The most common and most likely answer to this crossword clue is the 9 plus 1 letter word GUNFIGHT} –
I've seen this crossword clue in The Daily Telegraph
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Buddy explains!
The straight part
We know that "Colts might have a role in such an exchange?" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case colts might have a role in such an exchange? = gunfight} –.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 GUNFIGHT} – mean?
GUNFIGHT} – noun- A battle (or a duel) using small arms.
- To engage in battle using small arms.