Difference between Bitcoin Exchange and Market?

[trekmonster7]

What is the difference between the two. On the FAQ page of bitbargain they say they are a market, not an exchange. How does this differ from exchanges such as Mt Gox?

[astor]

I have no idea what they mean, but I can guess that they mean the following:

A market:  Matches buyer and seller, but does not do any escrow, so whether any party upholds the agreed match/deal is not guaranteed by the "market".

An exchange:  Does matching and escrow.  The "money" is held by the exchange on your behalf, so you do not control it, except indirectly.

[trekmonster7]

Matches buyer and seller, but does not do any escrow

In the case of bitbargain they do escrow