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2nd Quarter 1996

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Table of Contents

SEC Decision on Permanent Approval for the OTCBB Expected
The Securities & Exchange Commission (SEC) is expected to announce permanent approval of the OTC Bulletin Board (OTCBB) on June 28, 1996. The changes required should permanent approval be granted are discussed.

Limited Partnerships to be Quoted on the OTCBB
The NASD submitted a proposal to the SEC earlier this year to allow limited partnerships, or "direct participation programs" (DPPs), to be quoted on the OTCBB and reported through ACTSM.

Automatic Order Routing of OTCBB Securities Now Available
OTCBB securities can now be automatically routed via the Advanced Computerized Execution System (ACES) of The Nasdaq Stock MarketSM.

Top 100 Issues - May 1996
The 100 most active OTCBB issues in May 1996 are ranked by average daily share volume.

New OTCBB Symbol Directory Available Soon
The latest edition of the OTCBB Symbol Directory will be mailed to Market Makers in early July.

OTCBB Survey
An OTCBB Survey included in this issue solicits comment and suggestions from all OTCBB constituencies.


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