The Alternative Display Facility ("ADF") is a facility for displaying quotes and trade reporting (but not for trading) that is operated by FINRA. The ADF is capable of providing members with a facility for the display of quotations, the reporting of trades, and the comparison of trades. The ADF best bid and offer and trade reports are included in the consolidated data stream for Nasdaq- and CQS-listed securities.
As of August 2020, there were no active quoting ADF participants, and only a few firms appeared to use the facility for back-up trade reporting. Although the system is largely inactive, FINRA does adopt various interpretations that have relevance to the ADF as well as to other FINRA facilities. However, this page is primarily about ADF-focused material, and generally does not include material that is primarily important for other FINRA facilities or other requirements, but that also reference the ADF.