Proposed Rule Change to Extend the Pilot Relating to Manning Price-Improvement Standards for Decimals

NASD has filed with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to extend through December 31, 2005, the current pilot price-improvement standards for decimalized securities contained in NASD Interpretive Material 2110-2 - Trading Ahead of Customer Limit Order ("Manning Interpretation" or "Manning").