Securities Trader Representative (Series 57) Practice Exam

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What are the operating hours for an ADF Trading Center?

8:30 a.m. to 3:30 p.m.
9:00 a.m. to 4:00 p.m.
9:30 a.m. to 4:00 p.m.
10:00 a.m. to 5:00 p.m.

The correct answer is: 9:30 a.m. to 4:00 p.m.

The operating hours for an Alternative Trading System (ATS) such as an ADF (Alternative Display Facility) Trading Center typically align with the standard hours for trading on major exchanges in the United States, which are from 9:30 a.m. to 4:00 p.m. This timing reflects the period during which the majority of market participants can engage in trading, ensuring liquidity and efficiency in the market. Understanding the operating hours is crucial for traders, as it directly impacts when trades can be executed and when market data is available. The hours also reflect regulatory considerations meant to provide a clear framework for market operations, aligning with investor expectations and operational standards across trading venues.