TO: All NASD Members and Other Interested Persons

ATTN: Operations Officer, Cashier, Fail-Control Department

On August 13, 1985, the United States District Court for the Southern District of New York appointed a SIPC Trustee for the above-captioned firm.

Please refer to Notice to Members 85-51 regarding the previous appointment of a Temporary Receiver.

Questions regarding the firm should be directed to:

SIPC Trustee

TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, September 3, 1985, 24 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,111. These 24 issues, which will begin trading under real-time trade reporting, are entering the NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 24 issues scheduled to join NASDAQ/NMS on Tuesday, September 3, 1985, are:

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: SEPTEMBER 30, 1985

The National Association of Securities Dealers, Inc. (NASD), is soliciting comments from members and other interested persons on a proposed new rule (new paragraph (m), Article III, Section 26, NASD Rules of Fair Practice) that would govern the prompt payment by NASD members for investment company shares.

TO: All NASD Members and Other Interested Persons

ATTN: Syndicate Department

The NASD has adopted an amendment to its Uniform Practice Code to require syndicate managers to settle syndicate accounts within 120 days of the syndicate settlement date. The text of the amendment, which will be effective October 1, 1985, is attached.

Explanation Of Proposed Amendment

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On September 4, 1985, the Federal District Court for the Eastern District of Arkansas appointed a SIPC Trustee for the above captioned firm.

Please refer to Notice to Members 85-28 regarding the previous appointment of a Temporary Receiver.

Questions regarding the firm should be directed to:

SIPC Trustee

TO: All NASD Members and Other Interested Persons

In a recent letter to the NASD (see the enclosure), the Securities and Exchange Commission's Division of Market Regulation expressed concern that certain brokers and dealers may have entered into agreements with their clearing entities that violate the provisions of the Commission's hypothecation rules (8c-l and 15c2-l). These rules are designed, among other things, to prevent brokers or dealers from commingling customers' and firm securities to collateralize the same loan.

TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, September 17, 1985, 21 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/ NMS to 2,118. These 21 issues, which will begin trading under real-time trade reporting, are entering the NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 21 issues scheduled to join NASDAQ/NMS on Tuesday, September 17, 1985, are:

TO: All NASD Members and Municipal Securities Bank Dealers

FROM: All Operations Personnel

Transactions made on Monday, October 14, Columbus Day; Tuesday, November 5, Election Day; and Monday, November 11, Veterans Day, and the days immediately preceding these days, will be subject to the schedule below. The purpose of this schedule is to provide uniformity since, while the NASDAQ System and other securities markets will be open on these days, many banking institutions will be closed.

Trade Date-Settlement Date Schedule For "Regular-Way" Transactions

TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, October 1, 1985, 31 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,143. These 31 issues, which will begin trading under real-time trade reporting, are entering the NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 31 issues scheduled to join NASDAQ/NMS on Tuesday, October 1, 1985, are:

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On September 30, 1985, the United States District Court for the Southern District of Florida, Miami Division, appointed a SIPC Trustee for the above-captioned firm.

Members may use the "immediate close-out" procedures as provided in Section 59(1) of the NASD's Uniform Practice Code to close out open OTC contracts. Also, MSRB Rule G-12 (h)(iii) provides that members may use the above procedures to close out transactions in municipal securities.