29154 Federal Register / Vol. 61, No. 111 / Friday, June 7, 1996 / Notices

provided as soon as reasonably

practicable following each fiscal yearend of the GMO Trust (unless the Chief

Financial Analyst shall notify

applicants in writing that such

information need no longer be

submitted).

For the Commission, by the Division of

Investment Management, under delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 96–14360 Filed 6–6–96; 8:45 am]

BILLING CODE 8010–01–M

Issuer Delisting; Notice of Application

To Withdraw From Listing and

Registration; (INCSTAR Corporation,

Common Stock, $.01 Par Value) File

No. 1-9800

June 3, 1996.

INCSTAR Corporation (‘‘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

American Stock Exchange, Inc.

(‘‘Amex’’).

The reasons alleged in the application

for withdrawing the Security from

listing and registration include the

following:

According to the Company, its Board

of Directors unanimously approved

resolutions on February 28, 1996 to

withdraw the Security from listing on

the Amex and instead, to list the

Security on the National Association of

Securities Dealers Automated

Quotations National Market System

(‘‘Nasdaq/NMS’’).

The decision of the Board followed a

thorough study of the matter and was

based upon the belief that listing the

Security on the Nasdaq/NMS will be

more beneficial to the Company’s

stockholders than the present listing on

the Amex for the following reasons:

(a) The Nasdaq/NMS system of

competing market makers should result

in increased visibility and sponsorship

for the Security of the Company than is

currently the case under the single

specialist system on the Amex;

(b) Greater liquidity and less volatility

in prices per share when trading volume

is light might be expected as a result of

listing on the Nasdaq/NMS than is

presently the case on the Amex;

(c) Listing on the Nasdaq/NMS system

might be expected to result in there

being a greater number of market makers

in the Security of the Company and

expanded capital base available for

trading in such stock; and

(d) Because it might be expected that

a larger number of firms will make a

market in the Security, it might also be

expected that there will be a greater

interest in information and research

reports respecting the Company and as

a result there may be an increase in the

number of institutional research and

advisory reports reaching the

investment community with respect to

the Company.

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 F. Katz,

Secretary.

[FR Doc. 96–14354 Filed 6–6–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37257; International Series

Release No. 989; File No. SR–CBOE–96–

33]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Chicago Board Options Exchange,

Incorporated Relating To Strike Prices

for Options on the Mexican Indice de

Precios y Cotizaciones

May 30, 1996.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’), 15 U.S.C. 78c(b)(1), notice is

hereby given that on May 30, 1996, the

Chicago Board Options Exchange,

Incorporated (‘‘CBOE’’ or ‘‘Exchange’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’ or ‘‘SEC’’)

the proposed rule change as described

in Items, I, II, and III below, which items

have been prepared by the CBOE. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The CBOE hereby gives notice that it

proposes to add Interpretation .06 to

Rule 24.9, Terms of Index Option

Contracts, concerning the use of

‘‘implied forward levels’’ instead of the

‘‘current index level’’ in determining the

strike prices to add for options on the

Indice de Precios y Cotizaciones (‘‘IPC’’

or ‘‘Index’’).

The text of the proposed rule change

is available at the Office of the

Secretary, CBOE and at the Commission.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

CBOE included statements concerning

the purpose of and basis for the

proposed rule change and discussed any

comments it received on the proposed

rule change. The text of these statements

may be examined at the places specified

in Item IV below. The CBOE has

prepared summaries, set forth in

sections (A), (B), and (C) below, of the

most significant aspects of such

statements.

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

The purpose of this rule proposal is

to permit the Exchange to list strike

prices on the IPC based upon the

‘‘implied forward level’’ instead of upon

the current index level. Currently, under

Interpretation .05 to Rule 24.9, the

Exchange may list strike prices, except

in the case of long-term options, up to

the lesser of 50 points or 15% above or

below the current index level. In the

case of long-term options (other than

reduced value long-term options), the

Exchange may list strike prices within

25% of the current index level.

Because of the high prevailing market

interest rates in Mexico (currently about

28%), CBOE believes that centering

strike prices around the current index

value is impractical. Although IPC

options are traded in terms of U.S.

dollars, they are priced using these high

Mexican rates. According to CBOE, high

interest rates imply a high cost of

holding the underlying securities

because an investor must borrow at 28%

to purchase the Mexican securities ) or

forego earning 28% on money

previously invested). Therefore, over a

given period of time, for example three

months, the expected value of the IPC

is approximately 7% (28% times 1⁄4