a telecommunications facility to which subscribers' telephones connect, that switches calls among subscribers or to other exchanges for further routing.
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Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019
Examples from the Web for telephone exchange
Early next morning I went round to the telephone-exchange, rather than use the instrument in the hotel, and rang up Raymond.Spies of the Kaiser|William Le Queux