The Bond Market Association (TBMA)* provides comments to the Securities and Exchange Commission (SEC) on Amendment No. 3 concerning National Association of Securities Dealers, Inc (NASD) Rule 2320(a) governing “Best Execution,” SR-NASD-2004-026. TBMA believes Amendment No. 3 does not properly or constructively address the NASD’s concerns in their original comment letter on the matter.  TBMA shares concerns that the prposal does not offer sufficient guidance and lacks substance and clarity.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.