[Federal Register Volume 75, Number 42 (Thursday, March 4, 2010)]
[Notices]
[Pages 9964-9968]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-4530]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61605/March 1, 2010]
Order Making Fiscal Year 2010 Mid-Year Adjustment to the Fee
Rates Applicable Under Sections 31(b) and (c) of the Securities
Exchange Act of 1934
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 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 sales of
certain securities 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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Sections 31(j)(1) and (3) require the Commission to make annual
adjustments to the fee rates applicable under Sections 31(b) and (c)
for each of the fiscal years 2003 through 2011, and one final
adjustment to fix the fee rates for fiscal year 2012 and beyond.\4\
Section 31(j)(2) requires the Commission, in certain circumstances, to
make a mid-year adjustment to the fee rates in fiscal years 2002
through 2011.\5\ The annual and mid-year adjustments are designed to
adjust the fee rates in a given fiscal year so that, when applied to
the aggregate dollar volume of sales for the fiscal year, they are
reasonably likely to produce total fee collections under Section 31
equal to the ``target offsetting collection amount'' specified in
Section 31(l)(1) for that fiscal year.\6\ For fiscal year 2010, the
target offsetting collection amount is $1,161,000,000.\7\
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\4\ 15 U.S.C. 78ee(j)(1) and (j)(3).
\5\ 15 U.S.C. 78ee(j)(2).
\6\ 15 U.S.C. 78ee(l)(1).
\7\ See id.
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[[Page 9965]]
II. Determination of the Need for a Mid-Year Adjustment in Fiscal 2010
Under section 31(j)(2) of the Exchange Act, the Commission must
make a mid-year adjustment to the fee rates under Sections 31(b) and
(c) in fiscal year 2010 if it determines, based on the actual aggregate
dollar volume of sales during the first five months of the fiscal year,
that the baseline estimate $84,822,877,437,603 is reasonably likely to
be 10% (or more) greater or less than the actual aggregate dollar
volume of sales for fiscal year 2010.\8\ To make this determination,
the Commission must estimate the actual aggregate dollar volume of
sales for fiscal year 2010.
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\8\ The amount $84,822,877,437,603 is the baseline estimate of
the aggregate dollar amount of sales for fiscal year 2010 calculated
by the Commission in its Order Making Fiscal 2010 Annual Adjustments
to the Fee Rates Applicable Under Section 6(b) of the Securities Act
of 1933 and Sections 13(e), 14(g), 31(b) and 31(c) of the Securities
Exchange Act of 1934, Rel. No. 33-9030 (April 30, 2009), 74 FR 21018
(May 6, 2009).
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Based on data provided by the national securities exchanges and the
national securities association that are subject to section 31,\9\ the
actual aggregate dollar volume of sales during the first four months of
fiscal year 2010 was $19,531,642,600,905.\10\ Using these data and a
methodology for estimating the aggregate dollar amount of sales for the
remainder of fiscal year 2010 (developed after consultation with the
Congressional Budget Office and the OMB),\11\ the Commission estimates
that the aggregate dollar amount of sales for the remainder of fiscal
year 2010 to be $43,755,155,427,595. Thus, the Commission estimates
that the actual aggregate dollar volume of sales for all of fiscal year
2010 will be $63,286,798,028,500.
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\9\ The Financial Industry Regulatory Authority, Inc.
(``FINRA'') and each exchange are required to file a monthly report
on Form R31 containing dollar volume data on sales of securities
subject to Section 31. The report is due on the 10th business day
following any month in which the exchange or association has covered
sales.
\10\ Although section 31(j)(2) indicates that the Commission
should determine the actual aggregate dollar volume of sales for
fiscal 2010 ``based on the actual aggregate dollar volume of sales
during the first 5 months of such fiscal year,'' data are only
available for the first four months of the fiscal year as of the
date the Commission is required to issue this order, i.e., March 1,
2010. Dollar volume data on sales of securities subject to Section
31 for February 2010 will not be available from the exchanges and
FINRA for several weeks.
\11\ See Appendix A.
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Because the baseline estimate of $84,822,877,437,603 is more than
10% greater than the $63,286,798,028,500 estimated actual aggregate
dollar volume of sales for fiscal year 2010, Section 31(j)(2) of the
Exchange Act requires the Commission to issue an order adjusting the
fee rates under Sections 31(b) and (c).
III. Calculation of the Uniform Adjusted Rate
Section 31(j)(2) specifies the method for determining the mid-year
adjustment for fiscal 2010. Specifically, the Commission must adjust
the rates under sections 31(b) and (c) to a ``uniform adjusted rate
that, when applied to the revised estimate of the aggregate dollar
amount of sales for the remainder of fiscal year 2010, is reasonably
likely to produce aggregate fee collections under section 31 (including
fees collected during such 5-month period and assessments collected
under section 31(d)) that are equal to $1,161,000,000.'' \12\ In other
words, the uniform adjusted rate is determined by subtracting fees
collected prior to the effective date of the new rate and assessments
collected under section 31(d) during all of fiscal year 2010 from
$1,161,000,000, which is the target offsetting collection amount for
fiscal year 2010. That difference is then divided by the revised
estimate of the aggregate dollar volume of sales for the remainder of
the fiscal year following the effective date of the new rate.
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\12\ 15 U.S.C. 78ee(j)(2). The term ``fees collected'' is not
defined in section 31. Because national securities exchanges and
national securities associations are not required to pay the first
installment of section 31 fees for fiscal 2010 until March 15, the
Commission will not ``collect'' any fees in the first five months of
fiscal 2010. See 15 U.S.C. 78ee(e). However, the Commission believes
that, for purposes of calculating the mid-year adjustment, Congress,
by stating in section 31(j)(2) that the ``uniform adjusted rate * *
* is reasonably likely to produce aggregate fee collections under
section 31 * * * that are equal to [$1,161,000,000],'' intended the
Commission to include the fees that the Commission will collect
based on transactions in the six months before the effective date of
the mid-year adjustment.
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The Commission estimates that it will collect $598,633,917 in fees
for the period prior to the effective date of the mid-year adjustment
and $18,611 in assessments on round turn transactions in security
futures products during all of fiscal year 2010. Using the methodology
referenced in Part II above, the Commission estimates that the
aggregate dollar volume of sales for the remainder of fiscal year 2010
following the effective date of the new rate will be
$33,260,374,276,849. This amount reflects more recent information on
the dollar amount of sales of securities than was available at the time
of the setting of the initial fee rate for fiscal year 2010, and
indicates a significant reduction in sales. Based on these estimates,
and employing the mid-year adjustment mechanism established by statute,
the uniform adjusted rate must be adjusted to $16.90 per million of the
aggregate dollar amount of sales of securities.\13\ The aggregate
dollar amount of sales of securities subject to Section 31 fees is
illustrated in Appendix A.
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\13\ The calculation is as follows: ($1,161,000,000-
$598,633,917-$18,611)/$33,260,374,276,849 = $0.0000169080. Round
this result to the seventh decimal point, yielding a rate of $16.90
per million.
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IV. Effective Date of the Uniform Adjusted Rate
Section 31(j)(4)(B) of the Exchange Act provides that a mid-year
adjustment shall take effect on April 1 of the fiscal year in which
such rate applies. Therefore, the exchanges and the national securities
association that are subject to section 31 fees must pay fees under
sections 31(b) and (c) at the uniform adjusted rate of $16.90 per
million for sales of securities transacted on April 1, 2010, and
thereafter until the annual adjustment for fiscal 2011 is effective.
V. Conclusion
Accordingly, pursuant to Section 31 of the Exchange Act,\14\
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\14\ 15 U.S.C. 78ee.
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It is hereby ordered that each of the fee rates under sections
31(b) and (c) of the Exchange Act shall be $16.90 per $1,000,000 of the
aggregate dollar amount of sales of securities subject to these
sections effective April 1, 2010.
By the Commission.
Elizabeth M. Murphy,
Secretary.
`
A. Baseline Estimate of the Aggregate Dollar Amount of Sales
First, calculate the average daily dollar amount of sales (ADS)
for each month in the sample (January 2000-January 2010). The data
obtained from the exchanges and FINRA are presented in Table A. The
monthly aggregate dollar amount of sales from all exchanges and
FINRA is contained in column C.
Next, calculate the change in the natural logarithm of ADS from
month-to-month. The average monthly change in the logarithm of ADS
over the entire sample is 0.004 and the standard deviation 0.125.
Assume the monthly percentage change in ADS follows a random walk.
The expected monthly percentage growth rate of ADS is 1.2 percent.
Now, use the expected monthly percentage growth rate to forecast
total dollar volume. For example, one can use the ADS for January
2010 ($245,357,654,413) to forecast ADS for February 2010
($248,264,845,054 = $245,357,654,413 x 1.012).\15\ Multiply by the
number of trading days in February 2010 (19) to obtain a forecast of
the total dollar volume for the month ($4,717,032,056,030). Repeat
[[Page 9966]]
the method to generate forecasts for subsequent months.
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\15\ The value 1.012 has been rounded. All computations are done
with the unrounded value.
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The forecasts for total dollar volume 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] = 0.004 and
[sigma] = 0.125, 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
= 1.012 x ADSt-1.
6. For February 2010, this gives a forecast ADS of 1.012 x
$245,357,654,413 = $248,264,845,054. Multiply this figure by the 19
trading days in February 2010 to obtain a total dollar volume
forecast of $4,717,032,056,030.
7. For March 2010, multiply the February 2010 ADS forecast by
1.012 to obtain a forecast ADS of $251,206,482,379. Multiply this
figure by the 23 trading days in March 2010 to obtain a total dollar
volume forecast of $5,777,749,094,716.
8. Repeat this procedure for subsequent months.
B. Using the forecasts from A to calculate the new fee rate
1. Determine the aggregate dollar volume of sales between 10/1/
09 and 1/14/10 to be $16,715,256,569,641. Multiply this amount by
the fee rate of $25.70 per million dollars in sales during this
period and get $429,582,094 in actual fees collected during 10/1/09
and 1/14/10. Determine the actual and projected aggregate dollar
volume of sales between 1/15/10 and 3/31/10 to be
$13,311,167,182,011. Multiply this amount by the fee rate of $12.70
per million dollars in sales during this period and get an estimate
of $169,051,823 in actual and projected fees collected during 1/15/
10 and 3/31/10.
2. Estimate the amount of assessments on security futures
products collected during 10/1/09 and 9/30/10 to be $18,611 by
summing the amounts collected through January 2010 of $5,684 with
projections of a 1.2% monthly increase in subsequent months.
3. Determine the projected aggregate dollar volume of sales
between 4/1/10 and 9/30/10 to be $33,260,374,276,849.
4. The rate necessary to collect the target $1,161,000,000 in
fee revenues is then calculated as: ($1,161,000,000-$429,582,094 -
$169,051,823-$18,611) / $33,260,374,276,849 = 0.0000169080.
5. Round the result to the seventh decimal point, yielding a
rate of 0.0000169000 (or $16.90 per million).
Table A--Estimation of Baseline of the Aggregate Dollar Amount of Sales
[Methodology developed in consultation with the Office of Management and
Budget and the Congressional Budget Office]
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Fee rate calculation
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a. Baseline estimate of the aggregate dollar amount of 16,715,257
sales, 10/1/09 to 1/14/10 ($Millions).....................
b. Baseline estimate of the aggregate dollar amount of 13,311,167
sales, 1/15/00 to 3/31/10 ($Millions).....................
c. Baseline estimate of the aggregate dollar amount of 33,260,374
sales, 4/1/00 to 9/30/10 ($Millions)......................
d. Estimated collections in assessmests on security futures 0.019
products in FY 2010 ($Millions)...........................
e. Implied fee rate (($1,161,000,000-0.0000257 x a- $16.90
0.0000127 x b-d)/c).......................................
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Data
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Number of
trading Aggregate dollar Average daily Change in Forecast aggregate
Month days in amount of sales dollar amount of LN of ADS Forecast ADS dollar amount of sales
month sales (ADS)
(A) (B) (C) (D) (E) (F) (G)
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Jan-00...................................... 20 3,057,831,397,113 152,891,569,856 - ................. .......................
Feb-00...................................... 20 2,973,119,888,063 148,655,994,403 -0.028 ................. .......................
Mar-00...................................... 23 4,135,152,366,234 179,789,233,315 0.190 ................. .......................
Apr-00...................................... 19 3,174,694,525,687 167,099,185,562 -0.073 ................. .......................
May-00...................................... 22 2,649,273,207,318 120,421,509,424 -0.328 ................. .......................
Jun-00...................................... 22 2,883,513,997,781 131,068,818,081 0.085 ................. .......................
Jul-00...................................... 20 2,804,753,395,361 140,237,669,768 0.068 ................. .......................
Aug-00...................................... 23 2,720,788,395,832 118,295,147,645 -0.170 ................. .......................
Sep-00...................................... 20 2,930,188,809,012 146,509,440,451 0.214 ................. .......................
Oct-00...................................... 22 3,485,926,307,727 158,451,195,806 0.078 ................. .......................
Nov-00...................................... 21 2,795,778,876,887 133,132,327,471 -0.174 ................. .......................
Dec-00...................................... 20 2,809,917,349,851 140,495,867,493 0.054 ................. .......................
Jan-01...................................... 21 3,143,501,125,244 149,690,529,774 0.063 ................. .......................
Feb-01...................................... 19 2,372,420,523,286 124,864,238,068 -0.181 ................. .......................
Mar-01...................................... 22 2,554,419,085,113 116,109,958,414 -0.073 ................. .......................
Apr-01...................................... 20 2,324,349,507,745 116,217,475,387 0.001 ................. .......................
May-01...................................... 22 2,353,179,388,303 106,962,699,468 -0.083 ................. .......................
Jun-01...................................... 21 2,111,922,113,236 100,567,719,678 -0.062 ................. .......................
Jul-01...................................... 21 2,004,384,034,554 95,446,858,788 -0.052 ................. .......................
Aug-01...................................... 23 1,803,565,337,795 78,415,884,252 -0.197 ................. .......................
Sep-01...................................... 15 1,573,484,946,383 104,898,996,426 0.291 ................. .......................
Oct-01...................................... 23 2,147,238,873,044 93,358,211,871 -0.117 ................. .......................
Nov-01...................................... 21 1,939,427,217,518 92,353,677,025 -0.011 ................. .......................
Dec-01...................................... 20 1,921,098,738,113 96,054,936,906 0.039 ................. .......................
Jan-02...................................... 21 2,149,243,312,432 102,344,919,640 0.063 ................. .......................
Feb-02...................................... 19 1,928,830,595,585 101,517,399,768 -0.008 ................. .......................
Mar-02...................................... 20 2,002,216,374,514 100,110,818,726 -0.014 ................. .......................
Apr-02...................................... 22 2,062,101,866,506 93,731,903,023 -0.066 ................. .......................
May-02...................................... 22 1,985,859,756,557 90,266,352,571 -0.038 ................. .......................
Jun-02...................................... 20 1,882,185,380,609 94,109,269,030 0.042 ................. .......................
Jul-02...................................... 22 2,349,564,490,189 106,798,385,918 0.126 ................. .......................
[[Page 9967]]
Aug-02...................................... 22 1,793,429,904,079 81,519,541,095 -0.270 ................. .......................
Sep-02...................................... 20 1,518,944,367,204 75,947,218,360 -0.071 ................. .......................
Oct-02...................................... 23 2,127,874,947,972 92,516,302,086 0.197 ................. .......................
Nov-02...................................... 20 1,780,816,458,122 89,040,822,906 -0.038 ................. .......................
Dec-02...................................... 21 1,561,092,215,646 74,337,724,555 -0.180 ................. .......................
Jan-03...................................... 21 1,723,698,830,414 82,080,896,686 0.099 ................. .......................
Feb-03...................................... 19 1,411,722,405,357 74,301,179,229 -0.180 ................. .......................
Mar-03...................................... 21 1,699,581,267,718 80,932,441,320 0.085 ................. .......................
Apr-03...................................... 21 1,759,751,025,279 83,797,667,870 0.035 ................. .......................
May-03...................................... 21 1,871,390,985,678 89,113,856,461 0.062 ................. .......................
Jun-03...................................... 21 2,122,225,077,345 101,058,337,016 0.126 ................. .......................
Jul-03...................................... 22 2,100,812,973,956 95,491,498,816 -0.057 ................. .......................
Aug-03...................................... 21 1,766,527,686,224 84,120,366,011 -0.127 ................. .......................
Sep-03...................................... 21 2,063,584,421,939 98,265,924,854 0.155 ................. .......................
Oct-03...................................... 23 2,331,850,083,022 101,384,786,218 0.031 ................. .......................
Nov-03...................................... 19 1,903,726,129,859 100,196,112,098 -0.012 ................. .......................
Dec-03...................................... 22 2,066,530,151,383 93,933,188,699 -0.065 ................. .......................
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 2,613,809,754,550 113,643,858,893 -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 ................. .......................
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 ................. .......................
[[Page 9968]]
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 4,929,211,335,509 234,724,349,310 0.073 ................. .......................
Oct-09...................................... 22 5,410,071,946,836 245,912,361,220 0.047 ................. .......................
Nov-09...................................... 20 4,770,994,671,867 238,549,733,593 -0.030 ................. .......................
Dec-09...................................... 22 4,688,780,548,360 213,126,388,562 -0.113 ................. .......................
Jan-10...................................... 19 4,661,795,433,843 245,357,654,413 0.141 ................. .......................
Feb-10...................................... 19 ................. ................. ........... 248,264,845,054 4,717,032,056,030
Mar-10...................................... 23 ................. ................. ........... 251,206,482,379 5,777,749,094,716
Apr-10...................................... 21 ................. ................. ........... 254,182,974,538 5,337,842,465,308
May-10...................................... 20 ................. ................. ........... 257,194,734,520 5,143,894,690,405
Jun-10...................................... 22 ................. ................. ........... 260,242,180,205 5,725,327,964,515
Jul-10...................................... 21 ................. ................. ........... 263,325,734,426 5,529,840,422,940
Aug-10...................................... 22 ................. ................. ........... 266,445,825,024 5,861,808,150,526
Sep-10...................................... 21 ................. ................. ........... 269,602,884,912 5,661,660,583,153
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[FR Doc. 2010-4530 Filed 3-3-10; 8:45 am]
BILLING CODE 8011-01-P