29148 Federal Register / Vol. 61, No. 111 / Friday, June 7, 1996 / Notices

27See Securities Exchange Act Release No. 36548

(December 1, 1995), 60 FR 63092.

28Art. III, Section 48 of the Rules of Fair Practice,

NASD Manual (CCH) § 2200H, at 2216.

29Rule 17a–23 requires registered broker-dealer

sponsors of certain automated trading systems

(‘‘broker-dealer trading systems’’) to make and keep

current certain records, and file reports with the

Commission (and in certain circumstances, with the

appropriate self-regulatory organization) regarding

the operation of the system. ITG, the crossing broker

for AZX, is subject to Rule 17a–23 with respect to

the operation of AZX.

1The Chase Manhattan Bank, N.A., Investment

Company Act Release Nos. 21673 (Jan. 16, 1996)

(notice) and 21751 (Feb. 13, 1996) (order).

protection and price improvement.27 In

general, the NAqcess rules as proposed

would apply to AZX participants who

are NASD members.

The enhanced surveillance

procedures adopted by AZX appear to

be consistent with the proposed

NAqcess rules. Because the NAqcess

rules are currently in the proposing

stage, however, it is premature to

consider the need for possible changes

to AZX’s surveillance procedures. The

Commission will address this issue

prior to the approval of any NAqcess

rules.

3. Short Sale Rule. The NASD notes

that its short sale rule would apply to

AZX participants who are NASD

members.28 AZX has taken measures to

promote compliance with the NASD

short sale rule by its members.

Specifically, orders that are entered into

AZX and that constitute short sales are

put in the Balanced Book and not the

Open Book. At the time of the auction,

if it appears that certain of these orders,

if executed, would breach the short sale

restriction, then they will not be

allowed to participate in the auction.

F. Terms and Conditions of the

Exemption

All of the original terms and

conditions of the Exemption Order

remain in effect. The Amended Order

notes, in this connection, that the

following reporting requirements of the

Order may be satisfied by compliance

with the recordkeeping and reporting

requirements contained in Rule 17a–23

under the Act: 29

• The number and identity of system

participants;

• The volume of business (expressed in

dollars, transactions, and shares) transacted

through the system;

• Instances when system participants

failed to deliver securities or make payment

(expressed in transactions, shares and

dollars); and

• A list of securities trading on the system.

The following information also must

continue to be reported pursuant to the

Exemption Order:

• The identity of applicants denied

participation and reasons for the denial;

• The number of auctions conducted; and

• The prices at which particular blocks of

securities were sold during the auctions.

VI. Conclusion

The Commission has reviewed AZX’s

amendment to its application for

exemption from registration as a

national securities exchange and has

determined that AZX continues to

qualify for the limited volume

exemption under the Act. As it found in

the Exemption Order, the Commission

finds that, by reason of the limited

volume of transactions effected on AZX,

it is not practicable and not necessary or

appropriate in the public interest or for

the protection of investors to require

AZX’s registration as a national

securities exchange, subject to the

conditions described herein.

It is therefore ordered that AZX’s

Exemption Order be amended to: (1)

Grant AZX Inc.’s amended application

for exemption from registration as a

national securities exchange; and (2)

reflect changes to the operation of the

system as set forth herein.

By the Commission.

Jonathan G. Katz,

Secretary.

[FR Doc. 96–14399 Filed 6–6–96; 8:45 am]

BILLING CODE 8010–01–M

Issuer Delisting; Notice of Application

to Withdraw From Listing and

Registration; (Bitwise Designs, Inc.,

Common Stock, $.001 Par Value) File

No. 1–13276

June 3, 1996.

Bitwise Designs, 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

Boston Stock Exchange Incorporated

(‘‘BSE’’).

The reasons alleged in the application

for withdrawing the Security from

listing and registration include the

following:

According to the Company, the

Security is presently listed on the BSE,

PSE and the Nasdaq SmallCap Market.

The Company wishes to delist its

Security from the BSE. The decision to

delist from the BSE has been occasioned

by reason of the Company’s listing on

the PSE. PSE and Nasdaq quotations are

readily available to the public from

various media sources, and there

appears to be no continuing benefit

either to the Company or its

shareholders for continued listing on

the BSE. In addition, delisting from the

BSE will save the Company redundant

listing fees. The Company’s Security

will continue to be traded on the PSE

and the Nasdaq SmallCap Market.

Any interested person may, on or

before June 24, 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.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 96–14355 Filed 6–6–96; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC—22000; International Series

Release No. 990; File No. 812–10136]

The Chase Manhattan Bank, N.A. and

Chemical Bank; Notice of Application

May 31, 1996.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for

exemption under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANTS: The Chase Manhattan Bank,

N.A. (‘‘Chase’’) and Chemical Bank

(‘‘Chemical’’).

RELEVANT ACT SECTIONS: Order requested

under section 6(c) of the Act for an

exemption from section 26(a) (2)(D) of

the Act.

SUMMARY OF APPLICATION: Applicants

request an order that would amend a

prior order (the ‘‘Prior Order’’) 1 granted

to Chase which permits Chase, as

trustee for certain unit investment trusts

(‘‘UITs’’), to deposit trust assets in the

custody of the Euroclear System

(‘‘Euroclear’’) and Cedel Bank S.A.

(‘‘Cedel’’). The requested order would

substitute the entity surviving the

anticipated merger of Chase and

Chemical as the party to which relief is

granted. Chemical will survive the

merger and change its name to ‘‘The

Chase Manhattan Bank.’’

FILING DATE: The application was filed

on May 8, 1996.