News Release

NASD Files Fee Schedule for Proposed Quotation and Trade Reporting Facility

Washington, DC — The National Association of Securities Dealers, Inc. (NASD®) has filed with the Securities and Exchange Commission transaction and quotation related fees applicable to activities in the NASD's proposed Alternative Display Facility (ADF).

The ADF will allow registered NASD market makers and electronic communications networks to publish quotations for, and report trades in, listed securities. Listed securities include equity securities listed on both Nasdaq National and SmallCap markets (once Nasdaq is an exchange), the New York Stock Exchange and the American Stock Exchange.

The ADF is targeted for completion late in the second quarter of 2002.

The proposed rule can be found at http://www‌

The NASD is the largest securities-industry, self-regulatory organization in the United States. It is the parent organization of NASD Regulation, Inc.; the American Stock Exchange, LLC; and NASD Dispute Resolution, Inc. For more information about the NASD and its subsidiaries, please visit the following Web sites: www‌; www‌; www‌; www‌