Exchange and venue architecture.
Design the market, participant relationships, and operating model before selecting the matching engine.
Venue architecture determines who can participate, what can trade, how information moves, how liquidity forms, and how abusive conduct is detected.
Participant onboarding
Product and listing standards
Order or request handling
Matching and execution
Market data
Connectivity and APIs
Identity and permissions
Surveillance
Fees and incentives
Dispute handling
Interoperability
Aggregate without erasing the underlying market.
A venue may operate as a direct marketplace, an aggregator, a gateway across external markets, or a federation of independent providers.
Discovery, transparent comparison, standardized information, routing, interoperability, and portable identity can reduce fragmentation while providers retain their commercial relationships and systems.