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An act of exchanging or trading.
"All in all, it was an even exchange."
A place for conducting trading.
"The stock exchange is open for trading."
A telephone exchange.
The fourth through sixth digits of a ten-digit phone number (the first three before the introduction of area codes).
"NPA-NXX-1234 is standard format, where NPA is the area code and NXX is the exchange."
To trade or barter.
"I'll gladly exchange my place for yours."
To replace with, as a substitute.
"I'd like to exchange this shirt for one in a larger size."