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NASD and the CIArb provide a London alternative to resolve transatlantic investment disputes.

· UK nationals investing in the US stock market can now resolve disputes in the UK
· The new program will save time and expense for UK parties

London, December 3, 2003 - NASD, with the support of the Chartered Institute of Arbitrators (CIArb), announced today it is opening an arbitration and mediation hearing location in London that will allow UK and European residents that do business with NASD-registered firms to resolve their disputes involving the U.S. securities markets without travelling to the United States.

By introducing this new service, NASD wants to help UK and European investors who encounter problems save the time and expense involved in having their dispute resolved in the United States.

"Establishment of this London hearing location continues NASD's efforts to respond to the growing geographical diversity of investors and their needs," said Linda Fienberg, president of NASD's Dispute Resolution division. "Working with the CIArb enables us to expand our services internationally while maintaining the high quality, independence and integrity that is so important for our forum."

The CIArb, based in London, will provide a panel of arbitrators and mediators who will resolve disputes between investors, securities firms and individual NASD registered representatives in the UK. NASD's standard procedures will be applied in all cases. (NASD Member firms electing to use the voluntary London Portal service will pay a daily UK Hearing Surcharge to cover the higher fees paid to arbitrators.) Allan Connarty, CIArb director of operations, commented: "Disputes can be unpleasant enough. To have to travel to the US to fix that situation just makes it worse. Investors will feel more at ease if they are in a physical environment that they are accustomed to."

NASD Dispute Resolution operates the largest securities dispute resolution forum in the world, handling about 90 percent of all such arbitrations and mediations in the United States. NASD facilitates the efficient resolution of monetary, business, and employment disputes between investors, securities firms, and employees of securities firms.

Arbitration cases filed with NASD have risen steadily in the last few years. In 2002, a total of 7,704 arbitration cases were filed, and filings for 2003 are on pace to reach 9,300. NASD's international case figures are also increasing. The number of international disputes rose to 155 cases in 2002. Of those, 55 cases involved UK and European parties. Through October 2003, 160 international claims have been filed, 51 involving UK and European parties.

For more information on the new forum or on how to become a mediator or an arbitrator, please contact Gregory Hunt at the CIArb on 020 7421 7444 or go to www.arbitrators.org.

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NASD and the CIArb provide a London alternative to resolve transatlantic investment disputes.

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