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NASD's ADF Blasted As Weak: Nasdaq SuperMontage Alternative Is Under Fire

Traders Magazine, June 2002

Gregory Bresiger

The National Association of Securities Dealers, says one of its critics, has yet to show that its proposed Alternative Display Facility (ADF) will provide a reasonable alternative to Nasdaq's SuperMontage trading platform. That's because participants will not be offered a true price alternative, he said. "The ADF as currently proposed," charges Kevin Foley, chief executive at Bloomberg Tradebook in an SEC comment letter, "would not publish the bids and offers of ECNs and other ADF participants in the national market montage because the Commission's Limit Order Display Rule (Exchange Act Rule 11 Ac1-4) does not require display of more than the best bid and offer."

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