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The alternative display facility or ADF was created in order to provide broker dealers with an opportunity to quote securities in a venue other than the NASDAQ. It was developed many years ago before we had countless market centers to ensure that the NASDAQ was not deemed to be a monopoly. FINRA operates the Alternative Display Facility (ADF) from 8:00 a.m. to 6:30 p.m. EST. The ADF allows market makers and unlinked ECN participants to enter and match quotes and to report trades. The quotes entered in the ADF will not appear in the NMCES. However, if the quote entered in the ADF would improve the inside market, the quote will be displayed as part of the inside market. The ADF does not provide execution capabilities. All ADF participants are required to provide direct or indirect electronic access to their quotes. Direct electronic access will allow other market participants to execute an order electronically against the firm’s quote. Indirect electronic access will allow another market participant to execute an order against the firm’s quote through the firm’s broker dealer customer. Both direct and indirect electronic access requires:
• No voice communication.
• Equivalent speed, reliability, and availability as offered to participants’ customers.
• Equivalent costs as offered to participants’ customers.
• A two-second turnaround for accepting or declining an order.
• A three-second or less turnaround for communication between market participants.
Each ADF participant must certify that it has the ability to display automated quotations during times of peak volume. Each participant is also required to display a marketable quote on each side of the market at least once every 30 days in order to meet certification standards. A firm that is unable to meet the certification standards or who experiences three unexcused outages over 5 consecutive business days will be suspended from quoting all securities in the ADF for 20 business days.