Understanding ADF Data
FINRA makes short sale trade data publicly available for off-exchange (OTC) trades in exchange-listed securities reported to the Alternative Display Facility (ADF). This data is crucial for understanding the full scope of short selling activity that occurs outside of traditional exchange venues.
Important Considerations
- Exclusions: The data excludes non-publicly disseminated trading activity.
- Consolidation: This data is not consolidated with exchange data. To get a complete picture, market participants must combine ADF data with TRF and exchange-specific files.
- Purpose: These files are intended to provide transparency into daily short sale volume, not to replace the bi-monthly official short interest reports.
Signal data sourced from FINRA. This post is an original analysis prepared by The Forensic Ledger from publicly available data. Not investment advice.
Not investment advice. This is original reporting and analysis prepared by The Forensic Ledger from publicly available data. Nothing here is a recommendation to buy, sell, or hold any security. Always consult the original source and a licensed professional. See our full disclaimer and source-citation policy.