[Federal Register Volume 61, Number 250 (Friday, December 27, 1996)]
[Notices]
[Page 68266]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-32921]



[[Page 68266]]

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FEDERAL RESERVE SYSTEM

Notice to Engage in Nonbanking Activities

    Deutsche Bank AG, Frankfurt (Main), Federal Republic of Germany 
(``Deutsche Bank''), has applied for Board approval pursuant to section 
4(c)(8) of the Bank Holding Company Act (12 U.S.C. Sec.  1843(c)(8)) 
(``BHC Act'') and section 225.23(a) of the Board's Regulation Y (12 CFR 
225.23(a)) to engage de novo, through its wholly owned subsidiaries, 
Deutsche Morgan Grenfell Futures Inc. (``DMGFI'') and Deutsche Morgan 
Grenfell Inc. (``DMG''), both of New York, New York, in executing and 
clearing, executing without clearing, clearing without executing, and 
providing related services, including incidental advisory services, 
with respect to futures and options on futures on certain non-financial 
commodities. Deutsche Bank also proposes to engage in these activities 
through omnibus trading accounts established in the name of DMGFI with 
clearing members of exchanges on which neither DMGFI nor DMG would be a 
clearing member. Deutsche Bank proposes to conduct these activities 
throughout the world. The Board previously has determined that these 
activities are closely related to banking. See, e.g., Citicorp, 81 
Federal Reserve Bulletin 164 (1995); Northern Trust Corporation, 79 
Federal Reserve Bulletin 723 (1993).
    Deutsche Bank's proposal is available for immediate inspection at 
the Federal Reserve Bank of New York and the offices of the Board in 
Washington, D.C. Interested persons may express their views on the 
proposal in writing, including on whether the proposed activities ``can 
reasonably be expected to produce benefits to the public, such as 
greater convenience, increased competition, or gains in efficiency, 
that outweigh possible adverse effects, such as undue concentration of 
resources, decreased or unfair competition, conflicts of interests, or 
unsound banking practices.'' 12 U.S.C. Sec.  1843(c)(8). Any request 
for a hearing on this notice must, as required by section 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.
    Comments regarding the notice must be received not later than 
January 10, 1997, at the Reserve Bank indicated or to the attention of 
William W. Wiles, Secretary, Board of Governors of the Federal Reserve 
System, 20th Street and Constitution Avenue, N.W., Washington, D.C. 
20551.
    Board of Governors of the Federal Reserve System, December 20, 
1996.
William W. Wiles,
Secretary of the Board.
[FR Doc. 96-32921 Filed 12-26-96; 8:45 am]
BILLING CODE 6210-01-F