[Federal Register Volume 85, Number 9 (Tuesday, January 14, 2020)]
[Notices]
[Pages 2218-2224]
[FR Doc No: 2020-00423]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87918/January 9, 2020]

Order Making Fiscal Year 2020 Annual Adjustments to Transaction
Fee Rates

I. Background

    Section 31 of the Securities Exchange Act of 1934 (``Exchange
Act'') requires each national securities exchange and national
securities association to pay transaction fees to the Commission.\1\
Specifically, Section 31(b) requires each national securities exchange
to pay to the Commission fees based on the aggregate dollar amount of
sales of certain securities (``covered sales'') transacted on the
exchange.\2\ Section 31(c) requires each national securities
association to pay to the Commission fees based on the aggregate dollar
amount of covered sales transacted by or through any member of the
association other than on an exchange.\3\
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    \1\ 15 U.S.C. 78ee.
    \2\ 15 U.S.C. 78ee(b).
    \3\ 15 U.S.C. 78ee(c).
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    Section 31 of the Exchange Act requires the Commission to annually
adjust the fee rates applicable under Sections 31(b) and (c) to a
uniform adjusted rate.\4\ Specifically, the Commission must adjust the
fee rates to a uniform adjusted rate that is reasonably likely to
produce aggregate fee collections (including assessments on security
futures transactions) equal to the regular appropriation to the
Commission for the applicable fiscal year.\5\
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    \4\ In some circumstances, the SEC also must make a mid-year
adjustment to the fee rates applicable under Sections 31(b) and (c).
    \5\ 15 U.S.C. 78ee(j)(1) (the Commission must adjust the rates
under Sections 31(b) and (c) to a ``uniform adjusted rate that, when
applied to the baseline estimate of the aggregate dollar amount of
sales for such fiscal year, is reasonably likely to produce
aggregate fee collections under [Section 31] (including assessments
collected under [Section 31(d)]) that are equal to the regular
appropriation to the Commission by Congress for such fiscal
year.'').
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    The Commission is required to publish notice of the new fee rates
under Section 31 not later than 30 days after the date on which an Act
making a regular appropriation for the applicable fiscal year is
enacted.\6\ On December 20, 2019, the President signed into law the
Consolidated Appropriations Act, 2020, which includes total
appropriations of $1,825,525,000 to the SEC for fiscal year 2020.
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    \6\ 15 U.S.C. 78ee(g).
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II. Fiscal Year 2020 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 2020 \8\ from an amount equal to the regular appropriation to the
Commission for fiscal year 2020, and (2) dividing by the estimated
aggregate dollar amount of covered sales for the remainder of the
fiscal year following the effective date of the new fee rate.\9\
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    \7\ The sum of fees to be collected prior to the effective date
of the new fee rate is determined by applying the current fee rate
to the dollar amount of covered sales prior to the effective date of
the new fee rate. The exchanges and FINRA have provided data on the
dollar amount of covered sales through November, 2019. To calculate
the dollar amount of covered sales from December, 2019 to the
effective date of the new fee rate, the Commission is using a new
methodology described further in this order and also in Appendix A
of this order.
    \8\ Although the Commission is using a new methodology to
calculate the baseline estimate of the aggregate dollar amount of
covered sales, the Commission is using the same methodology it has
used previously to estimate assessments on security futures
transactions to be collected in fiscal year 2020. 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 2020 following the effective date of
the new fee rate, the Commission is using the new methodology
referenced above and further described in Appendix A of this order.
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    As noted above, the Consolidated Appropriations Act, 2020, includes
total appropriations of $1,825,525,000 to the Commission for fiscal
year 2020.\10\ The Commission estimates that it will collect
$798,679,778 in fees for the period prior to the effective date of the
new fee rate and $26,122 in assessments

on round turn transactions in security futures products during all of
fiscal year 2020. Using the methodology described in Appendix A, the
Commission estimates that the aggregate dollar amount of covered sales
for the remainder of fiscal year 2020 to be $46,381,289,295,437.
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    \10\ The Consolidated Appropriations Act, 2020 includes an
appropriation of $1,815,000,000 for necessary expenses for the
Commission and an appropriation of $10,525,000 for costs associated
with relocation under a replacement lease for the Commission's New
York regional office facilities. The act provides that ``for
purposes of calculating the fee rate under section 31(j) of the
[Exchange Act] for fiscal year 2020, all amounts appropriated [to
the Commission in the act] shall be deemed to be the regular
appropriation to the Commission for fiscal year 2020.''
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    The uniform adjusted rate is computed by dividing the residual fees
to be collected of $1,026,819,100 by the estimated aggregate dollar
amount of covered sales for the remainder of fiscal year 2020 of
$46,381,289,295,437; this results in a uniform adjusted rate for fiscal
year 2020 of $22.10 per million.\11\
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    \11\ Appendix A shows the process of calculating the fiscal year
2020 annual adjustment and includes the data used by the Commission
in making this adjustment.
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III. Effective Date of the Uniform Adjusted Rate

    Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2020
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,
2019, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2020 is enacted.\12\ The regular
appropriation to the Commission for fiscal year 2020 was enacted on
December 20, 2019, and accordingly, the new fee rates applicable under
Sections 31(b) and (c) of the Exchange Act will take effect on February
18, 2020.
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    \12\ 15 U.S.C. 78ee(j)(4)(A).
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IV. New Methodology for the Baseline Estimate of the Aggregate Dollar
Volume of Covered Sales

    The methodology used to generate the baseline estimate of the
aggregate dollar amount of covered sales is required to be developed by
the Commission in consultation with the Congressional Budget Office
(``CBO'') and the Office of Management and Budget (``OMB'').\13\ The
Commission recently completed a comprehensive review of the methodology
and determined that modifications to the methodology would improve the
accuracy of the estimates. The Commission consulted with CBO and OMB
regarding the modifications to the methodology, as required under
Section 31(l) of the Exchange Act. Consequently, the Commission has
adopted the new methodology to generate the baseline estimate of the
aggregate dollar volume of covered sales, which is used to determine
the new fee rates. The methodology is explained in Appendix A of this
order.
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    \13\ 15 U.S.C. 78ee(l).
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V. Conclusion

    Accordingly, pursuant to Section 31 of the Exchange Act,
    It is hereby ordered that the fee rates applicable under Sections
31(b) and (c) of the Exchange Act shall be $22.10 per $1,000,000
effective on February 18, 2020.

    By the Commission.
Vanessa A. Countryman,
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 2020. 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 2020.
    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 2020 (less the sum of fees to be
collected during fiscal year 2020 prior to the effective date of the
new fee rate and aggregate assessments on security futures transactions
during all of fiscal year 2020) 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 2020, 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 2019, the last month
for which the Commission has data on the dollar volume of covered
sales.\14\
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    \14\ 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 20, 2019. The first business
day after this date was December 23, 2019. Data for November 2019
were due from the exchanges on December 13, 2019. As a result, the
Commission used November 2019 and earlier data to forecast volume
for December 2019 and later months.
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    The following sections describe this process in detail.

A. Baseline Estimate of the Aggregate Dollar Amount of Covered Sales
for Fiscal Year 2020

    First, calculate the average daily dollar amount of covered sales
(``ADS'') for each month in the sample (February 2009-November 2019).
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 2009-November
2019.\15\ Divide each month's total dollar volume by the number of
trading days in that month (column B) to obtain the average daily
dollar volume (ADS, column D).
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    \15\ 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.
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    2. For each month t, calculate the 9-month trailing moving average
of ADS (shown in column E). For example, the value for October 2010 is
the average of the 9 months ending in October, 2010, or February 2010
through October 2010 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, 2010 is equal to the 9-month trailing moving
average for September, 2010. The 2-month lag of the 9-month trailing
moving average for October 2010 is equal to the 9-month trailing moving
average for August 2010. These are shown in columns F and G.
    4. Estimate the model using ordinary least squares:

yt = [alpha] + [beta]1yt-1 +
[beta]2yt-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 software. The estimated parameter values are [alpha] =
3,776,474,199, [beta]1 = +1.4834 and [beta]2 = -
0.49513. The root-mean squared error (RMSE) of the regression is
4,771,330,095.
    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 2020. 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 2019, 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 2019, using the [alpha],
[beta]1, and [beta]2 parameters 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 2019, respectively), one can estimate the
forecast 9-month trailing moving average ADS for December:
3,776,474,199 + (1.4834 x 343,446,332,375) + (-0.49513 x
344,795,734,916) = 342,525,566,044.
    7. With the estimated 9-month trailing moving average ADS for
December 2019 calculated above, one can estimate the 9-month trailing
moving average ADS for January, 2020. 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 2020 is calculated as: 3,776,474,199 + (1.4834 x
342,525,566,044) + (-0.49513 x 343,446,332,375) = 341,827,831,235.
    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 2020 is obtained. This value is
338,549,556,901.\16\ This value is then used to calculate the final
forecast total monthly covered sales for all 9 months from December
2019 through August 2020.
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    \16\ One obtains insignificantly different values using the
rounded parameter estimates shown above. The predicted ADS values
displayed above represents the full precision estimate.
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    9. To obtain the estimate of total monthly covered sales for each
month, multiply the number of trading days in the month, shown in
column B in Table A, by the final forecast 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, 2019 through February 17, 2020. The projected aggregate dollar
amount of covered sales for this period is $38,583,564,152,842. Actual
and projected fee collections at the current fee rate of $20.70 per
million are $798,679,778.
    2. Estimate the amount of assessments on security futures products
collected from September 1, 2019 through August 31, 2020. First,
calculate the average and the standard deviation of the change in log
average daily sales, in column E, for the 120 months ending December
2019. The average is 0.00293464 and the standard deviation is
0.11329321. These are used to estimate an average growth rate in ADS
using the formula exp (0.00293464 + \1/2\0.113293212) - 1.
This results in an average monthly increase of 0.93962%. Apply this
monthly increase to the last month for which single stock futures'
assessments are available, which was $2,068.87, for November 2019.
Estimate all subsequent months in fiscal year 2020 by applying the
growth rate to the previously estimated monthly value, and sum the
results. This totals $26,122.20 for the entire fiscal year.
    3. Subtract the amounts $798,679,778 and $26,122 from the target
off-setting collection amount set by Congress of $1,825,525,000,
leaving $1,026,819,100 to be collected on dollar volume for the period
February 18, 2020 through August 31, 2020.
    4. Use Table A to estimate dollar volume for the period February
18, 2020 through August 31, 2020. The estimate is $46,381,289,295,437.
Finally, compute the fee rate required to produce the additional
$1,026,819,100 in revenue. This rate is $1,026,819,100 divided by
$46,381,289,295,437 or 0.00002213865.
    5. Round the result to the seventh decimal point, yielding a rate
of 0.0000221 (or $22.10 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
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                  Fee rate calculation
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a. Baseline estimate of the aggregate dollar amount of       $35,198,069
 sales, 09/01/2019 to 01/31/2020 ($Millions)............
b. Baseline estimate of the aggregate dollar amount of         3,385,496
 sales, 02/01/2020 to 02/17/2020 ($Millions)............
c. Baseline estimate of the aggregate dollar amount of         3,046,946
 sales, 02/18/2020 to 02/29/2020 ($Millions)............
d. Baseline estimate of the aggregate dollar amount of        43,334,343
 sales, 03/01/2020 to 08/31/2020 ($Millions)............
e. Estimate collections in assessments on security                 0.026
 futures products in fiscal year 2020 ($Millions).......
f. Implied fee rate (($1,825,525,000 - $20.70 * (a + b) -          22.10
  e) / (c + d)..........................................
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                                                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 average      amount of sales
                                                  month                                                                                ADS                      ADS                      ADS
(A)                                                   (B)                      (C)                      (D)                      (E)                      (F)                      (G)                      (H)                      (I)
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Feb-09........................................         19       $4,771,470,184,048         $251,130,009,687  .......................  .......................  .......................  .......................  .......................
Mar-09........................................         22        5,885,594,284,780          267,527,012,945  .......................  .......................  .......................  .......................  .......................
Apr-09........................................         21        5,123,665,205,517          243,984,057,406  .......................  .......................  .......................  .......................  .......................
May-09........................................         20        5,086,717,129,965          254,335,856,498  .......................  .......................  .......................  .......................  .......................
Jun-09........................................         22        5,271,742,782,609          239,624,671,937  .......................  .......................  .......................  .......................  .......................
Jul-09........................................         22        4,659,599,245,583          211,799,965,708  .......................  .......................  .......................  .......................  .......................
Aug-09........................................         21        4,582,102,295,783          218,195,347,418  .......................  .......................  .......................  .......................  .......................
Sep-09........................................         21        4,929,155,364,888          234,721,684,042  .......................  .......................  .......................  .......................  .......................
Oct-09........................................         22        5,410,025,301,030          245,910,240,956         $240,803,205,177  .......................  .......................  .......................  .......................
Nov-09........................................         20        4,770,928,103,032          238,546,405,152          239,405,026,896         $240,803,205,177  .......................  .......................  .......................
Dec-09........................................         22        4,688,555,303,171          213,116,150,144          233,359,375,473          239,405,026,896         $240,803,205,177  .......................  .......................
Jan-10........................................         19        4,661,793,708,648          245,357,563,613          233,511,987,274          233,359,375,473          239,405,026,896  .......................  .......................
Feb-10........................................         19        4,969,848,578,023          261,570,977,791          234,315,889,640          233,511,987,274          233,359,375,473  .......................  .......................
Mar-10........................................         23        5,563,529,823,621          241,892,601,027          234,567,881,761          234,315,889,640          233,511,987,274  .......................  .......................
Apr-10........................................         21        5,546,445,874,917          264,116,470,234          240,380,826,709          234,567,881,761          234,315,889,640  .......................  .......................
May-10........................................         20        7,260,430,376,294          363,021,518,815          256,472,623,530          240,380,826,709          234,567,881,761  .......................  .......................
Jun-10........................................         22        6,124,776,349,285          278,398,924,967          261,325,650,300          256,472,623,530          240,380,826,709  .......................  .......................
Jul-10........................................         21        5,058,242,097,334          240,868,671,302          260,765,475,894          261,325,650,300          256,472,623,530  .......................  .......................
Aug-10........................................         22        4,765,828,263,463          216,628,557,430          258,330,159,480          260,765,475,894          261,325,650,300  .......................  .......................
Sep-10........................................         21        4,640,722,344,586          220,986,778,314          259,204,673,721          258,330,159,480          260,765,475,894  .......................  .......................
Oct-10........................................         21        5,138,411,712,272          244,686,272,013          259,130,085,766          259,204,673,721          258,330,159,480  .......................  .......................
Nov-10........................................         21        5,279,700,881,901          251,414,327,710          258,001,569,090          259,130,085,766          259,204,673,721  .......................  .......................
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  .......................  .......................
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        7,242,077,467,179          329,185,339,417          345,884,850,308          339,290,367,701          329,627,623,370  .......................  .......................
Jun-18........................................         21        7,936,783,802,579          377,942,085,837          354,879,047,793          345,884,850,308          339,290,367,701  .......................  .......................
Jul-18........................................         21        6,807,593,326,456          324,171,110,784          359,915,587,683          354,879,047,793          345,884,850,308  .......................  .......................
Aug-18........................................         23        7,363,115,444,274          320,135,454,099          362,207,100,779          359,915,587,683          354,879,047,793  .......................  .......................
Sep-18........................................         19        6,781,988,459,996          356,946,761,052          364,800,177,991          362,207,100,779          359,915,587,683  .......................  .......................
Oct-18........................................         23       10,133,514,480,998          440,587,586,130          373,160,234,242          364,800,177,991          362,207,100,779  .......................  .......................
Nov-18........................................         21        8,414,847,862,204          400,707,041,057          366,657,388,145          373,160,234,242          364,800,177,991  .......................  .......................
Dec-18........................................         19        9,075,221,733,736          477,643,249,144          375,999,997,780          366,657,388,145          373,160,234,242  .......................  .......................
Jan-19........................................         21        7,960,664,643,749          379,079,268,750          378,488,655,141          375,999,997,780          366,657,388,145  .......................  .......................
Feb-19........................................         19        6,676,391,653,247          351,389,034,381          380,955,732,359          378,488,655,141          375,999,997,780  .......................  .......................
Mar-19........................................         21        7,828,979,311,928          372,808,538,663          380,385,338,229          380,955,732,359          378,488,655,141  .......................  .......................
Apr-19........................................         21        6,907,923,076,080          328,948,717,909          380,916,183,465          380,385,338,229          380,955,732,359  .......................  .......................
May-19........................................         22        7,895,053,976,747          358,866,089,852          385,219,587,438          380,916,183,465          380,385,338,229  .......................  .......................
Jun-19........................................         20        7,070,583,442,058          353,529,172,103          384,839,855,332          385,219,587,438          380,916,183,465  .......................  .......................
Jul-19........................................         22        6,792,811,319,721          308,764,150,896          370,192,806,973          384,839,855,332          385,219,587,438  .......................  .......................
Aug-19........................................         22        8,059,527,400,976          366,342,154,590          366,374,486,254          370,192,806,973          384,839,855,332  .......................  .......................
Sep-19........................................         20        6,958,116,138,899          347,905,806,945          351,959,214,899          366,374,486,254          370,192,806,973  .......................  .......................
Oct-19........................................         23        7,235,982,824,882          314,607,948,908          344,795,734,916          351,959,214,899          366,374,486,254  .......................  .......................
Nov-19........................................         20        6,784,888,230,209          339,244,411,510          343,446,332,375          344,795,734,916          351,959,214,899  .......................  .......................
Dec-19........................................         21  .......................  .......................  .......................          343,446,332,375          344,795,734,916          338,549,556,901        7,109,540,694,921
Jan-20........................................         21  .......................  .......................  .......................  .......................          343,446,332,375          338,549,556,901        7,109,540,694,921
Feb-20........................................         19  .......................  .......................  .......................  .......................  .......................          338,549,556,901        6,432,441,581,119
Mar-20........................................         22  .......................  .......................  .......................  .......................  .......................          338,549,556,901        7,448,090,251,822
Apr-20........................................         21  .......................  .......................  .......................  .......................  .......................          338,549,556,901        7,109,540,694,921
May-20........................................         20  .......................  .......................  .......................  .......................  .......................          338,549,556,901        6,770,991,138,020
Jun-20........................................         22  .......................  .......................  .......................  .......................  .......................          338,549,556,901        7,448,090,251,822
Jul-20........................................         22  .......................  .......................  .......................  .......................  .......................          338,549,556,901        7,448,090,251,822
Aug-20........................................         21  .......................  .......................  .......................  .......................  .......................          338,549,556,901        7,109,540,694,921
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BILLING CODE 8011-01-P

[GRAPHIC] [TIFF OMITTED] TN14JA20.016

[FR Doc. 2020-00423 Filed 1-13-20; 8:45 am]
BILLING CODE 8011-01-C