Wow you are correct! Thank you for catching this, will update Trillion to Billion.

As a note though, checking the SEC link, the data that is shown is an aggregate snapshot on the specific day of reporting. It shows existing FTDs and new FTDs as of that reporting day. Since this data is only generated 2 times on scheduled dates per month, we are effectively only seeing 2 trading days per month of FTD data. This means that between the reporting dates there could be a FTD spike, but if they are settled before the next reporting date, they would never be captured in the data.

So the data is not cumulative over the first half or second half of the month period as the naming convention seems to imply, it is just a reference on a certain given day. We could never know the true cumulative FTDs because that’s not what’s reported.