Definitions of exchange:

• noun:   (chess) the capture by both players (usually on consecutive moves) of pieces of equal value

  Example: "The endgame began after the exchange of queens"

• noun:   (chess) gaining (or losing) a rook in return for a knight or bishop

  Example: "Black lost the exchange"

• 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

  Example: "Deductible losses on sales or exchanges of property are allowable"

• noun:   the act of changing one thing for another thing

  Example: "Adam was promised immortality in exchange for his disobedience"

• noun:   a workplace for buying and selling; open only to members
• noun:   a mutual expression of views (especially an unpleasant one)

  Example: "They had a bitter exchange"

• noun:   chemical process in which one atom or ion or group changes places with another
• noun:   the act of putting one thing or person in the place of another
• 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
• verb:   give to, and receive from, one another
• verb:   hand over one and receive another, approximately equivalent

  Example: "Exchange prisoners"

• verb:   exchange or replace with another, usually of the same kind or category
• verb:   change over, change around, or switch over
• verb:   exchange a penalty for a less severe one