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TeachMeFinance.com - explain Exchanges historic definition... Exchanges -- The exchanges at a clearing house are the items (checks, drafts, etc.,) which are presented by creditor banks (banks which hold them for collection) and are received by debtor banks (banks which are to pay them). In the operation of making exchanges each bank presents the items which it holds against all other banks and receives in return the items which all other banks hold against it. For additional information see Clearing house of the associated banks of New York. 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.