Aggregator

Aggregator is a system used to aggregate liquidity from several liquidity providers.  

Retail aggregators packet small retail trades into larger trades that can be handled conveniently by banks. Some retail aggregators act as FX brokers. FX Aggregators allow FX traders to compare price from different liquidity venues such as banks or ECNs and to gain a view of the market. It also allows traders to trade with different participants using a single API or a single trading terminal. Other retail aggregators combine a broker model with a dealer model; they match some trades but strategically act as the counterparty for both the sides of a trade.

Some of the aggregators offered in the market are Thomson Reuters Dealing Aggregator, Liquid-X and Liquidity Pool.