Article · Wikipedia archive · Last revised Jun 21, 2026

Alternative display facility

Alternative display facility (ADF) is an equity trading platform created in the United States established by the Financial Industry Regulatory Authority (FINRA), a self-regulatory organization (SRO). The ADF is an alternative to the exchange for publishing quotations and for comparing and reporting trades. This differs from a trading facility with execution capabilities in that the exchange would simply send a notice of execution back to the owner of the displayed order. FINRA has operated an ADF since July 29, 2002.

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Jun 21, 2026
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Alternative display facility (ADF) is an equity trading platform created in the United States established by the Financial Industry Regulatory Authority (FINRA), a self-regulatory organization (SRO). The ADF is an alternative to the exchange for publishing quotations and for comparing and reporting trades. This differs from a trading facility with execution capabilities (stock exchange) in that the exchange would simply send a notice of execution back to the owner of the displayed order. FINRA has operated an ADF since July 29, 2002.12

References

References

  1. FINRA description of facility
  2. "Definition by AMEX Financial Dictionary". Archived from the original on 2006-02-13. Retrieved 2006-03-02.