What is a Centralised Market?

The main point of centralised markets is that all orders are led to one central exchange with no other competing authority or validator. On centralised markets, the prices of different commodities shown on the exchange are the only prices that are available to the public. The New York Stock Exchange is a good example of a centralised market. All bids (i.e. buy orders) go to an exchange where they are appropriately matched with an ask (i.e. sell orders).