Quote and Order Access Requirements

What this video covers

• When obligations attach to a registered reporting market maker displaying a bid and offer versus an electronic communications network (ECN) displaying a bid or offer
• The seven obligations an alternative display facility (ADF) trading center owes for each security it quotes, including access, technology, nondiscrimination, notice, performance, and certification requirements
• How the substantial-equivalence test compares both the level and cost of access to quotations in a national market system (NMS) stock
• The difference between direct electronic access and indirect electronic access through a non-affiliated broker-dealer, including the role of a Financial Industry Regulatory Authority (FINRA) member
• The prohibitions against influencing indirect-access pricing or discouraging access through discriminatory pricing or quality of service
• How the 14-calendar-day advance written notice works, including the rule that the clock begins on the first business day FINRA Market Operations receives the notice
• Why a good faith belief is required to deny access, and why certification-record acceptance does not eliminate ongoing liability or create estoppel