Subject: File No. SR-NASD-2004-118
From: Scott Feier
Affiliation: Vice President, Fidelity Market Data, Fidelity Invesments

September 1, 2004

Fidelity has reviewed this proposed rule change and strongly favors this change. We believe that competition in the delivery of market data helps to drive prices down and spur innovation. There are multiple competitors delivering SIAC data, and that has kept prices low while forcing vendors to continually improve their quality of service. We believe the same conditions should exist for delivery of NASD data.

We would ask the SEC to expedite approval of this rule change, as it benefits recipients of market data, such as Fidelity, as well as our retail and institutional customers.

Thank you for your consideration.

Scott Feier
Vice President, Fidelity Investments
p: 617-563-5815
f: 617-385-1322