What term describes a location—physical or electronic—where buyers and sellers engage in asset trading?

The term that best describes a location—whether physical or electronic—where buyers and sellers engage in asset trading is "market."

In the context of finance, a market refers to the overall system or environment in which transactions occur, encompassing various participants, trading practices, and mechanisms. Marketplaces can include both traditional exchanges, like the New York Stock Exchange, as well as electronic trading platforms where assets such as stocks, bonds, derivatives, and commodities are bought and sold.

While "exchange" could also seem relevant, as it is indeed a specific type of market where trading takes place, the broader term "market" encompasses all types of trading environments. Additionally, terms like "brokerage" and "platform" refer to different aspects of trading; a brokerage is a firm that facilitates trades on behalf of clients, and a platform typically refers to an online system that provides access for trading but is not synonymous with the concept of a market as a whole.