Closed, Delayed Exchange

The Delayed Exchange, also called the Steenwijk Variation, gives up the Spanish bishop once Black has committed to ...Be7. White spends an extra tempo compared with the Exchange Variation. In return, the knight on f6 rules out ...f6, and ...Bd6 would lose time. Black recaptures 6...dxc6 in almost every game. Because 7. Nxe5 runs into 7...Nxe4, White usually plays 7. d3 first, and 7...Nd7 is the standard reply. Engines consider the position roughly balanced.