Proposed Rule Change Extending the Pilot Relating to the Price-Improvement Standards for Decimalized Securities in IM-2110-2

NASD is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to extend through June 30, 2007, the current pilot price-improvement standards for decimalized securities contained in NASD Interpretive Material 2110-2, Trading Ahead of Customer Limit Order ("Manning Rule").