1. The act of changing one thing for another thing
   "Adam was promised immortality in exchange for his disobedience";
   - interchange
    
2. The act of giving something in return for something received
   "deductible losses on sales or exchanges of property are allowable"
    
3. Reciprocal transfer of equivalent sums of money (especially the currencies of different countries)
   "he earns his living from the exchange of currency";
   - interchange
    
4. A workplace for buying and selling; open only to members
   "Traders rushed about on the floor of the stock exchange"
    
5. A mutual expression of views (especially an unpleasant one)
   "they had a bitter exchange"
    
6. The act of putting one thing or person in the place of another
   "The exchange of prisoners was carried out at the border";
   - substitution, commutation
    
7. A workplace that serves as a telecommunications facility where lines from telephones can be connected together to permit communication
   "The telephone company upgraded its telephone exchange to handle more calls";
   - central, telephone exchange
    
8. (chess) gaining (or losing) a rook in return for a knight or bishop
   "black lost the exchange"
    
9. (chess) the capture by both players (usually on consecutive moves) of pieces of equal value
   "the endgame began after the exchange of queens"
    
10. (sport) an unbroken sequence of several successive strokes
    "after a short exchange Connors won the point";
    - rally
     
11. Chemical process in which one atom, ion or group changes places with another
    "The ion exchange process is used in water purification"

1. Give to, and receive from, one another
   "We have been exchanging letters for a year";
   - change, interchange
    
2. Hand over one and receive another, approximately equivalent
   "exchange prisoners"; "exchange employees between branches of the company"
    
3. Put in the place of another; switch seemingly equivalent items
   "exchange regular milk for fat-free milk";
   - substitute, replace, interchange, sub [informal]
    
4. Exchange or replace with another, usually of the same kind or category
   "He exchanged his name";
   - change, commute, convert
    
5. Change over, change around, as to a new order or sequence
   "They exchanged positions in the lineup";
   - switch over, switch
    
6. Exchange a penalty for a less severe one
   "The judge exchanged the jail time for community service";
   - commute, convert

Derived forms: exchanged, exchanges, exchanging

Type of: alter, capture, change, chemical phenomenon, commerce, commercialism, conversation, convo [Austral, informal], dealing, dealings, group action, mercantilism, modify, reassign, replace, reverse, transaction, transfer, turn, work, workplace

Part of: phone system, telephone system

Encyclopedia: Exchange, Pennsylvania