What is an exchange? Industry analysts such as AMR Research Inc., Boston, define exchanges as online marketplaces that bring together buyers and suppliers to facilitate real-time transfer of information, money, and goods. Generally an exchange must provide a means for buyers to easily locate and buy products, a way for sellers to showcase their products and sell them effectively, and enough of the right participants to make it worth a company's time to support a presence on the exchange. Many still fall short of delivering on all of the elements for establishing and supporting ongoing trade, says fourthchannel Inc., New Albany, Ohio, a hosted infrastructure provider. As exchanges evolve, expect the following features to be more commonplace: . Electronic collaboration . Supply-chain logistics . Asset management . Virtual-warehousing capabilities . Financial options.