The Chill Views

The Exchange – Episode 3 Recap

The Exchange (2023) is an Arabic drama focused on two women, Farida and Munira, who struggled in the male-dominated industry of the stock market in 1987. Created by Anne Sobel, Adam Sobel and Nadia Ahmad, this series is inspired by the women who had to struggle to make their mark in the financial sector in the 1980s. Starring Rawan Mehdi, Mona Hussain, and Jasem Al-Nabhan.

Streaming on Netflix

The Exchange - Episode 3 Summary & Recap

Cattle, lamb and pork

Farida and Munira’s grandmother’s 80th birthday is coming soon, and both their mothers are planning the party. Munira helped her mother buy a lamb from the farm. During the transaction, Munira found out that the price of lamb meat has increased as the cattle supply has been impacted due to a cattle disease in the UK. She immediately recognized this as an opportunity to invest. 

At work the next day, she looked into the historical prices of cattle, lamb and pork. Saud told her that she could proceed as long as she got clearing from Hasan. However, Hasan was quick to dismiss Munira’s idea to invest in pork meat. Munira then decided to invest into the Al-Ra’ee by herself, but the stockbroker needed more volume from her. 

Left with no choice, she approached Farida and asked to team up. Farida went through all of Munira’s analysis and agreed that they had a gold mine. Although she hesitated with the amount of money she had to risk, Farida ended up going into the deal with Munira. Hasan and Wahid laughed at the women and even made a bet with them that they will fail.

Farida going through Munira's analysis. Photo: Netflix


At home, Munira’s mother brought the cattle over to Farida’s house. Jude grew attached to the lamb as she fed and comb the lamb’s hair everyday. Her great grandmother knew she was too attached, and tried to tell her that the lamb will be slaughtered one day.

As party planners, Munira and Farida’s mother were trying their best to throw an extravagant party. But Munira’s mother pushed Farida’s mother into overspending, causing Farida’s mother to approach Farida for money. Left with no choice, Farida called Munira and asked to sell their Al-Ra’ee stocks. Munira was vehemently against it, but agreed to look at the stock price the next day during opening.

The next morning, their stocks shot up by more than 20%, and when it was stabilizing, the two ladies immediately sold their shares. Knowing that they have lost, Hasan and Wahid reminded the women that they win some and lose some in the stock market.

Scene from The Exchange Episode 3 to illustrate recap.
Munira and Farida watches intensely as their stock price increases.

Something wrong

That same day, Farida found out about Munira’s relationship with Saud. She noticed that Saud had lost one of his cufflinks and therefore, offered him a pin. When Farida later got into Munira’s car, she found Saud’s cufflink in the car.

At the party, Farida noticed that Jude was in a sour mood. Jude was devastated after the lamb was slaughtered and sat by herself during the party. Farida came over to console her, but Jude did not seem to get better. Then, as all the other relatives pressure Farida to join the dancefloor, Farida left Jude alone for a while. But Munira was quick to realize that Jude was leaving the table and so she followed Jude while Farida dances with her relatives.

When Munira came back, she claimed that Jude is now a woman.

Farida tried to persuade Jude to dance.

Additional Observations From Episode 3

  • Since Farida had started ignoring Khalifa, Khalifa asked Farida if he had offended her. Farida cleared up that he hasn’t, but she is going through a rough start. They then had a fun conversation in the pantry about their age. Khalifa is revealed to be younger than Farida.
  • Farida went to the bank to open a bank account. The patriarchal structure was apparent as the bank staff asked Farida to get her husband or father to co-sign. However, Farida was adamant that she wouldn’t need a man to help her with the account as she earns her own money.

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