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To: Tim J. Flick who wrote (14849)	4/15/1998 10:30:00 AM
From: Norman Stone	Respond to of 31646

NMS ... Marginability is ultimately the choice of the brokerage house, after the security becomes eligible by appearing on the SEC marginability list. This is not the same as NMS. National Market System, which is internal to NASDAQ, is a trading system that ensures uniform pricing in the "national" network of markets. Prior to NMS, pricing variation allows arbitrage moves among the local markets. The pricing uniformity of NMS enhances the security of the security, so to speak. NMS status also requires conformity to Full Disclosure practices, and to minimum value criteria. The implied corporate stability and the status of NMS qualification add to security-security as well, and so NMS listing has become a prerequisite for many conservative funds.