List of Marginable OTC Stocks
and
List of Foreign Margin Stocks
as of
August 10, 1998
The List of Marginable OTC Stocks and the List of Foreign Margin
Stocks are published
quarterly by the Board of Governors of the Federal Reserve System
(the Board).
The List of Marginable OTC Stocks is composed of stocks traded
in the United States
over-the-counter (OTC) that have been determined by the Board to
be OTC margin stocks
subject to margin requirements as of August 10, 1998, pursuant to
Section 220.11 of Regulation
T, Credit by Brokers and Dealers. It also includes all OTC stocks
designated as National Market
System (NMS) securities. Additional NMS securities may be added
in the interim between Board
quarterly publications; these securities are immediately
marginable upon designation as NMS
securities. The names of these securities are available at the
National Association of Securities
Dealers, Inc. and at the Securities and Exchange Commission. This
List supersedes the previous
List of Marginable OTC Stocks published effective May 11, 1998.
Lenders subject toRegulation T and borrowers subject to
Regulation X who are required under
Section 224.3(a) to conform credit they obtain to Regulation T
must continue to use the OTC
List until publication of the next OTC List, anticipated for
November 1998. An amendment to
Regulation T that will make all stocks trading in the Nasdaq
Stock Market marginable at
brokers and dealers will be effective January 1, 1999. The Board
will cease publication of the
OTC List at that time.
The List of Foreign Margin Stocks is composed of foreign equity
securities that have met the
Board's eligibility criteria, pursuant to Regulation T, Section
220.11. These foreign equity
securities are eligible for margin treatment at broker-dealers on
the same basis as domestic
margin securities, as are foreign equity securities that are
deemed to have a "ready market" under
SEC Rule 15c3-1 (17 CFR 240.15c3-1) or a "no action" position
issued thereunder. This list
supersedes the previous List of Foreign Margin Stocks published
effective May 11, 1998.
CAUTION: It is unlawful for any person to cause any
representation to be made that inclusion of
a security on the List of Marginable OTC Stocks or the List of
Foreign Margin Stocks indicates
that the Board or the Securities and Exchange Commission has in
any way approved such
security or transaction therein. Also, any reference to the Board
in connection with these Lists or
any securities thereon in an advertisement or similar
communication is unlawful.
Any inquiry relating to these Lists or to Regulations T or X
should be addressed to the nearest
Federal Reserve Bank.
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