Delayed Data Fee for the Trade Reporting and Compliance Engine (TRACE)

NASD has filed with the SEC a proposed rule change to amend NASD Rule 7010(k) relating to fees for the Trade Reporting and Compliance Engine ("TRACE") to reduce the Level I Trade Report Only Web Browser Access Fee, reduce the Level II Full Service Web Browser Access Fee, and establish a fee for professionals receiving delayed-time TRACE transaction data. In addition, NASD is proposing to delete references to old fees from the rule text. The TRACE fee structure is operating under a pilot program that has been extended to January 31, 2004. NASD expects to seek permanent approval of the TRACE fee structure prior to the expiration of the pilot program for fees on January 31, 2004.