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alternative trading system

US regulatory term for a non-exchange trading venue

en-US/ɑlˈtɝnətɪv ˈtɹeɪdiŋ ˈsɪstəm/
en-GB/ɔːlˈtɜːnəˌtɪv ˈtɹeɪdɪŋ ˈsɪstəm/

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marketorganizationcapital market