[Federal Register Volume 79, Number 33 (Wednesday, February 19, 2014)]
[Notices]
[Pages 9504-9510]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-03575]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-71550/February 12, 2014]
Order Making Fiscal Year 2014 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 January 17, 2014, the President signed the Consolidated
Appropriations Act of 2014, providing $1,350,000,000 in funds to the
SEC for fiscal year 2014.
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\6\ 15 U.S.C. Sec. 78ee(g).
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II. Fiscal Year 2014 Annual Adjustment to the Fee Rate
The new fee rate is determined by (1) subtracting the sum of fees
estimated to
[[Page 9505]]
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 2014 \8\
from an amount equal to the regular appropriation to the Commission for
fiscal year 2014, and (2) dividing the difference by the estimated
aggregate dollar amount of sales for the remainder of the fiscal year
following the effective date of the new fee rate.
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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 December 31, 2013. To
calculate the dollar amount of covered sales from that date to the
effective date of the new fee rate, the Division is using the same
methodology it developed in consultation with the Congressional
Budget Office (``CBO'') and the Office of Management and Budget
(``OMB'') to estimate the dollar amount of covered sales in prior
fiscal years. An explanation of the methodology appears in Appendix
A.
\8\ The Division is using the same methodology it has used
previously to estimate assessments on security futures transactions
to be collected in fiscal year 2014. An explanation of the
methodology appears in Appendix A.
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The regular appropriation to the Commission for fiscal year 2014 is
$1,350,000,000. The Commission estimates that it will collect
$513,805,098 in fees for the period prior to the effective date of the
new fee rate and $58,854 in assessments on round turn transactions in
security futures products during all of fiscal year 2014.\9\ Using a
methodology for estimating the aggregate dollar amount of sales for the
remainder of fiscal year 2014 (developed after consultation with the
CBO and OMB), the Commission estimates that the aggregate dollar amount
of covered sales for the remainder of fiscal year 2014 to be
$37,881,618,779,245.
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\9\ The estimate 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.
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As described above, the uniform adjusted rate is computed by
dividing the residual fees to be collected of $836,136,049 by the
estimate of the aggregate dollar amount of covered sales for the
remainder of fiscal year 2014 of $37,881,618,779,245. This results in a
uniform adjusted rate for fiscal year 2014 of $22.10 per million.\10\
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\10\ Appendix A shows the purely arithmetic process of
calculating the fiscal year 2014 annual adjustment. The appendix
also 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 2014
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,
2013, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2014 is enacted.\11\ The regular
appropriation to the Commission for fiscal year 2014 was enacted on
January 17, 2014, and accordingly, the new fee rates applicable under
Sections 31(b) and (c) of the Exchange Act will take effect on March
18, 2014.
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\11\ 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 $22.10 per $1,000,000
effective on March 18, 2014.
By the Commission.
Kevin M. O'Neill,
Deputy Secretary.
Appendix A
This appendix provides the formula for determining the annual
adjustment to the fee rates applicable under Sections 31(b) and (c)
of the Exchange Act for fiscal year 2014. 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 2014.
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 2014 (less the
sum of fees to be collected during fiscal year 2014 prior to the
effective date of the new fee rate and aggregate assessments on
security futures transactions during all of fiscal year 2014) 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 2014, 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 December 2013,
the last month for which the Commission has data on the dollar
volume of covered sales.\12\
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\12\ 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 January 17, 2014. The first business day
after this date was January 21, 2014. Data for December were due
from the exchanges on January 15. So the Commission used December
2013 and earlier data to forecast volume for January 2014 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 2014
First, calculate the average daily dollar amount of covered
sales (ADS) for each month in the sample (December 2003-December
2013). The monthly total dollar amount of covered sales (exchange
plus certain over-the-counter markets) is presented in column C of
Table A.
Next, calculate the change in the natural logarithm of ADS from
month to month. The average monthly percentage growth of ADS over
the entire sample is 0.0082 and the standard deviation is 0.122.
Assuming the monthly percentage change in ADS follows a random walk,
calculating the expected monthly percentage growth rate for the full
sample is straightforward. The expected monthly percentage growth
rate of ADS is 1.57%.
Now, use the expected monthly percentage growth rate to forecast
total dollar volume. For example, one can use the ADS for December
2013 ($250,727,781,285) to forecast ADS for January 2014
($254,668,736,673 = $250,727,781,285 x 1.0157).\13\ Multiply by the
number of trading days in January 2014 (21) to obtain a forecast of
the total dollar volume for the month ($5,348,043,470,127). Repeat
the method to generate forecasts for subsequent months.
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\13\ The value 1.0157 has been rounded. All computations are
done with the unrounded value.
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The forecasts for total dollar volume of covered sales are in
column G of Table A. The following is a more formal (mathematical)
description of the procedure:
1. Divide each month's total dollar volume (column C) by the
number of trading days in that month (column B) to obtain the
average daily dollar volume (ADS, column D).
2. For each month t, calculate the change in ADS from the
previous month as [Delta]t = log (ADSt/
ADSt-1), where log (x) denotes the natural logarithm of
x.
3. Calculate the mean and standard deviation of the series
{[Delta]1, [Delta]2, . . . ,
[Delta]120{time} . These are given by [mu] = 0.0082 and
[sigma] = 0.122, respectively.
4. Assume that the natural logarithm of ADS follows a random
walk, so that [Delta]s and [Delta]t are
statistically independent for any two months s and t.
5. Under the assumption that [Delta]t is normally
distributed, the expected value of ADSt/ADSt-1
is given by exp ([mu] + [sigma]\2\/2), or on average ADSt
= 1.0157 x ADSt-1.
6. For January 2014, this gives a forecast ADS of 1.0157 x
$250,727,781,285 = $254,668,736,673. Multiply this figure by the 21
trading days in January 2014 to obtain a total dollar volume
forecast of $5,348,043,470,127.
7. For February 2014, multiply the January 2014 ADS forecast by
1.0157 to obtain a forecast ADS of $258,671,636,250. Multiply this
figure by the 19 trading days in February 2014 to obtain a total
dollar volume forecast of $4,914,761,088,752.
[[Page 9506]]
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 10/1/13
through 3/17/14. The projected aggregate dollar amount of covered
sales for this period is $29,529,028,597,158. Actual and projected
fee collections at the current fee rate of 0.0000174 are
$513,805,098.
2. Estimate the amount of assessments on security futures
products collected from 10/1/13 through 9/30/14 to be $58,854 by
projecting a 1.57% monthly increase from a base of $4,940 in
December 2013.
3. Subtract the amounts $513,805,098 and $58,854 from the target
offsetting collection amount set by Congress of $1,350,000,000
leaving $836,136,049 to be collected on dollar volume for the period
3/18/14 through 9/30/14.
4. Use Table A to estimate dollar volume for the period 3/18/14
through 9/30/14. The estimate is $37,881,618,779,245. Finally,
compute the fee rate required to produce the additional $836,136,049
in revenue. This rate is $836,136,049 divided by $37,881,618,779,245
or 0.00002207234.
5. Round the result to the seventh decimal point, yielding a
rate of .0000221 (or $22.10 per million).
Table A--Baseline Estimate of the Aggregate Dollar Amount of Sales
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Fee rate calculation
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a. Baseline estimate of the aggregate dollar amount of 26,638,917
sales, 10/01/2013 to 02/28/2014 ($Millions)............
b. Baseline estimate of the aggregate dollar amount of 2,890,112
sales, 03/01/2014 to 03/17/2014 ($Millions)............
c. Baseline estimate of the aggregate dollar amount of 2,627,375
sales, 03/18/2014 to 03/31/2014 ($Millions)............
d. Baseline estimate of the aggregate dollar amount of 35,254,244
sales, 04/01/2014 to 09/30/2014 ($Millions)............
e. Estimated collections in assessments on security 0.059
futures products in fiscal year 2014 ($Millions).......
f. Implied fee rate (($1,350,000,000-$17.40*(a+b) - e) / $22.10
(c+d)..................................................
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Change in
Number of Total dollar amount Average daily dollar natural Forecast total
Month trading days of sales amount of sales logarithm of Forecast ADS dollar amount of
in month (ADS) ADS sales
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Data
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(A) (B) (C) (D) (E) (F) (G)
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Dec-03............................ 22 2,066,530,151,383 93,933,188,699 .............. .................. ....................
Jan-04............................ 20 2,390,942,905,678 119,547,145,284 0.241 .................. ....................
Feb-04............................ 19 2,177,765,594,701 114,619,241,826 -0.042 .................. ....................
Mar-04............................ 23 2,613,808,754,550 113,643,858,893 -0.009 .................. ....................
Apr-04............................ 21 2,418,663,760,191 115,174,464,771 0.013 .................. ....................
May-04............................ 20 2,259,243,404,459 112,962,170,223 -0.019 .................. ....................
Jun-04............................ 21 2,112,826,072,876 100,610,765,375 -0.116 .................. ....................
Jul-04............................ 21 2,209,808,376,565 105,228,970,313 0.045 .................. ....................
Aug-04............................ 22 2,033,343,354,640 92,424,697,938 -0.130 .................. ....................
Sep-04............................ 21 1,993,803,487,749 94,943,023,226 0.027 .................. ....................
Oct-04............................ 21 2,414,599,088,108 114,980,908,958 0.191 .................. ....................
Nov-04............................ 21 2,577,513,374,160 122,738,732,103 0.065 .................. ....................
Dec-04............................ 22 2,673,532,981,863 121,524,226,448 -0.010 .................. ....................
Jan-05............................ 20 2,581,847,200,448 129,092,360,022 0.060 .................. ....................
Feb-05............................ 19 2,532,202,408,589 133,273,810,978 0.032 .................. ....................
Mar-05............................ 22 3,030,474,897,226 137,748,858,965 0.033 .................. ....................
Apr-05............................ 21 2,906,386,944,434 138,399,378,306 0.005 .................. ....................
May-05............................ 21 2,697,414,503,460 128,448,309,689 -0.075 .................. ....................
Jun-05............................ 22 2,825,962,273,624 128,452,830,619 0.000 .................. ....................
Jul-05............................ 20 2,604,021,263,875 130,201,063,194 0.014 .................. ....................
Aug-05............................ 23 2,846,115,585,965 123,744,155,912 -0.051 .................. ....................
Sep-05............................ 21 3,009,640,645,370 143,316,221,208 0.147 .................. ....................
Oct-05............................ 21 3,279,847,331,057 156,183,206,241 0.086 .................. ....................
Nov-05............................ 21 3,163,453,821,548 150,640,658,169 -0.036 .................. ....................
Dec-05............................ 21 3,090,212,715,561 147,152,986,455 -0.023 .................. ....................
Jan-06............................ 20 3,573,372,724,766 178,668,636,238 0.194 .................. ....................
Feb-06............................ 19 3,314,259,849,456 174,434,728,919 -0.024 .................. ....................
Mar-06............................ 23 3,807,974,821,564 165,564,122,677 -0.052 .................. ....................
Apr-06............................ 19 3,257,478,138,851 171,446,217,834 0.035 .................. ....................
May-06............................ 22 4,206,447,844,451 191,202,174,748 0.109 .................. ....................
Jun-06............................ 22 3,995,113,357,316 181,596,061,696 -0.052 .................. ....................
Jul-06............................ 20 3,339,658,009,357 166,982,900,468 -0.084 .................. ....................
Aug-06............................ 23 3,410,187,280,845 148,269,012,211 -0.119 .................. ....................
Sep-06............................ 20 3,407,409,863,673 170,370,493,184 0.139 .................. ....................
Oct-06............................ 22 3,980,070,216,912 180,912,282,587 0.060 .................. ....................
Nov-06............................ 21 3,933,474,986,969 187,308,332,713 0.035 .................. ....................
Dec-06............................ 20 3,715,146,848,695 185,757,342,435 -0.008 .................. ....................
Jan-07............................ 20 4,263,986,570,973 213,199,328,549 0.138 .................. ....................
Feb-07............................ 19 3,946,799,860,532 207,726,308,449 -0.026 .................. ....................
Mar-07............................ 22 5,245,051,744,090 238,411,442,913 0.138 .................. ....................
Apr-07............................ 20 4,274,665,072,437 213,733,253,622 -0.109 .................. ....................
May-07............................ 22 5,172,568,357,522 235,116,743,524 0.095 .................. ....................
Jun-07............................ 21 5,586,337,010,802 266,016,048,133 0.123 .................. ....................
Jul-07............................ 21 5,938,330,480,139 282,777,641,911 0.061 .................. ....................
[[Page 9507]]
Aug-07............................ 23 7,713,644,229,032 335,375,836,045 0.171 .................. ....................
Sep-07............................ 19 4,805,676,596,099 252,930,347,163 -0.282 .................. ....................
Oct-07............................ 23 6,499,651,716,225 282,593,552,879 0.111 .................. ....................
Nov-07............................ 21 7,176,290,763,989 341,728,131,619 0.190 .................. ....................
Dec-07............................ 20 5,512,903,594,564 275,645,179,728 -0.215 .................. ....................
Jan-08............................ 21 7,997,242,071,529 380,821,051,025 0.323 .................. ....................
Feb-08............................ 20 6,139,080,448,887 306,954,022,444 -0.216 .................. ....................
Mar-08............................ 20 6,767,852,332,381 338,392,616,619 0.098 .................. ....................
Apr-08............................ 22 6,150,017,772,735 279,546,262,397 -0.191 .................. ....................
May-08............................ 21 6,080,169,766,807 289,531,893,657 0.035 .................. ....................
Jun-08............................ 21 6,962,199,302,412 331,533,300,115 0.135 .................. ....................
Jul-08............................ 22 8,104,256,787,805 368,375,308,537 0.105 .................. ....................
Aug-08............................ 21 6,106,057,711,009 290,764,652,905 -0.237 .................. ....................
Sep-08............................ 21 8,156,991,919,103 388,428,186,624 0.290 .................. ....................
Oct-08............................ 23 8,644,538,213,244 375,849,487,532 -0.033 .................. ....................
Nov-08............................ 19 5,727,998,341,833 301,473,596,939 -0.221 .................. ....................
Dec-08............................ 22 5,176,041,317,640 235,274,605,347 -0.248 .................. ....................
Jan-09............................ 20 4,670,249,433,806 233,512,471,690 -0.008 .................. ....................
Feb-09............................ 19 4,771,470,184,048 251,130,009,687 0.073 .................. ....................
Mar-09............................ 22 5,885,594,284,780 267,527,012,945 0.063 .................. ....................
Apr-09............................ 21 5,123,665,205,517 243,984,057,406 -0.092 .................. ....................
May-09............................ 20 5,086,717,129,965 254,335,856,498 0.042 .................. ....................
Jun-09............................ 22 5,271,742,782,609 239,624,671,937 -0.060 .................. ....................
Jul-09............................ 22 4,659,599,245,583 211,799,965,708 -0.123 .................. ....................
Aug-09............................ 21 4,582,102,295,783 218,195,347,418 0.030 .................. ....................
Sep-09............................ 21 4,929,155,364,888 234,721,684,042 0.073 .................. ....................
Oct-09............................ 22 5,410,025,301,030 245,910,240,956 0.047 .................. ....................
Nov-09............................ 20 4,770,928,103,032 238,546,405,152 -0.030 .................. ....................
Dec-09............................ 22 4,688,555,303,171 213,116,150,144 -0.113 .................. ....................
Jan-10............................ 19 4,661,793,708,648 245,357,563,613 0.141 .................. ....................
Feb-10............................ 19 4,969,848,578,023 261,570,977,791 0.064 .................. ....................
Mar-10............................ 23 5,563,529,823,621 241,892,601,027 -0.078 .................. ....................
Apr-10............................ 21 5,546,445,874,917 264,116,470,234 0.088 .................. ....................
May-10............................ 20 7,260,430,376,294 363,021,518,815 0.318 .................. ....................
Jun-10............................ 22 6,124,776,349,285 278,398,924,967 -0.265 .................. ....................
Jul-10............................ 21 5,058,242,097,334 240,868,671,302 -0.145 .................. ....................
Aug-10............................ 22 4,765,828,263,463 216,628,557,430 -0.106 .................. ....................
Sep-10............................ 21 4,640,722,344,586 220,986,778,314 0.020 .................. ....................
Oct-10............................ 21 5,138,411,712,272 244,686,272,013 0.102 .................. ....................
Nov-10............................ 21 5,279,700,881,901 251,414,327,710 0.027 .................. ....................
Dec-10............................ 22 4,998,574,681,208 227,207,940,055 -0.101 .................. ....................
Jan-11............................ 20 5,043,391,121,345 252,169,556,067 0.104 .................. ....................
Feb-11............................ 19 5,114,631,590,581 269,191,136,346 0.065 .................. ....................
Mar-11............................ 23 6,499,355,385,307 282,580,668,926 0.049 .................. ....................
Apr-11............................ 20 4,975,954,868,765 248,797,743,438 -0.127 .................. ....................
May-11............................ 21 5,717,905,621,053 272,281,220,050 0.090 .................. ....................
Jun-11............................ 22 5,820,079,494,414 264,549,067,928 -0.029 .................. ....................
Jul-11............................ 20 5,189,681,899,635 259,484,094,982 -0.019 .................. ....................
Aug-11............................ 23 8,720,566,877,109 379,155,081,613 0.379 .................. ....................
Sep-11............................ 21 6,343,578,147,811 302,075,149,896 -0.227 .................. ....................
Oct-11............................ 21 6,163,272,963,688 293,489,188,747 -0.029 .................. ....................
Nov-11............................ 21 5,493,906,473,584 261,614,593,980 -0.115 .................. ....................
Dec-11............................ 21 5,017,867,255,600 238,946,059,790 -0.091 .................. ....................
Jan-12............................ 20 4,726,522,206,487 236,326,110,324 -0.011 .................. ....................
Feb-12............................ 20 5,011,862,514,132 250,593,125,707 0.059 .................. ....................
Mar-12............................ 22 5,638,847,967,025 256,311,271,228 0.023 .................. ....................
Apr-12............................ 20 5,084,239,396,560 254,211,969,828 -0.008 .................. ....................
May-12............................ 22 5,611,638,053,374 255,074,456,972 0.003 .................. ....................
Jun-12............................ 21 5,121,896,896,362 243,899,852,208 -0.045 .................. ....................
Jul-12............................ 21 4,567,519,314,374 217,500,919,732 -0.115 .................. ....................
Aug-12............................ 23 4,621,597,884,730 200,939,038,467 -0.079 .................. ....................
Sep-12............................ 19 4,598,499,962,682 242,026,313,825 0.186 .................. ....................
Oct-12............................ 21 5,095,175,588,310 242,627,408,967 0.002 .................. ....................
Nov-12............................ 21 4,547,882,974,292 216,565,855,919 -0.114 .................. ....................
Dec-12............................ 20 4,744,922,754,360 237,246,137,718 0.091 .................. ....................
Jan-13............................ 21 5,079,603,817,496 241,885,896,071 0.019 .................. ....................
Feb-13............................ 19 4,800,663,527,089 252,666,501,426 0.044 .................. ....................
Mar-13............................ 20 4,917,701,839,870 245,885,091,993 -0.027 .................. ....................
Apr-13............................ 22 5,451,358,637,079 247,789,028,958 0.008 .................. ....................
[[Page 9508]]
May-13............................ 22 5,681,788,831,869 258,263,128,721 0.041 .................. ....................
Jun-13............................ 20 5,623,545,462,226 281,177,273,111 0.085 .................. ....................
Jul-13............................ 22 5,083,861,509,754 231,084,614,080 -0.196 .................. ....................
Aug-13............................ 22 4,925,611,193,095 223,891,417,868 -0.032 .................. ....................
Sep-13............................ 20 4,959,197,626,713 247,959,881,336 0.102 .................. ....................
Oct-13............................ 23 5,928,804,028,970 257,774,088,216 0.039 .................. ....................
Nov-13............................ 20 5,182,024,612,049 259,101,230,602 0.005 .................. ....................
Dec-13............................ 21 5,265,283,406,995 250,727,781,285 -0.033 .................. ....................
Jan-14............................ 21 .................... .................... .............. 254,668,736,673 5,348,043,470,127
Feb-14............................ 19 .................... .................... .............. 258,671,636,250 4,914,761,088,752
Mar-14............................ 21 .................... .................... .............. 262,737,453,660 5,517,486,526,869
Apr-14............................ 21 .................... .................... .............. 266,867,177,850 5,604,210,734,855
May-14............................ 21 .................... .................... .............. 271,061,813,310 5,692,298,079,518
Jun-14............................ 21 .................... .................... .............. 275,322,380,320 5,781,769,986,729
Jul-14............................ 22 .................... .................... .............. 279,649,915,197 6,152,298,134,326
Aug-14............................ 21 .................... .................... .............. 284,045,470,544 5,964,954,881,430
Sep-14............................ 21 .................... .................... .............. 288,510,115,513 6,058,712,425,783
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BILLING CODE 8011-01-P
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[GRAPHIC] [TIFF OMITTED] TN19FE14.000
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[FR Doc. 2014-03575 Filed 2-18-14; 8:45 am]
BILLING CODE 8011-01-C