Trading pieces, usually of equal value. Also trading ("winning") a Rook for a Knight or Bishop is to be "up the Exchange".

A trade of pieces. Trading a minor piece for the opponent’s rook is called "winning the exchange". Trading a rook for the opponent’s minor piece is called "losing the exchange". See "Point count".

To swap or trade pieces by capture. Usually the pieces are of equal value (i.e., rook for rook, knight for knight, etc.), or of bishop for knight (two pieces that are considered approximately equal in value). Also called even exchange.