NASD’s ADF Launch Makes a Splash


NASD launched its Alternate Display Facility (ADF) last week carrying Nasdaq-listed securities but not those listed on the New York Stock Exchange- (NYSE) and Amex-listed stocks.

The ADF is intended to fulfill the Securities and Exchange Commission’s (SEC) requirement that a quote venue be maintained separate from Nasdaq and its SuperMontage trading system, with a view toward Nasdaq’s bid to legally separate from the NASD, its regulator, and eventually become an exchange.

On July 25, the SEC

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