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Is ADF Dead on Arrival? Some Skepticism Over the Future of System

Traders Magazine, May 2002

Peter Chapman

The Alternative Display Facility, the NASD's new trading venue, is slated to launch soon, but some in the industry are not happy about it. The ADF was mandated by the SEC as an alternative to Nasdaq's SuperMontage. It is a members-only quote-posting facility similar to the original Nasdaq of 30 years ago. The system will broadcast a "montage" of market maker and ECN quotes to members via market data feeds. Stocks traded include Nasdaq issues, as well as those listed on the New York and American Stock Exchanges.

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