Alternative Display Facility (ADF) Fact Sheet*
The Alternative Display Facility (ADF) is a facility for posting quotes, and reporting and comparing trades. All Financial Industry Regulatory Authority, Inc. (FINRA) members are eligible to participate in ADF. This document outlines the system's key characteristics.
Participants will have access to liquidity through the ADF and will be able to trade:
ADF is designed to handle Nasdaq, NYSE, and AMEX equity securities. Major functionality includes:
ADF will not provide order routing and execution systems. ADF participants must privately provide automated linkage for order routing and execution to other participants.
ADF operations will include the processing of:
The ADF will operate from 8:00 a.m. to 6:30 p.m., Eastern Time (it will support pre-opening and after-hours trading). Initial trading rules will be similar to those adopted by Nasdaq.
* ADF plans, rules, features, and functions are all subject to Securities and Exchange Commission approval. All representations in this and other documents describing ADF may change as a result of the regulatory review process.