The Chill Views

The Exchange – Episode 4 Recap

Scene from The Exchange Episode 4 to illustrate recap.

Episode 3 of The Exchange ended with Farida finding out that Saud and Munira’s affair and that Jude had just went through her period.

The Exchange (2023) or Değiş Tokuş 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 4 Summary & Recap

National Cement

The episode begins with Saud and Amir on a ship. Over dinner, Amir revealed that a secret client has asked them to help tank the stock of the National Cement Company. In return, Saud’s team would make the profit from shorting those stocks.

The next day, Saud and Amir gathered the trading team, namely Hasan, Walid, Munira and Farida, to a room. They revealed to the team that the analyst team had come out with a report which states that the National Cement Company is not doing well. Therefore, they are going to take a short position. Saud also asked that the team spread the news on the company’s tanking position. He especially wanted to rely on Farida to spread the info to Khalifa, because Khalifa is managing the National Cement Company’s account in Kout Bank. Kout Bank is the majority shareholder of National Cement.

After the team walked out of the meeting, Farida approached Munira personally. Farida revealed that she had once done an analysis on National Cement and found them very stable. Munira told Farida that Amir need to hear her analysis and so, the both of them approached Amir and Saud again. 

Amir said that he will take Farida’s analysis into consideration, although he believes in his analyst team. He also revealed that Farida’s father is a board director of National Cement, and assured Farida that her father will not know. This came as a surprise to Farida, who felt used.

Team meeting with the VP. Photo: Netflix


In the same meeting, Munira and Farida were also told that they will be interviewed by Rasheed, a once-famous journalist, as they are the face of development in the financial world. During the interview, Munira and Farida’s internal jealousy towards each other surfaced, but the journalist team handled them well.

When she returned home, Munira found out from her brother, Jassem that their father is going up against the current president in the election for National Cement. Munira was torn between the confidentiality of her work and her loyalty to her father. However, when she approached her father that night and told him she had internal news, her father replied that he understood the confidentiality of her work.

The next day, the article on Munira and Farida was released. But a few pages back was the article on National Cement that their bank released in hopes to tank the stocks. Hasan and Walid left the newspaper copies everywhere and managed to persuade a few banks to sell their stocks. Saud again put pressure on Farida to influence Khalifa.

Instead, when Farida approached Khalifa in the pantry, she told him that she doesn’t trust the article. However, Khalifa had already made up his mind by that morning, and ended up selling the stocks.

Munira tried to warn her father. Photo: Netflix


Their mission was a success now as the National Cement Company’s stock tanked. Munira’s father was appointed president after the disaster, which proved that he was the “client” all along. Naturally, Munira felt betrayed. She warned Saud to tell her in advance next time, so that she could get her “cut”.

During the celebration party, Farida noticed that she has the newspaper cutting of her article with her. It was supposed to go to Jude so that Jude could show her class. Farida then went off to drop the newspaper cutting at Jude’s school. To her surprise, she found out that her ex-husband, Omar had taken Jude out for the day.

Farida was surprised when Jude's teacher told her that Jude was out with her father.

Additional Observations From Episode 4

  • Farida hinted to Munira that she knew about her relationship with Saud

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