diff --git a/piker/exchange/__init__.py b/piker/clearing/__init__.py
similarity index 100%
rename from piker/exchange/__init__.py
rename to piker/clearing/__init__.py
diff --git a/piker/exchange/_client.py b/piker/clearing/_client.py
similarity index 100%
rename from piker/exchange/_client.py
rename to piker/clearing/_client.py
diff --git a/piker/exchange/_ems.py b/piker/clearing/_ems.py
similarity index 100%
rename from piker/exchange/_ems.py
rename to piker/clearing/_ems.py
diff --git a/piker/exchange/_paper_engine.py b/piker/clearing/_paper_engine.py
similarity index 100%
rename from piker/exchange/_paper_engine.py
rename to piker/clearing/_paper_engine.py