Device-to-device (D2D) communication could improve the efficiency of resource utilization in cellular networks by allowing nearby devices to communicate directly with each other. Nevertheless, one main challenge in D2D communication is resource allocation. We observed that the transmission quality in D2D communications can be significantly improved through a proper resource exchange. Based on this observation, we propose a novel D2D resource-allocation framework for a Long-Term Evolution Advanced (LTE-Advanced) system. We theoretically prove that any arbitrary algorithm, either distributed or centralized, will converge in the proposed framework whenever all performed exchanges are beneficial. Based on the concept of beneficial exchange, we propose a trader-assisted resource exchange (T-REX) mechanism, which is an exchange-based mechanism that converges in polynomial time and achieves Pareto optimality as an efficient and flexible solution to the D2D resource-allocation problem. The Evolved NodeB (eNodeB) regulates the D2D resource allocation through designing the trader preference functions in the T-REX mechanism. By applying game-theoretic analysis to the D2D communication system, we prove that all rational D2D pairs will truthfully report their information when the trader preference functions are properly designed. Finally, our simulation results show that the proposed T-REX mechanism significantly mitigates the interference experienced by D2D devices in LTE-Advanced systems.