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[n] (chess) the capture by both players (usually on consecutive moves) of pieces of equal value; "the endgame began after the exchange of queens"
[n] (chess) gaining (or losing) a rook in return for a knight or bishop; "black lost the exchange"
[n] the act of putting one thing or person in the place of another: "he sent Smith in for Jones but the substitution came too late to help"
[n] reciprocal transfer of equivalent sums of money especially the currencies of different countries; "he earns his living from the interchange of currency"
[n] the act of giving something in return for something received; "deductible losses on sales or exchanges of property are allowable"
[n] the act of changing one thing for another thing; "Adam was promised immortality in exchange for his disobedience"; "there was an exchange of prisoners"
[n] (tennis or squash) an unbroken sequence of several successive strokes; "after a short rally Connors won the point"
[n] a workplace that serves as a telecommunications facility where lines from telephones can be connected together to permit communication
[n] a workplace for buying and selling; open only to members
[n] a mutual expression of views (especially an unpleasant one); "they had a bitter exchange"
[n] chemical process in which one atom or ion or group changes places with another
[v] change over, change around, or switch over
[v] exchange or replace with another, usually of the same kind or category; "Could you convert my dollars into pounds?"; "He changed his name"; "convert centimeters into inches"; "convert holdings into shares"
[v] exchange a penalty for a less severe one
[v] give to, and receive from, one another; "Would you change places with me?"; "We have been exchanging letters for a year"
[v] exchange prisoners, employees, etc.

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