What is ADF exchange?

Alternative display facility (ADF) is an equity trading facility created in the United States by the Financial Industry Regulatory Authority (FINRA), a self-regulatory organization (SRO). The ADF is an alternative to the exchange for publishing quotations and for comparing and reporting trades.

Thereof, what is an ADF market maker?

Registered Reporting ADF Market Maker ' means a member of NASD that is registered as an NASD market maker in a particular designated security and, with respect to that security, holds itself out (by entering quotations in NASD's Alternative Display Facility) as being willing to buy and sell such security for its own

Furthermore, what is a trade reporting facility? Trade Reporting Facilities, commonly called TRF's, are venues for alternative execution facilities to report trades to the consolidated tape. ECNs and brokers, executing stock trades away from the exchanges in the U.S. must report their trades to a TRF.

Consequently, what is TRF Volume?

The FINRA & TRF Volume section refers to all trades on a given date that took place on "non-lit" exchanges. These types of trades include dark pool volume and any other trade that is not required to take place in public but is required to be reported (the R in TRF ) to FINRA.

Who does finra report to?

It is a non-governmental organization that regulates member brokerage firms and exchange markets. The government agency which acts as the ultimate regulator of the securities industry, including FINRA, is the Securities and Exchange Commission.

17 Related Question Answers Found

How is short volume calculated?

Fundamentally, a short interest ratio is a mathematical formula in which the number of shorted shares of a stock are divided by the average volume of daily trades. To fully understand the implications of this formula, it is first necessary to explore the process of short selling.

What is a trade report?

Real-time trade reporting refers to a requirement that market makers publicly report each transaction immediately after it is completed. Real-time trade reporting improves efficiency and transparency in the market.

What is short sale volume percent?

When expressed as a percentage, short interest is the number of shorted shares divided by the number of shares outstanding. For example, a stock with 1.5 million shares sold short and 10 million shares outstanding has a short interest of 15% (1.5 million/10 million = 15%).

What is the Order Audit Trail System?

The Order Audit Trail System (OATS) is an automated computer system established by the Financial Industry Regulatory Authority (FINRA). This system simplifies an order's progression from the initial receipt of the order to its eventual execution or cancellation, for easy tracking or auditing purposes.

What does finra look for?

FINRA is an independent, non-governmental regulator for all securities firms doing business with the public in the United States. We are authorized by Congress to protect America's investors by making sure the securities industry operates fairly and honestly. Want to learn more?

Is SEC an SRO?

In United States securities law, a self-regulatory organization is a defined term. The principal federal regulatory authority—the Securities and Exchange Commission (SEC)—was established by the Federal Securities Exchange Act of 1934. The American Arbitration Association is also an SRO with official, statutory status.

Is Nasdaq an SRO?

A self-regulatory organization (SRO) is a non-governmental organization which has the power to create and enforce stand-alone industry and professional regulations and standards. Examples of self-regulatory organizations include: The New York Stock Exchange (NYSE)

What is the finra rule?

FINRA Rule 3110 requires a firm to establish and maintain a system to supervise the activities of its associated persons that is reasonably designed to achieve compliance with the applicable securities laws and regulations and FINRA rules.

Who is required to register with finra?

You must be registered with FINRA if you're engaged in the securities business of your firm, which includes salespersons, branch managers, department supervisors, partners, officers and directors. You are required to pass qualification exams to demonstrate competence in your particular securities activities.

Who regulates brokerage firms?

Financial Industry Regulatory Authority (FINRA)

What is the difference between SEC and Finra?

Difference Between FINRA and the Securities and Exchange Commission. FINRA is also under the purview of the SEC. In short, FINRA is tasked with regulating brokerage firms and stockbrokers, while the SEC is more focused on individual investors.

What does SIPC stand for?

Securities Investor Protection Corporation

What does NASD stand for?

National Association of Securities Dealers