Notice2023-01578
Order Making Fiscal Year 2023 Annual Adjustments to Transaction Fee Rates
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 26, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 17 (Thursday, January 26, 2023)</title>
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[Federal Register Volume 88, Number 17 (Thursday, January 26, 2023)]
[Notices]
[Pages 5051-5058]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-01578]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96724/January 23, 2023]
Order Making Fiscal Year 2023 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 29, 2022, the President signed into law the
Consolidated Appropriations Act, 2023, which includes total
appropriations of $2,209,770,000 to the SEC for fiscal year 2023.
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\6\ 15 U.S.C. 78ee(g).
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II. Fiscal Year 2023 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 2023 \8\ from an amount equal to the regular appropriation to the
Commission for fiscal year 2023, 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, 2022. To calculate
the dollar amount of covered sales from December, 2022 to the
effective date of the new fee rate, the Commission is using the same
methodology it used in fiscal year 2020. This methodology is
described in Appendix A of this order.
\8\ Currently, security futures do not trade on any market,
therefore the Commission has not collected any assessments for
transactions in security futures. Accordingly, the forecast for the
assessments for all of fiscal year 2023 for single stock futures is
zero.
\9\ To estimate the aggregate dollar amount of covered sales for
the remainder of fiscal year 2023 following the effective date of
the new fee rate, the Commission is using the same methodology it
used previously. This methodology is described in Appendix A of this
order.
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As noted above, the Consolidated Appropriations Act, 2023, includes
total appropriations of $2,209,770,000 to the Commission for fiscal
year 2023.\10\ The Commission estimates that it will collect
$1,601,107,658 in fees for the period prior to the effective date of
the new fee rate and $0 in assessments on round turn transactions in
security futures products during all of fiscal year 2023. Using the
methodology described in Appendix A, the Commission estimates that the
aggregate dollar amount of covered sales for the remainder of fiscal
year 2023 to be $76,211,125,379,350.
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\10\ The President signed into law the ``Consolidated
Appropriations Act, 2023'' on December 29, 2022. This legislation
included an appropriation of $2,149,000,000 to the SEC for fiscal
year 2023 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 facilities, not to exceed
$57,405,000, 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 $3,365,000, to remain available until expended.'' The sum
of these amounts is $2,209,770,000. 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 2023.''
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The uniform adjusted rate is computed by dividing the residual fees
to be collected of $608,662,342 by the estimated aggregate dollar
amount of covered sales for the remainder of fiscal year 2023 of
$76,211,125,379,350; this results in a uniform adjusted rate for fiscal
year 2023 of $8.00 per million.\11\
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\11\ Appendix A shows the process of calculating the fiscal year
2023 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 2023
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,
2022, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2023 is enacted.\12\ The regular
appropriation to the Commission for fiscal year 2023 was enacted on
December 29, 2022, and accordingly, the new fee rates applicable under
Sections 31(b) and (c) of the Exchange Act will take effect on February
27, 2023.
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\12\ 15 U.S.C. 78ee(j)(4)(A).
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IV. Conclusion
Accordingly, pursuant to Section 31 of the Exchange Act,
It is hereby ordered that the fee rates applicable under Sections
31(b) and (c) of the Exchange Act shall be $8.00 per $1,000,000
effective on February 27, 2023.
By the Commission.
J. Matthew DeLesDernier,
Deputy Secretary.
Appendix A
This appendix provides the methodology for determining the
annual adjustment to the
[[Page 5052]]
fee rates applicable under Sections 31(b) and (c) of the Exchange
Act for fiscal year 2023. 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 2023.
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 2023 (less the
sum of fees to be collected during fiscal year 2023 prior to the
effective date of the new fee rate and aggregate assessments on
security futures transactions during all of fiscal year 2023) 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 2023, 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 2022,
the last month for which the Commission has data on the dollar
volume of covered sales.\13\
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\13\ To determine the availability of data, the Commission
compares the date of the appropriation with the date the transaction
data are due from the exchanges (10 business days after the end of
the month). If the business day following the date of the
appropriation is equal to or subsequent to the date the data are due
from the exchanges, the Commission uses these data. The
appropriation was signed on December 29, 2022. The first business
day after this date was December 30, 2022. Data for November were
due from the exchanges on December 14, 2022. As a result, the
Commission used November 2022 and earlier data to forecast volume
for December 2022 and later months.
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The following sections describe this process in detail.
A. Baseline Estimate of the Aggregate Dollar Amount of Covered Sales
for Fiscal Year 2023
First, calculate the average daily dollar amount of covered
sales (``ADS'') for each month in the sample (February 2012-November
2022). The monthly total dollar amount of covered sales (exchange
plus certain OTC markets) is presented in column C of Table A.
The model forecasts the monthly moving average of the average
daily dollar amount of covered sales. Each month's average daily
dollar amount of covered sales is calculated by dividing the total
covered sales for that month (column C of Table A) by the number of
trading days for that month (column B of Table A). These amounts are
shown in column D of Table A. The moving average will span the same
number of months required to be forecast for the remainder of the
fiscal year. The trailing moving average used in the forecast model
is presented in column E of Table A.
To capture the recent trends in the monthly changes in the
moving averages, calculate the 1-month and 2-month lags of the
trailing moving average shown in column E in Table A. These amounts
are shown in columns F and G, respectively, of Table A.
Next, model the monthly trailing moving average of ADS as
function of a constant term and the two lagged trailing moving
averages using the ordinary least squares technique.
Use the estimated model to forecast the trailing moving average
of ADS of the first month after the last available monthly data.
Estimate the trailing moving average of the second month using the
forecasted value of the first month and the actual value of the
month before that. Similarly, estimate the trailing moving average
of the third month using the forecasted values of the two previous
months. Continue in this fashion until the end of the fiscal year.
The estimate of the trailing moving average ADS for the last
applicable month in the fiscal year is a prediction of the moving
average for those months that need to be predicted. This estimate is
used as the predicted value of ADS for each month in the forecast
period; to obtain the forecast total covered sales for each month,
multiply the predicted ADS by the number of days in each month.
The following is a more formal (mathematical) description of the
procedure:
1. Begin with the monthly data for total dollar volume of
covered sales (column C). The sample spans ten years, from February
2012-November 2022.\14\ Divide each month's total dollar volume by
the number of trading days in that month (column B) to obtain the
average daily dollar volume (ADS, column D).
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\14\ Because the model uses a two period lag in the 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, 2012 is the average of the 9 months ending in October,
2012, or February 2012 through October 2012 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 November, 2012 is equal to the 9-month trailing moving
average for October, 2012. The 2-month lag of the 9-month trailing
moving average for December, 2012 is equal to the 9-month trailing
moving average for October 2012. These are shown in columns F and G.
4. Estimate the model using ordinary least squares:
y<INF>t</INF> = [alpha] + [beta]<INF>1</INF> y<INF>t-1</INF> +
[beta]<INF>2</INF> y<INF>t-2</INF> + u<INF>t</INF>
Where yt is the 9-month trailing moving average of the average
daily sales for month t, and y<INF>t-1</INF> and y<INF>t-2</INF> are
the 1-month and 2-month lags of y<INF>t,</INF> and u<INF>t</INF>
representing the error term for month t. The model can be estimated
using standard commercially available software. The estimated
parameter values are a = +2,150,476,361, b<INF>1</INF> = +1.587842,
b<INF>2</INF> = -0.590472. The root-mean squared error (RMSE) of the
regression is 8,030,961,258.
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 2023. 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 2022, 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 2022, using the a, b<INF>1</INF>,
and b<INF>2</INF> parameter estimates shown above, along with the 1-
month and two-month lags in the 9-month trailing moving average ADS
(representing the 9-month trailing moving average ADS for October
and November 2022, respectively), one can estimate the forecast 9-
month trailing moving average ADS for December: +2,150,476,361 +
(1.587842 x 606,143,338,486) + (-0.590472 x 627,874,685,327) =
593,867,637,983.
7. With the estimated 9-month trailing moving average ADS for
December 2022 calculated above, one can estimate the 9-month
trailing moving average ADS for January, 2023. 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 2023 is calculated as: +2150476361 +
(1.587842 x 593,867,637,983) + (-0.590472 x 606,143,338,486) =
587,207,522,789.
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 2023 is obtained.
This value is 586,239,425,995.\15\ This value is then used to
calculate the final forecast total monthly covered sales for all 9
months from December 2022 through August 2023.
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\15\ One obtains insignificantly different values using the
rounded parameter estimates shown above. The predicted ADS values
displayed above represents the full precision estimate.
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9. To obtain the estimate of total monthly covered sales for
each month, multiply the number of trading days in the month, shown
in column B in Table A, by the final forecast 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, 2022 through February 26, 2023. The projected aggregate
dollar amount of covered sales for this period is
$69,917,364,964,488. Actual and projected fee collections at the
current fee rate of $22.90 per million are $1,601,107,658.
[[Page 5053]]
2. Estimate the amount of assessments on security futures
products collected from September 1, 2022 through August 31, 2023.
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 2022 through August 2023 is zero.
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\16\ Currently, security futures do not trade on any market,
therefore the Commission has not collected any assessments for
transactions in security futures. Accordingly, the forecast for the
assessments for all of fiscal year 2023 for single stock futures is
zero.
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3. Subtract the amount $1,601,107,658 from the target off-
setting collection amount set by Congress of $2,209,770,000, leaving
$608,662,342 to be collected on dollar volume for the period
February 27, 2023 through August 31, 2023.
4. Use Table A to estimate dollar volume for the period February
27, 2023 through August 31, 2023. The estimate is
$76,211,125,379,350. Finally, compute the fee rate required to
produce the additional $608,662,342 in revenue. This rate is
$608,662,342 divided by $76,211,125,379,350 or 0.00000798653.
5. Round the result to the seventh decimal point, yielding a
rate of 0.00000800 (or $8.00 per million).
This table summarizes the estimates of the aggregate dollar
amount of covered sales, by time period. The figures in this table
can be used to determine the new fee rate.
BILLING CODE 8011-01-P
[[Page 5054]]
[GRAPHIC] [TIFF OMITTED] TN26JA23.000
BILLING CODE 8011-01-C
[[Page 5055]]
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(A) (B) (C) (D) (E) (F) (G) (H) (I)
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# of
trading Total dollar amount Average daily dollar 9-month trailing 1-month lag of 9- 2-month lag of 9- Forecast 9-month Forecast total dollar
Month days in of sales amount of sales moving average ADS month trailing month trailing trailing moving amount of sales
month (ADS) moving average ADS moving average ADS average ADS
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Feb-12............................ 20 $5,011,862,514,132 $250,593,125,707 .................. .................. .................. .................. .....................
Mar-12............................ 22 5,638,847,967,025 256,311,271,228 .................. .................. .................. .................. .....................
Apr-12............................ 20 5,084,239,396,560 254,211,969,828 .................. .................. .................. .................. .....................
May-12............................ 22 5,611,638,053,374 255,074,456,972 .................. .................. .................. .................. .....................
Jun-12............................ 21 5,121,896,896,362 243,899,852,208 .................. .................. .................. .................. .....................
Jul-12............................ 21 4,567,519,314,374 217,500,919,732 .................. .................. .................. .................. .....................
Aug-12............................ 23 4,621,597,884,730 200,939,038,467 .................. .................. .................. .................. .....................
Sep-12............................ 19 4,598,499,962,682 242,026,313,825 .................. .................. .................. .................. .....................
Oct-12............................ 21 5,095,175,588,310 242,627,408,967 $240,353,817,437 .................. .................. .................. .....................
Nov-12............................ 21 4,547,882,974,292 216,565,855,919 236,573,009,683 $240,353,817,437 .................. .................. .....................
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 .................. .....................
[[Page 5056]]
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 11,545,564,207,158 549,788,771,769 510,519,092,842 487,806,354,840 473,842,167,232 .................. .....................
Oct-20............................ 22 10,052,383,314,951 456,926,514,316 518,017,950,000 510,519,092,842 487,806,354,840 .................. .....................
Nov-20............................ 20 11,039,477,432,965 551,973,871,648 527,000,106,555 518,017,950,000 510,519,092,842 .................. .....................
Dec-20............................ 22 12,172,302,216,779 553,286,464,399 506,563,620,093 527,000,106,555 518,017,950,000 .................. .....................
Jan-21............................ 19 12,396,479,814,996 652,446,306,052 524,615,342,443 506,563,620,093 527,000,106,555 .................. .....................
Feb-21............................ 19 12,103,659,666,497 637,034,719,289 542,977,395,700 524,615,342,443 506,563,620,093 .................. .....................
Mar-21............................ 23 16,485,012,205,966 716,739,661,129 561,535,047,178 542,977,395,700 524,615,342,443 .................. .....................
Apr-21............................ 21 11,602,282,119,601 552,489,624,743 570,623,114,814 561,535,047,178 542,977,395,700 .................. .....................
May-21............................ 20 11,729,455,630,914 586,472,781,546 584,128,746,099 570,623,114,814 561,535,047,178 .................. .....................
Jun-21............................ 22 13,038,812,281,463 592,673,285,521 588,893,692,071 584,128,746,099 570,623,114,814 .................. .....................
Jul-21............................ 21 11,623,478,100,180 553,498,957,151 599,623,963,498 588,893,692,071 584,128,746,099 .................. .....................
Aug-21............................ 22 11,493,350,851,643 522,425,038,711 596,340,759,838 599,623,963,498 588,893,692,071 .................. .....................
Sep-21............................ 21 12,312,072,157,576 586,289,150,361 600,007,724,945 596,340,759,838 599,623,963,498 .................. .....................
Oct-21............................ 21 12,011,570,888,110 571,979,566,100 591,066,976,061 600,007,724,945 596,340,759,838 .................. .....................
Nov-21............................ 21 13,996,377,941,116 666,494,187,672 594,340,250,326 591,066,976,061 600,007,724,945 .................. .....................
[[Page 5057]]
Dec-21............................ 22 15,494,373,840,971 704,289,720,044 592,956,923,539 594,340,250,326 591,066,976,061 .................. .....................
Jan-22............................ 20 16,002,717,162,409 800,135,858,120 620,473,171,692 592,956,923,539 594,340,250,326 .................. .....................
Feb-22............................ 19 14,483,452,476,259 762,286,972,435 640,008,081,791 620,473,171,692 592,956,923,539 .................. .....................
Mar-22............................ 23 17,089,275,084,128 743,011,960,179 656,712,378,975 640,008,081,791 620,473,171,692 .................. .....................
Apr-22............................ 20 13,123,148,685,917 656,157,434,296 668,118,876,435 656,712,378,975 640,008,081,791 .................. .....................
May-22............................ 21 15,039,352,606,836 716,159,647,945 689,644,944,128 668,118,876,435 656,712,378,975 .................. .....................
Jun-22............................ 21 13,021,062,095,851 620,050,575,993 693,396,213,643 689,644,944,128 668,118,876,435 .................. .....................
Jul-22............................ 20 10,112,087,348,637 505,604,367,432 686,021,191,568 693,396,213,643 689,644,944,128 .................. .....................
Aug-22............................ 23 11,593,039,396,644 504,045,191,158 667,971,303,067 686,021,191,568 693,396,213,643 .................. .....................
Sep-22............................ 21 12,052,452,021,792 573,926,286,752 653,486,477,146 667,971,303,067 686,021,191,568 .................. .....................
Oct-22............................ 21 11,962,224,366,908 569,629,731,758 627,874,685,327 653,486,477,146 667,971,303,067 .................. .....................
Nov-22............................ 21 11,900,801,868,077 566,704,850,861 606,143,338,486 627,874,685,327 653,486,477,146 .................. .....................
Dec-22............................ 21 .................... .................... .................. 606,143,338,486 627,874,685,327 $586,239,425,995 $12,311,027,945,895
Jan-23............................ 20 .................... .................... .................. .................. 606,143,338,486 586,239,425,995 11,724,788,519,900
Feb-23............................ 19 .................... .................... .................. .................. .................. 586,239,425,995 11,138,549,093,905
Mar-23............................ 23 .................... .................... .................. .................. .................. 586,239,425,995 13,483,506,797,885
Apr-23............................ 19 .................... .................... .................. .................. .................. 586,239,425,995 11,138,549,093,905
May-23............................ 22 .................... .................... .................. .................. .................. 586,239,425,995 12,897,267,371,890
Jun-23............................ 21 .................... .................... .................. .................. .................. 586,239,425,995 12,311,027,945,895
Jul-23............................ 20 .................... .................... .................. .................. .................. 586,239,425,995 11,724,788,519,900
Aug-23............................ 23 .................... .................... .................. .................. .................. 586,239,425,995 13,483,506,797,885
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[[Page 5058]]
[GRAPHIC] [TIFF OMITTED] TN26JA23.001
[FR Doc. 2023-01578 Filed 1-25-23; 8:45 am]
BILLING CODE 8011-01-C
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</html>Indexed from Federal Register on January 26, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.