Discussion in 'Order Execution' started by qazmax, Aug 1, 2002.

  1. qazmax


    Does anyone get what the precise role of ADF is to the market place...??

    I understand it was created to keep Nasadq from monopolizing the market. It should give ECN's and Market Makers a place to post bids and offers without using Nasdaq.

    But since it is not an execution platform.. how do you trade against these quotes? The website says ITS or through a 3rd party (e.g. a broker with direct lines to the ECN's.)

    What gives....?? This sounds terrible. ITS sucks! Market makers will never sign up. Why would an ECN sign on?

    Who is going to offer direct access to all the ECNs? It is too expensive for one retail firm to keep all the direct lines for next to nothing in exchange.

    Is it me or is this a total joke?

    Is this the only way a non-SuperMontage participant can be reflected to the NBBO?