Automatic Lock-In to ADF Disabled
Firms that use the Alternative Display Facility (ADF) to report over-the-counter trades in NMS stocks for broker-dealer compliance management purposes can choose to have their trades submitted by the ADF to the National Securities Clearing Corporation (NSCC) for clearance and settlement. Designated trades can be locked-in via agreement by both parties to the trade (the Uniform Services Agreement and/or the Qualified Special Representative Agreement). Alternatively, designated trades can be locked-in by the system in accordance with FINRA’s rules and regulations for broker-dealers. Lock-in of trades designated for clearing must occur in one of those two ways.