Series 7: 17.6.2.2 ADF Market Access And Disclosure Rules

Taken from our Series 7 Top-off Online Guide

17.6.2.2  ADF Market Access and Disclosure Rules

An Alternative Display Facility (ADF) is a display-only facility for entering quotes and reporting (but not executing) trades. It is used mainly by unlinked ECNs and market makers who trade in NASDAQ and CQS-listed securities off the exchange.

ADF quote and

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