I've seen the two terms used interchangeably. I've also seen ECNs referred to as "markets" but then seen ATSes referred to as "venues". I've seen "regulated markets" considered a subset of "venues", here.
Is there some method to the madness? Or are the terms just inherently vague and how people choose to use market vs. venue is random?
I find the term "venue" to be more broad than "market". I would consider market a subset of venue. Whereas market implies buying/selling/trading, venue only implies a place where "something happens". Are there venues where "something happens" that does not happen on markets?
NOTE: I'm not intentionally trying to ask an open-ended question. I'm looking for a definitive answer for how to use "market" and "venue" correctly, or if "market" and "venue" can be used interchangeably.