Trading venue operator
A licensed entity that matches buy and sell orders under one set of rules and enforces those rules on participants.
How to read the number
The venue is not a party to the trade and carries no view on price. Its subject matter is admission rules, the session timetable and an identical execution order for everyone.
When the metric lies
The venue, the broker and the depository are three separate organisations with three separate liabilities. Trouble at one of them is not covered by guarantees given by another.
Also known as: trading venue