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6170. Multiple MPIDs for Alternative Display Facility Participants

(a) Terms used in this Rule 6170 shall have the same meaning as defined in Rule 6220.
(b) Any ADF participant that is required to obtain, or otherwise wishes to use, more than one Market Participant Identifier ("MPID") for purposes of displaying quotes/orders or reporting trades through the ADF must submit a written request, in the form required by FINRA, to, and obtain approval from, FINRA Market Operations for such additional MPID(s).
(c) An ADF Market Participant that posts a quotation on the ADF and reports a trade to the ADF or a Trade Reporting Facility resulting from such a posted quotation must utilize the same MPID for reporting purposes (e.g., Registered Reporting ADF ECNs must use the same MPID for ADF trade reporting as was used for ADF quotation posting).
(d) Except as set forth in paragraph (e), a member reporting trades to the ADF that operates an alternative trading system ("ATS"), as that term is defined in Rule 300 of SEC Regulation ATS, must obtain a single, separate MPID for each such ATS designated for exclusive use for reporting each ATS's transactions. The member must use such separate MPID to report all transactions executed within the ATS to the ADF, except if the member is submitting a clearing-only, non-regulatory report pursuant to Rule 7130(g)(4). The member shall not use such separate MPID to report any transaction that is not executed within the ATS. Any member that operates multiple ATSs must obtain a separate MPID for each ATS. Members must have policies and procedures in place to ensure that trades reported with a separate MPID obtained under this paragraph are restricted to trades executed within the ATS.
(e) An ATS is permitted to use two separate MPIDs only if one MPID is used exclusively for reporting transactions to TRACE and the other MPID is used exclusively for reporting transactions to the equity trade reporting facilities (the Alternative Display Facility, the OTC Reporting Facility, the FINRA/Nasdaq TRF, or the FINRA/NYSE TRF).

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.01 FINRA considers the issuance of, the display of, and the trade reporting with multiple MPIDs to be a privilege and not a right. An ADF participant must identify the purpose(s) and system(s) for which the multiple MPIDs will be used. If FINRA determines that the use of multiple MPIDs is detrimental to the marketplace, or that an ADF participant is using one or more additional MPIDs improperly or for other than the purpose(s) identified by the participant, FINRA staff retains full discretion to limit or withdraw its grant of the additional MPID(s) to such ADF participant for purposes of displaying quotes/orders or reporting trades through the ADF.

.02 Each of a Registered Reporting ADF ECN's MPIDs will be subject to the requirements of Rule 6279.

.03 If an ADF Market Participant no longer fulfills the conditions appurtenant to one of its MPIDs (e.g., by being placed into an unexcused withdrawal), it may not use another MPID for any purpose in that security.

Amended by SR-FINRA-2016-031 eff. Sep. 12, 2016.
Amended by SR-FINRA-2015-035 eff. Feb. 1, 2016.
Amended by SR-FINRA-2014-042 eff. Feb. 2, 2015.
Amended by SR-FINRA-2014-017 eff. Feb. 2, 2015.
Amended by SR-FINRA-2014-045 eff. Dec. 1, 2014.
Amended by SR-FINRA-2013-042 eff. Jan. 17, 2014 and Feb. 2, 2015.
Amended by SR-FINRA-2013-008 eff. Jan. 25, 2013.
Amended by SR-FINRA-2011-074 eff. Jan. 27, 2012.
Amended by SR-FINRA-2011-003 eff. Jan. 28, 2011.
Amended by SR-FINRA-2009-094 eff. Jan. 29, 2010.
Amended by SR-FINRA-2008-068 eff. Jan. 30, 2009.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Adopted by SR-NASD-2006-096 eff. Aug. 8, 2006.

Selected Notice: 08-57, 14-07, 15-51, 16-33.

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