News Release

NASD Announces Launch of ADF will be July 29th

Washington, D.C. — NASD today announced its Alternative Display Facility (ADF) will launch this Monday, July 29, after the Securities and Exchange Commission (SEC) approved rules today governing the facility. The SEC approved ADF on a pilot basis for Nasdaq-listed securities only.

The SEC also approved a fee structure for ADF in which users will receive the first three months of sending their quotations and trade reports to ADF free of all transaction charges.

"NASD commends the SEC for its timely action on these rules," said Douglas H. Shulman, NASD's President of Regulatory Services and Operations. "With the launch of ADF, we have fulfilled our commitment to provide our members with a viable platform for quotation and trade reporting. The system is ready to go."

ADF will allow registered NASD market makers and electronic communications networks (ECNs) to publish quotations for, and report trades in, Nasdaq securities. ADF will not provide order execution or routing. However, NASD will require ADF market participants to provide electronic access to their best-priced quotations and orders displayed on the ADF to all NASD members.

ADF rules for quotes and trade reporting for New York Stock Exchange and American Stock Exchange securities are still pending final approval by the SEC.

NASD is the leading private-sector provider of financial regulatory services, dedicated to bringing integrity to the markets and confidence to investors through effective and efficient regulation and complementary compliance and technology-based services. NASD touches virtually every aspect of the securities business - from registering and educating all industry participants, to examining securities firms, enforcing both NASD rules and the federal securities laws, and administering the largest dispute resolution forum for investors and member firms. For more information please visit