SR-NASD-2007-005

Proposed Rule Change Relating to Operating NASD's Alternative Display Facility on a Permanent Basis

NASD is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule to operate NASD's Alternative Display Facility ("ADF") on a permanent basis, rather than on a pilot basis. The ADF pilot program is scheduled to expire on January 26, 2007.