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. The ADF best bid and offer and trade reports are included in the consolidated data stream for Nasdaq and CQS listed securities.

As an SRO display only facility, the ADF does not provide automated order routing functionality, execution facilities, or linkages between ADF trading centers. ADF trading centers are required by FINRA 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 the ADF, pending execution of appropriate contracts and meeting specific requirements as set forth by FINRA.

Currently, there are no active quoting ADF participants.

ADF Notifications

Sign up to receive periodic emails regarding:

  • system status
  • system updates
  • planned outages
  • other important events  

Contact ADF

FINRA Operations
(866) 776-0800

FINRA Business Services
(866) 953-4672

Technical Questions or Issues
(866) 899-2107

  • 6200 Series – Alternative Display Facility
  • 7100 Series – Alternative Display Facility
  • 7500 Series – Charges for Alternative Display Facility Services and Equipment
Proposed Rule Change to Eliminate Fees for Historical Trade Data Accessed Through the FINRA ADDS Website
December 20, 2016
Proposed Rule Change Relating to Use of the Alternative Display Facility for Trade Reporting Purposes Only
August 11, 2016
Proposed Rule Change to Amend Rule 7510 and Rule 7540 Relating to Fees for the Alternative Display Facility
January 31, 2014
Proposed Rule Change Relating to Capacity Management Plan
December 24, 2013
Proposed Rule Change to Update the Rules Governing the Alternative Display Facility
December 9, 2013
Proposed Rule Change Relating to Alternative Display Facility New Entrant
December 2, 2013
Proposed Rule Change Relating to Participation on the Alternative Display Facility
July 18, 2013
Proposed Rule Change to Require Members to Report OTC Equity Transactions As Soon As Practicable, But No Later Than 10 Seconds, Following Execution
February 1, 2013
Proposed Rule Change Relating to Quotation Requirements on the Alternative Display Facility
September 17, 2010
Proposed Rule Change Relating to Order Reporting Requirements on the Alternative Display Facility
December 3, 2009
Proposed Rule Change to Impose an Excess Capacity Usage Fee on ADF Trading Centers that Exceed Their Certified Volume Levels Pursuant to a New FINRA ADF Capacity Management Plan
October 14, 2009
Proposed Rule Change to Amend Trade Reporting Rules to Require Related Market Center Indicator on Certain Non-Tape Reports Submitted to FINRA
September 12, 2007
Proposed Rule Change Relating to Clearing Reports for Previously Executed Trades
June 22, 2007
Amendments to NASD Rules to Align Them with Regulation NMS and to Allow for Quoting, Trade Reporting and Clearing Through the Alternative Display Facility for all NMS Stock.
July 28, 2006
Proposed Rule Change to Extend Operation of NASD's Alternative Display Facility as a Temporary Pilot
April 7, 2003
Fees Relating to the NASD Alternative Display Facility
January 20, 2003
Fees Relating to the NASD Alternative Display Facility
February 20, 2002
Notice of Proposed Rule Change Relating to NASDAQ Separation from the NASD and the Establishment of the NASD Alternative Display Facility
December 7, 2001
FINRA Reminds Firms of Their Obligations When Effecting OTC Trades in Equity Securities on a Net Basis
September 12, 2018
FINRA Requests Comment on a Proposal to Expand OTC Equity Trading Volume Data Published on FINRA’s Website
September 11, 2018
FINRA Updates the Transparency Services FINRA Participant Agreement
April 3, 2017
Reporting of Information Relating to OTC Trades in NMS Stocks
December 5, 2016
"Trade Match” and “Trade Acceptance” Clearing Submissions on FINRA’s Alternative Display Facility
October 7, 2016
Trade Reporting Modifier for Trades that Qualify for the Intermarket Sweep Order Exception to the Trade-at Prohibition Under the Tick Size Plan
August 26, 2016
FINRA Adopts Amendments Relating to Use of the Alternative Display Facility for Trade Reporting Purposes Only
August 24, 2016
OTC Equity Trading and Reporting in the Event of Systems Issues
January 20, 2016
Submission of "Clearing-Only, Non-Regulatory Reports" to the FINRA Equity Trade Reporting Facilities
December 8, 2015
Dissemination of Qualified Contingent Trades Reported to FINRA
October 7, 2015
FINRA Requests Comment on a Proposal to Identify OTC Equity Trades Reported More Than Two Seconds After Execution as “Out of Sequence” and Not Last Sale Eligible
November 12, 2014
FINRA Requests Comment on a Proposal to Publish OTC Equity Volume Executed Outside Alternative Trading Systems
November 12, 2014
Obligation to Report Cancellations of OTC Trades in Equity Securities, Including Trades Declined by the Contra Party
July 11, 2014
SEC Approves Amendments to Equity Trade Reporting and OATS Rules
May 15, 2014
SEC Approves Amendments to FINRA Rules 6271 and 6272 Regarding the Requirements For Firms Seeking Registration as FINRA Alternative Display Facility (ADF) Market Participants
January 31, 2014
SEC Approves Amendments to Require Firms to Report OTC Transactions in Equity Securities as Soon as Practicable, But No Later Than 10 Seconds, Following Execution
May 23, 2013
Reporting Reversals of OTC Trades in Equity Securities
March 25, 2013
FINRA Announces New Electronic Process for Submission of Notice and Information Relating to Distributions Subject to SEC Regulation M
April 11, 2012
FINRA Requests Comment on Proposed Amendments Relating to Reporting of OTC Trades Executed in a Mixed Capacity
February 8, 2012
SEC Approves Amendments Clarifying Certain Exceptions Under Trade Reporting Rules and Adopting Notice Requirement for Transactions That Are Part of an Unregistered Secondary Distribution
August 29, 2011
FINRA Reminds Firms of Their Trade Reporting Obligations and Announces New Submission Process for Form T
June 3, 2011
Amendments to FINRA Trade Reporting and OATS Rules to Reinstitute Short Sale Exempt Marking and to Require Price and Short Exempt Identifier on Route Reports
October 12, 2010
Price Validation and Price-Override Protocol
September 17, 2010
Weighted-Average Price/Special Pricing Formula Trade Modifier
August 19, 2010
SEC Approves Amendments to Require Reporting of OTC Trades in Equity Securities Within 30 Seconds of Execution
April 28, 2010
FINRA Extends Implementation of Amendments Requiring Related Market Center Indicator in Non-Tape Reports Submitted to FINRA
February 8, 2010
SEC Approves Amendments to FINRA Rules on Reporting Cancellations of Previously Reported OTC Trades in Equity Securities
January 27, 2010
FINRA Adopts Amendments Relating to Reporting Transfers of Proprietary Positions in Debt and Equity Securities in Connection With Certain Corporate Control Transactions
April 15, 2009
FINRA Announces Two New Trade Reporting Modifiers Related to Regulation NMS
February 24, 2009
SEC Approves Amendments to FINRA Trade Reporting Rules
January 23, 2009
FINRA Provides Guidance on Amendments to FINRA Rules Relating to SEC Regulation M
December 8, 2008
Trade Reporting Frequently Asked Questions
August 14, 2008
FINRA Adopts Rule Amendments Relating to Reporting of Odd-Lot Transactions
December 13, 2007
FINRA Requests Comment on Proposed Amendments to OTC Trade Reporting Requirements for Equity Securities
September 28, 2007
FINRA Extends Implementation of Rule Amendments Relating to Non-Tape (Or Clearing-Only) Reports for Previously Executed Trades
August 29, 2007
NASD Trade Reporting Requirements Related to Regulation NMS
May 11, 2007
SEC Approves Amendments to NASD Rules to Align Them with Regulation NMS
November 28, 2006
Pilot Program to Permit Additional Market Participant Identifier Functionality on the Alternative Display Facility
August 15, 2006
Short Sales in Pilot Securities and Order-Marking Requirements under SEC Regulation SHO
April 28, 2005
SEC Approves New Alternative Display Facility (ADF) Pilot Rule Giving NASD Authority to Receive and Review Complaints Alleging Denial of Access to an ADF Market Participant Quote
April 26, 2005
SEC Approves Rule Amendment Requiring That ADF Market Participant Provide Advance Written Notice When Denying Access
September 20, 2004
Alternative Display Facility (ADF) Nine-Month Pilot Approved for Trading in Nasdaq Securities
July 29, 2002
Rule Proposal Regarding Nasdaq Separation and the Alternative Display Facility
December 28, 2001
FAQ
The guidance provided in this FAQ pertains to the reporting of over-the-counter (OTC) transactions in equity securities to a FINRA Facility (a Trade Reporting Facility (TRF), the Alternative Display Facility (ADF) or the OTC Reporting Facility (ORF)).