Cement plug placement in oil industry operations represents an example of buoyancy-driven exchange flows. This situation is highly unstable since cement is usually denser than well fluid and, as a consequence, their positions tend to invert. The present study aims to improve the perception of the physical mechanisms associated to cement plug operations through the analysis of exchange flows. To this end, visualization experiments are performed with denser liquid positioned above a lower-density liquid in a vertical tube. In addition, the interface front speed is determined through image processing and analysis. The influence of the governing parameters is investigated on the speed of inversion and flow regime. The first stage of the study consists of conducting experiments with pairs of immiscible Newtonian liquids with small density difference. Two different flow regimes were examined, namely, falling drops and falling slugs. Experimental results demonstrate that the terminal velocity can be estimated by empirical correlations for falling rigid spheres within a tube. The second stage of the research consists of an exchange flow analysis considering an elastoviscoplastic thixotropic fluid above a less dense Newtonian oil. Three different flow regimes were observed, namely unstable, quasi-stable, and stable (no flow). The unstable regime is a wavy core-annular flow with the denser liquid in the core. In the quasi-stable regime a slow plug flow starts after a time delay, which is a function of material thixotropic and elastic effects. Through analysis of the experimental results it is possible to identify, for a given pair of fluids, the operational window in the governing parameter space within which the speed of inversion is sufficiently low (or zero) to ensure the cement plug operation success.