Proposed Rule Change to Amend NASD Rules 4632C and 4632D to Reflect "As/Of" Trade Reporting and the Automated Reporting of Trade Cancellations to the NASD/NSX Trade Reporting Facility and the NASD/BSE Trade Reporting Facility

NASD is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change proposing to amend NASD Rule 4632C (Transaction Reporting) and NASD Rule 4632D (Transaction Reporting) to reflect "as/of" (T+1) trade reporting and the automated reporting of trade cancellations to the NASD/NSX Trade Reporting Facility (the "NASD/NSX TRF") and the NASD/BSE Trade Reporting Facility (the "NASD/BSE TRF"), respectively. The proposed amendments are identical to the current language of NASD Rule 4632 (Transaction Reporting) relating to the NASD/Nasdaq Trade Reporting Facility (the "NASD/Nasdaq TRF"), which was approved by the Commission on June 30, 2006.