A system and method for exchanging secure information between Secure Removable Media (SRM) devices. An initialization operation is performed between the SRM devices. After a mutual authentication operation is performed between the SRM devices, a secret key is exchanged for secure information exchange. An installation setup operation is then performed to establish an environment for moving rights between the SRM devices, and the rights information can be directly exchanged between the SRM devices by performing a rights installation operation between the SRM devices.