An exchange is a marketplace in which assets are bought and sold. Exchanges are useful for ensuring that fair prices are generated through the presence of multiple buyers and the distribution of the same information concerning sales to all parties involved. The best-known example of an exchange is a stock exchange, such as the New York Stock Exchange. A stock exchange is an effective platform through which businesses sell securities to the investing public. Stock exchanges can have physical locations or allow for the conduct of trading through an electronic marketplace.

An exchange also occurs when there is a mutual exchange of goods or services between two or more parties.