Subject: File No. SR-NASDAQ-2006-013
From: Richard F Bader
Affiliation: retired CEO, Raytel Medical Corporation

December 21, 2006

Nasdaq market data fees is another step toward forcing the small investor and the beginning investor out of the market. Charging a fee for data reported on a real time basis when that data becomes part of the public domain at the close of the market in whatever form it is presented is equivalent to selective distribution of market data to a select group of investors. If the SEC allows a public entity (NASDAQ) to make data affecting investment decisions avalable for a fee does that mean that public companies can distribute earnings and other data affecting it's share price to anyone willing to pay the company a subscription fee?