ADF Announcements

Posted: August 25, 2014

Holiday Reminder Regarding ADF Market Data


In observation of Labor Day, the ADF System will be closed on Monday, September 1, 2014. As stated in the data feed interface specifications, FINRA may send out unmarked test data via its data feeds on market holidays. Direct data feed subscribers, including recipients of ADF data, should take the necessary precautions to prevent data corruption.  Thank you for your attention to this matter. Please contact FINRA Operations at (866) 776-0800 if you have any questions.



Posted: February 3, 2014

ADF Participation Migration Schedule


Today, February 3, 2014, FINRA reactivated as a participant on both the Consolidated Tape Association Plan/Consolidated Quotation Plan (CTA/CQ Plans) and the Unlisted Trading Privilege (UTP) Plan. Please be aware that LavaFlow (MPID: FLOW) may use this week to test on the Alternative Display Facility (ADF) in production. LavaFlow will be using test symbols only.


On February 10, 2014, LavaFlow will become an active quoting and trade reporting participant on the ADF. Beginning on February 10, 2014, and completing on February 18, 2014, symbols will be migrated in a phased-in approach. To see the LavaFlow migration schedule, visit the ADF Participants page. The LavaFlow migration schedule will be used to initiate top of book quoting on the FINRA ADF beginning February 10, 2014, until the migration is completed on February 18, 2014.



Posted: January 31, 2014

Changes to Certain ADF-Related Fees


On January 31, 2014, FINRA submitted a filing to the Securities and Exchange Commission to change certain ADF-related fees. These fee changes were effective upon filing.


Specifically, FINRA is (1) expanding the web browser access that is currently available on the Trade Reporting and Compliance Engine (TRACE) to provide ADF Market Participants with trade reporting and trade management functionality for ADF trades and to adopt fees for the service; (2) expanding the FINRA Automated Data Delivery Service (ADDS) that is currently available on TRACE to include ADF data and to adopt fees for the service; (3) revising Rule 7510(a) so that certain of the transaction charges would be assessed on a per-trade basis, with the fee being charged to the executing party; (4) revising Rule 7510(a) to provide a carve-out to the Corrective Transaction Charge pursuant to which the fee would be assessed to the executing party only; (5) deleting the carve-out for fees for the late reporting of trades; and (6) deleting a provision of Rule 7540(c) relating to a fee for certain testing services and make corresponding changes to the remaining testing service fee in that section.


The text of the amended rules is available at


Questions may be directed to Brendan Loonam, Director – Business Services, Transparency Services, at (212) 858-4203.



Posted: December 2, 2013

FINRA Announces ADF Participant


In accordance with its regulatory responsibilities pursuant to Regulation NMS, FINRA is issuing a 60-day pre-quotation notice to advise that the LavaFlow ECN (MPID: FLOW) will become an active quoting participant on FINRA's Alternative Display Facility (ADF). LavaFlow will begin quoting both UTP and CTA listed securities on or after Monday, February 3, 2014.


Questions may be directed to FINRA Operations at (866) 776-0800 or LavaFlow's Transaction Desk at (877) 750-FLOW (3569).

Last Updated: 6/26/2014