Exchange
Broadly, a stock exchange, futures exchange, or any other organized market which brings together orders in a certain type of security and doesn't look like an OTC transaction. In the EU parlance (Template:TagMiFID 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.
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