Trading Venues
Trading venues are marketplaces where securities are bought and sold, including public exchanges, dark pools, and electronic communication networks.
Dark Pools
Dark pools are private trading venues where institutional investors execute large orders anonymously, without displaying quotes to the public market.
Electronic Communication Networks (ECNs)
ECNs are automated systems that electronically match buy and sell orders outside traditional exchanges, offering direct market access and extended trading hours.
Stock Exchanges
Stock exchanges are regulated marketplaces where securities are listed and traded, providing price transparency, liquidity, and standardized trading rules.