Proposed Rule Change to Eliminate FINRA/NSX Trade Reporting Facility Securities Transaction Credit Program

Financial Industry Regulatory Authority, Inc. (“FINRA”) (f/k/a National Association of Securities Dealers, Inc. (“NASD”)) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) this proposed rule change to delete FINRA Rule 7610B (Securities Transaction Credit) to eliminate the securities transaction credit on market data revenue earned by the FINRA/NSX Trade Reporting Facility (the “FINRA/NSX TRF”). The proposed rule change will become operative on October 20, 2008.