The exact expression I've seen in a paper looks like this:
$$\displaystyle \prod_{k<l}^L(x_k-x_l)$$ where $L$ is some natural number. What does the product actually look like when expanded out?
On
It is a notation that can (unfortunately) mean one out of two things (or more). The first posibillity is the product over all $l$ s.t. $k<l\leq L$. This product is
$$(x_k-x_{k+1})(x_k-x_{k+2})\ldots (x_k-x_{L})$$
The second possibillity is that it is the product over all integers $k$ and $l$ s.t. $1 \leq k<l \leq L$ , i.e.
$$[(x_1-x_{2})(x_1-x_{3})\ldots (x_1-x_{L})] \times [(x_2-x_{3})(x_2-x_{4})\ldots (x_2-x_{L})] \times \cdots [(x_{L-1}-x_{L})]$$
The meaning is usually interpreted from the context the expression is given in (e.g. if it is written something like $a_k = \prod_{k<l}^L(x_k-x_l)$ then it is clearly the first option)
There are also many other variations here: in some cases the product starts at $k=0$ instead of $k=1$, and again the meaning is usually to be infered from the context. The thing to take from this is that one should always try to use a notation that leaved no room for speculation (like for example $\prod_{l=2}^L\prod_{k=1}^{l-1}(x_k-x_l)$ for the second option above)
It is the product of all such factors where the first term has index less than the second and both terms have index less than or equal to $L$. In other words
$(x_1 - x_2)(x_1 - x_3) \cdots (x_1 - x_L)(x_2 - x_3)(x_2 - x_4) \cdots (x_2 - x_L)(x_3 - x_4)(x_3 - x_5) \cdots (x_3 - x_L) \cdots (x_{L-1} - x_L)$