ECNs Waffle on NASD’s ADF


Nasdaq’s SuperMontage trading platform will finally begin trading live stocks Monday, Oct. 14, more than one and a half years after receiving initial permission from the SEC. But Instinet, which represented 19.3 percent of Nasdaq-listed volume as of August, will not be quoting on the platform, officials confirm.

Instinet is the only ECN that has confirmed it has signed a sworn certification with the SEC that it would use the NASD’s Alternative Display Facility (ADF) as its primary quotation

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