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A market where market participants execute all transactions with the central entity operating under a set of rules (product specifications, execution procedures, credit requirements, dispute resolution, code of conduct, etc.) that apply to a range of products offered to this entity. (e.g., Nymex under CFTC jurisdiction is one such market, regional transmission organizations (RTOs) and independent system operators (ISOs) who run markets under FERC jurisdiction can also be considered centralized exchanges).
- Browse Related Terms: Bilateral transaction, Centralized Exchange, Counterparty, Credit clearing, Credit score, Globex (GW), New York Mercantile Exchange (Nymex), Nymex ClearPort, Ring-fencing, Safe harbor, Transaction costs