Proposed Rule Change to Provide for the Payment of a $200 Honorarium Per Case for each Arbitrator who Considers Contested Motions for the Issuance of Subpoenas.

NASD, through its wholly owned subsidiary, NASD Dispute Resolution, Inc. ("NASD Dispute Resolution"), is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to provide for the payment of a $200 honorarium per case for each arbitrator who considers contested motions for the issuance of subpoenas.