SR-NASD-2004-049

Series 86/87 Examination and Development Fees

NASD has filed with the SEC a proposed rule change to amend Section 4 of Schedule A of the NASD By-Laws to establish the examination fee for the new Research Analyst Qualification Examination (“Series 86/87”) program. The proposed rule change also sets forth a pass-through development fee for the Series 86 and Series 87 examinations, which is to be paid to the New York Stock Exchange (“NYSE”).