Source : Webster's Revised Unabridged Dictionary (1913)

Colloquy \Col"lo*quy\, n.; pl. {Colloquies}. [L. colloquium. See
   {Collocution}.]
   1. Mutual discourse of two or more persons; conference;
      conversation.

            They went to Worms, to the colloquy there about
            religion.                             --A. Wood.

   2. In some American colleges, a part in exhibitions, assigned
      for a certain scholarship rank; a designation of rank in
      collegiate scholarship.

Source : WordNet®

colloquy
     n 1: a conversation especially a formal one
     2: formal conversation