ProcessIntermediate
Aggregation
The process of combining liquidity from multiple providers into a single stream to offer tighter spreads and deeper order books.
Last updated: February 1, 2026
1
Multiple liquidity sources (banks, ECNs, non-bank market makers) send streaming quotes.
2
An aggregation engine collects and normalizes all incoming price feeds.
3
The engine constructs a unified order book by combining the best available bids and offers.
4
Client orders are matched against this aggregated book for optimal pricing.
5
The engine continuously evaluates LP performance and adjusts routing weights.