The most common and most likely answer to this crossword clue is the 10 letter word TRANSPOSES
I've seen this crossword clue in Independent
T
R
A
N
S
P
O
S
E
S
Buddy explains!
The straight part
We know that "exchanges" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case exchanges = transposes.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does TRANSPOSES mean?
TRANSPOSES noun- (adjective) In matrix mathematics, the resulting matrix, derived from performing a transpose operation on a given matrix.
- In matrix mathematics, the process of rearranging elements in a matrix, by interchanging their respective row and column positional indicators.