Exchange

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Broadly, a stock exchange, futures exchange, or any other organised venue which brings together bids and offers in certain types of securities and doesn’t look like an over-the-counter transaction. In the EU parlance (MiFID and all that kind of jazz) called a Regulated Market, and usually contrasted with a systematic internaliser (where a broker matches buys and sells on an OTC basis in its own order book). The question is whether a dark pool, a kind of multilateral trading facility counts as an exchange.

See also

• Venue
• OTC
• MTF or multilateral trading facility
• Regulated market