[Federal Register Volume 59, Number 43 (Friday, March 4, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-5079]


[[Page Unknown]]

[Federal Register: March 4, 1994]


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FEDERAL RESERVE SYSTEM

 

First Chicago Corporation; Application to Engage in Certain 
Nonbanking Activities

    This notice supplements a notice previously published. See First 
Chicago Corporation, 59 FR 9,215 (February 25, 1994).
    First Chicago Corporation, Chicago, Illinois (Applicant), has 
applied pursuant to section 4(c)(8) of the Bank Holding Company Act (12 
U.S.C. 1843 (c)(8)) (BHC Act) and Sec. 225.23 of the Board's Regulation 
T (12 CFR 225.23), to engage de novo through its wholly owned 
subsidiary, First Chicago Capital Markets, Inc., Chicago, Illinois 
(Company), in the following nonbanking activities:
    1. Underwriting and dealing in, to a limited extent, all types of 
debt securities, including sovereign debt securities, municipal revenue 
bonds, mortgage-related securities, consumer receivable-related 
securities, commercial paper, corporate debt securities, convertible 
debt securities, and debt securities issued by a trust or other vehicle 
secured by or representing interests in debt obligations;
    2. Acting as agent in the private placement of all types of 
securities, and providing related advisory services;
    3. Purchasing and selling all types of securities as a ``riskless 
principal'' on the order of customers;
    4. Providing full-service securities brokerage services, pursuant 
to Sec. 225.25(b)(15)(ii) of Regulation Y;
    5. Providing financial and transaction advice regarding the 
structuring and arranging of swaps, caps, and similar transactions 
relating to interest rates, currency exchange rates or prices, and 
economic and financial indices, and similar transactions, pursuant to 
Sec. 225.25(b) (4)(vi)(A)(2) of Regulation Y; and
    6. Providing financial and transaction advice regarding the 
structuring and arranging of swaps, caps, and similar transactions 
relating to commodity prices and commodity indices, and similar 
transactions.
    Applicant seeks approval to conduct the proposed activities 
throughout the United States.
    In a matter related to this proposal, Applicant seeks permission 
for an indirect foreign subsidiary of The First National Bank of 
Chicago, First Chicago Capital Markets Asia, Limited (FCCMA), to act as 
agent for Company, and to engage in marketing activities on behalf of 
Company, outside the United States in connection with the purchase and 
sale of securities that state member banks are authorized to underwrite 
and deal in under sections 5(c) and 16 of the Glass-Steagall Act (12 
U.S.C. 335 and 24(7)). Applicant has stated that FCCMA is a corporation 
organized under the laws of Hong Kong which operates in accordance with 
the Board's Regulation K (12 CFR part 211).
    In publishing the proposal for comment, the Board does not take a 
position on issues raised by the proposal. Notice of the proposal is 
published solely in order to seek the views of interested persons on 
the issues presented by the application, and does not represent a 
determination by the Board that the proposal meets or is likely to meet 
the standards of the BHC Act.
    Any comments or requests for hearing should be submitted in writing 
and received by William W. Wiles, Secretary, Board of Governors of the 
Federal Reserve System, Washington, DC 20551, not later than March 16, 
1994. Any request for a hearing on this application must, as required 
by Sec. 262.3(e) of the Board's Rules of procedure (12 CFR 262.3(e)), 
be accompanied by a statement of the reasons why a written presentation 
would not suffice in lieu of a hearing, identifying specifically any 
questions of fact that are in dispute, summarizing the evidence that 
would be presented at a hearing, and indicating how the party 
commenting would be aggrieved by approval of the proposal. This 
application may be inspected at the offices of the Board of Governors 
or the Federal Reserve Bank of Chicago.

    Board of Governors of the Federal Reserve System, March 1, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-5079 Filed 3-2-94; 10:14 am]
BILLING CODE 6210-01-P