Two links A, B (where A is the unknot) are exchangeable if B is a braid rel A, and also A is a (generalized) braid rel B. If moreover A, B are mutually braided in the sense of Rudolph, i.e. their fibres meet in a particularly nice way, the whole situation can be described by a finite collection of combinatorial data, that I call a film. In this paper is proven that a film can be associated to each pair of mutually braided links, and that from a film it is always possible to reconstruct (uniquely up to isotopy) the whole situation of the pair of fibrations of two mutually braided links. Using this new tool, it is proven that exchangeable links are in fact mutually braided.