TO: NASD Members and Other Interested Persons

BACKGROUND

On January 11, 1988, the Securities and Exchange Commission approved the Order Confirmation Transaction (OCT) service, a new communications enhancement for the NASDAQ System.

The SEC granted approval for a period of 90 days under the accelerated approval provisions of the Securities Exchange Act of 1934. During this 90-day period, the SEC is soliciting public comment as a basis for taking final action on the service.

TO: All NASD Members and Other Interested Persons

The following are NASD Notices to Members issued during 1987. Requests for copies of any notice should be accompanied by a self-addressed mailing label and directed to: NASD Administrative Services, 1735 K Street, N.W., Washington, D.C. 20006-1506.

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: FEBRUARY 20, 1988.

BACKGROUND AND EXPLANATION OF AMENDMENTS

TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, February 2, 1988, the following six issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 3,040:

TO: All NASD Members and Other Interested Persons

The National Association of Securities Dealers, Inc., is relocating its New York staff from its current World Trade Center location to new offices. The new address is:

NASD Financial Center
33 Whitehall Street
New York, New York 10004
Telephone Number: (212) 858-4000

The relocation will be accomplished in stages as follows:

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: MARCH 1, 1988.

EXECUTIVE SUMMARY

TO: All NASD Members and Municipal Securities Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Monday, February 15, 1988, in observance of Presidents' Day. "Regular way" transactions made on the preceding business days will be subject to the settlement date schedule listed below. The NASDAQ System and the banks in New York State will be open on February 12, 1988, Lincoln's Birthday.

Trade Date-Settlement Date Schedule For "Regular Way" Transactions

TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, February 16, 1988, the following nine issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 3,030:

TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

The NASD has adopted an arbitration filing fee and advertising service charge that will be imposed on certain arbitration Submission Agreements, advertisements, sales literature, and other such material received by the NASD on and after February 22, 1988.

TO: All NASD Members and Other Interested Persons

The NASD has amended Section 12 of Schedule A to the NASD By-Laws to increase to $1,000 the application fee imposed on a member firm that files an application seeking approval to employ or to continue to employ as an associated person an individual who is subject to a disqualification as set forth in Article II, Section 4 of the NASD By-Laws.