electronic exchange

An electronic marketplace in which goods and services are traded. These exchanges are global in nature, operate 24/7, and connect large communities of buyers and sellers, primarily within the B2B sector. Electronic exchanges range from auctions of all types to VPNs. For example, the Automotive Network Exchange (ANX) is expected to link the entire North American auto supply chain. While "B2B" and "Web marketplace" broadly refer to any transaction between businesses over the Internet, usually one-to-many, "electronic exchange" is a more precise term, connoting many-to-many transactions. An electronic communications network (such as an electronic stock and bond exchange) is also considered a Web marketplace. The actual point where the buyers and sellers come together is known as "the vortex" or "the butterfly hub."