SEC Issues Order Approving FINRA-Proposed Rule Regarding New Entrant to Alternative Display Facility

On December 2, 2013, FINRA filed with the SEC a proposed rule change to add a new entrant to the Alternative Display Facility. The SEC received no comments on the proposal. This order approved the proposed rule change.

As previously reported, ADF is a quotation collection and trade reporting facility that provides ADF Market Participants with the ability to (i) post quotations, (ii) display orders, (iii) view real-time data, including enforcement requirements from the SEC, and (iv) report transactions in national market system ("NMS") stocks for submissions to the Securities Information Processor. The new ADF entrant, LavaFlow ("FLOW"), has prepared policies and procedures that are designed to ensure that the level access to its quotations is substantially equivalent to that of quotations displayed by SRO trading facilities.

See: SEC Approval of Proposed Rule.Related news: Filing Requirements for ADF Market-Makers: FINRA Regulatory Notice 14-04 (January 31, 2014); SEC Approves FINRA Rule Regarding Participation on the Alternative Display Facility (January 28, 2014); FINRA-Proposed Rule Change Regarding ADF Capacity Management Plan (January 3, 2014); FINRA Files Proposed Rule Change to Update Rules Governing ADF (December 20, 2013); FINRA Proposes Rule Regarding New Entrant to Alternative Display Facility (December 3, 2013).