Notice to Members 96-40

SOES Tier Levels Set to Change July 1, 1996

Effective July 1, 1996, tier sizes for 728 Nasdaq National Market securities will be revised in accordance with NASD Rule 4710(g) (formerly Paragraph 2451a7 of the Rules of Practice) and Procedure for the Small Order Execution System.

For more information, please contact Nasdaq Market Operations at (203) 378-0284.