By-law changes now go to NASD member firms for approval
Profits slip from Q2
Recommendation based on very positive market reaction
Phase III implementation continues with 399 securities added in 1 Day
Approval dependent regulators agreeing on final documentation
Will establish flat fee on NYSE-listed transactions
Elimination fees effective immediately
Move will create more efficient regulatory system
Single organization will eliminate overlapping regulation and reduce costs to industry
Meeting scheduled for December 19