On exchange is a term used to describe a trade that takes place directly on an exchange's order book. It is distinct from trading over-the-counter (OTC), which involves contracts being exchanged between two parties outside of a centralised exchange.

Direct market access is one method of trading on exchange (DMA). This trading method has a number of advantages, including increasing the visibility of other orders on the market. As a result, because each order has the same status in the order book, the playing field is levelled.