Fullmetal What?
An unusual and rather wit-required magic, Exchange is the ability to transfer the properties of one item to another. At first, for many, this will start off with simple inanimate objects. But eventually, one may learn to mesh enchantments and magic, transmute lead into gold, and even mutate creatures with new parts, abilities, and magic of other creatures. It's a diverse magic with a wellfont of uses. So, what sub-types and abilities can one expect to find with Exchange?
Transference
The name of the game, Transference is the base, bare-bone usage of Exchange. Transference is the ability to take a property of one item, and transfer it to another. Such as turning an iron door into the consistency of a noodle, making wooden sticks harder than steel, turning a metal pipe into a crystalline wand, and so on. Low-level Exchange Mages can only do partial transference with inanimate objects, that is to say that turning iron into noodle is not easy, simply making the iron a bit more flexible is more their speed. However, as one grows in power and ability, they can increase how much of a property is transfered, and may even be able to manipulate flesh and bone with these abilities. Masters of this ability can even manipulate magical properties, stacking enchantments like paper.
Swap
Swap Exchange is pretty simple in concept, but a bit difficult to master. Put simply, Swap is the ability to switch every single property of one item with another, effectively making them swap places. Look at your sword in your bag and pick up a rock. Exchange the shape, size, hardness, and structure of that rock with the shape, size, hardness, and structure of your swords and, theoretically, you should be able to teleport your blade into your hand (though you technically just turned the rock into a sword and the sword into a rock). However, in practice, this is much more difficult as it requires one to not only exchange a full property of something with another, but also, multiple at once. However, if one is skilled at Quantum, Evocation, or even Transmutation Exchange, they will find this is a lot simpler for them. Otherwise, faults may occur, such as creating a sword, but it's made of stone instead of metal, or just turning the rock in your hand into a warped stick of steel. However, these properties can always be swapped back and may still be useful in a pinch.
Mutation
The psuedo-mastery of Exchange (since transmutation is near impossible), Mutation is the ultimate Transference ability. The ability to mutate the abilities, parts, and magics of one creature onto another. Likely killing the first and empowering the second. This is master-level Exchange and should never be attempted by novices. Some have made everlasting companions with this ability, some have learned to heal, and some have learned to live forever by taking the body of another. Mutation Exchange is a mad scientist's dream.
Transmutation
An extremely difficult and powerful skill, Transmutation is the ability to turn one item into another by rearranging its molecules and structure into a perfect mimicry of the desired outcome. However, there is a lot to learn in order to do this. Between the splitting and merging of atoms, a massive amount of energy is generated. Turning a pinch of salt into sugar creates enough to burn a manor out of existence. Also, if any spare molecular parts and pieces are left remaining, it could create a magically radioactive slurry which poisons anything in the area. Many have attempted Transmutation. Many have failed. It's extremely difficult to turn one thing into something entirely different without some (or thousands) of broken eggs in the process. It is the epiphany of Exchange and a skill that many wish to have. However, hardly anyone has managed. Those who have, realized the dangers of the skill and used it only when necessary rather than for personal gain. That's not to mention that the practice of Transmutation is banned in most places due to its devastating capability.