Old captain to suspend European trade (8)

I believe the answer is:

exchange

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'trade' is the definition.
(exchange of items)

'old captain to suspend european' is the wordplay.
'old' becomes 'ex' (prefix meaning former or onetime).
'captain' becomes 'c' (this could be a standard abbreviation of which I'm unaware).
'to suspend' becomes 'hang' (to hang is to suspend from something).
'european' becomes 'E' (abbreviation e.g. EU).
'ex'+'c'+'hang'+'e'='EXCHANGE'

Can you help me to learn more?

(Other definitions for exchange that I've seen before include "Substitute" , "Barter; switch" , "Convert" , "Fight -- angel chews box (anag)" , "Brief argument" .)

I've seen this clue in the Sydney Morning Herald.

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