1. require that members executing a customer order in a non-Nasdaq security contact and obtain quotations from three dealers (or all dealers if three or fewer) to determine the best inter-dealer market for the security, unless two or more priced quotations are displayed in an inter-dealer quotation system that permits quotation updates on a real-time basis (such as the OTC Bulletin Board(r) (OTCBB) or the electronic pink sheets);
2. require that members displaying priced quotations for the same non-Nasdaq security in two or more quotation mediums that permit quotation updates on a real-time basis display the same priced quotations for the security in each quotation medium;
3. no longer require that a member indicate on the order ticket for each transaction in a non-Nasdaq security the name of each broker/dealer contacted and the quotations received if two or more priced quotations are displayed and NASD Regulation has access, on a historical basis, to the quotation data; and
4. define the terms "inter-dealer quotation system" and "quotation medium" for the purposes of the proposed

For further information on this rule change:

• NASD Notice to Members 00-78 (pdf file)
• SEC Approval Order (pdf file)