A platform where market liquidity (for a specific type of products or instruments such as FX, commodities, precious metals, etc.) is aggregated and orders are matched. Trades or orders are transmitted to liquidity aggregation venues for order verification and matching of buy and sell orders. A liquidity aggregation is the process of building a deep pool of tradable securities/ assets from which quotes are streamed directly to a trader terminal.

A liquidity aggregation venue may apply a set of rules for order verification, e.g., a no last look rule where the liquidity providers cannot revise their prices at the last moment before verifying the order.

It is also known as a liquidity aggregation exchange.