Subject: SR-NASD-2005-094

September 15, 2005

Dear Sir,

Because the present system mandates one arbitrator who is not “ public” , it is essential for the other two to be truly “public” and free from industry bias. As such, the definition of “public arbitrator” as set forth in Rule 607 must be changed to exclude any person who is an attorney, accountant or other professional whose firm has represented any persons or entities listed in Rule 607 (a) (2) in the last 5 years. As more customers begin to question the fairness of the current system and the mandatory industry arbitrator, this change is the least that can be done to maintain at least the appearance the system is evenhanded. Sincerely, Bill Fynes