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What are exchanges?

What are exchanges? Here are some definitions.

Noun
  1. plural of exchange
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Examples
Betting exchanges allow people to bet against each other person-to-person over the internet.
The early exchanges were keen and only excellent defending by Castlecomer prevented Tralee capitalising on a number of offensive moves.
The agreement's stated purpose is to facilitate cultural exchanges and friendly relations between the ethnic groups.
Betting exchanges allow bettors to accept wagers from other bettors at odds that the involved parties determine.
Owner Darren Smith is warned off for six months for laying his own horse on the exchanges.
There have been videoconferences, webcasts, satellite broadcasts and exchanges between scientists on a secure website.

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