25250 Federal Register / Vol. 61, No. 98 / Monday, May 20, 1996 / Notices

subcustodian to continue to use the

arrangements currently in place under

the Prior Orders after the Merger, and to

permit new U.S. Investment Company

customers for which New Chase may

serve in such capacities to have access

to such arrangements. Applicants

contend that requiring current U.S.

Investment Company customers of

Chase to bear the substantial expense

and effort of implementing alternative

arrangements merely because of the

Merger would be contrary to the best

interests of investors and public policy.

Absent an amendment, New Chase

would be unable to offer these services

in Malaysia, Mexico, and Russia to such

U.S. Investment Companies under the

Prior Orders.

6. Applicants believe that the assets to

which the Prior Orders relate will be as

effectively protected by New Chase as

they have been by Chase. Following the

Merger, New Chase will be required to

assume liability under the ChaseMalaysia, Chase-Mexico, and ChaseRussia orders, to the same extent that

Chase is required to do so under these

orders. Applicants state that this

application does not seek to change in

any manner the terms and protections

applicable to U.S. Investment Company

assets held in custody by the Foreign

Subsidiaries.

7. Applicants state that the purpose of

section 17(f) is to ensure that U.S.

Investment Companies hold securities

in a safe manner that protects the

interests of their shareholders. The

purpose of rule 17f–5 is to relieve U.S.

Investment Companies of the expense

and inconvenience of transferring assets

to the custody of a U.S. bank or other

qualified custodian outside the

jurisdiction in which the primary

trading market for those assets is located

and to reduce the risks inherent in

maintaining assets outside the United

States. Applicants state that the

requested amendment would permit

New Chase to continue offering custody

services in Malaysia, Mexico, and

Russia under the same terms and

conditions as set forth in the Prior

Orders and is, therefore, consistent with

these purposes.

8. Applicants state that in granting the

Prior Orders, the SEC determined that

the arrangements which those orders

permit satisfy the standards of section

6(c). Applicants believe that the

substitution of New Chase for Chase as

the party to which the terms and

conditions of those orders apply in no

way detracts from the continuing

validity of the SEC’s determinations.

Therefore, applicants believe the

requested order satisfies these

standards.

Condition

Applicants agree that the order

granting the requested relief shall be

subject to the condition that, following

the merger of Chase and Chemical, New

Chase will comply with all of the terms

and conditions set forth in the existing

orders as if such orders had been

granted to New Chase.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–12595 Filed 5–17–96; 8:45 am]

BILLING CODE 8010–01–M

[File No. 1–7316]

Issuer Delisting; Notice of Application

To Withdraw From Listing and

Registration; (Commonwealth Energy

System, Common Shares of Beneficial

Interest, $4 Par Value)

May 14, 1996.

Commonwealth Energy System

(‘‘Company’’ or ‘‘System’’) 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 Boston

Stock Exchange, Inc. (‘‘BSE’’).

The reasons alleged in the application

for withdrawing the security from

listing and registration include the

following:

According to the Company, the

Exchange charges the System an annual

maintenance fee of $1,000 and listing

fees for additional registered shares. The

low volume of System shares traded on

the BSE does not warrant continued

listing on this exchange. Additionally,

the System believes that its shareholders

receive no significant economic benefit

by maintaining its listing with the

exchange. The System further believes

that its continued listing on the NYSE

and the PSE is sufficient to serve the

needs of its shareholders throughout the

continental United States and its

political sub-division thereof.

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. 96–12538 Filed 5–17–96; 8:45 am]

BILLING CODE 8010–01–M

[File No. 1–10751]

Issuer Delisting; Notice of Application

To Withdraw From Listing and

Registration; (Star Multi Care Services,

Inc., Common Stock, $0.001 Par Value)

May 14, 1996.

Star Multi Care Services, 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

October 16, 1995 it has been listed on

the Nasdaq National Market (‘‘NMS’’).

In making the decision to withdraw

its Security from listing on the PSE, the

Company considered the direct and

indirect costs and expenses attendant on

maintaining the dual listing of its

Security on the PSE and the NMS. The

Company does not see any particular

advantage in the dual trading of its

Security and believes that dual listing

would fragment the market for its

Security.

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,

N.W., Washington, D.C. 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.
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