Quick definitions from WordNet (exchange)

▸ noun:  (chess) the capture by both players (usually on consecutive moves) of pieces of equal value ("The endgame began after the exchange of queens")
▸ noun:  (chess) gaining (or losing) a rook in return for a knight or bishop ("Black lost the exchange")
▸ noun:  reciprocal transfer of equivalent sums of money especially the currencies of different countries
▸ noun:  the act of giving something in return for something received ("Deductible losses on sales or exchanges of property are allowable")
▸ noun:  the act of changing one thing for another thing ("Adam was promised immortality in exchange for his disobedience")
▸ noun:  a workplace for buying and selling; open only to members
▸ noun:  a mutual expression of views (especially an unpleasant one) ("They had a bitter exchange")
▸ noun:  chemical process in which one atom or ion or group changes places with another
▸ noun:  the act of putting one thing or person in the place of another
▸ noun:  (sports) an unbroken sequence of several successive strokes
▸ noun:  a workplace that serves as a telecommunications facility where lines from telephones can be connected together to permit communication
▸ verb:  give to, and receive from, one another
▸ verb:  hand over one and receive another, approximately equivalent ("Exchange prisoners")
▸ verb:  exchange or replace with another, usually of the same kind or category
▸ verb:  change over, change around, or switch over
▸ verb:  exchange a penalty for a less severe one

---

▸ Also see exchange