Definition of "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: the act of putting one thing or person in the place of another:

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: (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

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

verb: change over, change around, as to a new order or sequence

verb: exchange or replace with another, usually of the same kind or category

verb: exchange a penalty for a less severe one

verb: give to, and receive from, one another

verb: put in the place of another; switch seemingly equivalent items

verb: hand over one and receive another, approximately equivalent

"Exchange prisoners."