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June 30, 2002

Will the ADF Be Ready?

By Gregory Bresiger

Some continue to question if the ADF, which is required to be operational at the same time that SuperMontage begins operations this summer, will actually fully begin on time.

"The latest rules amendments on the ADF call for the comment period to continue until June 28th. How could it become operational only two days after the comment period closes," said Mark Borelli, a former SEC attorney and now a private securities attorney in Chicago. "This seems very strange."

Borelli's comments are echoed by many trading professionals who are convinced that the ADF will not be operational for several more months, which would mean, they say, that SuperMontage would also have to be delayed.

NASD Chairman and CEO Robert Glauber also said that NASD's bond reporting system, Trade Reporting and Compliance Engine (TRACE), will begin operating sometime this month, July. He said that TRACE will be "a big step forward in bringing transparency to the fixed income market."