SR-FINRA-2007-034

Proposed Rule Change Relating to Dissemination of Trade Reports for OTC Equity Securities Transactions of Fewer Than 100 Shares

Financial Industry Regulatory Authority, Inc. ("FINRA") (f/k/a National Association of Securities Dealers, Inc. ("NASD")) is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change relating to the dissemination of last sale information for transactions of fewer than 100 shares in OTC Equity Securities. Specifically, FINRA is proposing that for OTC Equity Securities that traded at or above $175.00 per share during the fourth calendar quarter of 2007, FINRA will change the "unit of trade" from 100 shares to one share (such that transactions in these securities will no longer be considered "odd-lot transactions" for dissemination purposes) and will disseminate last sale information for all reported transactions of one or more shares in these securities.