Federal Register / Vol. 61, No. 98 / Monday, May 20, 1996 / Notices 25251

1 15 U.S.C. § 78s(b)(1) (1988 & Supp. V. 1993).

2 17 CFR § 240.19b–4 (1994).

3 See Securities Exchange Act Release No. 36992

(March 20, 1996), 61 FR 13548.

4The components of the Index are: Apple

Computer, AST Research, Compaq Computer, Dell

Computer, Gateway 2000, Hewlett Packard,

International Business Machines, and Micron

Electronics.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 96–12536 Filed 5–17–96; 8:45 am]

BILLING CODE 8010–01–M

[File No. 1–13242]

Issuer Delisting; Notice of Application

To Withdraw From Listing and

Registration; (The UniMark Group, Inc.,

Common Stock, $0.01 Par Value)

May 14, 1996.

The UniMark Group, Inc.

(‘‘Company’’) has filed an application

with the Securities and Exchange

Commission (‘‘Commission’’), pursuant

to Section 12(d) of the Securities

Exchange Act of 1934 (‘‘Act’’) and Rule

12d2–2(d) promulgated thereunder, to

withdraw the above specified security

(‘‘Security’’) from listing and

registration on the Pacific Stock

Exchange, Inc. (‘‘PSE’’).

The reasons alleged in the application

for withdrawing the Security from

listing and registration include the

following:

According to the Company, since its

initial public offering in August 1994,

the Company has changed its primary

trading market from the Nasdaq SmallCap Market to the Nasdaq National

Market System (Nasdaq/NMS).

Consequently, substantially all of the

trading in the Company’s securities is

effectuated on the Nasdaq/NMS.

Therefore, the Board of Directors

believes that the Nasdaq/NMS provides

the Company’s stockholders with a

well-established and liquid trading

market to effectuate transactions in the

Company’s securities.

The Company believes the costs

involved in maintaining the PSE as a

secondary trading market for its

securities outweighs the benefits to the

Company’s stockholders, particularly in

light of the historic trading volume of

the Company’s securities on the PSE.

Any interested person may, on or

before June 5, 1996 submit by letter to

the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,

NW., Washington, DC 20549, facts

bearing upon whether the application

has been made in accordance with the

rules of the exchanges and what terms,

if any, should be imposed by the

Commission for the protection of

investors. The Commission, based on

the information submitted to it, will

issue an order granting the application

after the date mentioned above, unless

the Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 96–12537 Filed 5–17–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37198; File No. SR–CROE–

96–11]

Self-Regulatory Organizations;

Chicago Board Options Exchange,

Inc.; Order Approving Proposed Rule

Change Relating to the Listing and

Trading of Options on the CBOE PC

Index

May 10, 1996.

On March 7, 1996, the Chicago Board

Options Exchange, Inc. (‘‘CBOE’’ or

‘‘Exchange’’) submitted to the Securities

and Exchange Commission (‘‘SEC’’ or

‘‘Commisssion’’), pursuant to Section

19(b) of the Securities Exchange Act of

1934 (‘‘Act’’),1 and Rule 19b-4

thereunder,2 a proposed rule change to

list and trade options on the CBOE PC

Index (‘‘CBOE PC Index’’ or ‘‘Index’’), a

narrow-based, equal-weighted index

comprised of eight of the largest

personal computer manufacturing

companies. Notice of the proposed rule

change appeared in the Federal Register

on March 27, 1996.3 No comments were

received on the proposal. This order

approves the proposal, as amended.

I. Description of the Proposal

The purpose of the proposed rule

change is to permit the Exchange to list

and trade cash-settled, European-style

stock index options on the CBOE PC

Index, an equal-weighted index

consisting of stocks of eight of the

largest personal computer

manufacturing companies. CBOE

represents that each of these stocks are

actively traded and believes that options

on the Index will provide investors with

a low-cost means to participate in the

performance of the domestic PC

industry or a means to hedge the risk of

investments in that industry. The

Exchange believes that the small

number of Index components should

facilitate replication of the Index for

hedging purposes.

Index Design. As noted above, the

CBOE PC Index consists of eight

components, all of which trade on the

New York Stock Exchange (‘‘NYSE’’) or

Nasdaq.4 In addition, the Exchange

represents that all eight underlying

component securities currently meet the

Exchange’s listing criteria for equity

options contained in Exchange Rule 5.3

and are the subject of options trading on

U.S. options exchanges.

As of February 6, 1996, the

capitalization of the components ranged

from a low of $363 million (AST

Research) to a high of $65.26 billion

(IBM). The total capitalization of the

Index as of that date was $135.5 billion;

the mean capitalization was $16.9

billion; and the median capitalization

was $3.34 billion. Because the Index is

equal-weighted, each component

accounts for 12.5% of the weight of the

Index at the time of rebalancing.

Calculation. The Index will be

calculated by CBOE or its designee on

a real-time basis using last-sale prices

and will be disseminated every 15

seconds. The updated Index values will

be displayed by the Consolidated Tape

Association and over the facilities of the

Options Price Reporting Authority

(‘‘OPRA’’). If a component is not

currently being traded on its primary

market, the most recent price at which

the share traded on such market will be

used in the Index calculation. The value

of the Index at the close on February 1,

1996 was 127.65.

The Index is equal-weighted and

reflects changes in the prices of the

component stocks relative to the Index

base date, January 3, 1995 when the

Index was set to 100.00. Specifically,

each of the component securities is

initially represented in equal-dollar

amounts, with the level of the Index

equal to the combined market value of

the assigned number of shares for each

of the Index components divided by the

current Index divisor. The Index divisor

is adjusted to maintain continuity in the

Index at the time of certain types of

changes. Changes which may result in

divisor changes include, but are not

limited to, quarterly re-balancing,

special dividends, spin-offs, certain

rights issuances, and mergers and

acquisitions.

Maintenance. The Index will be

maintained by CBOE and will be rebalanced after the close of business on

Expiration Fridays on the March

Quarterly Cycle. The Index will be

reviewed regularly and CBOE may

change the composition of the Index at

any time to reflect changes affecting the

components of the Index or the PC

markets generally. If it becomes

necessary to replace a component, every

effort will be made to add a component