Proposed Rule Change to Amend NASD Rules to Extend the Closing Time of the NASD/NYSE Trade Reporting Facility to 8:00 p.m.

NASD is filing with the Securities and Exchange Commission ("SEC" or "Commission") this proposed rule change to amend Rules 4632E and 6130E relating to the NASD/NYSE Trade Reporting Facility (the "NASD/NYSE TRF") to change the system closing time from 6:30 p.m. to 8:00 p.m. (Eastern Time), which conforms with the system closing time of the NASD/Nasdaq Trade Reporting Facility (the "NASD/Nasdaq TRF"). In addition, NASD is proposing certain technical, conforming changes to Rule 4632E and Rules 4632 and 6130 relating to the NASD/Nasdaq TRF.