WASHINGTON -- The Federal Reserve has approved the application of Dai-Ichi Kangyo Bank Ltd., Tokyo, to buy and sell a wide range of financial options and options on futures. The activity will be conducted through the bank's subsidiary, DKB Securities Corp., New York, and will be for its own account for purposes other than hedging.

The Fed also announced its approval of the application by First Interstate Bank of California, Los Angeles, to merge with First State Bank of the Oaks, Thousand Oaks, Calif. The board conditioned its approval on the bank's carrying out a variety of Community Reinvestment Act initiatives it had proposed for the Oxnard-Ventura area.

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