exchange

exchange: 1. A room or building equipped so that telephone lines terminating there may be interconnected as required. Note: The equipment may include manual or automatic switching equipment. 2. In the telephone industry, a geographic area (such as a city and its environs) established by a regulated telephone company for the provision of local telephone services. 3. In the Modification of Final Judgment (MFJ) a local access and transport area (LATA).