Securities Credit Transactions; List of Marginable OTC Stocks; List of Foreign Margin Stocks

FEDERAL RESERVE SYSTEM

12 CFR Parts 207, 220, 221 and 224

[Regulations G, T, U and X]

Securities Credit Transactions; List of Marginable OTC Stocks;

List of Foreign Margin Stocks

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule; determination of applicability of regulations.

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SUMMARY: The List of Marginable OTC Stocks (OTC List) is composed of

stocks traded over-the-counter (OTC) in the United States that have

been determined by the Board of Governors of the Federal Reserve System

to be subject to the margin requirements under certain Federal Reserve

regulations. The List of Foreign Margin Stocks (Foreign List) is

composed of foreign equity securities that have met the Board's

eligibility criteria under Regulation T. The OTC List and the Foreign

List are published four times a year by the Board. This document sets

forth additions to and deletions from the previous OTC List and

additions to the Foreign List. Both Lists were last published on

October 25, 1993 (58 FR 54929), and became effective on November 8,

1993.

EFFECTIVE DATE: February 14, 1994.

FOR FURTHER INFORMATION CONTACT: Peggy Wolffrum, Securities Regulation

Analyst, Division of Banking Supervision and Regulation, (202) 452-

2781, Board of Governors of the Federal Reserve System, Washington,

D.C. 20551. For the hearing impaired only, contact Dorothea Thompson,

Telecommunications Device for the Deaf (TDD) at (202) 452-3544.

SUPPLEMENTARY INFORMATION: Listed below are additions to and deletions

from the OTC List. This supersedes the last OTC List which was

effective November 8, 1993. Additions and deletions to the OTC List

were last published on October 25, 1993 (58 FR 54929). A copy of the

complete OTC List is available from the Federal Reserve Banks.

The OTC List includes those stocks that meet the criteria in

Regulations G, T and U (12 CFR parts 207, 220 and 221, respectively).

This determination also affects the applicability of Regulation X (12

CFR part 224). These stocks have the degree of national investor

interest, the depth and breadth of market, and the availability of

information respecting the stock and its issuer to warrant regulation

in the same fashion as exchange-traded securities. The OTC List also

includes any OTC stock designated under a Securities and Exchange

Commission (SEC) rule as qualified for trading in the national market

system (NMS security). Additional OTC stocks may be designated as NMS

securities in the interim between the Board's quarterly publications.

They will become automatically marginable upon the effective date of

their NMS designation. The names of these stocks are available at the

SEC and at the National Association of Securities Dealers, Inc. and

will be incorporated into the Board's next quarterly publication of the

OTC List.

Also listed below are the additions to the Board's Foreign List,

which was last published October 25, 1993 (58 FR 54929), and became

effective November 8, 1993. There are no deletions from the Foreign

List. The Foreign List includes those foreign securities that meet the

criteria in Sec. 220.17 of Regulation T and are eligible for margin

treatment at broker-dealers on the same basis as domestic margin

securities. A copy of the complete Foreign List is available from the

Federal Reserve Banks.

Public Comment and Deferred Effective Date

The requirements of 5 U.S.C. 553 with respect to notice and public

participation were not followed in connection with the issuance of this

amendment due to the objective character of the criteria for inclusion

and continued inclusion on the Lists specified in 12 CFR 207.6(a) and

(b), 220.17(a), (b), (c) and (d), and 221.7(a) and (b). No additional

useful information would be gained by public participation. The full

requirements of 5 U.S.C. 553 with respect to deferred effective date

have not been followed in connection with the issuance of this

amendment because the Board finds that it is in the public interest to

facilitate investment and credit decisions based in whole or in part

upon the composition of these Lists as soon as possible. The Board has

responded to a request by the public and allowed approximately a two-

week delay before the Lists are effective.

List of Subjects

12 CFR Part 207

Banks, Banking, Credit, Margin, Margin requirements, National

Market System (NMS Security), Reporting and recordkeeping requirements,

Securities.

12 CFR Part 220

Banks, Banking, Brokers, Credit, Margin, Margin requirements,

Investments, National Market System (NMS Security), Reporting and

recordkeeping requirements, Securities.

12 CFR Part 221

Banks, Banking, Credit, Margin, Margin requirements, National

Market System (NMS Security), Reporting and recordkeeping requirements,

Securities.

12 CFR Part 224

Banks, Banking, Borrowers, Credit, Margin, Margin requirements,

Reporting and recordkeeping requirements, Securities.

Accordingly, pursuant to the authority of sections 7 and 23 of the

Securities Exchange Act of 1934, as amended (15 U.S.C. 78g and 78w),

and in accordance with 12 CFR 207.2(k) and 207.6 (Regulation G), 12 CFR

220.2(u) and 220.17 (Regulation T), and 12 CFR 221.2(j) and 221.7

(Regulation U), there is set forth below a listing of deletions from

and additions to the OTC List and additions to the Foreign List.

Deletions from the List of Marginable OTC Stocks

Stocks Removed For Failing Continued Listing Requirements

All American Semiconductor, Inc.

Class B, warrants (expire 06-18-97)

Alliance Imaging, Inc.

$.01 par common

BKLA Bancorp (California)

No par common

California Micro Devices Corp.

Warrants (expire 04-16-97)

Candies, Inc.

Warrants (expire 01-18-94)

CBL Medical, Inc.

$.01 par common

Dynasty Classics Corporation

No par common

Energy Conversion Devices, Inc.

$.01 par common

Future Communications Inc.

$.001 par common

Industrial Funding Corp.

Class A, no par common

Invitro International

Warrants (expire 05-16-96)

Keene Corporation

$.0001 par common

Neozyme Corporation

$.01 par common

Tele-Communications, Inc.

Liquid yield options due 2008

TSL Holdings Inc.

$.01 par common

W.W. Williams Company, The

$1.00 par common

Wegener Corporation

$.01 par common

Stocks Removed For Listing On A National Securities Exchange Or

Being Involved In An Acquisition

A & W Brands, Inc.

$.01 par common

Ahold N.V.

American Depositary Receipts

Amoskeag Company

$1.00 par common

Aritech Corp.

$1.00 par common

Autotrol Corporation

$.10 par common

Boston Five Bancorp, Inc.

$.01 par common

Bytex Corporation

$.10 par common

Checkpoint Systems, Inc.

$.10 par common

Compania Boliviana De Energia Electrica S.A.

No par common

Corestates Financial Corporation

$1.00 par common

Costco Wholesale Corporation

$.0033 par common

Elmwood Bancorp, Inc. (Pennsylvania)

$1.00 par common

Engraph, Inc.

$1.00 par common

First Amarillo Bancorporation, Inc.

$1.00 par common

First AMFED Corporation

$.01 par common

First Bancorp Indiana, Inc.

No par common

Gateway FED Corporation (Ohio)

$.01 par common

Geraghty & Miller, Inc.

$.01 par common

Gerrity Oil and Gas Corporation

$.01 par common

Goody Products, Inc.

$.10 par common

Heritage Bankcorp, Inc. (Michigan)

$.01 par common

Integrated Health Services, Inc.

$.001 par common

Interfirst Bankcorp, Inc. (Michigan)

$.01 par common

Jackson Country Federal Bank, A Federal Savings Bank

Series A, preferred stock

Jefferson Bank (Pennsylvania)

$1.75 par common

Kendall International, Inc.

$.01 par common

Masco Industries, Inc.

$1.00 par common 6% convertible debentures due 2011

Meca Software, Inc.

$.01 par common

Medco Containment Services, Inc.

$.01 par common

Mid-State Federal Savings Bank (Florida)

$1.00 par common

Millicom Incorporated

$.01 par common

Morrison Incorporated

$.01 par common

National Data Corporation

$.125 par common

Ohio Bancorp

No par common

Oil-Dri Corporation of America

$.10 par common

Osmonics, Inc.

$.01 par common

Pacific Bancorporation (California)

$1.88 par common

Preferred Health Care Ltd.

$.01 par common

Railroadmen's Federal Savings & Loan Association

$.01 par capital

Salem Sportswear Corporation

$.01 par common

Secor Bank, Federal Savings Bank (Alabama)

$.01 par common

Simula, Inc.

$.01 par common

Statesman Group, Inc., The

$1.00 par common

6\1/4\% convertible subordinated debentures

Stewart Information Services Corp.

$1.00 par common

Sun Coast Plastics, Inc.

$.01 par common

Telematics International, Inc.

$.01 par common

Total Energold Corporation

No par common

Total Pharmaceutical Care, Inc.

No par common

Tristate Bancorp, The (Ohio)

$1.00 par common

United Mobile Homes, Inc.

$.10 par common

United Thermal Corporation

$.10 par common

Valley Bancorp, Inc.

$5.00 par common

Valley National Bancorp

No par common

Washington Homes, Inc.

$.01 par common

Wellington Leisure Products, Inc.

$.01 par common

Wisconsin Southern Gas Company, Inc.

$5.00 par common

Wiser Oil Company, The

$3.00 par common

Additions to the List of Marginable OTC Stocks

AAON, Inc.

$.001 par common

ABC Rail Products Corporation

$.01 par common

Active Voice Corporation

No par common

Advanced Technology Materials, Inc.

$.01 par common

AFC Cable Systems, Inc.

$.01 par common

Airport Systems International, Inc.

$.01 par common

Aladdin Knowledge Systems Ltd.

Ordinary Shares, NIS .01 par value

Alliance Semiconductor Corporation

$.01 par common

Allied Capital Lending Corporation

$.0001 par common

Allied Life Financial Corporation

No par common

Alpha Microsystems

Warrants (expire 09-01-98)

American Mobile Satellite Corporation

$.01 par common

American Recreation Company Holdings Inc.

$.01 par common

American Telecasting, Inc.

$.01 par common

Amerigon Incorporated

Class A, no par common

Ameristar Casinos Inc.

$.01 par common

Amrion Inc.

$.0011 par common

Applied Innovation Inc.

$.01 par common

Applied Microbiology, Inc.

$.005 par common

Applied Science & Technology Inc.

$.01 par common

Warrants (expire 11-10-98)

Arakis Energy Corporation

No par common

Arris Pharmaceutical Corporation

$1.00 par common

Asante Technologies, Inc.

$.001 par common

Astoria Financial Corporation

$.01 par common

Atlantic Beverage Co., Inc.

$.01 par common

Bando McGlocklin Capital Corporation

Series A, $.01 par adjustable rate cumulative preferred

Bankunited Financial Corporation (Florida)

$.01 par noncumulative perpetual preferred

Billy Blues Food Corporation

9% cumulative convertible preferred

Bioject Medical Tech Inc.

No par common

Bollinger Industries Inc.

$.01 par common

Boston Chicken

$.01 par common

Brothers Gourmet Coffees Inc.

$.0001 par common

C. Brewer Homes, Inc.

Class A, $.01 par common

Cable Design Technologies Corporation

$.01 par common

Cablemaxx Inc.

$.01 par common

Call-Net Enterprises Inc.

Class B, no par common

Capital Savings Bancorp Inc. (Michigan)

$.01 par common

Cardinal Bancshares, Inc. (Kentucky)

No par common

Careline, Inc.

$.0001 par common

Carson Pirie Scott & Co.

$.01 par common

CBT Corporation

No par common

Celex Group, Inc.

$.01 par common

Cellstar Corporation

$.01 par common

CHC Helicopter Corporation

Class A, subordinate voting shares

Children's Broadcasting Corporation

$.01 par common

Clintrials Inc.

$.01 par common

Club Car Inc.

$.01 par common

CMC Industries Inc.

$.01 par common

Coastal Banc Savings Association (Texas)

Series A, no par noncumulative preferred

Coflexip

American Depositary Receipts

Commerce Group, Inc., The

$.50 par common

Communications Central Inc.

$.01 par common

Conso Products Company

No par common

Consolidated Stainless Inc.

$.01 par common

Consumer Portfolio Services, Inc.

No par common

Credence Systems Corporation

$.001 par common

Crescent Airways Corporation

$.01 par common

Warrants (expire 01-10-98)

Crossmann Communities Inc.

No par common

D & N Financial Corporation

Warrants (expire 12-31-96)

Davel Communications Group Inc.

No par common

Deckers Outdoor Corporation

$.01 par common

Delta Petroleum Corporation

$.01 par common

Digidesign, Inc.

$.001 par common

DM Management Company

$.01 par common

Duracraft Corporation

No par common

Eateries, Inc.

$.002 par common

EB, Inc.

$2.00 par common

Elephant & Castle Group, Inc.

No par common

Ellett Brothers, Inc.

$.01 par common

Encad, Inc.

No par common

Encon Systems, Inc.

$.01 par common

Ensys Environmental Products Inc.

$.01 par common

Envirogen, Inc.

Warrants (expire 10-12-98)

Enviropur Waste Refining & Technology Inc.

$.01 par common

Class B warrants, (expire 12-31-94)

Evergreen Media Corporation

6% convertible exchangeable preferred

Fairfield Communities Inc.

$.01 par common

Farmers & Mechanics Bank (Connecticut)

$.01 par common

FFLC Bancorp, Inc. (Florida)

$.01 par common

Fidelity Bancorp Inc. (Illinois)

$.01 par common

Fidelity Federal Savings Bank of Florida

$1.00 par common

First Banking Company of Southeast Georgia

$1.00 par common

First Bankshares Inc. (Missouri)

$.01 par common

First Charter Bank, N.A. (California)

$2.56 par common

First Financial Bankshares, Inc. (Texas)

$10.00 par common

First Savings Bank of Moore County Inc., SSB

No par common

First State Bancorporation (New Mexico)

No par common

Flair Corporation

$.01 par common

Foamex International, Inc.

$.01 par common

Franklin Ophthalmic Instruments Co., Inc.

$.001 par common

Friedman's Inc.

Class A, $.01 par common

Frisco Bay Industries Ltd.

No par common

FTP Software Inc.

$.01 par common

Fulcrum Technologies, Inc.

No par common

Gaming Corporation of America

$.02 par common

Gateway 2000 Inc.

$.01 par common

Gibraltar Steel Corporation

$.01 par common

Globalink, Inc.

$.01 par common

Golden Systems Inc.

No par common

Granite Broadcasting Corporation

$.01 par cumulative convertible exchangeable preferred

Grasso Corporation

$.01 par common

Great American Communications Company

Class A, no par common

Greenwich Air Services Inc.

$.01 par common

Gryphon Holdings Inc.

$.01 par common

Hallmark Capital Corporation

$1.00 par common

Harbor Federal Savings Bank (Florida)

$1.00 par common

Harvard Industries Inc.

Class B, $.01 par common

$.01 par 14\1/4\% PIK exchangeable preferred

Harvey Comics Entertainment, Inc.

No par common

Healthwise of America, Inc.

$.25 par common

Heidemij N.V.

$.05 par common (NLG)

Hi-Rise Recycling Systems, Inc.

$.01 par common

Holophane Corp.

$.01 par common

Human Genome Sciences Inc.

$.01 par common

Ico, Inc.

Depositary shares

Illinois Superconductor Corporation

$.001 par common

Innovative Gaming Corporation

$.01 par common

Warrants (expire 05-28-96)

Insignia Financial Group, Inc.

Class A, $.01 par common

Insilco Corporation

$.001 par common

Insite Vision Inc.

$.01 par common

Integracare Inc.

$.001 par common

Integrated Process Equipment Corporation

$.01 par common

Intelligent Surgical Lasers, Inc.

Warrants A, (expire 11-17-2000)

Warrants B, (expire 11-17-2000)

Interfilm, Inc.

$.01 par common

Interlink Electronics

No par common

International Fast Food Corporation

$.01 par common

International Semi-Tech Microelectronics

Class A, sub-voting shares

Interpore International

No par common

Itron, Inc.

No par common

Iwerks Entertainment Inc.

$.001 par common

Jacor Communications Inc.

$.10 par common

Warrants (expire 01-14-2000)

Jasmine Ltd.

$.001 par common

Jetform Corporation

No par common

JPE, Inc.

No par common

Kaman Corporation

Depositary Shares

Kentucky Enterprise Bancorp, Inc.

$.01 par common

Koala Corporation

$.10 par common

Koo Koo Roo, Inc.

$.01 par common

Lakeview Savings Bank (New Jersey)

$2.00 par common

Landair Services Inc.

$.01 par common

Lodgenet Entertainment Corporation

$.01 par common

London & Overseas Freighters Limited

American Depositary Receipts

Lone Star Casino Corporation

$.001 par common

Louisville Gas and Electric Company

5% preferred stock

M.G. Products, Inc.

No par common

Mace Security International Inc.

$.01 par common

Macromedia, Inc.

$.001 par common

Main Street Community Bancorp, Inc.

$.01 par common

Martek Biosciences Corporation

$.10 par common

Masland Corporation

$.01 par common

Merchants Bancorp, Inc. (Illinois)

$1.00 par common

Mercury Interactive Corporation

$.002 par common

Mikohn Gaming Corporation

$.10 par common

Millicom International Cellular S.A.

$2.00 par common

MK Gold Company

$.01 par common

Monaco Finance, Inc.

Class A, $.01 par common

Class B, warrants (expire 12-11-95)

Monterey Pasta Company

No par common

Mountasia Entertainment International Inc.

No par common

MRI Management Associates, Inc.

$.001 par common

Mutual Federal Savings Bank of Miamisburg

$1.00 par common

N-Viro International Corporation

$.01 par common

National Dentex Corporation

$.01 par common

Navarre Corporation

No par common

NDC Automation, Inc.

$.01 par common

Network Imaging Corporation

$.0001 par common

$.0001 par preferred

Warrants (expire 05-07-97)

New World Power Corporation

$.01 par common

North Bancshares Inc. (Illinois)

$.01 par common

Ocean Optique Distributors, Inc.

No par common

Odetics, Inc.

Class A, $.10 par common

Class B, $.10 par common

Old Second Bancorp Inc. (Illinois)

No par common

Olympic Financial Ltd. (Minnesota)

8% cumulative convertible exchangeable preferred

OM Group Inc.

$.01 par common

Opinion Research Corporation

$.01 par common

Oxford Resources Corporation

Class A, $.01 par common

P.A.M. Transportation Services Inc.

$.01 par common

Pacific Crest Capital Inc.

$.01 par common

Parkervision, Inc.

$.01 par common

Partnerre Holdings Ltd.

$1.00 par common

Patterson Energy Inc.

$.01 par common

Warrants (expire 11-02-95)

Penederm Inc.

No par common

Penn-America Group, Inc.

$.01 par common

Perseptive Technologies II Corporation

Units (expire 12-31-95)

Petrocorp Incorporated

$.01 par common

Petstuff Inc.

$.01 par common

Pharmhouse Corporation

No par common

Pharmos Corporation

$.03 par common

Photonics Corporation

$.001 par common

Physicians Insurance Company of Michigan

$1.00 par common

Piemonte Foods Inc.

No par common

Pinpoint Retail Solutions, Inc.

No par common

Planar Systems, Inc.

No par common

PMC Commercial Trust

Shares of beneficial interest

Pollo Tropical, Inc.

$.01 par common

Positron Corporation

$.01 par common

Warrants (expire 12-02-98)

Premiere Page, Inc.

$.01 par common

Proxim, Inc.

$.001 par common

PSB Holdings Corporation

$.01 par common

Purus, Inc.

$.001 par common

Quaker City Bancorp, Inc. (California)

$.01 par common

Quaker Fabric Corporation

$.01 par common

Queens County Bancorp, Inc. (New York)

$.01 par common

Quickturn Design Systems, Inc.

$.001 par common

Racotek, Inc.

$.01 par common

Railtex, Inc.

$.10 par common

Republic Security Financial Corporation (Florida)

Series A, 7.5% cumulative convertible preferred

RGB Computer & Video, Inc.

No par common

Rimage Corporation

Warrants (expire 07-21-95)

Roberds Inc.

No par common

Robotic Vision Systems, Inc.

$.01 par common

Royce OTC Micro-Cap Fund, Inc.

$.001 par common

Safeskin Corporation

$.01 par common

Sangstat Medical Corporation

No par common

Schnitzer Steel Industries Inc.

Class A, $1.00 par common

Search Capital Group, Inc.

$.01 par common

Security Capital Corporation (Wisconsin)

$1.00 par common

Seda Specialty Packaging Corporation

No par common

Shaw Group Inc., The

$.01 par common

Skybox International Inc.

$.01 par common

Sonoco Products Company

Series A, cumulative convertible preferred

Soricon Corporation

$.01 par common

Southwest Bancorp, Inc. (Oklahoma)

$1.00 par common

Speciality Equipment Companies Inc.

$.01 par common

Spectral Diagnostics Inc.

No par common

Spreckels Industries, Inc.

Class A, $.01 par common

Stacey's Buffet, Inc.

Warrants (expire 11-12-98)

State Bancshares Inc. (Pennsylvania)

$1.00 par common

Stimsonite Corporation

$.01 par common

Submicron Systems Corporation

$.0001 par common

Summa Industries, Inc.

No par common

Sunbelt Companies, Inc., The

$.01 par common

Sutton Resources, Ltd.

No par common

Sylvan Learning Systems Inc.

$.01 par common

Tat Technologies Ltd.

Ordinary shares, NIS (0.15 par common)

Class A, warrants (expire 03-31-94)

Tee-Comm Electronics Inc.

No par common

Temtex Industries, Inc.

$.20 par common

TFC Enterprises, Inc.

$.01 par common

Tower Air Inc.

$.01 par common

Transnational Re Corporation

Class A, $.01 par common

Triad Guaranty Inc.

$.01 par common

Triquint Semiconductor, Inc.

No par common

U.S. Wireless Data, Inc.

Class A, $.01 par common

Ultimate Electronics Inc.

$.01 par common

Union Switch & Signal Inc.

$.01 par common

Uniphase Corporation

$.001 par common

United Video Satellite Group, Inc.

Class A, $.01 par common

Universal Forest Products Inc.

No par common

Urban Outfitters Inc.

$.0001 par common

Veritas Software Corporation

No par common

Viagene, Inc.

$.001 par common

Visx, Incorporated

$.01 par common

Wang Laboratories, Inc.

$.01 par common

Warrants (expire 07-02-2000)

Welbilt Corporation

$.01 par common

West Marine, Inc.

$.001 par common

Westerfed Financial Corporation

$.01 par common

White River Corporation

$.01 par common

Wickes Lumber Company

$.01 par common

WRT Energy Corporation

$.01 par common

9% convertible preferred

WVS Financial Corporation

$.01 par common

Zoltek Companies, Inc.

$.01 par common

Zytec Corp

No par common

Additions to the List of Foreign Margin Stocks

Cheung Kong Holdings Ltd.

HK$.50 par ordinary shares

China Light & Power Co., Ltd.

HK$5.00 par ordinary shares

Daifuku Company

Y50 par ordinary shares

Dairy Farm International Holdings Ltd.

HK$.05 par ordinary shares

Guoco Group Ltd.

HK$.50 par ordinary shares

Hang Lung Development Company

HK$1.00 par ordinary shares

Hang Seng Bank Ltd.

HK$5.00 par ordinary shares

Henderson Land Development Co., Ltd.

HK$2.00 par ordinary shares

Hong Kong Electric Holding Ltd.

HK$1.00 par ordinary shares

Hong Kong Land Holdings Ltd.

HK$.10 par ordinary shares

Hong Kong Telecommunications Ltd.

HK$.50 par ordinary shares

HSBC Holdings PLC

HK$.50 par ordinary shares

Hutchinson Whampoa Ltd.

HK$.25 par ordinary shares

Hysan Development Co., Ltd.

HK$5.00 par ordinary shares

Jardine Strategic Holdings Ltd.

HK$.05 par ordinary shares

Sun Hung Kai Properties Ltd.

HK$.50 par ordinary shares

Swire Pacific Ltd.

A shares, par HK$.60

Wharf Holdings Ltd.

HK$1.00 par ordinary shares

By order of the Board of Governors of the Federal Reserve

System, acting by its Director of the Division of Banking

Supervision and Regulation pursuant to delegated authority (12 CFR

265.7(f)(10)), January 26, 1994.

William W. Wiles,

Secretary of the Board.

[FR Doc. 94-2253 Filed 1-31-94; 8:45 am]

BILLING CODE 6210-01-P