Proposed Rule Change to Add New NASD Rule 3380 Relating to Order Entry and Execution Practices

NASD has filed with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to add new NASD Rule 3380 to prohibit members and associated persons from splitting any order into multiple smaller orders for execution or any execution into multiple smaller executions for transaction reporting for the primary purpose of maximizing a monetary or in-kind payment to the member or associated persons as a result of the execution of such orders or the transaction reporting of such executions.