From: Phil Cutler
Sent: August 1, 2005
Subject: File No. SR-NASD-2005-079

I have been a Public Arbitrator for NASD Dispute Resolution since approximately 1996. The NASD's proposed rule change is a salutary one and I encourage the Commission to approve it.

Phil Cutler

Cutler Nylander & Hayton
Professional Service Corporation
505 Madison Street, Suite 220
Seattle, WA 98104