Page Range | 1458-1464 | |
FR Document | 2016-00406 |
[Federal Register Volume 81, Number 7 (Tuesday, January 12, 2016)] [Notices] [Pages 1458-1464] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-00406] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76848/January 7, 2016] Order Making Fiscal Year 2016 Annual Adjustments to Transaction Fee Rates I. Background Section 31 of the Securities Exchange Act of 1934 (``Exchange Act'') requires each national securities exchange and national securities association to pay transaction fees to the Commission.\1\ Specifically, Section 31(b) requires each national securities exchange to pay to the Commission fees based on the aggregate dollar amount of sales of certain securities (``covered sales'') transacted on the exchange.\2\ Section 31(c) requires each national securities association to pay to the Commission fees based on the aggregate dollar amount of covered sales transacted by or through any member of the association other than on an exchange.\3\ --------------------------------------------------------------------------- \1\ 15 U.S.C. 78ee. \2\ 15 U.S.C. 78ee(b). \3\ 15 U.S.C. 78ee(c). --------------------------------------------------------------------------- Section 31 of the Exchange Act requires the Commission to annually adjust the fee rates applicable under Sections 31(b) and (c) to a uniform adjusted rate.\4\ Specifically, the Commission must adjust the fee rates to a uniform adjusted rate that is reasonably likely to produce aggregate fee collections (including assessments on security futures transactions) equal to the regular appropriation to the Commission for the applicable fiscal year.\5\ --------------------------------------------------------------------------- \4\ In some circumstances, the SEC also must make a mid-year adjustment to the fee rates applicable under Sections 31(b) and (c). \5\ 15 U.S.C. 78ee(j)(1) (the Commission must adjust the rates under Sections 31(b) and (c) to a ``uniform adjusted rate that, when applied to the baseline estimate of the aggregate dollar amount of sales for such fiscal year, is reasonably likely to produce aggregate fee collections under [Section 31] (including assessments collected under [Section 31(d)]) that are equal to the regular appropriation to the Commission by Congress for such fiscal year.''). --------------------------------------------------------------------------- The Commission is required to publish notice of the new fee rates under Section 31 not later than 30 days after the date on which an Act making a regular appropriation for the applicable fiscal year is enacted.\6\ On December 18, 2015, the President signed the ``Consolidated Appropriations Act, 2016'', providing $1,605,000,000 in funds to the SEC for fiscal year 2016. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78ee(g). --------------------------------------------------------------------------- II. Fiscal Year 2016 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 2016 \8\ from an amount equal to the regular appropriation to the Commission for fiscal year 2016, and (2) dividing by the estimated aggregate dollar amount of sales for the remainder of the fiscal year following the effective date of the new fee rate.\9\ --------------------------------------------------------------------------- \7\ The sum of fees to be collected prior to the effective date of the new fee rate is determined by applying the current fee rate to the dollar amount of covered sales prior to the effective date of the new fee rate. The exchanges and FINRA have provided data on the dollar amount of covered sales through November, 2015. To calculate the dollar amount of covered sales from December, 2015 to the effective date of the new fee rate, the Commission is using the new methodology described in Section IV of this order. \8\ The Commission is using the same methodology it has used previously to estimate assessments on security futures transactions to be collected in fiscal year 2016. 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 2016 following the effective date of the new fee rate, the Commission is using the new methodology referenced above, and described in Section IV of this order. --------------------------------------------------------------------------- The regular appropriation to the Commission for fiscal year 2016 is $1,605,000,000. The Commission estimates that it will collect $502,582,684 in fees for the period prior to the effective date of the new fee rate and $35,649 in assessments on round turn transactions in security futures products during all of fiscal year 2016. Using a new methodology described below, the Commission estimates that the aggregate dollar amount of covered sales for the remainder of fiscal year 2016 to be $50,672,728,301,509. The uniform adjusted rate is computed by dividing the residual fees to be collected of $1,102,381,667 by the estimate of the aggregate dollar amount of covered sales for the remainder of fiscal year 2016 of $50,672,728,301,509; this results in a uniform adjusted rate for fiscal year 2016 of $21.80 per million.\10\ --------------------------------------------------------------------------- \10\ Appendix A shows the process of calculating the fiscal year 2016 annual adjustment. The appendix also includes the data used by the Commission in making this adjustment. --------------------------------------------------------------------------- [[Page 1459]] III. Effective Date of the Uniform Adjusted Rate Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2016 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, 2015, or 60 days after the date on which a regular appropriation to the Commission for fiscal year 2016 is enacted.\11\ The regular appropriation to the Commission for fiscal year 2016 was enacted on December 18, 2015, and accordingly, the new fee rates applicable under Sections 31(b) and (c) of the Exchange Act will take effect on February 16, 2016. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78ee(j)(4)(A). --------------------------------------------------------------------------- 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'').\12\ 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 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 attached to this order. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78ee(j)(1). --------------------------------------------------------------------------- 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 $21.80 per $1,000,000 effective on February 16, 2016. By the Commission. Brent J. Fields, 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 2016. 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 2016. 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 markets over the course of the year. The fee rate equals the ratio of the Commission's regular appropriation for fiscal year 2016 (less the sum of fees to be collected during fiscal year 2016 prior to the effective date of the new fee rate and aggregate assessments on security futures transactions during all of fiscal year 2016) 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 2016, 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 2015, the last month for which the Commission has data on the dollar volume of covered sales.\13\ --------------------------------------------------------------------------- \13\ To determine the availability of data, the Commission compares the date of the appropriation with the date the transaction data are due from the exchanges (10 business days after the end of the month). If the business day following the date of the appropriation is equal to or subsequent to the date the data are due from the exchanges, the Commission uses these data. The appropriation was signed on December 18, 2015. The first business day after this date was December 21, 2015. Data for November, 2015 were due from the exchanges on December 14, 2015, so the Commission used November 2015 and earlier data to forecast volume for December, 2015 later months. --------------------------------------------------------------------------- The following sections describe this process in detail. A. Baseline estimate of the aggregate dollar amount of covered sales for fiscal year 2016. First, calculate the average daily dollar amount of covered sales (ADS) for each month in the sample (October, 2005-November, 2015). The monthly total dollar amount of covered sales (exchange plus certain over-the-counter markets) is presented in column C of Table A. Next, model the monthly change in the natural logarithm of ADS as a first order autoregressive process (``AR(1)''), including monthly indicator variables to control for seasonality. Use the estimated AR(1) model to forecast the monthly change in the log level of ADS. These percent changes can then be applied to obtain forecasts of the total dollar volume of covered sales. The following is a more formal (mathematical) description of the procedure: 1. Begin with the monthly data for total dollar volume of covered sales (column C). The sample spans ten years, from October, 2005-November, 2015.\14\ Divide each month's total dollar volume by the number of trading days in that month (column B) to obtain the average daily dollar volume (ADS, column D). --------------------------------------------------------------------------- \14\ Because the model uses a one period lag in the change in the log level of average daily sales, two additional months of data are added to the table so that the model is estimated with 120 observations. --------------------------------------------------------------------------- 2. For each month t, calculate [Delta] LN ADS (shown in column E) as the log growth rate of ADS, that is, the difference between the natural logarithm of ADS in month t and its value in the prior month. 3. Estimate the AR(1) model [GRAPHIC] [TIFF OMITTED] TN12JA16.000 with Dmt representing monthly indicator variables, Yt representing the log growth rate in ADS ([Delta] LS ADS), and [egr]t representing the error term for month t. The model can be estimated using standard commercially available software. The estimated parameter values are [beta] = -0.2671 and [alpha] - [alpha]12 as follows: [alpha]1 (JAN) = 0.0854, [alpha]2 (FEB) = 0.0425, [alpha]3 (MAR) = 0.0124, [alpha]4 (APR) = -0.0466, [alpha]5 (MAY) = 0.0501, [alpha]6 (JUN) = 0.0031, [alpha]7 (JUL) = -0.0482, [alpha]8 (AUG) = -0.0004, [alpha]9 (SEP) = 0.0335, [alpha]10 (OCT) = 0.0614, [alpha]11 (NOV) = -0.0296, [alpha]12 (DEC) = -0.0801. The root-mean squared error (RMSE) of the regression is 0.1140. 4. For the first month calculate the forecasted value of the log growth rate of ADS as [GRAPHIC] [TIFF OMITTED] TN12JA16.001 For the next month use the forecasted value of the log growth rate of the first month to calculate the forecast of the next month. This process iterates until a forecast is generated for all remaining months in the fiscal year. These data appear in column F. 5. Assuming that the regression error in the AR(1) model is normally distributed, the expected percentage change in average daily dollar volume from month t - 1 to month t is then given by the expression [GRAPHIC] [TIFF OMITTED] TN12JA16.002 where [sgr] denotes the root mean squared error of the regression (RMSE). 6. For instance, for December 2015, using the [beta] parameter and the [alpha]12 parameter (for December) above, and the change in the log-level ADS from November, 2015, we can estimate the change in the log growth in average daily sales as [beta][hairsp][gamma][hairsp]Nov + [alpha][hairsp]Dec = ((-0.2671 x-0.02892) -0.0801) = - 0.0724. This represents the estimated change in log average daily dollar volume for December 2015 relative to November 2015. To estimate the percent change in average daily sales from November, 2015 to December, 2015, use the formula shown in Step 5, above: exp (-0.0724 + \1/2\[hairsp]0.11402) = -0.0638. Apply this estimated percent change in ADS to the ADS for November, 2015 to estimate the ADS for December, 2015 as $291,167,469,596 x (1-0.0638) = $272,602,991,941. Multiply this by the 22 trading days in December 2015 to obtain a total dollar volume forecast of $5,997,265,822,693. [[Page 1460]] 7. For January 2016, proceed in a similar fashion. Using the estimates for December, 2015 along with the [beta] parameter and the [alpha][hairsp]1 parameter (for January) to generate a forecast for the one-month change in the log level of average daily sales. Convert the estimated log change in average daily sales to estimated percent change in ADS as in step 6, above to obtain a forecast ADS of $304,668,090,424. Multiply this figure by the 19 trading days in January 2016 to obtain a total dollar volume forecast of $5,788,693,718,050. 8. Repeat this procedure for subsequent months. B. Using the Forecasts From A To Calculate the New Fee Rate 1. Use Table A to estimate fees collected for the period 10/1/15 through 2/15/16. The projected aggregate dollar amount of covered sales for this period is $27,314,276,282,567. Actual and projected fee collections at the current fee rate of $18.40 per million are $502,582,684. 2. Estimate the amount of assessments on security futures products collected from 10/1/15 through 9/30/16. First, calculate the average and the standard deviation of the change in log average daily sales, in column E. The average is 0.005148 and the standard deviation is 0.12233. These are used to estimate an average growth rate in ADS using the formula exp (0.005148 + \1/ 2\[hairsp]0.122332)-1. This results in an average monthly increase of 1.271%. Apply this monthly increase to the last month for which single stock futures' assessments are available, which was $2,828.72, for November, 2015. Estimate all subsequent months in fiscal year 2016 by applying the growth rate to the previously estimated monthly value, and sum the results. This totals $35,649 for the entire fiscal year. 3. Subtract the amounts $502,582,684 and $35,649 from the target offsetting collection amount set by Congress of $1,605,000,000 leaving $1,102,381,667 to be collected on dollar volume for the period 2/16/2016 through 9/30/2016. 4. Use Table A to estimate dollar volume for the period 2/16/ 2016 through 9/30/2016. The estimate is $50,672,728,301,509. Finally, compute the fee rate required to produce the additional $1,102,381,667 in revenue. This rate is $1,102,381,667 divided by $50,672,728,301,509 or 0.00002175493. 5. Round the result to the seventh decimal point, yielding a rate of 0.0000218 (or $21.80 per million). Table A--Baseline Estimate of the Aggregate Dollar Amount of Sales ------------------------------------------------------------------------ Fee rate calculation ------------------------------------------------------------------------ a. Baseline estimate of the aggregate dollar amount 24,202,962 of sales, 10/01/2015 to 01/31/2016 ($Millions)...... b. Baseline estimate of the aggregate dollar amount 3,111,314 of sales, 02/01/2016 to 02/15/2016 ($Millions)...... c. Baseline estimate of the aggregate dollar amount 3,111,314 of sales, 02/16/2016 to 02/29/2016 ($Millions)...... d. Baseline estimate of the aggregate dollar amount 47,561,414 of sales, 03/01/2015 to 09/30/2016 ($Millions)...... e. Estimated collections in assessments on security 0.036 features products in fiscal year 2016 ($Millions)... f. Implied fee rate (($1,605,000,000-$18.40 * (a + b)- $21.80 e) / (c + d)........................................ ------------------------------------------------------------------------ -------------------------------------------------------------------------------------------------------------------------------------------------------- (A) (B) (C) (D) (E) (F) (G) (H) -------------------------------------------------------------------------------------------------------------------------------------------------------- # of Trading Total dollar amount Average daily [Delta] LN Forecast Forecast average Forecast total Month days in of sales dollar amount of ADS [Delta] LN daily dollar dollar amount of month sales (ADS) ADS amount of sales sales -------------------------------------------------------------------------------------------------------------------------------------------------------- Oct-05........................... 21 3,279,847,331,057 156,183,206,241 #N/A Nov-05........................... 21 3,163,453,821,548 150,640,658,169 -0.03613 Dec-05........................... 21 3,090,212,715,561 147,152,986,455 -0.02342 Jan-06........................... 20 3,573,372,724,766 178,668,636,238 0.19406 Feb-06........................... 19 3,314,259,849,456 174,434,728,919 -0.02398 Mar-06........................... 23 3,807,974,821,564 165,564,122,677 -0.05219 Apr-06........................... 19 3,257,478,138,851 171,446,217,834 0.03491 May-06........................... 22 4,206,447,844,451 191,202,174,748 0.10906 Jun-06........................... 22 3,995,113,357,316 181,596,061,696 -0.05155 Jul-06........................... 20 3,339,658,009,357 166,982,900,468 -0.08389 Aug-06........................... 23 3,410,187,280,845 148,269,012,211 -0.11886 Sep-06........................... 20 3,407,409,863,673 170,370,493,184 0.13895 Oct-06........................... 22 3,980,070,216,912 180,912,282,587 0.06004 Nov-06........................... 21 3,933,474,986,969 187,308,332,713 0.03474 Dec-06........................... 20 3,715,146,848,695 185,757,342,435 -0.00831 Jan-07........................... 20 4,263,986,570,973 213,199,328,549 0.13779 Feb-07........................... 19 3,946,799,860,532 207,726,308,449 -0.02601 Mar-07........................... 22 5,245,051,744,090 238,411,442,913 0.13778 Apr-07........................... 20 4,274,665,072,437 213,733,253,622 -0.10927 May-07........................... 22 5,172,568,357,522 235,116,743,524 0.09535 Jun-07........................... 21 5,586,337,010,802 266,016,048,133 0.12347 Jul-07........................... 21 5,938,330,480,139 282,777,641,911 0.06110 Aug-07........................... 23 7,713,644,229,032 335,375,836,045 0.17059 Sep-07........................... 19 4,805,676,596,099 252,930,347,163 -0.28214 Oct-07........................... 23 6,499,651,716,225 282,593,552,879 0.11090 Nov-07........................... 21 7,176,290,763,989 341,728,131,619 0.19001 Dec-07........................... 20 5,512,903,594,564 275,645,179,728 -0.21490 Jan-08........................... 21 7,997,242,071,529 380,821,051,025 0.32322 Feb-08........................... 20 6,139,080,448,887 306,954,022,444 -0.21563 Mar-08........................... 20 6,767,852,332,381 338,392,616,619 0.09751 Apr-08........................... 22 6,150,017,772,735 279,546,262,397 -0.19104 May-08........................... 21 6,080,169,766,807 289,531,893,657 0.03510 Jun-08........................... 21 6,962,199,302,412 331,533,300,115 0.13546 Jul-08........................... 22 8,104,256,787,805 368,375,308,537 0.10537 Aug-08........................... 21 6,106,057,711,009 290,764,652,905 -0.23659 Sep-08........................... 21 8,156,991,919,103 388,428,186,624 0.28959 Oct-08........................... 23 8,644,538,213,244 375,849,487,532 -0.03292 [[Page 1461]] Nov-08........................... 19 5,727,998,341,833 301,473,596,939 -0.22051 Dec-08........................... 22 5,176,041,317,640 235,274,605,347 -0.24793 Jan-09........................... 20 4,670,249,433,806 233,512,471,690 -0.00752 Feb-09........................... 19 4,771,470,184,048 251,130,009,687 0.07274 Mar-09........................... 22 5,885,594,284,780 267,527,012,945 0.06325 Apr-09........................... 21 5,123,665,205,517 243,984,057,406 -0.09212 May-09........................... 20 5,086,717,129,965 254,335,856,498 0.04155 Jun-09........................... 22 5,271,742,782,609 239,624,671,937 0.05958 Jul-09........................... 22 4,659,599,245,583 211,799,965,708 -0.12343 Aug-09........................... 21 4,582,102,295,783 218,195,347,418 0.02975 Sep-09........................... 21 4,929,155,364,888 234,721,684,042 0.07301 Oct-09........................... 22 5,410,025,301,030 245,910,240,956 0.04657 Nov-09........................... 20 4,770,928,103,032 238,546,405,152 -0.03040 Dec-09........................... 22 4,688,555,303,171 213,116,150,144 -0.11273 Jan-10........................... 19 4,661,793,708,648 245,357,563,613 0.14088 Feb-10........................... 19 4,969,848,578,023 261,570,977,791 0.06399 Mar-10........................... 23 5,563,529,823,621 241,892,601,027 -0.07821 Apr-10........................... 21 5,546,445,874,917 264,116,470,234 0.08790 May-10........................... 20 7,260,430,376,294 363,021,518,815 0.31807 Jun-10........................... 22 6,124,776,349,285 278,398,924,967 -0.26541 Jul-10........................... 21 5,058,242,097,334 240,868,671,302 -0.14480 Aug-10........................... 22 4,765,828,263,463 216,628,557,430 -0.10607 Sep-10........................... 21 4,640,722,344,586 220,986,778,314 0.01992 Oct-10........................... 21 5,138,411,712,272 244,686,272,013 0.10187 Nov-10........................... 21 5,279,700,881,901 251,414,327,710 0.02713 Dec-10........................... 22 4,998,574,681,208 227,207,940,055 -0.10124 Jan-11........................... 20 5,043,391,121,345 252,169,556,067 0.10424 Feb-11........................... 19 5,114,631,590,581 269,191,136,346 0.06532 Mar-11........................... 23 6,499,355,385,307 282,580,668,926 0.04854 Apr-11........................... 20 4,975,954,868,765 248,797,743,438 -0.12732 May-11........................... 21 5,717,905,621,053 272,281,220,050 0.09020 Jun-11........................... 22 5,820,079,494,414 264,549,067,928 -0.02881 Jul-11........................... 20 5,189,681,899,635 259,484,094,982 -0.01933 Aug-11........................... 23 8,720,566,877,109 379,155,081,613 0.37925 Sep-11........................... 21 6,343,578,147,811 302,075,149,896 -0.22727 Oct-11........................... 21 6,163,272,963,688 293,489,188,747 -0.02884 Nov-11........................... 21 5,493,906,473,584 261,614,593,980 -0.11497 Dec-11........................... 21 5,017,867,255,600 238,946,059,790 -0.09063 Jan-12........................... 20 4,726,522,206,487 236,326,110,324 -0.01103 Feb-12........................... 20 5,011,862,514,132 250,593,125,707 0.05862 Mar-12........................... 22 5,638,847,967,025 256,311,271,228 0.02256 Apr-12........................... 20 5,084,239,396,560 254,211,969,828 -0.00822 May-12........................... 22 5,611,638,053,374 255,074,456,972 0.00339 Jun-12........................... 21 5,121,896,896,362 243,899,852,208 -0.04480 Jul-12........................... 21 4,567,519,314,374 217,500,919,732 -0.11455 Aug-12........................... 23 4,621,597,884,730 200,939,038,467 -0.07920 Sep-12........................... 19 4,598,499,962,682 242,026,313,825 0.18604 Oct-12........................... 21 5,095,175,588,310 242,627,408,967 0.00248 Nov-12........................... 21 4,547,882,974,292 216,565,855,919 -0.11363 Dec-12........................... 20 4,744,922,754,360 237,246,137,718 0.09120 Jan-13........................... 21 5,079,603,817,496 241,885,896,071 0.01937 Feb-13........................... 19 4,800,663,527,089 252,666,501,426 0.04360 Mar-13........................... 20 4,917,701,839,870 245,885,091,993 -0.02721 Apr-13........................... 22 5,451,358,637,079 247,789,028,958 0.00771 May-13........................... 22 5,681,788,831,869 258,263,128,721 0.04140 Jun-13........................... 20 5,623,545,462,226 281,177,273,111 0.08501 Jul-13........................... 22 5,083,861,509,754 231,084,614,080 0.19620 Aug-13........................... 22 4,925,611,193,095 223,891,417,868 0.03162 Sep-13........................... 20 4,959,197,626,713 247,959,881,336 0.10211 Oct-13........................... 23 5,928,804,028,970 257,774,088,216 0.03882 Nov-13........................... 20 5,182,024,612,049 259,101,230,602 0.00514 Dec-13........................... 21 5,265,282,994,173 250,727,761,627 -0.03285 Jan-14........................... 21 5,808,700,114,288 276,604,767,347 0.09822 Feb-14........................... 19 6,018,926,931,054 316,785,627,950 0.13564 Mar-14........................... 21 6,068,617,342,988 288,981,778,238 -0.09186 Apr-14........................... 21 6,013,948,953,528 286,378,521,597 -0.00905 May-14........................... 21 5,265,594,447,318 250,742,592,729 -0.13289 Jun-14........................... 21 5,159,506,989,669 245,690,809,032 -0.02035 Jul-14........................... 22 5,364,099,567,460 243,822,707,612 -0.00763 Aug-14........................... 21 5,075,332,147,677 241,682,483,223 -0.00882 [[Page 1462]] Sep-14........................... 21 5,507,943,363,243 262,283,017,297 0.08180 Oct-14........................... 23 7,796,638,035,879 338,984,262,430 0.25653 Nov-14........................... 19 5,340,847,027,697 281,097,211,984 -0.18725 Dec-14........................... 22 6,559,110,068,128 298,141,366,733 0.05887 Jan-15........................... 20 6,185,619,541,044 309,280,977,052 0.03668 Feb-15........................... 19 5,723,523,235,641 301,238,065,034 -0.02635 Mar-15........................... 22 6,395,046,297,249 290,683,922,602 -0.03566 Apr-15........................... 21 5,625,548,298,004 267,883,252,286 -0.08169 May-15........................... 20 5,521,351,972,386 276,067,598,619 0.03009 Jun-15........................... 22 6,005,521,460,806 272,978,248,218 -0.01125 Jul-15........................... 22 6,493,670,315,390 295,166,832,518 0.07815 Aug-15........................... 21 6,963,901,249,270 331,614,345,203 0.11643 Sep-15........................... 21 6,440,925,545,396 306,710,740,257 -0.07807 Oct-15........................... 22 6,593,653,094,211 299,711,504,282 -0.02308 Nov-15........................... 20 5,823,349,391,916 291,167,469,596 -0.02892 Dec-15........................... 22 .................... .................. .......... -0.0724 272,602,991,941 5,997,265,822,693 Jan-16........................... 19 .................... .................. .......... 0.1047 304,668,090,424 5,788,693,718,050 Feb-16........................... 20 .................... .................. .......... 0.0145 311,131,425,570 6,222,628,511,396 Mar-16........................... 22 .................... .................. .......... 0.0085 315,842,407,146 6,948,532,957,222 Apr-16........................... 21 .................... .................. .......... -0.0488 302,748,113,304 6,357,710,379,390 May-16........................... 21 .................... .................. .......... 0.0631 324,581,761,754 6,816,216,996,826 Jun-16........................... 22 .................... .................. .......... -0.0138 322,226,038,253 7,088,972,841,563 Jul-16........................... 20 .................... .................. .......... -0.0445 310,203,769,953 6,204,075,399,062 Aug-16........................... 23 .................... .................. .......... 0.0115 315,832,901,491 7,264,156,734,284 Sep-16........................... 21 .................... .................. .......... 0.0304 327,702,320,832 6,881,748,737,465 -------------------------------------------------------------------------------------------------------------------------------------------------------- BILLING CODE 8011-01-P [[Page 1463]] [GRAPHIC] [TIFF OMITTED] TN12JA16.003 [[Page 1464]] [FR Doc. 2016-00406 Filed 1-11-16; 8:45 am] BILLING CODE 8011-01-C
Category | Regulatory Information | |
Collection | Federal Register | |
sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
Publisher | Office of the Federal Register, National Archives and Records Administration | |
Section | Notices | |
FR Citation | 81 FR 1458 |