Exchange (fully titled Exchange: A Stock Trading Game of Strategy & Wit) is an economic, stock-market-based board game originally designed by Eric Sillies. It was successfully funded on Kickstarter in 2018 and later published widely by Games by Bicycle. Set in New York City in 1792, players take on the roles of historic stock brokers who signed the Buttonwood Agreement—the foundation of what eventually became the New York Stock Exchange.
The primary objective is to out-wit your opponents, speculate on shifting values, and finish the game with the highest net worth in cash and securities. ⚙️ Core Gameplay Mechanics
The game is played over five rounds, and players interact with three main types of securities: Banks, Bonds, and Insurance. Instead of trading directly with one another, everyone buys and sells directly through the central Exchange.
Every round relies on simultaneous action selection, meaning players secretly lock in their choices at the same time using dedicated sleeves and cards. Each round consists of three main phases:
Phase 1: Select Security — Players choose exactly one of the three securities (Banks, Bonds, or Insurance) they want to focus on for that round.
Phase 2: Order Volume — Players secretly decide whether they want to buy or sell, alongside the quantity of shares (ranging from 1 to 9).
Phase 3: Market Manipulation — Each player chooses how they will influence the market, selecting a card to raise or lower the value of a security by a set amount. 📈 Market Shifts and Chaos
Once all player cards are locked in, the dynamic environment of the stock market resolves in sequence:
Founder Cards: At setup, unique historical figures dictate each player’s starting portfolio mix, ensuring everyone begins with a different strategy.
Market Forces: A “Market Forces” card is flipped from the deck every round, introducing random historical economic events that instantly alter asset prices.
The Lobbyist: Starting in round two, the player with the most money claims the “Lobbyist” sleeve, granting them a powerful secondary phase to further manipulate market prices.
Market Pops: If a security’s value is driven up too high or dropped too low beyond the board’s standard tracking range, it triggers a market bubble or “pop,” forcing a dramatic price correction.
Once all adjustments are finalized, the new prices are locked on the market board, and everyone’s pre-committed buy or sell orders from Phase 2 execute simultaneously. 🧠 The “Yomi” Element
Exchange is heavily classified as a “Yomi” game—a psychological battle where your success depends almost entirely on reading and predicting your opponents. Because player actions collectively control the asset values, you cannot just look at the board; you must anticipate whether your friends are going to artificially crash a stock or inflate it, adjusting your buy/sell orders to match.
To learn how to set up the market boards, leverage the lobbyist cards, and see a full breakdown of the mechanics, watch these video overviews: Exchange – How to Play, Overview & Review 3.4K views · 6 years ago YouTube · Meeple Mountain Exchange Review | How to Play | Board Game 5 years ago YouTube · GameEnthus How to play EXCHANGE a Light Strategy Game By Bicycle 3.8K views · 6 years ago YouTube · Bicycle Cards
If you are thinking about playing or buying Exchange, I can help you with details on player count recommendations, average playtime, or strategic tips on how to win your first game. Which of those