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TeachMeFinance.com - explain Exchange operation historic definition... Exchange operation -- A transaction in domestic or foreign exchange . The term exchange operation is also a London Stock Exchange designation for a hedge on an option or privilege, as selling a call against a put bought or buying a put against a call sold. The purpose is protection against loss. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.