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Exchange refers both to the action of transferring goods and chattels for other goods and chattels of like value and to the transfer itself.

An exchange is also an organization that brings together buyers and sellers of commodities and securities to facilitate trading. Examples include stock, produce, livestock, cotton, and grain exchanges. The location where members of an exchange meet to conduct business is also sometimes called an exchange.

[Last updated in July of 2021 by the Wex Definitions Team]