4611A. Registration as an ADF Market Maker or ADF ECN

(a) Quotations and quotation sizes in ADF-eligible securities may be entered into the ADF only by a Registered Reporting ADF Market Maker or Registered Reporting ADF ECN or other entity approved by NASD to function in such a capacity. The ADF's protected quotation will be identified by NASD based upon price, size and time priority.

(b) An NASD member seeking registration as a market maker or ECN in the ADF shall file an application with NASD specifying whether it is seeking registration in Nasdaq and/or CQS securities. The application shall certify the member's good standing with NASD and shall demonstrate compliance with the net capital and other financial responsibility provisions of the Act. A member's registration as an ADF market maker or ECN shall become effective upon receipt by the member of notice of approval of registration from NASD in the designated security type (i.e., Nasdaq and/or CQS).