1 /Iks'tSeIndZ/ noun
1 GIVING/RECEIVING (C, U) the act of exchanging one thing for another or doing something to someone at the same time as they do it to you: an exchange of political prisoners | an honest exchange of information | fair exchange (=an exchange in which the things given and received are of equal value): Four of my cassettes for yourMadonna CD is a fair exchange.
—see also: part­exchange
2 in exchange if you do or give something in exchange for something else, you do it or give it in order to get that thing: They have offered to release the hostages, but what do they want in exchange?
(+ for): I've offered to paint the kitchen in exchange for a week's accommodation.
3 ARGUMENT (C) a short conversation, usually between two people who are angry with each other: a quiet exchange between the judge and the clerk | heated exchange (=a very angry conversation): The DJ was fired after a heated exchange on air with a call-in listener.
a) a process in which you change money from one currency to another: Most capital cities have extensive exchange facilities.
b) (C) the exchange rate
6 BETWEEN FAMILIES/SCHOOLS (C) an arrangement in which someone changes their job, home etc with someone else usually for a short period of time, or in which students from different countries visit each other: I'm only here for one term, I'm on an exchange with Dr Fisher.
7 WAR (C, U) an event during a war when armies use weapons against each other: an exchange of fire
8 corn/wool/cotton etc exchange a large building in a town, that was used in the past for buying and selling corn, wool etc
—see also: labour exchange, stock exchange
9 SCIENCE (U) technical the movement of one substance into the place where another substance was
2 verb (T)
1 to give someone something and receive the same kind of thing from them at the same time: We still exchange gifts at Christmas. | At the end of the game players traditionally exchange shirts with each other. | exchange addresses/telephone numbers (=give someone your address or telephone number and take theirs): Did you exchange phone numbers with the guy that hit you?
2 to give someone something so that they will give you something that is better, more suitable, or more useful for you: The store will not exchange goods without a receipt. | exchange sth for: Where can I exchange my dollars for pounds?
3 if two people exchange something, they do something to each other: exchange looks/glances (=look at each other): Sally and I exchange amused glances when we heard this. | exchange greetings/insults (=greet or insult each other) | exchange words (=talk to someone): Until this evening I had never so much as exchanged a word with him. | exchange blows (=fight): Students exchanged blows with locals, and police were called in.
4 exchange information/ideas if two people or a group of people exchange information, ideas etc they discuss something: We envision an artistic community where people are free to exchange ideas.
5 exchange houses to go and live in someone else's house while they come and live in yours, usually for a holiday: We exchanged houses with an American family for three weeks.
6 exchange contracts especially BrE to complete the final stage of buying a house by signing a contract with the person you are buying it from
— exchangeable adjective

Longman dictionary of contemporary English. 2004.

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