SR-NASD-2003-009

Fees Relating to the NASD Alternative Display Facility

NASD has filed with the SEC a proposed rule change to amend the NASD Rule 7000A Series relating to transaction and quotation related fees applicable to activities in the NASD’s Alternative Display Facility ("ADF"). Pursuant to Section 19(b)(3)(A) of the Act and subparagraph (f) of Rule 19b-4 thereunder, the proposed rule change will become immediately effective upon Commission receipt in that it establishes or changes a due, fee or other charge imposed by NASD. The proposed rule change will apply during the time that the ADF operates on a pilot basis. The Commission previously approved the ADF as a nine-month pilot to quote and trade only Nasdaq-listed securities.