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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.

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Technical Notices

Technical Documentation

Short Sale Trade Data

Legal Agreements

ADF NOTIFICATIONS

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  • Regulatory Notice 20-41
    FINRA Amends Its Equity Trade Reporting Rules Relating to Timestamp Granularity
  • Regulatory Notice 19-29
    SEC Approves Amendments to Expand Published Data Relating to OTC Equity Trading Volume
  • Trade Reporting Notice – 7/16/19
    Trade Reporting Requirements Applicable to Step-Out Submissions
  • Regulatory Notice 18-29
    FINRA Reminds Firms of Their Obligations When Effecting OTC Trades in Equity Securities on a Net Basis
  • Regulatory Notice 18-28
    FINRA Requests Comment on a Proposal to Expand OTC Equity Trading Volume Data Published on FINRA's Website
  • Trade Reporting Notice – 4/3/17
    FINRA Updates the Transparency Services FINRA Participant Agreement
  • Trade Reporting Notice – 12/5/16
    Reporting of Information Relating to OTC Trades in NMS Stocks
  • Trade Reporting Notice – 10/7/16
    "Trade Match” and “Trade Acceptance” Clearing Submissions on FINRA’s Alternative Display Facility
  • Trade Reporting Notice – 8/26/16
    Trade Reporting Modifier for Trades that Qualify for the Intermarket Sweep Order Exception to the Trade-at Prohibition Under the Tick Size Plan
  • Regulatory Notice 16-33
    FINRA Adopts Amendments Relating to Use of the Alternative Display Facility for Trade Reporting Purposes Only
  • Trade Reporting Notice – 1/20/16
    OTC Equity Trading and Reporting in the Event of Systems Issues
  • Regulatory Notice 15-51
    Submission of “Clearing-Only, Non-Regulatory Reports” to the FINRA Equity Trade Reporting Facilities
  • Trade Reporting Notice – 10/7/15
    Dissemination of Qualified Contingent Trades Reported to FINRA
  • Regulatory Notice 14-48
    FINRA Requests Comment on a Proposal to Publish OTC Equity Volume Executed Outside Alternative Trading Systems
  • Regulatory Notice 14-46
    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
  • Trade Reporting Notice - 7/11/14
    Obligation to Report Cancellations of OTC Trades in Equity Securities, Including Trades Declined by the Contra Party
  • Regulatory Notice 14-21
    SEC Approves Amendments to Equity Trade Reporting and OATS Rules
  • Regulatory Notice 14-04
    SEC Approves Amendments to FINRA Rules 6271 and 6272 Regarding the Requirements For Firms Seeking Registration as FINRA Alternative Display Facility (ADF) Market Participants
  • Regulatory Notice 13-19
    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
  • Trade Reporting Notice - 3/25/13
    Reporting Reversals of OTC Trades in Equity Securities
  • Regulatory Notice 12-19
    FINRA Announces New Electronic Process for Submission of Notice and Information Relating to Distributions Subject to SEC Regulation M
  • Regulatory Notice 12-07
    FINRA Requests Comment on Proposed Amendments Relating to Reporting of OTC Trades Executed in a Mixed Capacity
  • Regulatory Notice 11-40
    SEC Approves Amendments Clarifying Certain Exceptions Under Trade Reporting Rules and Adopting Notice Requirement for Transactions That Are Part of an Unregistered Secondary Distribution
  • Trade Reporting Notice - 6/3/11
    FINRA Reminds Firms of Their Trade Reporting Obligations and Announces New Submission Process for Form T
  • Regulatory Notice 10-48
    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
  • Trade Reporting Notice - 9/17/10
    Price Validation and Price-Override Protocol
  • Trade Reporting Notice - 8/19/10
    Weighted-Average Price/Special Pricing Formula Trade Modifier
  • Regulatory Notice 10-24
    SEC Approves Amendments to Require Reporting of OTC Trades in Equity Securities Within 30 Seconds of Execution
  • Trade Reporting Notice - 2/8/10
    FINRA Extends Implementation of Amendments Requiring Related Market Center Indicator in Non-Tape Reports Submitted to FINRA
  • Regulatory Notice 10-07
    SEC Approves Amendments to FINRA Rules on Reporting Cancellations of Previously Reported OTC Trades in Equity Securities
  • Regulatory Notice 09-21
    FINRA Adopts Amendments Relating to Reporting Transfers of Proprietary Positions in Debt and Equity Securities in Connection With Certain Corporate Control Transactions
  • Trade Reporting Notice - 2/24/09
    FINRA Announces Two New Trade Reporting Modifiers Related to Regulation NMS
  • Regulatory Notice 09-08
    SEC Approves Amendments to FINRA Trade Reporting Rules
  • Regulatory Notice 08-74
    FINRA Provides Guidance on Amendments to FINRA Rules Relating to SEC Regulation M
  • Trade Reporting Notice - 8/14/08
    Trade Reporting Frequently Asked Questions
  • Regulatory Notice 07-63
    FINRA Adopts Rule Amendments Relating to Reporting of Odd-Lot Transactions
  • Regulatory Notice 07-46
    FINRA Requests Comment on Proposed Amendments to OTC Trade Reporting Requirements for Equity Securities
  • Regulatory Notice 07-38
    FINRA Extends Implementation of Rule Amendments Relating to Non-Tape (Or Clearing-Only) Reports for Previously Executed Trades Revised Effective Date: November 5, 2007
  • Notice to Members 07-23
    NASD Trade Reporting Requirements Related to Regulation NMS
  • Notice to Members 06-67
    SEC Approves Amendments to NASD Rules to Align Them with Regulation NMS
  • Notice to Members 06-42
    Pilot Program to Permit Additional Market Participant Identifier Functionality on the Alternative Display Facility
  • Notice to Members 05-33
    Short Sales in Pilot Securities and Order-Marking Requirements under SEC Regulation SHO
  • Notice to Members 05-30
    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
  • Notice to Members 04-68
    SEC Approves Rule Amendment Requiring That ADF Market Participant Provide Advance Written Notice When Denying Access
  • Notice to Members 02-45
    Alternative Display Facility (ADF) Nine-Month Pilot Approved for Trading in Nasdaq Securities
  • Notice to Members 02-01
    Rule Proposal Regarding Nasdaq Separation And The Alternative Display Facility
  • Guidance
    SEC Interpretive Actions
    SEC Interpretive Actions related to Alternative Display Facility
  • FAQ
    Trade Reporting Frequently Asked Questions
    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)).