The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Federal R eserve Bank
OF DALLAS
ROBERT
D. M c T E E R , J R .
P R E S ID E N T
AND
C H IE F E X E C U T IV E
O F F IC E R
DALLAS, TEXAS 75222
June 11, 1993
Notice 93-62
TO:
The Chief Executive Officer of each
member bank and others concerned in
the Eleventh Federal Reserve District
SUBJECT
Revisions to Procedures Related to
Approval Requirements for Proposed Activities
DETAILS
The Federal Reserve Board has announced procedural changes to reduce
the prior approval requirements for bank holding companies proposing to engage
in certain futures commission merchant (FCM) activities. The Board has
delegated additional authority to the Federal Reserve Banks to approve
proposals by bank holding companies to act as an FCM. In addition, the Board
has modified and, in certain cases, eliminated the prior approval requirements
for bank holding companies that seek to act as an FCM for additional financial
instruments or to act as an FCM on additional commodities exchanges, where the
bank holding company already has approval to engage generally in FCM activi
ties. The changes are effective immediately.
ATTACHMENTS
The Board’s letter to the Federal Reserve Banks detailing the
changes and a current list of the financial instruments for each approved
exchange are attached.
MORE INFORMATION
For more information, please contact Michael Johnson at (214)
922-6081. For additional copies of this Bank’s notice, please contact the
Public Affairs Department at (214) 922-5254.
Sincerely yours,
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)
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. a 20551
g jj
^ —21 (FIS)
DIVISION O F BANKING
SUPERVISION AND REGULATION
May 2 1 , 1993
TO THE OFFICER IN CHARGE OF SUPERVISION
AT EACH FEDERAL RESERVE BANK
SUBJECT:
Prior approval requirements for bank holding companies
proposing to engage in futures commission merchant
activities
The Board has taken two steps to reduce the prior
approval requirements for bank holding companies proposing to
engage in certain futures commission merchant ("FCM") activities.
First, the Board has delegated authority to Reserve Banks to
approve proposals by bank holding companies to act as an FCM in
executing and clearing any futures contract on a financial
commodity or stock or bond index that has been approved
previously by the Board, on any exchange approved by the Board.
The Board also has delegated authority to Reserve Banks to
approve proposals by bank holding companies to act as an FCM or
Commodity Trading Advisor in providing investment advisory
services with respect to previously approved financial
instruments.
In addition, the Board has modified and, in certain
cases eliminated, the prior approval requirement for bank holding
companies that seek to act as an FCM for additional financial
instruments or to act as an FCM on additional exchanges, where
the bank holding company already has Federal Reserve System
approval to engage generally in FCM activities.
Under the new procedures, any bank holding company that
has previously received approval to act as an FCM under either
Board Order or sections 225.25(b)(18) and (b)(19) of Regulation Y
may act as an FCM:
•
For any additional financial instrument (beyond those
instruments specifically approved for that bank holding
company) without further approval or application,
provided the instrument has been reviewed and approved
previously for any other bank holding company, either
under Regulation Y or Regulation K (by the Board or
-
2
-
under these revised procedures). In this regard, FCMs
that are not members of exchanges on which approved
financial instruments are traded may execute and clear
such instruments through the use of omnibus trading
accounts with FCMs that are members of such exchanges.
A current list of the approved financial instruments
for each approved exchange is attached.
•
For any new instrument that has not previously been
reviewed and approved, if the bank holding company
provides 20 days prior written notice to the appropri
ate Reserve Bank. This notice should be in the form of
a brief letter; no public notice is required. A copy
of all such notices should be forwarded by the Reserve
Banks to the BS&R Clearing Unit. During the 20-day
period, the Reserve Bank and Board staffs will review
the instrument to assure that the instrument is based
on a financial commodity (or is broadly based in the
case of stock and bond indexes), widely traded, and
comparable to contracts previously approved by the
Federal Reserve System.
If the instrument does not
clearly meet these criteria, the bank holding company
will be informed that it must file an application under
section 4(c)(8) of the Bank Holding Company Act in
order to permit the Board to evaluate the new
instrument.
•
On an exchange for which the company has not received
prior approval but for which any other bank holding
company has received prior approval, if the bank
holding company provides 20 days prior written notice
to the appropriate Reserve Bank. This notice should be
in the form of a brief letter; no public notice is
required. A copy of all such notices should be
forwarded by the Reserve Banks to the BS&R Clearing
Unit. During the 20-day period, the Reserve Bank and
Board staffs will determine whether the bank holding
company's activities on the proposed exchange would
impose significant additional financial liabilities or
other risks. The bank holding company will be informed
that an application is required under section 4(c)(8)
of the Bank Holding Company Act if financial or other
considerations warrant further consideration of the
proposal.
Bank holding companies must continue to file
applications with the Board under section 4(c)(8) of the Bank
Holding Company Act for approval of the following types of FCM
activities:
-
3
-
•
Proposals to
conduct FCM activities on exchanges whose
rules of practice have not previously been reviewed and
approved by the Board under the Board's Regulation Y or
Regulation K.
•
Proposals to
engage in FCM activities with respect to
futures and options on futures contracts on nonfinancial commodities, such as agricultural or energy
commodities.
•
Proposals to obtain authority to engage, either de novo
or through an acquisition, in FCM clearing-only
activities, including clearing pursuant to so-called
"give-up agreements".
Please distribute this letter to all personnel involved
in the processing of applications.
Questions regarding these new
procedures may be directed to the following individuals:
Molly Wassom (ext. 2305) or Melissa Clark (ext. 2277) in BS&R, or
Scott Alvarez (ext. 3583), Tom Corsi (ext. 3275), or Brian Lam
(ext. 2067) in the Legal Division.
As indicated above, attached is a current list of the
approved financial instruments for each approved exchange. This
list will be updated by the Legal Division as new instruments and
exchanges are approved.
Please contact the Legal Division for
copies of the updated list.
Don E. Kline
Associate Director
Attachment
APPROVED EXCHANGES AND CONTRACTS
(see Key on pages 8 and 9 for guide to footnotes)
Major Commodities Exchanges:
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/B
E/C/A
E/C/A
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
§§ 225.25(b)(18)
§§ 225.25(b)(18)
§§ 225.25(b)(18)
§§ 225.25(b)(18)
§§ 225.25(b)(18)
§§ 225.25(b)(18)
§§ 225.25(b)(18)
'§§ 225.25(b)(18)
§§ 225.25(b)(18)
§§ 225.25(b)(18)
SecPac
SecPac
Fidelcor
Citicorp I
Citicorp I
E/C/A
Bullion futures
Options on bullion futures
Foreign exchange futures
Options on foreign exchange futures
Government securities futures
Options on government securities futures
Certificates of deposit futures
Options on certificates of deposit futures
Money market instruments futures
Options on money market instruments futures
U.S. government securities options
U.S. and foreign money market instruments options
Foreign exchange options on SEC-regulated exchanges
Foreign exchange options on CFTC-regulated exchanges
Bullion options on CFTC-regulated exchanges
Y
Manny Hanny II
and
and
and
and
and
and
and
and
and
and
(19)?
(19)
(19)?
(19)
(19)?
(19)
(19)
(19)
(19)?
(19)
American Stock Exchange:
Major Market Index options
-
E.g.. gold and silver.
-
E.g.. foreign currency and Eurocurrencies.
The preamble to the final rule refers to U.S. government securities. See 49 Federal Register 794, 817 (Jan. 5, 1984).
H
In BankAmerica 1. the Board indicated that money market instruments included domestic and Eurodollar certificates of deposits, and Eurodollar and
sterling deposit interest rate futures. See 69 Federal Reserve Bulletin 216, 217 (1983).
E = E xecute,
C * G e a r,
S P *» S pecialist,
A * A d v is e ,
M M * M ark et M ak e r,
B « B roker,
Y = R eg u latio n Y ,
K = R eg u latio n K
R ev ised as o f M ay 2 1 ,1 9 9 3
Chicago Board Options Exchange:
Standard &
Standard &
Long-Term
Short-Term
Short-Term
Long-Term
Poor’s 100 Stock Index options
Poor’s 500 Stock Index options
Interest Rate options
Interest Rate options
U.S. Treasury Index options
U.S. Treasury Index options
Chicago Board of Trade:
Options on U.S. government securities futures
The Bond Buyer Municipal Bond Index futures
Options on The Bond Buyer Municipal Bond Index futures
The Major Market Index futures
NASD Financial Index futures
Major Market Index Maxi Stock Index futures
Major Market Index Mini Stock Index futures
GNMA Cash Settled futures
The Bond Buyer Long-Term Municipal Bond Index futures
Options on The Bond Buyer Long-Term Municipal Bond Index futures
30-Day Interest Rate futures
10-Year Japanese Government Bond futures
Options on 10-Year Japanese Government Bond futures
5-Year Interest Rate Swap futures
Options on 5-Year Interest Rate Swap futures
3-Year Interest Rate Swap futures
Options on 3-Year Interest Rate Swap futures
Chicago Mercantile Exchange:
Standard & Poor’s 100 Stock Price Index futures
Standard & Poor’s 500 Stock Price Index futures
Options on Standard & Poor’s 500 Stock Price Index futures
Standard & Poor’s OTC 250 Stock Index futures
E = E xecute,
SP
-
C * G e a r,
S p ecia list,
A « A dv ise,
M M = M ark et M aker,
B ■ B roker,
Y = R egulation Y ,
K = R eg u latio n K
E/C/A
E/C/A
E/C/A
E/C/A
E/C
E/C
Y
Y
Y
Y
Y
Y
E/C, A
E/C, A
E/C, A
E/C, A
E/C, A
E/C, A
E/C, A
E/C, A
E/C/A
E/C/A
E/C, A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
J.P. Morgan I, SecPac
Bankers Trust I, Citicorp II
Northern Trust I, LTCB I
J.P. Morgan II, LTCB I
Chase, LTCB II
Saban, LTCB II
Saban, LTCB II
Saban, LTCB II
LTCB
I
Sanwa
Swiss Bank II, Sakura
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
E/C,
E/C,
E/C,
E/C,
Y
Y
Y
Y
J.P. Morgan II, LTCB I
J.P. Morgan II, LTCB I
J.P. Morgan II, LTCB I
Chase, LTCB II
A
A
A
A
Manny Hanny
Manny Hanny
Manny Hanny
Manny Hanny
Swiss Bank II
Swiss Bank II
II
II
II
II
R ev ised as o f M ay 2 1 ,1 9 9 3
Eurodollar futures
Options on Eurodollar futures
30-Day LIBOR futures
Options on 30-Day LIBOR futures
Nikkei 225 Stock Average futures
Options on Nikkei 225 Stock Average futures
Tokyo Stock Price Index (TOPIX) futures
Options on Tokyo Stock Price Index (TOPIX) futures
Commodity Exchange. Inc.:
Options on bullion futures.
Deutsche Terminborse GmbH:
Deutsche Aktienindex 30 Stock Index (DAX) futures
German Government Bond Index futures
Financial Futures Exchange:
U.S. Dollar Index futures
Options on U.S. Dollar Index futures
Financiele Termiinmarkt Amsterdam NY:
Dutch Government Bond Index futures
Hong Kong Futures Exchange Limited:
Hang Seng Stock Index futures
Kansas City Board of Trade:
Value Line Index futures
Mini Value Line futures
E = E xecute,
C * C lear,
S P = S pecialist,
A = A dv ise,
M M « M ark et M aker,
B = B roker,
Y = R eg u latio n Y ,
K = R eg u latio n K
E/C, A
E/C, A
E/C, A
E/C, A
E/C/A
E/C/A
E/C/A
E/C/A
Y
Y
Y
Y
Y
Y
Y
Y
Swiss Bank
Swiss Bank
Swiss Bank
Swiss Bank
NatWest
NatWest
Sakura
Sakura
E/C
Y
J.P. Morgan I
E/C, A
E/C, A
K, Y
K, Y
J.P. Morgan IV, Northern Trust II
J.P. Morgan IV, Northern Trust II
E/C/A
E/C/A
Y
Y
LTCB III
LTCB III
E/C/A
Y
Y
Hongkong
E/C, A
E/C, A
Y
Y
Sakura
Sakura
Sakura
Sakura
Hongkong
E/C/A
II,
II,
II,
II,
Manny Hanny I, LTCB II
Saban, LTCB II
R evised u o f M »y 2 1 .1 9 9 3
London International Financial Futures Exchange:
The Financial Times-Stock Exchange 100 Equity Index futures
Options on The Financial Times-Stock Exchange 100 Equity Index futures
U.K. Government Bond futures
Sterling Deposit Interest Rate futures
Eurodollar Deposit Interest Rate futures
Eurodollar futures
Options on Eurodollar futures
ECU CD Interest Rate futures
ECU Bond futures
Eurotrak 100 Stock Index futures
3-Month Euro Swiss Franc CD futures
Options on 3-Month Euro Swiss Franc CD futures
3-Month Euro Sterling CD futures
Options on 3-Month Euro Sterling CD futures
3-Month Euro Deutsche Mark CD futures
Options on 3-Month Euro Deutsche Mark CD futures
10-Year Japanese Government Bond futures
Options on 10-Year Japanese Government Bond futures
10-Year German Government Bond futures
Options on 10-Year German Government Bond futures
Long U.K. Government Bond futures
Options on Long U.K. Government Bond futures
London Platinum and Palladium Market:
Platinum futures
Marche a Terme d ’Instruments Financiers:
French Government Bond Index futures
French Franc PIBOR CD futures
ECU Bond futures
French Stock Index (CAC-40) futures
E = E xecute,
C » C lear,
S P = S pecialist,
A * A dv ise,
M M * M arket M aker,
B « B roker,
Y = R eg u latio n Y ,
K *= R eg u latio n K
E/C, A
E/C/A
E/C/A
E/C/A
E/C/A
E/C
E/C, A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
Y
Y
K, Y
K, Y
Y, Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
J.P. Morgan II, LTCB H
Hongkong
Citibank, Hongkong
Citibank, Hongkong
Citibank, Hongkong
Swiss Bank II
Swiss Bank II, Northern Trust II
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
E/C
K
J.P. Morgan III
E/C/A
E/C/A
E/C/A
E/C/A
Y
Y
Y
Y
Hongkong
LTCB III
LTCB III
LTCB III
R ev ised as o f M a y 21, 1993
3-Month Euro Deutsche Mark CD futures
Options on 3-Month Euro Deutsche Mark CD futures
10-Year French Government Bond futures
Options on 10-Year French Government Bond futures
Mercado de Futures Financieros. S.A. (Barcelona):
3-Year Notional Spanish Government Bond futures
Options on 3-Year Notional Spanish Government Bond futures
5-Year Notional Spanish Government Bond futures
Options on 5-Year Notional Spanish Government Bond futures
90-Day Interbank Deposit futures
Options on 90-Day Interbank Deposit futures
Mercato Italiano Futures (Milano):
10-Year Notional Italian Government Bond futures
Options on 10-Year Notional Italian Government Bond futures
Montreal Stock Exchange:
10-Year Canadian Government Bond futures
New York Commodities Exchange:
2-Year U.S. Treasury Note futures
5-Year U.S. Treasury Note futures
Options on 5-Year U.S. Treasury Note futures
E = E xecute,
C = C lear,
S P - S p ecia list,
A = A dv ise,
N1M = M ark et M aker,
B = B roker,
Y = R eg u latio n Y,
K = R egulation K
E/C/A
E/C/A
E/C/A
E/C/A
Y
Y
Y
Y
LTCB
LTCB
LTCB
LTCB
III
III
III
III
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
K
K
K
K
K
K
J.P.
J.P.
J.P.
J.P.
J.P.
J.P.
E/C
E/C
K
K
J.P. Morgan VII
J.P. Morgan VII
E/C/A
Y
LTCB III
E/C
E/C
E/C
Y
Y
Y
Swiss Bank II
Swiss Bank II
Swiss Bank II
Morgan VI
Morgan VI
Morgan VI
Morgan VI
Morgan VI
Morgan VI
New York Futures Exchange:
NYSE Composite Index futures
Options on NYSE Composite Index futures
Commodity Research Bureau Index futures
Options on Commodity Research Bureau Index futures
New Zealand Futures and Option Exchange Limited:
U.S. Dollar futures
5-Year New Zealand Government Stock futures
5-Year New Zealand Government Stock options
90-Day Bank Accepted Bills futures
New Zealand Dollar futures
New Zealand Dollar options
5-Year New Zealand Government Bond futures
Options on 5-Year New Zealand Government Bond futures
10-Year New Zealand Government Bond futures
Options on 10-Year New Zealand Government Bond futures
3-Month New Zealand Government Bill futures
Options on 3-Month New Zealand Government Bill futures
Barclay’s Stock Index futures
Options on Barclay’s Stock Index futures
Osaka Securities Exchange:
Nikkei 225 Stock Average futures
Options on Nikkei 225 Stock Average futures
Osaka 50 Stock Index futures
Philadelphia Board of Trade:
National OTC Index futures
E = E xecute,
C = G e a r,
S P = S pecialist,
A - A d v ise,
M M = M ark et M aker,
B = B roker,
Y = R egulation Y,
K = R eg u latio n K
E/C, A
E/C, A
E/C/A
E/C/A
Y
Y
Y
Y
Bankers Trust II, LTCB II
Bankers Trust II, LTCB II
LTCB III
LTCB III
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Bankers Trust
Bankers Trust
Bankers Trust
Bankers Trust
Bankers Trust
Bankers Trust
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
E/C/A
E/C/A
E/C/A
K
K
Y
J.P. Morgan V
J.P. Morgan V
LTCB III
E/C, A
Y
III
III
III
III
III
III
Chase, LTCB II
R evised
as
o f M i y 21, 1993
Philadelphia Stock Exchange:
Deutsche Mark options
Swiss Franc options
Australian Dollar options
British Pound options
Canadian Dollar options
Deutsche Mark options
European Currency Unit (ECU) options
French Franc options
Japanese Yen options
Singapore International Monetary Exchange:
Nikkei 225 Stock Average futures
3-Month Euro Yen CD futures
Sydney Futures Exchange:
Australian Government Bond futures
All Ordinaries Share Index futures
Options on All Ordinaries Share Index futures
Options on 10-Year Australian Government Bond futures
Options on 3-Year Australian Government Bond futures
3-Month Australian Government Bill futures
Options on 3-Month Australian Government Bill futures
Tokyo International Financial Futures Exchange:
Euro Yen futures
Eurodollar futures
Yen Dollar futures
E * E xe cu te,
C = G e a r,
S P = S p ecia list,
A * A dv ise,
M M = M ark et M aker,
B * B roker,
Y * R eg u latio n Y ,
K * R eg u latio n K
SP/MM
E/C/A, MM
E/C/A, MM
E/C/A, MM
E/C/A, MM
E/C/A, MM
MM
E/C/A, MM
E/C/A, MM
Y
Y
Y
Y
Y
Y
Y
Y
Y
SoGen I
Manny Hanny
Manny Hanny
Manny Hanny
Manny Hanny
Manny Hanny
Sogen II
Manny Hanny
Manny Hanny
E/C, A
E/C/A
Y
Y
BankAmerica II, LTCB II
LTCB III
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
E/C/A
Y
Y
Y
Y
Y
Y
Y
Hongkong
Hongkong
LTCB III
LTCB III
LTCB III
LTCB III
LTCB III
E/C/A
E/C/A
E/C/A
Y
Y
Y
II,
II,
II,
II,
II,
Swiss
Swiss
Swiss
Swiss
Swiss
Bank I
Bank I
Bank I
Bank I
Bank I
II, Swiss Bank I
II, Swiss Bank I
Citicorp III
Citicorp III
Citicorp III
R evised u o f M t y 2 1 ,1 9 9 3
Tokyo Stock Exchange:
Tokyo Stock Price Index (TOPIX) futures
Japanese Government Bond futures
Options on 10-Year Japanese Government Bond futures
E/C/A
E/C/A
E/C/A
Y
Y
Y
Hongkong
Hongkong
LTCB III
KEY TO BOARD DECISIONS
BankAmerica I
BankAmerica II
Bankers Trust I
Bankers Trust II
Bankers Trust III
Chase
Citibank
Citicorp I
Citicorp II
Citicorp III
Fidelcor
Hongkong
J.P. Morgan I
J.P. Morgan II
J.P. Morgan III
J.P. Morgan IV
J.P. Morgan V
J.P. Morgan VI
J.P. Morgan VII
LTCB I
LTCB II
LTCB III
Manny Hanny I
Manny Hanny II
E = E xe cu te,
C * C le w ,
S P = S p ecia list,
A * A d v ise,
M M * M arket M aker,
BankAmerica Corporation. 69 Federal Reserve Bulletin 216 (1983)
BankAmerica Corporation. 75 Federal Reserve Bulletin 78 (1989)
Bankers Trust New York Corporation 71 Federal ReserveBulletin 111 (1985)
Bankers Trust New York Corporation 71 Federal ReserveBulletin 801 (1985)
Bankers Trust New York Corporation 77 Federal ReserveBulletin 182 (1991)
The Chase Manhattan Corporation. 72 Federal Reserve Bulletin 203 (1986)
Citibank Overseas Investment Corporation. 68 Federal Reserve Bulletin 671 (1982)
Citicorp. 70 Federal Reserve Bulletin 591 (1984)
Citicorp. 71 Federal Reserve Bulletin 803 (1985)
Citicorp. 76 Federal Reserve Bulletin 664 (1990)
Fidelcor. Inc.. 70 Federal Reserve Bulletin 368 (1984)
The Hongkong and Shanghai Banking Corporation. 76 Federal Reserve Bulletin 770 (1990)
J.P. Morgan & Co. Incorporated. 69
Federal Reserve Bulletin 733
(1983)
J.P. Morgan & Co. Incorporated. 71Federal Reserve Bulletin 251
(1985)
J.P. Morgan & Co. Incorporated. 76
Federal Reserve Bulletin 552
(1990)
Morgan Guaranty International Finance Corporation. 76 Federal Reserve Bulletin 881 (1990)
Morgan Guaranty International Finance Corporation. 77 Federal Reserve Bulletin 499 (1991)
Morgan Guaranty Trust Company of New York. Unpublished Letter Order Dated December 4. 1991.
J.P. Morgan & Co. Incorporated. 79 Federal Reserve Bulletin 66 (1993)
The Long-Term Credit Bank of Japan. Limited. 74 Federal Reserve Bulletin 573 (1988)
The Long-Term Credit Bank of Japan. Limited. 76 Federal Reserve Bulletin 554 (1990)
The Long-Term Credit Bank of Japan. Limited. 79 Federal Reserve Bulletin 347 (1993)
Manufacturers Hanover Corporation. 72 Federal Reserve Bulletin 144 (1986)
Manufacturers Hanover Corporation. 76 Federal Reserve Bulletin 774 (1990)
B * B roker,
Y = R eg u latio n Y ,
K = R eg u latio n K
-
8
-
Revised as of May 21,1993
National Westminster Bank PLC, 78 Federal Reserve Bulletin 953 (1992)
Northern Trust Corporation, 74 Federal Reserve Bulletin 333 (1988).
Northern Trust Corporation, 79 Federal Reserve B ulletin___(1993).
Saban, S.A., 73 Federal Reserve Bulletin 224 (1987).
The Sakura Bank, 79 Federal Reserve B ulletin___(1993).
The Sanwa Bank, Limited. 77 Federal Reserve Bulletin 64 (1991)
Security. Pacific Corporation. 70 Federal Reserve Bulletin 238 (1984)
Societe Generale, 75 Federal Reserve Bulletin 580 (1989)
Societe Generale. 76 Federal Reserve Bulletin 776 (1990)
Swiss Bank Corporation. 77 Federal Reserve Bulletin 126 (1991)
Swiss Bank Corporation. 77 Federal Reserve Bulletin 759 (1991)
NatWest
Northern Trust I
Northern Trust II
Saban
Sakura
Sanwa
SecPac
SoGen I
SoGen II
Swiss Bank I
Swiss Bank II
E = E xecute,
C = C le w ,
S P = S pecialist,
A « A dvise,
M M = M ark et M aker,
B « B roker,
Y = R eg ulation Y ,
K = R eg u latio n K
R ev ised as o f M ay 2 1 .1 9 9 3
@FedFRASER