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 (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.[http://www.finra.org/RegulatorySystems/ADF/index.htm FINRA description of facility]{{Cite web |url=http://www.amex.com/servlet/AmexFnDictionary?pageid=display&titleid=253 |title=Definition by AMEX Financial Dictionary |access-date=2006-03-02 |archive-url=https://web.archive.org/web/20060213090934/http://www.amex.com/servlet/AmexFnDictionary?pageid=display&titleid=253 |archive-date=2006-02-13 |url-status=dead }}