NASD Notice to Members 99-21 - March 1999

The Nasdaq Stock Market Eliminates the SOES Five-Minute Presumption

Executive Summary

On January 13, 1999, The Nasdaq Stock Market, Inc. (Nasdaq®), filed a rule change with the Securities and Exchange Commission (SEC or Commission) that would eliminate the single investment decision aggregation presumption for Small Order Execution SystemSM (SOESSM) orders entered within five minutes of each other contained in National Association of Securities Dealers, Inc. (NASD®) Notice to Members 88-61.1 The elimination of the presumption is effective immediately.

Questions regarding the elimination of the five-minute presumption should be directed to Robert E. Aber, Senior Vice President and General Counsel, Office of General Counsel, The Nasdaq Stock Market‚ at (202) 728-8290; or Thomas P. Moran, Assistant General Counsel, Office of General Counsel, The Nasdaq Stock Market, at (202) 728-8401.