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The phrase "are being exchanged" is correct and usable in written English.
It can be used to describe an ongoing action where items, information, or services are currently being traded or swapped between parties.
Example: "During the conference, ideas are being exchanged among the participants to foster collaboration."
Alternatives: "are currently swapped" or "are in the process of being traded."
Exact(33)
The Cathedral has a special section for such visitors who only stay for the formal part of the service when mutual greetings and wishes of well-being are being exchanged.
We don't know whether any favours are being exchanged.
At the same time prisoners are being exchanged.
"Proposals and ideas are being exchanged," Ms. Bunch said today.
"Secret messages between both groups are being exchanged," he wrote, adding that any coordination between both candidates would be useless.
During copulation, the clitellum secretes a mucus that keeps the worms paired while sperm are being exchanged.
Similar(27)
There is nothing new in this economic model except the asset that's being exchanged.
Intense fire was being exchanged at one of the main intersections of the city.
The fact that messages were being exchanged has been public for a couple of months, because of official Syrian statements.
"Whenever you put competitors together in a joint venture, you have to ask what information is being exchanged?
AT&T Wireless tracking stock is being exchanged for AT&T Wireless common stock one for one.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com