M E M O R A N D U M

To:Public File
From:Brian A. Stern
Counsel to Commissioner Glassman
Date:August 20, 2002
Re:File No. SR-NASD-2001-90

On August 16, 2002, Commissioner Glassman and Brian Stern met with representatives of the NASD (Douglas Shulman, T. Grant Callery and Steven Joachim) to discuss NASD's comments on the above-referenced matter as outlined in their comment letters, and to view a demonstration of the proposed Alternative Display Facility.