sorry i didn't clarify in my first post but by "exchange", i mean a place where there is 1 orderbook that every participant uses and transactions are done automatically, rather than some ad-hoc system where participants transact between each other.
bitsquare is closer to localbitcoins than bitstamp.
How are you going to do transactions automatically when you can't send your money to one place? Whose bank account will your USD end up in so you can get some balance in this system?