From: William A. Fynes
Sent: July 13, 2005
Subject: File No. SR-NASD-2003-158

Dear Sir,

Please let this serve as a comment on the proposed new rules of arbitration procedure. In order for investors to have confidence in the market, market regulators and the arbitration system, it is essential that the rules do away with the mandatory industry arbitrator. The requirement of a mandatory industry arbitrator shows the systemís bias in favor of the securities industry and against consumers. Sooner or later the majority of securities purchasers are going to figure this out and demand change. Before this happens, regulators should change the system and not require an industry arbitrator to show they are on the right side of this issue and to demonstrate that they are interested in protecting consumers. Thanks, Bill Fynes