(n): any natural phenomenon involving chemistry (as changes to atoms or molecules)
(n): a mutual expression of views (especially an unpleasant one)
(n): the use of speech for informal exchange of views or ideas or information etc.
(n): the act of changing one thing for another thing
(n): action taken by a group of people
(n): the act of giving something in return for something received
(n): the act of transacting within or between groups (as carrying on commercial activities)
(n): a workplace that serves as a telecommunications facility where lines from telephones can be connected together to permit communication
(n): a place where work is done
(n): a workplace for buying and selling; open only to members
(n): a place where work is done
(n): (sports) an unbroken sequence of several successive strokes
(n): action taken by a group of people
(n): reciprocal transfer of equivalent sums of money (especially the currencies of different countries)
(n): transactions (sales and purchases) having the objective of supplying commodities (goods and services)
(n): the act of putting one thing or person in the place of another: "he sent Smith in for Jones but the substitution came too late to help"
(n): the action of changing something
(n): (chess) gaining (or losing) a rook in return for a knight or bishop
(n): the removal of an opponent's piece from the chess board
(n): (chess) the capture by both players (usually on consecutive moves) of pieces of equal value
(n): the removal of an opponent's piece from the chess board
(v): give to, and receive from, one another
(v): cause to change ownership
(v): exchange or replace with another, usually of the same kind or category
(v): substitute a person or thing for (another that is broken or inefficient or lost or no longer working or yielding what is expected)
(v): change over, change around, as to a new order or sequence
(v): change to the contrary
(v): hand over one and receive another, approximately equivalent
(v): transfer somebody to a different position or location of work
(v): put in the place of another; switch seemingly equivalent items
(v): cause to change; make different; cause a transformation
(v): exchange a penalty for a less severe one
(v): cause to change; make different; cause a transformation
See metathesis for wordplay usage.
In chess, this word is often used in "exchange sacrifice", meaning giving up a rook for either a knight or bishop.