Comments on NASD Rulemaking

Self-Regulatory Organizations; Order Approving Proposed Rule Change and Amendment Nos. 1, 2, and 3 Thereto by the National Association of Securities Dealers, Inc. Relating to the Establishment of a Maximum ECN Access Fee in SuperMontage and the Elimination of SuperMontage's Price/Time with Fee Consideration and Price/Size Execution Algorithms

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Date Received
Date Letter Type Commenter Name
Public Comment Samuel F. Lek, Chief Executive Officer, of Lek Securities Corporation
Public Comment Frederic Leslie, General Counsel, of Hill, Thompson, Magid, L.P.
Public Comment Ann L. Vlcek, Vice President and Associate and General Counsel, of The Securities Industry Association
Public Comment Linda Lerner, General Counsel, Domestic Securities, Inc.
Public Comment William O'Brien, Chief Operating Officer, of Brut, LLC
Public Comment Alex Goor of Instinet Corporation and The Island ECN, Inc.
Public Comment Gregg A. Dudzinski, Head of Equity Trading, of Wm. V Frankel & Co. Inc.
Public Comment Harvey Houtkin
Public Comment John H. Bluher, Executive Vice President and General Counsel, of Knight Trading Group, Inc.
Public Comment Kim Bang
Public Comment Martin Cunningham, President, of the Security Traders Association of New York, Inc.
Public Comment John P. Hughes, Chairman; Mary McDermott-Holland, Chair, STA Trading Issues Committee; John C. Giesea, President & Chief Executive Officer; and Lisa Utasi, Chair, STA Institutional Committee, Security Traders Association
Public Comment Stephen Massocca, President, Director of Trading, Pacific Growth Equities, LLC
Public Comment Roderick Covlin, Executive Vice President, Track ECN
Public Comment Scott W. Anderson, Director and Counsel, Region Americas Legal, UBS Securities, LLC
Public Comment Mark E. Yegge, CEO, of NexTrade Holdings, Inc.
Public Comment Josef Schaible

Last Reviewed or Updated: Dec. 18, 2025

File Number
SR-NASD-2003-128
Release Number
34-49220
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