An exchange in which orders (trades) are made visible to the public. A displayed exchange reveals to traders order book information, including bid and offer prices, share amounts, depth of book, etc. For example, the public will be able to know the amount of shares available at each price increment. Transacting in a displayed exchange allows traders to calculate expected transaction prices for a given amount of shares, and the expected time for orders to go through, etc.

Examples of displayed exchanges include NASDAQ, the NYSE, CBOE, etc.