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93-13 Market-Maker Display of Size in Nasdaq Small-Cap MarketSM Securities

SUGGESTED ROUTING

Legal & Compliance
Operations
Systems
Trading

Executive Summary

Effective February 1, 1993, market makers in Nasdaq Small-Cap MarketSM securities had to display size in their quotations of at least 500 shares, unless the issues are priced at $10 or more and trade less than 1,000 shares per day. Those issues will remain at the 100 share-display requirement. The list of 100-share Small-Cap securities follows this Notice.

Discussion

The Securities and Exchange Commission (SEC) approved an amendment to Schedule D of the NASD By-Laws requiring market makers in Nasdaq Small-Cap Market securities to display size in their quotations equal to the 500share maximum order size in SOES. The amendment became effective February 1, 1993. To preserve market-maker participation and liquidity in more expensive, less-frequently traded Nasdaq Small-Cap issues, however, the NASD has determined that Nasdaq Small-Cap equity securities that have a bid price of $10 or more and an average daily non-block volume of less than 1,000 shares will remain with a 100-share display requirement. In Nasdaq Small-Cap issues that fall under these thresholds, market makers will have to continue posting size of a normal unit of trading. Although the size-display requirement for these issues will be 100 shares, market makers voluntarily participating in SOES should be aware that their tier-level and maximum-order size in SOES will remain at 500 shares. Nasdaq convertible debt securities are also exempt from the new size-display requirements.

The list of those Nasdaq Small-Cap securities with a 100-share display requirement follows this Notice and the NASD will periodically (approximately every six months) review and analyze the trading characteristics of Nasdaq Small-Cap securities, including share price and average volume in the stock, to determine whether to modify the share requirements and will publish a Notice to Members regarding any modifications.

Questions concerning this Notice may be directed to Richard Bush, Nasdaq Operations, at (212) 858-4420.

Nasdaq Small-Cap Issues With Average Non-Block Volume Less Than 1,000 Shares and the Price Greater Than or Equal to $10

Symbol

Company Name

FBCV

1st Bncp (IN)

AFINP

Amer Fin Cp Pfd D

AMPLP

Ampal Am Isrl 6.5 Pfd

ADWC

Ansonia Derby Water

APOL

Apollo Sav Loan Co

BONEP

Banc One Cp Pfd B

EATN

Bank of East Tenn

BKSC

Bank of South Carolina

BIRDP

Bird Cp 1.85 Pfd

CPXLU

C A P X Cp Uts (Del)

CBTC

C B T Cp

CSKKY

C S K Cp ADR

CAMTU

Car Mart Inc Uts 95

CAFCP

Carolina First Pfd

CTRL

Chemi Trol Chem

CLEA

Chemical Leaman Inc

CFCP

Coastal Fin Cp

CCPI

Comcast Cablevision

CFFC

Community Fed Sav

BPWRF

Compania Boliviana

CAIRP

Conquest Air Pfd A

DAIEY

Dai Ei Inc ADR

DKBC

Dakota Bancorp SE

DTUN

Detroit Canada Tunnel

ESBK

Elmira Sav Bk FSB

XTONP

Executone Cv Pfd A

FBANP

F N B Cp Conv Pfd B

FGNO

Fair Grounds Cp

FFII

Falls Financial Inc

FFKT

Farmers Capital Bank

FNIN

Financial Inds

FBPC

First Fin Bkshs Polk

FRCCP

First Fin Cari Pfd A

FPRY

First Fin Bncp Inc

FFSX

First FSB Siouxland

FLIC

First of Long Island

FUSB

First United Sav Bk

FCVG

Firstfed Northern KY

GTELO

G T E Ca 4.5 Pfd

GTELP

G T E Ca 56 Pfd

GAMBY

Gambro A B B ADR

GLDFY

Gold Field S So Africa

GWOX

Goodheart Willcox

GCOM

Gray Comm Sys Inc

GAMI

Great Amer Mgmt Inv

GYRO

Gyrodyne Co Amer

TDXC

Health Mgmt Int'l Inc

HFLM

Hydro Flame Cp

IICR

I I C Inds Inc

IMTUC

Info Mgmt Tech Uts S2

INVSP

Investors Sav Pfd

JCFSP

Jackson Cnty Bk Pfd A

JFFNP

Jefferson Bk Pfd E

WILLB

John Wiley Sons Cl B

KIDD

Kiddie Products Inc

KNBWY

Kirin Brewery Co ADR

LAUR

Laurel Bancorp Inc

LARL

Laurel Savings Assoc

LGASP

Louisville Pfd 5

LGASO

Louisville Pfd 745

MRNCZ

Marina Ltd Ptnr Uts

MARPS

Marine Petroleum SBI

MFCNP

Metro Fin Pfd B

MFCNU

Metropolitan Fin Uts

NSFC

Northern States Fin

NWNGP

Northwest Nat Gas Pfd

OCENY

Oce Van Grinten ADR

OLDRP

Old Republic Cp Pfd E

OMEGU

Omega Environ Uts

PNCFP

P N C Fin Cp Pfd A

PANRA

Panhandle Royal Cl A

PNNW

Pennichuck Cp

PINN

Pinnacle Banc Grp Inc

PRFB

Prime Federal Bank

RBSI

Regency Bcshs

RLIFA

Reliable Life Ins Cl A

RSRFP

Riser Foods A Pfd Inc

SLAB

Sage Labs Inc

SANYY

Sanyo Elec Co ADR

SAVB

Savannah Bncp Inc

STBC

State Bancorp Inc

SFSW

State Fin Svcs Cl A

TENB

Tennessee Nat'l Bank

TNELB

Thomas Nelson Inc Cl B

TIRZC

Tidelands Royal Tr B

UPCPN

Union Planter Pfd C

UCTC

United Counties Bncp

URIXU

Uranium Res Uts

VAFD

Valley Fed Sav Bk Al

VMRXU

Vimrx Pharm Inc Uts

WACLY

Wacoal Cp ADR

WASH

Washington Trust


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