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SECURITIES AND EXCHANGE COMMISSION

(Release No. 34-36720; File No. SR-NASD-95-42)

January 16, 1996

Self-Regulatory Organizations; Notice of Extension of Comment
Period for Proposed Rule Change by the National Association of
Securities Dealers, Inc. Relating to NAqcess System and
Accompanying Rules of Fair Practice

     On December 1, 1995, the Commission published for notice and
comment a proposed rule change filed by the National Association
of Securities Dealers, Inc. ("NASD") regarding the introduction
of the Nasdaq Stock Market's NAqcess system, a new system
designed to replace the Small Order Execution System
("SOES").-[1]-  In the release, the Commission requested that
comments on the NAqcess proposal be received by January 16, 1996.

     Recently, Commission staff have received requests from
interested persons for an extension of time within which to
comment on the NAqcess proposal.  In addition, a major snowstorm
altered the schedules of many places of business in the
northeastern portion of the United States last week.

     In light of the substantial nature of the NAqcess proposal,
and the Commission's desire to consider the views of all
interested persons on the subject, the Commission believes that
an extension of the comment period is appropriate.  Therefore,
the comment 
--------- FOOTNOTES ---------

-[1]-     Securities Exchange Act Release No. 36548 (December 1,
          1995), 60 FR 63092 (December 8, 1995).

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period for responding to Securities Exchange Act Release No.
36548 is hereby extended from January 16, 1996, until January 26,
1996.

     For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.-[2]-

                                        Jonathan G. Katz
                                        Secretary







--------- FOOTNOTES ---------

-[2]-     17 CFR 200.30-3(a)(12).