ex·change / iksˈchānj/ • n. an act of giving one thing and receiving another (esp. of the same type or value) in return: negotiations should eventually lead to an exchange of land for peace. ∎  a visit or visits in which two people or groups from different countries stay with each other or do each other's jobs: [as adj.] an exchange visit to Germany. ∎  a short conversation; an argument: there was a heated exchange. ∎  the giving of money for its equivalent in the money of another country. ∎  the fee or percentage charged for converting the currency of one country into that of another. ∎  a system or market in which commercial transactions involving currency, shares, commodities, etc., can be carried out within or between countries. See also foreign exchange. ∎  a central office or station of operations providing telephone service: private branch exchanges to automate internal telephone networks. ∎  Chess a move or short sequence of moves in which both players capture material of comparable value, or particularly (the exchange) in which one captures a rook in return for a knight or bishop (and is said to win the exchange). ∎  a building or institution used for the trading of a particular commodity or commodities: the New York Stock Exchange.• v. [tr.] give something and receive something of the same kind in return: we exchanged addresses. ∎  give or receive one thing in place of another: we regret that tickets cannot be exchanged.PHRASES: in exchange as a thing exchanged: at 8, he was carrying bags of groceries in exchange for a nickel.DERIVATIVES: ex·change·a·bil·i·ty / iksˌchānjəˈbilitē/ n.ex·change·a·ble adj.ex·chang·er n.