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For a long time, the Alternative Display Facility was viewed as an inferior alternative to SuperMontage that wouldn't live up to the expectations of the ECNs that had demanded it.

But when the Securities and Exchange Commission mandated that all interested parties commit in writing to the platform by early September, things changed. A firm commitment from Instinet, Archipelago and NexTrade signaled that the long-criticized system would have some liquidity.

"The industry had been prepared and

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