99-21328. De Novo Corporation To Do Business Under Section 25A of the Federal Reserve Act

[Federal Register Volume 64, Number 158 (Tuesday, August 17, 1999)]
[Notices]
[Page 44735]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-21328]


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FEDERAL RESERVE SYSTEM


De Novo Corporation To Do Business Under Section 25A of the 
Federal Reserve Act

    An application has been submitted for the Board's approval of the 
organization of a corporation to do business under section 25A of the 
Federal Reserve Act (Edge Corporation) 12 U.S.C. 611 et seq. The Edge 
Corporation will operate as a subsidiary of the applicant, Valley 
National Bank, Passaic, New Jersey. The factors that are to be 
considered in acting on the application are set forth in the Board's 
Regulation K (12 CFR 211.4).
    The application may by inspected at the Federal Reserve Bank of New 
York or at the Board of Governors. Any comment on an application that 
requests a hearing must include a statement of why a written 
presentation would not suffice in lieu of a hearing, identify 
specifically any questions of fact that are in dispute, and summarize 
the evidence that would be presented at a hearing.
    Comments regarding the application must be received by the Reserve 
Bank indicated or at the offices of the Board of Governors not later 
than September 16, 1999.
    A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. CLS Services, Ltd., London, England; to establish CLS Bank 
International, New York, New York, as an Edge Corporation, pursuant to 
Sec.  25A of the Federal Reserve Act, and a wholly owned subsidiary of 
CLS Services Ltd., London, England, which will offer a continuous 
linked settlement service intended to reduce settlement risk associated 
with foreign exchange trading, pursuant to Sec.  25A of the Federal 
Reserve Act.

    Board of Governors of the Federal Reserve System, August 12, 
1999.
Robert deV. Frierson
Associate Secretary of the Board.
[FR Doc. 99-21328 Filed 8-16-99; 8:45 am]
BILLING CODE 6210-01-F