Institutional is a workflow, not a visual style.
Across asset classes, institutions must decide how an order reaches a market, how much risk can be taken, who may approve activity and how the record is kept. Execution quality, settlement, counterparty exposure and operational resilience often matter as much as the directional view.
Market makers, brokers, banks, asset managers, proprietary firms and exchange members can all interact with markets differently. Their obligations, permissions and capital structures are not interchangeable.