Noun

1. Chemical process in which one atom or ion or group changes places with another
2. A mutual expression of views (especially an unpleasant one)
3. The act of changing one thing for another thing
4. The act of giving something in return for something received
5. A workplace that serves as a telecommunications facility where lines from telephones can be connected together to permit communication
6. A workplace for buying and selling; open only to members
7. (sports) an unbroken sequence of several successive strokes
8. Reciprocal transfer of equivalent sums of money (especially the currencies of different countries)
9. The act of putting one thing or person in the place of another:
10. (chess) gaining (or losing) a rook in return for a knight or bishop
11. (chess) the capture by both players (usually on consecutive moves) of pieces of equal value

Verb

1. Give to, and receive from, one another
2. Exchange or replace with another, usually of the same kind or category
3. Change over, change around, as to a new order or sequence
4. Hand over one and receive another, approximately equivalent
5. Put in the place of another; switch seemingly equivalent items
6. Exchange a penalty for a less severe one