NASD Seeks ADF Extension.(National Association of Securities Dealers)(Alternative Display Facility)(Brief Article)

Traders, October, 2005 by Bresiger, Gregory

NASD's Alternative Display Facility (ADF), which quietly continues with only some 15,000 trades a day, would be given about another nine months as a pilot project under a recent filing with the Securities and Exchange Commission.

If approved, the ADF would be authorized to operate until April 26, 2006. The NASD isn't asking for permanent authority to operate, which an NASD official said was not unusual.

"You shouldn't read anything into this fact. This is a pilot. We are simply trying to keep our flexibility as we assess and adjust to the impact of Reg NMS," according to Steven Joachim, executive vice president in the NASD's Division of Markets, Services and Information. The pilot permits members "to quote and trade only Nasdaq listed securities on or...

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