Memo: Aug. 13, 2002, Meeting w/ Instinet et al. on SR-NASD-2001-90

M E M O R A N D U M

To:	Public File
From:	Brian A. Stern Counsel to Commissioner Glassman
Date:	August 20, 2002
Re:	File No. SR-NASD-2001-90

On August 13, 2002, Commissioner Glassman and Brian Stern met with Jon Kroeper and Peter Rich of Instinet, and Mark Leddy and Edward Rosen of Cleary, Gottlieb, Steen & Hamilton, to discuss Instinet's comments on the above-referenced matter as outlined in their comment letters. They provided the following documents, copies of which are attached:

Wall Street Journal article dated November 15, 2001, entitled "Nasdaq's Niche";
Document entitled, "Minimum Conditions Necessary to Preserve Competition in the Order Matching and Infrastructural Services Markets for the Trading of Nasdaq Securities Absent Effective Structural Remedies"; and
Document entitled, "NASDAQ'S Legacy: Regulatory Advantages That Threaten Competition in Order Matching" (including a separate two-page summary by the same name).

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