Notice to Members 03-80

NASDAQ Announces New Service Termination Policy Effective January 1, 2004

Effective January 1, 2004, The Nasdaq Stock Market, Inc. (NASDAQ) will implement a new service termination policy for members, issuers, and other market participants that are not current in their payments to NASDAQ for any services, including transaction, data, listing, or other services. Under the new policy, NASDAQ will terminate services for any firm that is more than 90 days delinquent in its payments to NASDAQ.

Questions regarding this policy may be directed to Mary Dunbar, Office of General Counsel, NASDAQ, at (202) 912-3033; Peter Geraghty, Office of General Counsel, NASDAQ, at (202) 912-3036; or John Yetter, Office of General Counsel, NASDAQ, at (202) 912-3039. Questions regarding an invoice or overdue payment to NASDAQ may be directed to NASDAQ Finance at (800) 955-3898.