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Federal Reserve Bank
OF DALLAS
ROBERT

D. M C T E E R , J R .
D A LLA S , TEXAS

p re sid e n t

AND C H I E F E X E C U T I V E O F F I C E R

May 30 1995

7 5 2 6 5 -5 9 0 6

Notice 95-48

TO:

The Chief Executive Officer of each
member bank and others concerned in
the Eleventh Federal Reserve District

SUBJECT
Over-the-Counter (OTC) Margin Stocks
DETAILS
The Board of Governors of the Federal Reserve System has published a
revised list of over-the-counter (OTC) stocks that are subject to its margin regulations,
effective May 8, 1995. Also published is the List of Foreign Margin Stocks for foreign
equity securities that meet the criteria in Regulation T. The foreign margin stocks listed
are foreign equity securities eligible for margin treatment at broker-dealers.
The Board publishes a complete list four times a year, and the Federal
Register announces additions to and deletions from the list. The complete list of OTC
stocks as of May 8, 1995, is available from the Public Affairs Department of this Bank
upon request. Included with the list is a listing of foreign margin stocks.

ATTACHMENT
Attached is a copy of the Federal Register announcement of revisions to the
list of OTC stocks and revisions to the listing of foreign margin stocks as shown on pages
20005-08, Vol. 60, No. 78, dated April 24, 1995.

For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal
Reserve Bank of Dallas: Dallas Office (800) 333 -4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston
Branch Intrastate (800) 392-4162, Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

MORE INFORMATION
For more information regarding marginable OTC stock requirements, please
contact Eugene Coy at (214) 922-6201. For copies of the complete list or additional
copies of this Bank’s notice, please contact the Public Affairs Department at (214)
922-5254.
Sincerely yours,

20005

Rules and Regulations

F e d e ra l R egister

Vol. 60, No. 78
Monday, April 24, 1995

traded over-the-counter (OTC) in the
United States that have been determ ined
by the Board o f Governors of the Federal
Reserve System to be subject to the
margin requirem ents under certain
Federal Reserve regulations. The List of
Foreign Margin Stocks (Foreign List) is
com posed of foreign equity securities
that have met the Board ’s eligibility
criteria under Regulation T. The OTC
List and the Foreign List are published
four tim es a year by the Board. This
docum ent sets forth additions to and
deletions from the previous OTC List
and Foreign List.

Board’s next quarterly publication of the
OTC List.
Also listed below are additions to and
one deletion from the Board’s Foreign
List, w hich was last published on
January 31, 1995 (60 FR 5845), and
w hich becam e effective February 13,
1995. T he Foreign List includes those
foreign securities that meet the criteria
in section 220.17 of Regulation T and
are eligible for margin treatm ent at
broker-dealers on the same basis as
dom estic margin securities. A copy of
the com plete Foreign List is available
from the Federal Reserve Banks.

EFFECTIVE DATE: May 8, 1995.

Public Comment and Deferred Effective
Date

FOR FURTHER INFORMATION CONTACT:

Peggy W olffrum, Securities Regulation
Analyst, Division o f Banking
Supervision and Regulation, (202) 4 5 2 2781, Board of Governors of the Federal
Reserve System , W ashington, D.C.
20551. For the hearing impaired only,
contact Dorothea Thom pson,
Telecom m unications Device for the Deaf
(TDD) at (202) 4 5 2 -3 5 4 4 .

FEDERAL RESERVE SYSTEM
12 CFR Parts 207, 220,221 and 224
Regulations G, T, U and X; Securities
Credit Transactions; List of Marginable
OTC Stocks; List of Foreign Margin
Stocks
AGENCY: Board o f Governors of the
Federal Reserve System.
ACTION: Final rule; determ ination of
applicability of regulations.
SUMMARY: T h e List of Marginable OTC

Stocks (OTC List) is com posed o f stocks

SUPPLEMENTARY INFORMATION: Listed
below are additions to and deletions
from the OTC List, w hich was last
published on January 3 1 ,1 9 9 5 (60 FR
5845), and becam e effective February
1 3 ,1 9 9 5 . A copy o f the com plete OTC
List is available from the Federal
Reserve Banks.
The OTC List includes those stocks
that meet the criteria in Regulations G,
T and U (12 CFR Parts 207, 220 and 221,
respectively). T h is determ ination also
affects the applicability o f Regulation X
(12 CFR Part 224). T hese stocks have the
degree of national investor interest, the
depth and breadth o f market, and the
availability o f inform ation respecting
the stock and its issuer to warrant
regulation in the same fashion as
exchange-traded securities. The OTC
List also includes any OTC stock
designated for trading in the national
market system (NMS security) under a
rule approved by the Securities and
Exchange Com m ission (SEC).
A dditional OTC stocks may be
designated as NMS securities in the
interim betw een the Board’s quarterly
publications. They w ill becom e
autom atically marginable upon the
effective date o f their NMS designation.
The names of these stocks are available
at the SEC and at the National
Association o f Securities Dealers, Inc.
and w ill be incorporated into the

The requirem ents of 5 U.S.C. 553 with
respect to notice and public
participation were not followed in
connection w ith the issuance of this
amendment due to the objective
character of the criteria for inclusion
and continued inclu sion on the Lists
specified in 12 CFR 207.6 (a) and (b),
220.17 (a), (b), (c) and (d), and 221.7 (a)
and (b). No additional useful
inform ation would be gained by public
participation. T he full requirem ents o f 5
U.S.C. 553 w ith respect to deferred
effective date have not been follow ed in
connection w ith the issuance of this
amendment because the Board finds
that it is in the public interest to
facilitate investm ent and credit
decisions based in w hole or in part
upon the com position of these Lists as
soon as possible. The Board has
responded to a request by the public
and allowed approxim ately a two-week
delay before the Lists are effective.

List of Subjects

12 CFR Part 207
Banks, Banking, Credit, Margin,
Margin requirem ents, National Market
System (NMS Security), Reporting and
recordkeeping requirem ents, Securities.

12 CFR Part 220
Banks, Banking, Brokers, Credit,
Margin, Margin requirem ents,
Investm ents, N ational M arket System
(NMS Security), Reporting and
recordkeeping requirem ents, Securities.

12 CFR Part 221
Banks, Banking, Credit, Margin,
Margin requirem ents, National Market
System (NMS Security), Reporting and
recordkeeping requirem ents, Securities.

20006

Federal Register / Vol. 60, No. 78 / Monday, April 24, 1995 / Rules and Regulations

12 CFR Part 224
Banks, Banking, Borrowers, Credit,
Margin, Margin requirem ents, Reporting
and recordkeeping requirem ents,
Securities.
A ccordingly, pursuant to the
authority o f sections 7 and 23 of the
Securities Exchange Act o f 1934, as
amended (15 U.S.C. 78g and 78w ), and
in accordance with 12 CFR 2 0 7 .2(k) and
207.6 (Regulation G), 12 CFR 220.2(u)
and 220.17 (Regulation T), and 12 CFR
2 2 1 .2(j) and 221.7 (Regulation U), there
is set forth below a listing of deletions
from and additions to the OTC List and
the Foreign List.

Deletions From the List of Marginable
OTC Stocks

Stocks Removed for Failing Continued
Listing Requirements
Applied Laser Systems
Class A, no par common
California M icro Devices Corp.
No par com mon
CCAIR, Inc.
$.01 par com m on
Com m unications & Entertainm ent
r
Corporation
$.01 par com m on
Cooper Development Company
$.10 par com m on
Crescent Airways Corporation
$.01 par com mon
W arrants (expire 0 1 -0 9 -9 8 )
Im m unix Corporation
W arrants (expire 0 1 -3 1 -9 5 )
Invitro International
No par common
Jasm ine Ltd.
$.001 par com mon
Lone Star Casino Corporation
$.001 par common
Lukens M edical Corporation
$.01 par com m on
M edical Care Am erica, Inc.
7% convertible debentures, due 2015
M edical Dynam ics, Inc.
$.001 par com mon
M edicis Pharm aceutical Corp.
Class B, warrants (expire 0 3 -2 8 - 9 5 )
M inistor Peripherals International Ltd.
$.0 1 2 4 5 4 par com mon
Redeem able warrants (expire 0 7 - 2 9 99)
O ctus, Inc.
No par com m on
Oesi Power Corporation
$.01 par com m on
PDK Labs, Inc.
$.01 par com m on
Pharm house Corporation
$.01 par com m on
Pharmos Corporation
$.03 par com m on
Phycor, Inc.
6 .5 % convertible subordinated
debentures

Prim edex Health System s, Inc.
$.01 par common
PXRE Corporation
Depositary Shares
Regency Equities Corporation
$.01 par com mon
RGB Computer & Video, Inc.
No par com mon
Sayett Group, Inc.
Warrants (expire 0 2 -0 5 -9 5 )
Search Capital Group, Inc.
$.01 par com m on
Security Environm ental System s, Inc.
$.03 par com mon
Southern M ineral Corporation
$.01 par com mon
Sports & Recreation, Inc.
4V4% convertible subordinated notes
Standish Care Company, The
Series A, $.01 par cumulative
convertible preferred
Staodyn, Inc.
W arrants (expire 0 2 -2 8 -9 5 )
Synetic, Inc.
7% convertible subordinated
debentures
T *H Q , Inc.
$.001 par com m on
Transam erican Waste Industries, Inc.
$.001 par com mon
Class A, warrants (expire 1 1 -1 6 -9 6 )
Class B, warrants (expire 1 1 -1 6 -9 6 )
V aalco Energy, Inc.
$ .1 0 par com m on
Value-Added Com m unications, Inc.
$.01 par com m on
W ellstead Industries, Inc.
$.01 par com m on

Stocks Removed for Listing on a
National Securities Exchange or Being
Involved in an Acquisition
A Pea in the Pod, Inc.
$.01 par com m on
Affymax N.V.
Common stock (NLG .06)
Air-Cure Environm ental, Inc,
$.001 par com mon
AK Steel Holding Corporation
$.01 par com m on,
7% convertible preferred
A m eribanc Investors Group Inc.
$ 1 .0 0 par shares of beneficial interest
Arbor National Holdings, Inc.
$.01 par com m on
Atlanfed Bancorp, Inc. (Maryland)
$ 1 .0 0 par com mon
Balchem Corporation
$ .0 6 % par com mon
BB & T F in an cial Corporation
$ 2 .5 0 par com m on
B irtcher M edical System s, Inc.
No par com m on
Canstar Sports Inc.
No par com mon
Cardiovascular Imaging System s, Inc.
No par com m on
Club Car, Inc.
$.01 par com m on

Colonial Bancgroup, Inc., The
(Alabama)
Class A, $ 2 .5 0 par common
Colonial Group, Inc., The Class A, $.10
par com mon
Commerce Group, Inc., The
$.50 par com mon
Concord Holding Corporation
$.01 par com m on
Convertech International, Inc.
$.01 par com mon
Convergent Solutions, Inc.
$.01 par com mon
Crop G enetics International Corp.
$.10 par com m on,
$.95 convertible exchangeable
preferred
Cytorad Incorporated
» Units (expire 0 1 -3 1 -9 7 )
Dibrell Brothers, Inc.
$1 .0 0 par common
D ollar General Corporation
$.50 par com mon
Drew Industries Incorporated
$.01 par com m on
Energynorth, Inc.
$1.00 par common
Equicredit Corporation
$.01 par com mon
F idelity New York F.S.B .
$.01 par com mon
First Colonial Bankshares (Illinois)
Class A, $ 1 .2 5 par com m on,
No par Despoitary Shares
First N ational Bank Corp. (Michigan)
$3,125 par common
Firstock Bancorp, Inc. (Illinois)
$.01 par com m on
Furon Company
No par com mon
General Computer Corporation
$.10 par com m on
Great Bay Bankshares, Inc. (New
Hampshire)
$.10 par com m on
Great Lakes Bancorp, a Federal Savings
- Bank
$.01 par com m on
Gw innett Bancshares, Inc. (Georgia)
$ 1 .0 0 par com mon
Hamilton Bancorp, Inc. (New York)
$.01 par com m on
Healthy Planet Products Inc.
$.01 par com m on
Huntco Inc.
Class A, $.01 par common
Isom edix Inc.
$.01 par com m on
Kankakee Bancorp, Inc. (Illinois)
$.01 par com m on
LF Bancorp, Inc. (M ississippi)
$.01 par com m on
Magma Pow er Company
$.1 0 par com m on
M ayflower Group, Inc.
No par com m on
Megahertz Corporation
$ .0 0 4 par com m on
M itek Surgical Products, Inc.

Federal Register 7 Vol. 60, No. 78 / Monday, April 24, 1995 / Rules and Regulations
$.01 par com m on
Morgan Group, Inc., The
Class A, $.015 par com m on
Namic U .S.A . Corporation
$.01 par com m on
NBSC Corporation
$2.50 par com mon
Network System s Corporation
$.02 par com m on
New England Business Service, Inc.
$ 1.00 par com m on
Plaza Home Mortgage Corporation
$.01 par com m on
PMC Com m ercial Trust
Shares of b eneficial interest
Polym edica Industries, Inc.
$.01 par com m on
Powersoft Corporation
$ .00167 par com m on
Public Service Company of North
Carolina
$ 1.00 par com mon
Pyramid Technology Corporation
$.01 par com m on
QVC Inc.
$.01 par com m on
Radiation Care, Inc.
$.01 par com m on
Scim ed Life System s, Inc.
$.05 par com m on
Sonoco Products Company
No par com m on
Series A, cum ulative convertible
preferred
Southern Starr Broadcasting Group, Inc.
$.01 par com m on
State Street Boston Corporation
$ 1.00 par com m on
Tidemark Bancorp Inc. (Virginia)
$.01 par com m on
Tom kins PLC
Am erican Depositary Receipts
U.S. Can Corporation
$.01 par com m on
United States Paging Corporation
$.01 par com m on
University Bank & Trust Company
(California)
$2.50 par com m on
Vestar, Inc.
$.01 par com m on
W ebco Industries, Inc.
$.01 par com m on
W elbilt Corporation
$.01 par com m on
W est Coast Bancorp (California)
No par com m on
W isconsin Pharm acal Co., Inc.
$.01 par com m on

Additions to the List of Marginable OTC
Stocks
Access Healthnet, Inc.
$.001 par com mon
A ct Manufacturing, Inc.
$.01 par common
ADCO Technologies, Inc.
$.01 par com m on
Aegis Consum er Funding Group, The

$.01 par com m on
Am erican Bancorp o f Nevada
$.05 par com m on
Am es Department Stores, Inc.
$.01 par com mon
W arrants (expire 0 1 -3 1 -9 9 )
Ampace Corporation
$.0001 par com mon
Analytical Surveys, Inc.
No par com mon
ASM Lithography Holding N.V.
Ordinary Shares
A T S M edical Inc.
W arrants (expire 0 3 -0 9 - 9 7 )
Avondale Financial Corporation
$.01 par com mon
Bank W est F inancial Corporation
$.01 par com mon
BCT International Inc.
$.04 par com mon
Benihana National Corp.
Class A, $ .1 0 par com mon
Bio-Reference Laboratories, Inc.
$.001 par com mon
Bio-Technology General Corporation
W arrants (expire 1 2 -3 1 -9 8 )
Bridgeville Savings Bank, FSB
(Pennsylvania)
$.10 par com m on
Brooks Autom ation, Inc.
$.01 par com m on
Burke M ills, Inc.
No par com m on
C *A T S Software Inc.
$.001 par com m on
Cameron F inancial Corporation
$.01 par com m on
Cardinal Realty Services, Inc.
No par com m on
Carrington Laboratories, Inc.
$.01 par com m on
CBT Group PLC
Am erican Depositary Receipts
C hief Consolidated M ining Company
$.5 0 par com m on
Coastwide Energy Services, Inc.
$.01 par com m on
Coin B ill Validator, Inc.
$.01 par com m on
Commonwealth Alum inum Corporation
$.01 par com m on
Concentra Corporation
$.00001 par com m on
Continental C ircuits Corporation
$.01 par com m on
Corporate Renaissance Group, Inc.
$.01 par com m on
Creative Computers, Inc.
$.001 par com m on
Creative Technologies Corporation
$.03 par com m on
Cytogen Corporation
Rights (expire 0 1 -3 1 - 9 7 )
W arrants (expire 0 1 -3 1 - 9 7 )
Daisytek International Corporation
$.01 par com m on
Datastream System s, Inc.
$.01 par com m on
Diamond M ultim edia System s, Inc.

20007

No par com mon
Dualstar Technologies Corporation
$.01 par com m on
Class A, warrants (expire 0 2 -1 4 -2 0 0 0 )
Easco Inc.
No par com mon
Equalnet Holding Corporation
$.01 par com mon
Equus Gaming Company L.P.
Class A, units representing beneficial
ownership
Expert Software Inc.
$.01 par com mon
Finlay Enterprises, Inc.
$.01 par com mon
First Federal Bancorp, Inc. (Ohio)
No par com mon
First Keystone F inan cial Inc.
$.01 par com m on
First Southern Bancshares Inc.
No par com mon
First United Bancorporation
$1.67 par com m on
Firstar Corporation
Am erican Depositary Shares
Firstfederal Fin an cial Services Corp.
Series B, 6 V2% no par cumulative
convertible preferred
Fort Howard Corporation
$.01 par com mon
Fountain Oil Incorporated
$.10 par com m on
Garden State Bancshares, Inc. (New
Jersey)
No par com m on
General A cceptance Corporation
No par com mon
General M agic, Inc.
$.001 par com m on
Globalstar Telecom m unications, Ltd.
$ 1 .0 0 par com m on
Guaranty Federal Savings Bank
$ 1 .0 0 par com m on
Hain Food Group, In c., The
$.01 par com m on
HCIA, Inc.
$.01 par com m on
Hello Direct, INC.
$.001 par com m on
Hictory T ech Corporation
No par com m on
Home Bancorp (Indiana)
No par com m on
Independence Bancorp, Inc. (New
Jersey)
$1 ,6 6 7 par com m on
Inform ation Storage Devices, Inc.
No par com m on
Insight Enterprises, Inc.
$.01 par com m on
Integrated S ilico n Solution, Inc.
$.0001 par com m on
Interface, Inc.
W arrants (expire 0 6 -3 0 -9 5 )
International Nursing Service
12% cum ulative convertible preferred
ISB Financial Corporation
$ 1 .0 0 par com m on
Kelly O il & Gas Corporation

20008

Federal Register / Vol. 60, No. 78 / Monday, April 24, 1995 / Rules and Regulations

$.01 par com mon
$2,625 convertible exchangeable
preferred
Krug International Corp.
Warrants (expire 0 1 -2 7 -9 8 )
LSB Financial Corporation
$.01 par com m on
Medpartners, Inc.
$.001 par com mon
Monterey Bay Bancorp, Inc.
$.01 par com mon
Mountbatten, Inc.
$.001 par com mon
Mustang Software, Inc.
No par com mon
Nastech Pharm aceutical Company Inc.
$.006 par com m on
National Instrum ents Corporation
$.01 par com mon
Neopath, Inc.
$.01 par com m on
NTN Canada, Inc.
$.07 par com mon
Oak Technology, Inc.
$.001 par com mon
Open Environm ent Corporation
No par common
Ostex International Inc.
$.01 par com m on
P-C O M , Inc.
$.0001 par com mon
Pacific Basin Bulk Shipping Ltd.
$.7327 par com mon
Warrants (expire 0 9 -3 0 - 9 9 )
Palmer W ireless, Inc.
Class A, $.01 par com m on
Periphonics Corporation
$.01 par com m on
Prem isys Com m unications, Inc.
$.01 par com mon
QCF Bancorp, Inc. (M innesota)
$.01 par com mon
Remedy Corporation
$.00005 par com mon
Renaissance Solutions, Inc.
$.001 par com mon
Renters Choice Inc.
$.01 par com mon
Riviana Foods Inc.
$1.00 par com m on
SDL, Inc.
$.001 par com mon
Select Media Com m unications, Inc.
$.001 par com mon
Sem itool, Inc.
No par com mon
Sem tech Corporation
$.01 par com mon
Sirrom Capital Corporation
No par com mon
Software Artistry, Inc.
No par com mon
South Carolina Community Bancshares,
Inc.
$.01 par com mon
Springfield Institution for Savings
$1.00 par com mon
STB System s, Inc.
$.01 par com m on

Strattec Security Corporation
$.01 par com m on
Sure Shot International, Inc.
$.01 par com m on
TGV Software, Inc.
$.001 par com m on
Third Financial Corporation
$.01 par com mon
Thrustm aster, Inc.
No par com mon
Tivoli System s Inc.
$.01 par com m on
Transaction System s A rchitects Inc.
Class A, $.005 par com m on
Tylan General Inc.
$.001 par com mon
Uniholding Corporation
$.01 par com m on
Uniroyal Chem ical Corporation
$.01 par com m on
U S Office Products Company
$.001 par com m on
Vari-L Company, Inc.
$.01 par com m on
Viasoft, Inc.
$.001 par com mon
V ideo'Sentry Corporation
$.01 par com m on
Videotron Holdings, PLC
A m erican Depositary Receipts
W ebster City Federal Savings Bank
(Iowa)
$ .1 0 par com m on
W ells Financial Corporation
$ .1 0 par com m on

Deletion From the List of Foreign
Margin Stocks
H itachi Sales Corporation
¥ 50 par com m on

Additions to the List of Foreign Margin
Stocks
A llianz Holdings AG
Registered, par DM 50
B a sf AG Holding
Ordinary, par DM 50
Bayer AG
Ordinary, par DM 50
Bayerische M otoren W erke AG
Ordinary, par DM 50
B eiersdorf AG
Ordinary, par DM 50
Commerzbank AG
Bearer, par DM 50
D eutsche Bank AG
Ordinary, par DM 50
Gehe AG
Ordinary, par DM 50
H enkel KGAA-VORZUG
Preference, par DM 50
Hoechst AG
Ordinary, par DM 50
M annesm ann AG
Ordinary, par DM 50
M uenchener Rueckversicherungs
Registered, par DM 100
S.A .P. AG
Preference, par DM 50

Schering AG
Ordinary, par DM 50
Volkswagen AG
Ordinary, par DM 50
By order of the Board o f Governors of
the Federal Reserve System , acting by
its Director of the D ivision of Banking
Supervision and Regulation pursuant to
delegated authority (12 CFR
265.7(f)(10)), April 18, 1995.
W illiam W. W iles,

Secretary o f the Board.
[FR Doc. 95-10018 Filed 4 -2 1 -9 5 ; 8:45 am)
BILLING CODE 6210-01-P


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102