Even without a central exchange, the move toward stock plans is gaining momentum.

The conclusions of every department are passed to him, and he is the central exchange, the clearing- house, which makes out the balance.

With thousands of computers spread around the country, Tymnet couldn't have a central exchange.

The components of this station, and all its clones throughout the Galaxy, must have been carried here from a central exchange.

He pondered on what the central exchange might want to know from him.

Forex is a little different as there is no central exchange.

A better question is why are they not traded on a central exchange, with an independent clearing body that can keep track of everything.

Foreign currency options are traded over-the-counter with no central exchange to publish prices.

Without a central exchange, currency exchange rates are made, or set, by market makers.

The over-the-counter market is a network of dealers that trades issues by computer over phone lines without any central exchange.