Once this is done, the second part is making sure the external DNS zone for your new domain, let's call it newdomain.com...
-- is being hosted on an Internet-accessible DNS server. You can locate it on the same DNS server as your current domain. Many registrars now provide DNS hosting as part of the registration fee or for a very nominal additional fee.
In the external DNS zone for newdomain.com, you should insert an MX record that points to the A record of your Exchange server. (This can be the A record in your current domain's zone).
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