FINRA ADF

Unlike the Trade Reporting Facilities (TRFs), which only support trade reporting, the ADF supports both quoting and trade reporting. The ADF provides market participants, such as FINRA member firms or market makers, with an off-exchange venue to display quotes.

To display quotes on the ADF, market participants must register and become certified as ADF market makers. This requires meeting specific quoting obligations set by FINRA, including maintaining continuous two-sided quotations and following minimum price increment rules, as detailed in FINRA Rule 6272.

As of September 2024, there are no active quoting participants on the ADF. However, the SEC has approved a FINRA rule change to add IntelligentCross ATS as a new participant. This will allow displayed liquidity from IntelligentCross ATS to be added as a protected quotation in the public quote.