Subject: File No. SR-NASD-2005-094
From: William F Davis, Esquire

September 20, 2005

Dear Mr. Katz:
I have represented several hundreds of investors in their claims against securities industry firms over the last 20 years. I strongly believe that mandatory inclusion of an industry arbitrator makes a system already biased toward the industry substantially more unfair to the investor. Additionally, the perception of claimants is that the stockbroker has a representative on the panel. Finally, most counsel use experts to advise the panel of relevant standards and procedures, thus making unnecessary having a probably biased industry panel member to do so. Eliminating the mandatory inclusion of the industry arbitrator would substantially improve the system and make it more fair. Continuing the present procedure appears to be and is unfair to investors.

Very truly yours,