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Notice To Members 92-44

SUGGESTED ROUTING:*

Senior Management
Legal & Compliance
Municipal
Operations
Systems
*These are suggested departments only. Others may be appropriate for your firm.

On July 6, 1992, the Securities Investor Protection Corporation (SIPC) instituted a Direct Payment Procedure for:

Notice To Members 92-46

SUGGESTED ROUTING:*

Internal Audit
Operations
Systems
Trading
*These are suggested departments only. Others may be appropriate for your firm.

As of July 28, 1992, the following 48 issues joined the Nasdaq National Market, bringing the total number of issues to 2,916:

Notice To Members 92-47

SUGGESTED ROUTING:*

Senior Management
Corporate Finance
Government Securities
Institutional
Internal Audit
Legal & Compliance
Municipal
Mutual Fund
Operations
Options
Registration
Research
Syndicate
Systems
Trading
*These are suggested departments only. Others may be appropriate for your firm.

Notice To Members 92-49

SUGGESTED ROUTING:*

Internal Audit
Operations
Systems
Trading
*These are suggested departments only. Others may be appropriate for your firm.

As of August 25, 1992, the following 36 issues joined the Nasdaq National Market, bringing the total number of issues to 2,927:

Notice To Members 92-50

SUGGESTED ROUTING:*

Senior Management
Corporate Finance
Government Securities
Institutional
Internal Audit
Legal & Compliance
Municipal
Operations
Syndicate
Trading
Training
*These are suggested departments only. Others may be appropriate for your firm.

EXECUTIVE SUMMARY

Notice To Members 92-51

SUGGESTED ROUTING:*

Senior Management
Corporate Finance
Government Securities
Institutional
Internal Audit
Legal & Compliance
Municipal
Operations
Syndicate
Trading
Training
*These are suggested departments only. Others may be appropriate for your firm.

EXECUTIVE SUMMARY