Special Topics

Figure 4.1 SPAC Filings by Year and Size, 2017-20211

(in millions of USD)

 
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SPAC Filings by Year and Size, 2017-2021

Source: FINRA Public Offering Filing System. Data as of February 2022.

11Special purpose acquisition companies (SPACs) are shell companies that raise capital in initial public offerings (IPOs) for the purpose of merging with or acquiring an operating company.

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Figure 4.2 Average and Median Size of SPAC Filings, 2017-2021

(in millions of USD)

 
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Average and Median Size of SPAC Filings, 2017-2021

Source: FINRA Public Offering Filing System. Data as of February 2022.

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Table 4.1 Consolidated Audit Trail (CAT) Order reporting - Total CAT Equity Events

(January 1, 2021 - December 31, 2021; in Millions)

 
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  Exchange Industry Member
Month Executions Cancellations New Orders Modifies Routes Executions Cancellations New Orders Modifies Routes
January 2,181 56,825 57,969 33,319 181 103,482 1,717 7,920 107,698 126,019
February 2,257 60,089 61,289 35,177 172 110,739 1,849 8,689 113,907 132,950
March 2,824 87,962 89,425 53,587 240 162,424 1,759 12,946 163,970 190,489
April 1,943 59,758 60,783 35,451 147 107,958 1,256 6,891 109,421 127,458
May 2,079 69,204 70,280 42,298 135 126,657 1,263 8,712 126,025 146,986
June 2,256 67,455 63,663 25,888 2,485 112,724 1,464 6,760 113,734 133,142
July 1,991 66,986 64,007 26,625 2,080 114,790 1,195 7,822 115,624 134,694
August 2,021 66,945 64,178 27,150 1,984 110,573 1,163 7,523 113,981 132,235
September 2,180 75,344 72,370 31,818 2,123 130,622 1,169 9,427 130,375 151,911
October 2,036 69,039 66,154 28,950 2,012 119,484 1,175 8,882 120,009 139,222
November 2,367 67,389 64,660 26,942 2,078 118,483 1,385 9,674 121,009 140,697
December 2,485 81,437 78,567 34,166 2,145 151,552 1,285 13,908 143,827 173,981

Source: Financial Industry Regulatory Authority. Data as of February 2022.

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Table 4.2 Consolidated Audit Trail (CAT) Order reporting - Daily Average CAT Equity Events

(January 1, 2021 - December 31, 2021; in Millions)

 
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  Exchange Industry Member
Month Number of Business Days Executions Cancellations New Orders Modifies Routes Executions Cancellations New Orders Modifies Routes
January 19 115 2,991 3,051 1,754 10 5,446 90 417 5,668 6,633
February 19 119 3,163 3,226 1,851 9 5,828 97 457 5,995 6,997
March 23 123 3,824 3,888 2,330 10 7,062 76 563 7,129 8,282
April 21 93 2,846 2,894 1,688 7 5,141 60 328 5,211 6,069
May 20 104 3,460 3,514 2,115 7 6,333 63 436 6,301 7,349
June 22 103 3,066 2,894 1,777 113 5,124 67 307 5,170 6,052
July 21 95 3,190 3,048 1,268 99 5,446 57 372 5,506 6,414
August 22 92 3,043 2,917 1,234 90 5,026 53 342 5,181 6,011
September 21 104 3,588 3,446 1,515 101 6,220 56 449 6,208 7,234
October 21 97 3,288 3,150 1,379 96 5,690 56 423 5,715 6,630
November 21 113 3,209 3,079 1,283 99 5,642 66 461 5,762 6,700
December 22 113 3,702 3,571 1,553 97 6,889 58 632 6,538 7,908

Source: Financial Industry Regulatory Authority. Data as of February 2022.

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Figure 4.3 FINRA CAT Event Count By Month, 2020-2021

(in billions of events)

 
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FINRA CAT Event Count By Month, 2020-2021

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