month 
is predicted. One then multiplies the final predicted 9-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 December 2020, using the a, b1, 
and b2 parameter estimates shown above, along with the 1-
month and two-month lags in the 9-month trailing moving average ADS 
(representing the 9-month trailing moving average ADS for November 
and October 2020, respectively), one can estimate the forecast 9-
month trailing moving average ADS for December: -3,106,716,928 + 
(1.574199 x 527,000,127,996) + (-0.560507 x 518,017,127,996) = 
536,143,950,634.
    7. With the estimated 9-month trailing moving average ADS for 
December 2020 calculated above, one can estimate the 9-month 
trailing moving average ADS for January, 2021. The estimate obtained 
from December becomes the 1-month lag for January, and the 1-month 
lag used in the December forecast becomes the 2-month lag for the 
January forecast. Thus, the predicted 9-month trailing moving 
average ADS for January 2021 is calculated as: -3,106,716,928+ 
(1.574199 x 536,143,950,634) + (-0.560507 x 527,000,127,996) = 
545,503,592,273.
    8. Using the forecasts for December and January, one can 
estimate the value for February. Repeat this procedure for 
subsequent months, until the estimate for August 2021 is obtained. 
This value is 618,941,650,406.\15\ This value is then used to 
calculate the final forecast total monthly covered sales for all 9 
months from December 2020 through August 2021.
---------------------------------------------------------------------------

    \15\ One obtains insignificantly different values using the 
rounded parameter estimates shown above. The predicted ADS values 
displayed above represents the full precision estimate.
---------------------------------------------------------------------------

    9. To obtain the estimate of total monthly covered sales for 
each month, multiply the number of trading days in the month, shown 
in column B in Table A, by the final forecast 9-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, 2020 through February 24, 2021. The projected aggregate 
dollar amount of covered sales for this period is 
$68,536,044,778,746. Actual and projected fee collections at the 
current fee rate of $22.10 per million are $1,514,646,590.
    2. Estimate the amount of assessments on security futures 
products collected from September 1, 2020 through August 31, 2021. 
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 2020 through August 2021 is equal to the 
amount already reported, which is $493.87.
---------------------------------------------------------------------------

    \16\ OneChicago, LLC, the only reporting entity for single stock 
futures, ceased operations in September, 2020; its last R-31 report 
was filed in October, 2020. Accordingly, the forecast for the 
assessments for all of fiscal year 2021 for single stock futures is 
the reported assessments on single stock futures from September, 
2020 by OneChicago, LLC.
---------------------------------------------------------------------------

    3. Subtract the amounts $1,514,646,590 and $493.87 from the 
target off-setting collection amount set by Congress of 
$1,926,162,000, leaving $411,514,917 to be collected on dollar 
volume for the period February 25, 2021 through August 31, 2021.
    4. Use Table A to estimate dollar volume for the period February 
25, 2021 through August 31, 2021. The estimate is 
$81,081,356,203,186. Finally, compute the fee rate required to 
produce the additional $411,514,917 in revenue. This rate is 
$411,514,917 divided by $81,081,356,203,186 or 0.00000507533.
    5. Round the result to the seventh decimal point, yielding a 
rate of 0.0000051 (or $5.10 per million).
    This table summarizes the estimates of the aggregate dollar 
amount of covered sales, by time period. The figures in this table 
can be used to determine the new fee rate.

   Table A--Baseline Estimate of the Aggregate Dollar Amount of Sales
------------------------------------------------------------------------
                  Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate dollar amount of       $58,014,037
 sales, 09/01/2020 to 01/31/2021 ($Millions)............
b. Baseline estimate of the aggregate dollar amount of        10,522,008
 sales, 02/01/2021 to 02/24/2021 ($Millions)............
c. Baseline estimate of the aggregate dollar amount of         1,237,883
 sales, 02/25/2021 to 02/28/2021 ($Millions)............
d. Baseline estimate of the aggregate dollar amount of        79,843,473
 sales, 03/01/2021 to 08/31/2021 ($Millions)............
e. Estimated collections in assessments on security                0.026
 futures products in fiscal year 2021 ($Millions).......
f. Implied fee rate (($1,926,162,000 - $22.10*(a + b)-e)/            5.0
 (c + d)................................................
------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                Number of
                                                  trading  Total dollar  amount of    Average daily dollar   9-Month trailing moving   1 Month lag of 9-month   2 Month lag of 9-month      Forecast 9-month      Forecast total dollar
                     Month                       days in             sales           amount of sales  (ADS)        average  ADS       trailing moving average  trailing moving average      trailing  moving         amount of sales
                                                  month                                                                                          ADS                      ADS                 average  ADS
(A)                                                   (B)                      (C)                      (D)                      (E)                      (F)                      (G)                      (H)                      (I)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Feb-10........................................         19       $4,969,848,578,023         $261,570,977,791  .......................  .......................  .......................  .......................  .......................
Mar-10........................................         23        5,563,529,823,621          241,892,601,027  .......................  .......................  .......................  .......................  .......................
Apr-10........................................         21        5,546,445,874,917          264,116,470,234  .......................  .......................  .......................  .......................  .......................
May-10........................................         20        7,260,430,376,294          363,021,518,815  .......................  .......................  .......................  .......................  .......................
Jun-10........................................         22        6,124,776,349,285          278,398,924,967  .......................  .......................  .......................  .......................  .......................
Jul-10........................................         21        5,058,242,097,334          240,868,671,302  .......................  .......................  .......................  .......................  .......................
Aug-10........................................         22        4,765,828,263,463          216,628,557,430  .......................  .......................  .......................  .......................  .......................
Sep-10........................................         21        4,640,722,344,586          220,986,778,314  .......................  .......................  .......................  .......................  .......................
Oct-10........................................         21        5,138,411,712,272          244,686,272,013         $259,130,085,766  .......................  .......................  .......................  .......................
Nov-10........................................         21        5,279,700,881,901          251,414,327,710          258,001,569,090         $259,130,085,766  .......................  .......................  .......................
Dec-10........................................         22        4,998,574,681,208          227,207,940,055          256,369,940,093          258,001,569,090         $259,130,085,766  .......................  .......................
Jan-11........................................         20        5,043,391,121,345          252,169,556,067          255,042,505,186          256,369,940,093          258,001,569,090  .......................  .......................
Feb-11........................................         19        5,114,631,590,581          269,191,136,346          244,616,907,134          255,042,505,186          256,369,940,093  .......................  .......................
Mar-11........................................         23        6,499,355,385,307          282,580,668,926          245,081,545,351          244,616,907,134          255,042,505,186  .......................  .......................
Apr-11........................................         20        4,975,954,868,765          248,797,743,438          245,962,553,367          245,081,545,351          244,616,907,134  .......................  .......................
May-11........................................         21        5,717,905,621,053          272,281,220,050          252,146,182,547          245,962,553,367          245,081,545,351  .......................  .......................
Jun-11........................................         22        5,820,079,494,414          264,549,067,928          256,986,436,948          252,146,182,547          245,962,553,367  .......................  .......................
Jul-11........................................         20        5,189,681,899,635          259,484,094,982          258,630,639,500          256,986,436,948          252,146,182,547  .......................  .......................
Aug-11........................................         23        8,720,566,877,109          379,155,081,613          272,824,056,601          258,630,639,500          256,986,436,948  .......................  .......................
Sep-11........................................         21        6,343,578,147,811          302,075,149,896          281,142,635,472          272,824,056,601          258,630,639,500  .......................  .......................
Oct-11........................................         21        6,163,272,963,688          293,489,188,747          285,733,705,770          281,142,635,472          272,824,056,601  .......................  .......................
Nov-11........................................         21        5,493,906,473,584          261,614,593,980          284,891,867,729          285,733,705,770          281,142,635,472  .......................  .......................
Dec-11........................................         21        5,017,867,255,600          238,946,059,790          280,043,577,825          284,891,867,729          285,733,705,770  .......................  .......................
Jan-12........................................         20        4,726,522,206,487          236,326,110,324          278,657,840,812          280,043,577,825          284,891,867,729  .......................  .......................
Feb-12........................................         20        5,011,862,514,132          250,593,125,707          276,248,052,552          278,657,840,812          280,043,577,825  .......................  .......................
Mar-12........................................         22        5,638,847,967,025          256,311,271,228          275,332,741,808          276,248,052,552          278,657,840,812  .......................  .......................

[[Page 6697]]

 
Apr-12........................................         20        5,084,239,396,560          254,211,969,828          274,746,950,124          275,332,741,808          276,248,052,552  .......................  .......................
May-12........................................         22        5,611,638,053,374          255,074,456,972          260,960,214,052          274,746,950,124          275,332,741,808  .......................  .......................
Jun-12........................................         21        5,121,896,896,362          243,899,852,208          254,496,292,087          260,960,214,052          274,746,950,124  .......................  .......................
Jul-12........................................         21        4,567,519,314,374          217,500,919,732          246,053,151,085          254,496,292,087          260,960,214,052  .......................  .......................
Aug-12........................................         23        4,621,597,884,730          200,939,038,467          239,311,422,695          246,053,151,085          254,496,292,087  .......................  .......................
Sep-12........................................         19        4,598,499,962,682          242,026,313,825          239,653,673,143          239,311,422,695          246,053,151,085  .......................  .......................
Oct-12........................................         21        5,095,175,588,310          242,627,408,967          240,353,817,437          239,653,673,143          239,311,422,695  .......................  .......................
Nov-12........................................         21        4,547,882,974,292          216,565,855,919          236,573,009,683          240,353,817,437          239,653,673,143  .......................  .......................
Dec-12........................................         20        4,744,922,754,360          237,246,137,718          234,454,661,515          236,573,009,683          240,353,817,437  .......................  .......................
Jan-13........................................         21        5,079,603,817,496          241,885,896,071          233,085,097,764          234,454,661,515          236,573,009,683  .......................  .......................
Feb-13........................................         19        4,800,663,527,089          252,666,501,426          232,817,547,148          233,085,097,764          234,454,661,515  .......................  .......................
Mar-13........................................         20        4,917,701,839,870          245,885,091,993          233,038,129,346          232,817,547,148          233,085,097,764  .......................  .......................
Apr-13........................................         22        5,451,358,637,079          247,789,028,958          236,403,474,816          233,038,129,346          232,817,547,148  .......................  .......................
May-13........................................         22        5,681,788,831,869          258,263,128,721          242,772,818,178          236,403,474,816          233,038,129,346  .......................  .......................
Jun-13........................................         20        5,623,545,462,226          281,177,273,111          247,122,924,765          242,772,818,178          236,403,474,816  .......................  .......................
Jul-13........................................         22        5,083,861,509,754          231,084,614,080          245,840,392,000          247,122,924,765          242,772,818,178  .......................  .......................
Aug-13........................................         22        4,925,611,193,095          223,891,417,868          246,654,343,327          245,840,392,000          247,122,924,765  .......................  .......................
Sep-13........................................         20        4,959,197,626,713          247,959,881,336          247,844,759,285          246,654,343,327          245,840,392,000  .......................  .......................
Oct-13........................................         23        5,928,804,028,970          257,774,088,216          249,610,113,968          247,844,759,285          246,654,343,327  .......................  .......................
Nov-13........................................         20        5,182,024,612,049          259,101,230,602          250,325,083,876          249,610,113,968          247,844,759,285  .......................  .......................
Dec-13........................................         21        5,265,282,994,173          250,727,761,627          250,863,158,280          250,325,083,876          249,610,113,968  .......................  .......................
Jan-14........................................         21        5,808,700,114,288          276,604,767,347          254,064,906,990          250,863,158,280          250,325,083,876  .......................  .......................
Feb-14........................................         19        6,018,926,931,054          316,785,627,950          260,567,406,904          254,064,906,990          250,863,158,280  .......................  .......................
Mar-14........................................         21        6,068,617,342,988          288,981,778,238          261,434,574,140          260,567,406,904          254,064,906,990  .......................  .......................
Apr-14........................................         21        6,013,948,953,528          286,378,521,597          267,578,341,642          261,434,574,140          260,567,406,904  .......................  .......................
May-14........................................         21        5,265,594,447,318          250,742,592,729          270,561,805,516          267,578,341,642          261,434,574,140  .......................  .......................
Jun-14........................................         21        5,159,506,989,669          245,690,809,032          270,309,686,371          270,561,805,516          267,578,341,642  .......................  .......................
Jul-14........................................         22        5,364,099,567,460          243,822,707,612          268,759,532,970          270,309,686,371          270,561,805,516  .......................  .......................
Aug-14........................................         21        5,075,332,147,677          241,682,483,223          266,824,116,595          268,759,532,970          270,309,686,371  .......................  .......................
Sep-14........................................         21        5,507,943,363,243          262,283,017,297          268,108,033,892          266,824,116,595          268,759,532,970  .......................  .......................
Oct-14........................................         23        7,796,638,035,879          338,984,262,430          275,039,088,901          268,108,033,892          266,824,116,595  .......................  .......................
Nov-14........................................         19        5,340,847,027,697          281,097,211,984          271,073,709,349          275,039,088,901          268,108,033,892  .......................  .......................
Dec-14........................................         22        6,559,110,068,128          298,141,366,733          272,091,441,404          271,073,709,349          275,039,088,901  .......................  .......................
Jan-15........................................         20        6,185,619,541,044          309,280,977,052          274,636,158,677          272,091,441,404          271,073,709,349  .......................  .......................
Feb-15........................................         19        5,723,523,235,641          301,238,065,034          280,246,766,711          274,636,158,677          272,091,441,404  .......................  .......................
Mar-15........................................         22        6,395,046,297,249          290,683,922,602          285,246,001,552          280,246,766,711          274,636,158,677  .......................  .......................
Apr-15........................................         21        5,625,548,298,004          267,883,252,286          287,919,395,405          285,246,001,552          280,246,766,711  .......................  .......................
May-15........................................         20        5,521,351,972,386          276,067,598,619          291,739,963,782          287,919,395,405          285,246,001,552  .......................  .......................
Jun-15........................................         22        6,005,521,460,806          272,978,248,218          292,928,322,773          291,739,963,782          287,919,395,405  .......................  .......................
Jul-15........................................         22        6,493,670,315,390          295,166,832,518          288,059,719,450          292,928,322,773          291,739,963,782  .......................  .......................
Aug-15........................................         21        6,963,901,249,270          331,614,345,203          293,672,734,252          288,059,719,450          292,928,322,773  .......................  .......................
Sep-15........................................         21        6,434,496,770,897          306,404,608,138          294,590,872,186          293,672,734,252          288,059,719,450  .......................  .......................
Oct-15........................................         22        6,592,594,708,082          299,663,395,822          293,522,252,049          294,590,872,186          293,672,734,252  .......................  .......................
Nov-15........................................         20        5,822,824,015,945          291,141,200,797          292,400,378,245          293,522,252,049          294,590,872,186  .......................  .......................
Dec-15........................................         22        6,384,337,478,801          290,197,158,127          292,346,293,303          292,400,378,245          293,522,252,049  .......................  .......................
Jan-16........................................         19        6,696,059,796,055          352,424,199,792          301,739,731,915          292,346,293,303          292,400,378,245  .......................  .......................
Feb-16........................................         20        6,659,878,908,747          332,993,945,437          308,064,881,562          301,739,731,915          292,346,293,303  .......................  .......................
Mar-16........................................         22        6,161,943,754,542          280,088,352,479          308,854,893,146          308,064,881,562          301,739,731,915  .......................  .......................
Apr-16........................................         21        5,541,076,988,322          263,860,808,968          305,376,446,085          308,854,893,146          308,064,881,562  .......................  .......................
May-16........................................         21        5,693,520,415,112          271,120,019,767          298,654,854,370          305,376,446,085          308,854,893,146  .......................  .......................
Jun-16........................................         22        6,317,212,852,759          287,146,038,762          296,515,013,328          298,654,854,370          305,376,446,085  .......................  .......................
Jul-16........................................         20        5,331,797,261,269          266,589,863,063          292,840,176,355          296,515,013,328          298,654,854,370  .......................  .......................
Aug-16........................................         23        5,635,976,607,786          245,042,461,208          287,718,094,178          292,840,176,355          296,515,013,328  .......................  .......................
Sep-16........................................         21        5,942,072,286,976          282,955,823,189          286,913,501,407          287,718,094,178          292,840,176,355  .......................  .......................
Oct-16........................................         21        5,460,906,573,682          260,043,170,175          276,648,942,561          286,913,501,407          287,718,094,178  .......................  .......................
Nov-16........................................         21        6,845,287,809,886          325,966,086,185          275,868,069,311          276,648,942,561          286,913,501,407  .......................  .......................
Dec-16........................................         21        6,208,579,880,985          295,646,660,999          277,596,770,257          275,868,069,311          276,648,942,561  .......................  .......................
Jan-17........................................         20        5,598,200,907,603          279,910,045,380          279,380,018,748          277,596,770,257          275,868,069,311  .......................  .......................
Feb-17........................................         19        5,443,426,609,533          286,496,137,344          281,088,476,256          279,380,018,748          277,596,770,257  .......................  .......................
Mar-17........................................         23        6,661,861,914,530          289,646,170,197          281,366,268,638          281,088,476,256          279,380,018,748  .......................  .......................
Apr-17........................................         19        5,116,714,033,499          269,300,738,605          281,667,477,031          281,366,268,638          281,088,476,256  .......................  .......................
May-17........................................         22        6,305,822,460,672          286,628,293,667          286,288,125,082          281,667,477,031          281,366,268,638  .......................  .......................
Jun-17........................................         22        6,854,993,097,601          311,590,595,346          289,469,766,433          286,288,125,082          281,667,477,031  .......................  .......................
Jul-17........................................         20        5,394,333,070,522          269,716,653,526          290,544,597,917          289,469,766,433          286,288,125,082  .......................  .......................
Aug-17........................................         23        6,206,204,906,864          269,834,995,951          284,307,810,113          290,544,597,917          289,469,766,433  .......................  .......................
Sep-17........................................         20        5,939,886,169,525          296,994,308,476          284,457,548,721          284,307,810,113          290,544,597,917  .......................  .......................
Oct-17........................................         22        6,134,529,538,894          278,842,251,768          284,338,904,987          284,457,548,721          284,307,810,113  .......................  .......................
Nov-17........................................         21        6,289,748,560,897          299,511,836,233          285,785,093,752          284,338,904,987          284,457,548,721  .......................  .......................
Dec-17........................................         20        6,672,181,323,001          333,609,066,150          290,669,859,969          285,785,093,752          284,338,904,987  .......................  .......................
Jan-18........................................         21        7,672,288,677,308          365,347,079,872          301,341,675,665          290,669,859,969          285,785,093,752  .......................  .......................
Feb-18........................................         19        8,725,420,462,639          459,232,655,928          320,519,938,139          301,341,675,665          290,669,859,969  .......................  .......................
Mar-18........................................         21        8,264,755,011,030          393,559,762,430          329,627,623,370          320,519,938,139          301,341,675,665  .......................  .......................
Apr-18........................................         21        7,490,308,402,446          356,681,352,497          339,290,367,701          329,627,623,370          320,519,938,139  .......................  .......................
May-18........................................         22        7,242,077,467,361          329,185,339,426          345,884,850,309          339,290,367,701          329,627,623,370  .......................  .......................
Jun-18........................................         21        7,936,783,802,579          377,942,085,837          354,879,047,793          345,884,850,309          339,290,367,701  .......................  .......................
Jul-18........................................         21        6,807,593,326,456          324,171,110,784          359,915,587,684          354,879,047,793          345,884,850,309  .......................  .......................
Aug-18........................................         23        7,363,115,477,823          320,135,455,558          362,207,100,942          359,915,587,684          354,879,047,793  .......................  .......................
Sep-18........................................         19        6,781,988,459,996          356,946,761,052          364,800,178,154          362,207,100,942          359,915,587,684  .......................  .......................
Oct-18........................................         23       10,133,514,482,168          440,587,586,181          373,160,234,410          364,800,178,154          362,207,100,942  .......................  .......................
Nov-18........................................         21        8,414,847,862,204          400,707,041,057          366,657,388,314          373,160,234,410          364,800,178,154  .......................  .......................
Dec-18........................................         19        9,075,221,733,736          477,643,249,144          375,999,997,948          366,657,388,314          373,160,234,410  .......................  .......................
Jan-19........................................         21        7,960,664,643,749          379,079,268,750          378,488,655,310          375,999,997,948          366,657,388,314  .......................  .......................
Feb-19........................................         19        6,676,391,653,247          351,389,034,381          380,955,732,527          378,488,655,310          375,999,997,948  .......................  .......................
Mar-19........................................         21        7,828,979,311,928          372,808,538,663          380,385,338,397          380,955,732,527          378,488,655,310  .......................  .......................
Apr-19........................................         21        6,907,923,076,080          328,948,717,909          380,916,183,633          380,385,338,397          380,955,732,527  .......................  .......................
May-19........................................         22        7,895,053,976,747          358,866,089,852          385,219,587,443          380,916,183,633          380,385,338,397  .......................  .......................
Jun-19........................................         20        7,070,583,442,058          353,529,172,103          384,839,855,338          385,219,587,443          380,916,183,633  .......................  .......................
Jul-19........................................         22        6,792,811,319,721          308,764,150,896          370,192,806,973          384,839,855,338          385,219,587,443  .......................  .......................
Aug-19........................................         22        8,059,527,400,976          366,342,154,590          366,374,486,254          370,192,806,973          384,839,855,338  .......................  .......................
Sep-19........................................         20        6,958,132,871,506          347,906,643,575          351,959,307,858          366,374,486,254          370,192,806,973  .......................  .......................
Oct-19........................................         23        7,235,982,824,882          314,607,948,908          344,795,827,875          351,959,307,858          366,374,486,254  .......................  .......................
Nov-19........................................         20        6,784,888,230,209          339,244,411,510          343,446,425,334          344,795,827,875          351,959,307,858  .......................  .......................
Dec-19........................................         21        7,252,856,724,647          345,374,129,745          340,398,157,677          343,446,425,334          344,795,827,875  .......................  .......................
Jan-20........................................         21        8,178,172,797,805          389,436,799,895          347,119,055,675          340,398,157,677          343,446,425,334  .......................  .......................
Feb-20........................................         19        8,951,554,790,521          471,134,462,659          359,593,319,320          347,119,055,675          340,398,157,677  .......................  .......................
Mar-20........................................         22       16,218,726,536,159          737,214,842,553          402,225,060,481          359,593,319,320          347,119,055,675  .......................  .......................
Apr-20........................................         21       10,289,596,902,933          489,980,804,902          422,360,244,260          402,225,060,481          359,593,319,320  .......................  .......................
May-20........................................         20        9,435,524,799,540          471,776,239,977          434,075,142,636          422,360,244,260          402,225,060,481  .......................  .......................
Jun-20........................................         22       12,093,857,552,130          549,720,797,824          456,498,937,553          434,075,142,636          422,360,244,260  .......................  .......................
Jul-20........................................         22       10,355,334,352,448          470,697,016,020          473,842,167,232          456,498,937,553          434,075,142,636  .......................  .......................
Aug-20........................................         21        9,763,364,099,611          464,922,099,981          487,806,354,840          473,842,167,232          456,498,937,553  .......................  .......................
Sep-20........................................         21       11,545,568,415,944          549,788,972,188          510,519,115,111          487,806,354,840          473,842,167,232  .......................  .......................
Oct-20........................................         22       10,052,383,756,890          456,926,534,404          518,017,974,501          510,519,115,111          487,806,354,840  .......................  .......................
Nov-20........................................         20       11,039,476,882,364          551,973,844,118          527,000,127,996          518,017,974,501          510,519,115,111  .......................  .......................
Dec-20........................................         22  .......................  .......................  .......................          527,000,127,996          518,017,974,501         $618,941,650,406      $13,616,716,308,932
Jan-21........................................         19  .......................  .......................  .......................  .......................          527,000,127,996          618,941,650,406       11,759,891,357,714
Feb-21........................................         19  .......................  .......................  .......................  .......................  .......................          618,941,650,406       11,759,891,357,714

[[Page 6698]]

 
Mar-21........................................         23  .......................  .......................  .......................  .......................  .......................          618,941,650,406       14,235,657,959,338
Apr-21........................................         21  .......................  .......................  .......................  .......................  .......................          618,941,650,406       12,997,774,658,526
May-21........................................         20  .......................  .......................  .......................  .......................  .......................          618,941,650,406       12,378,833,008,120
Jun-21........................................         22  .......................  .......................  .......................  .......................  .......................          618,941,650,406       13,616,716,308,932
Jul-21........................................         21  .......................  .......................  .......................  .......................  .......................          618,941,650,406       12,997,774,658,526
Aug-21........................................         22  .......................  .......................  .......................  .......................  .......................          618,941,650,406       13,616,716,308,932
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

[[Page 6699]]

[GRAPHIC] [TIFF OMITTED] TN22JA21.008

[[Page 6700]]

[FR Doc. 2021-01341 Filed 1-21-21; 8:45 am]
BILLING CODE 8011-01-P