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

Listed below are the 25 NASDAQ National Market System (NASDAQ/NMS) securities which have been selected as the first group of issues to trade in the Small Order Execution System (SOES) developed and operated by NASD Market Services, Inc. In SOES, agency orders of 500 shares or less received from public customers may be executed automatically with SOES market makers at the "inside" or best price in the NASDAQ System at the time of execution.

TO: All NASD Members and Other Interested Persons

Attention: Direct Participation Programs Department

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Tuesday, December 25, 1984, Christmas Day, and Tuesday, January 1, 1985, New Year's Day. "Regular Way" transactions made on the preceding business days will be subject to the settlement date schedule listed below.

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

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On November 30, 1984, the United States District Court for the District of Colorado appointed a SIPC Trustee for the above captioned firm.

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

Questions regarding the firm should be directed to:

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

On Tuesday, December 18, 1984, 50 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 1,185. These 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 50 issues scheduled to join NASDAQ/NMS on Tuesday, December 18, 1984, are:

TO: All NASD Members

ATTN: Operations Principals, Cashiers and Buy-In Personnel

On October 19, 1984, amendments to Sections l(c) and 59(j), "Buy-In Procedures," of the Association's Uniform Practice Code, were approved by the SEC. The Code prescribes the manner in which over-the-counter securities transactions other than those cleared through a registered clearing agency are compared, cleared and settled between NASD member firms. These amendments to the Code apply to transactions between member firms which result in fails.

IMPORTANT

PLEASE DIRECT THIS NOTICE TO ALL SALES, COMPLIANCE AND CREDIT OFFICERS AND PARTNERS

TO: All NASD Members and Other Interested Persons

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

I M P O R T A N T

Officers * Partners * Proprietors

TO; All NASD Members

As discussed in Notice to Members 83-73, the Securities & Exchange Commission adopted Rule 15c2-2 on November 18, 1983. The Rule prohibits broker-dealers from using mandatory arbitration clauses in customer agreements that purport to bind public customers to the arbitration of claims arising under the federal securities laws. Those clauses, in the view of the Commission, are inconsistent with the deceptive practice prohibitions of Section 10(b) and Section 15(c) of the Act.

TO: All NASD Members

The SEC Release of December 18, 1984

On December 18, 1984, the Securities and Exchange Commission issued Release No. 34-21583; File No. S7-787, entitled "Designation of National Market System Securities." This Release confirms the decision taken by the Commission at an open meeting on November 16, to approve the following additional criteria for the voluntary inclusion of securities in NASDAQ/NMS: