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I have just completed the cryptic crossword in my local newspaper (in NZ so a syndicated crossword)But had to use a process of elimination to complete the final clue:
Worshipful company exchanging words in race. (11)
I came up with Covenanters. I had the o,a and r from other clues and they are definately correct. Any ideas?

Cordwainers

Sorry just realised you wanted an explanation.
Anag. of- in race words.
Also an ancient worshipful company of shoemakers.

Thank you I wondered about an anagram, but took the worshipful too literally!