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Printer-Friendly Last Updated: 8/8/08 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.

Important ADF Information

Holiday Reminder Regarding ADF System Closure

In observation of the Labor Day, the ADF System will be closed on Monday, September 1, 2008. As stated in the data feed interface specifications, FINRA may send out unmarked test data via its data feeds on market holidays. Direct data feed subscribers, including recipients of ADF data, should take the necessary precautions to prevent data corruption. Thank you for your attention to this matter. Please contact FINRA Operations at (866) 776-0800 if you have any questions.

Important Notice for Firms
Effective April 14, 2008, the Consolidated Tape Association ("CTA") Plan will disseminate the actual number of shares for each transaction reported in CTA-eligible securities (exclusive of transactions in odd-lots). This change will make the CTA Plan dissemination protocol consistent with the current Nasdaq Unlisted Trading Privileges ("UTP") Plan dissemination protocol.

• SEC Notice of Proposed CTA Plan Amendment
• SEC Approval of Proposed CTA Plan Amendment

Important Notice for Firms
Effective October 5, 2007 ADF Participants are no longer required to submit trades marked short exempt via a FINRA Trade Reporting Facility or the ADF other than when applicable on "as of" trades with a trade date earlier than October 5, 2007.

Member Alert

Notice of NASD Hotline for Regulation NMS Questions

FINRA Self-Help Email Address
Trade Reporting Facilities (TRFs) and the Alternative Display Facility (ADF) are not considered trading centers or SRO trading facilities under SEC Regulation NMS and its Order Protection Rule. However, the participants in the TRFs and the ADF are considered trading centers and under appropriate circumstances, can invoke the self-help exception under the SEC Regulation NMS Order Protection Rule. Therefore, electronic notifications indicating the invocation of the self-help exception should be directed to the trading centers utilizing either the ADF or  TRFs and copies of the notifications should be sent to FINRA. In addition, trading centers utilizing either the ADF or  TRFs should copy FINRA on any self-help notifications that they receive indicating that the self-help exception has been declared against them and copy FINRA on any electronic notifications sent by them to another trading center indicating the declaration of the self-help exception.

FINRA Self-Help Email Address: selfhelp@finra.org

Member Alert

Guidance Related to ADF Trading Centers Displaying Quote Condition "L". View more information.

Member Alert

Exemptive Relief from Certain Trade Reporting Requirements Related to Regulation NMS. View more information.

FINRA ADF Market Participant, Direct Edge ECN, to Add MPID EDGA for CQS Securities on May 1, 2007  
On Tuesday, May 1, 2007, the Direct Edge ECN will begin to quote non-NASDAQ exchange-listed securities (CQS securities) via the FINRA Alternative Display Facility (ADF) through an additional market participant identifier (MPID) — "EDGA" — in addition to its primary ADF MPID — "EDGX." As a reminder, ADF market participant CQS quotation data is available on the CQS consolidated data feed. Direct Edge's primary and additional MPIDs will be identified on the CQS FINRA Best Bid or Offer (BBO) Appendage (commonly known as the FINRA Market Maker ID display field), which will be displayed through the extended data display function of the CQS feed when Direct Edge represents the ADF BBO.

Thank you for your attention to this matter. Questions about the FINRA ADF should be directed to FINRA Operations.  

FINRA ADF Market Participant, Lava Flow ECN, To Commence Quoting in CQS Securities on April 16, 2007 

On Monday, April 16, 2007, the Lava Flow ECN will begin to quote CQS issues via the FINRA Alternative Display Facility (FINRA ADF). As a reminder, FINRA ADF market participant quotation data is available on the CQS feed.  Lava Flow will be identified with the market participant identifier (MPID) "FLOW" on the CQS FINRA BBO Appendage (commonly known as the "FINRA Market Maker ID" display field), which will be displayed through the extended data display function of the CQS feed when FLOW represents the ADF Best Bid or Offer. The Lava Flow ECN currently displays quotes and trades in Nasdaq-listed securities under the same MPID of FLOW via the FINRA ADF.

Lava Flow intends to commence quoting in all CQS issues on the FINRA ADF.

Thank you for your attention to this matter. Questions about the FINRA ADF should be directed to FINRA Operations.

Member Alert
Notice of ADF-Related NYSE Rule Change and Exemption Request.  View more information.

Member Alert
Notice of Regulation NMS-Related Market Structure Changes.  View more information.

Uniform Give Up Agreement

Read an important notice to all TRF, ADF and other FINRA facility participants regarding AGU and QSR relationships.

ADF Notifications
FINRA now offers email notifications for member firms, service bureaus and vendors/subscribers regarding important ADF system changes, news, and information through our email subscription service.

ADF System Status
As a result of software changes introduced in the ADF FIX Translation Facility on January 23, ADF FIX participants may have experienced intermittent quote and trade reports delays. FINRA is working with its FIX service provider on correcting all outstanding issues.

Notice to Members

Short Sales in Pilot Securities and Order-Marking Requirements under SEC Regulation SHO. View more information.

Notice to Members

SEC Approves New Pilot Rule Giving NASD Authority to Receive and Review Complaints against NASD Market Participants that Allege Denial of Access to Their Quotes in the Alternative Display Facility; Compliance Date: May 26, 2005. View more information.

Regulation SHO

View new monthly information of all short sales which were reported to the ADF. 

ADF Launched July 29, 2002
The Alternative Display Facility launched on July 29, 2002. View a related news release and the information below for further details. Please continue to look to this page for updates.