Alternative Display Facility (ADF®)
The Alternative Display Facility (ADF) is an SRO display only facility that is operated by FINRA. The ADF provides members with a facility for the display of quotations, the reporting of trades, and the comparison of trades. As of March 5, 2007, CQS listed securities, as well as Nasdaq-listed securities are eligible for posting quotations through the ADF. ADF best bid and offer and trade reports are included in the consolidated data stream for Nasdaq and CQS listed securities. SEC approval has been granted to allow for the quoting and trade reporting activity of CQS listed issues on the ADF as of March 5, 2007. As an SRO display only facility, ADF does not provide automated order routing functionality, execution facilities, or linkages between ADF trading centers. ADF trading centers are required by NASD rule to provide direct electronic access to all other ADF trading centers and provide such access to all FINRA members that request it. All FINRA members in good standing are eligible to participate in ADF, pending execution of appropriate contracts and meeting specific requirements as set forth by FINRA.