exchange

Concise Oxford English Dictionary © 2008 Oxford University Press:
exchange/ɪksˈtʃeɪnʤ/

▶verb give something and receive something else in return. ▶noun

• 1 an act or the action of exchanging.

• 2 a short conversation or argument.

• 3 the changing of money to its equivalent in another currency.

  ■ a system or market in which commercial transactions involving currency, shares, etc. can be carried out within or between countries.

  ■ a building or institution used for the trading of commodities.

• 4 a telephone exchange.

• 5 Chess a move or sequence of moves in which both players capture material of comparable value.

– phrases
exchange contracts Brit. (of a buyer) sign a legal contract with the vendor of a property or piece of land, making the purchase legally binding and enforceable.

– derivatives
exchangeability noun,
exchangeable adjective,
exchanger noun.

– origin ME: from OFr. eschange (n.), eschangier (v.), based on changer (see change).