Notice to Members 01-20

Nasdaq Announces Decimalization Rule Changes

In this NASD Notice to Members you will find information on Nasdaq® rule changes in response to decimalization efforts. Nasdaq has proposed modifications to rules involving "Manning," short sales, the conversion of fractional open orders, and the minimum quotation increment. Also, included is a schedule of key dates for industry implementation of decimal quoting and trading.

Questions regarding this Notice may be directed to the National Association of Securities Dealers, Inc. (NASD®) Decimalization Program Management Office (DPMO) toll free at: (888) 227-1330 or via e-mail.