What is the alternative display facility?

This trading facility was created in the United States by the Financial Industry Regulatory Authority (FINRA) as an alternative to the stock exchange, used for publishing quotations and for comparing and reporting trades.

Where have you heard about the alternative display facility?

The alternative display facility (ADF) differs from the stock exchange because it compares and reports trades and publishes quotations, whereas the stock exchange only sends back a notice of execution to the stock owner.

What you need to know about the alternative display facility.

Unlike trade reporting facilities (TRF), the alternative display facility is not attached to, or operated by, an exchange, and it has instead been operated by FINRA since 2002. It is a members only facility for the comparison, quotations and reporting of trades. All ADF centres are required by FINRA to allow electronic access to each other on request.

Find out more about the alternative display facility.

To understand why the alternative display facility was created, learn about FINRA.