exchange
/ɛksˈtʃeɪndʒ/ · ex·change
noun
- An act of giving one thing and receiving another in return. The exchange of gifts at the holiday party brightened everyone's spirits.
- A venue or institution where buying and selling of securities or commodities takes place. She checked the latest figures on the London Stock Exchange before making her investment.
- A system of telephone switching that connects callers to the appropriate lines. Before digital networks, the town relied on a manual telephone exchange staffed by operators.
verb
- To give something and receive something else in return. They agreed to exchange postcards after their trip to Japan.
- To replace one thing with another. She exchanged the broken lamp for a new one at the store.
- To trade places or roles with someone. During the rehearsal, the actors exchanged roles to see how the other character felt.
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Did you know? The first recorded telephone exchange was installed in New Haven, Connecticut, in 1878, allowing multiple callers to be connected through a single central switchboard.