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Konya Exports October 2014
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What are the Commodity Exchange and its development
in Turkey and in the world?
Commodity Exchanges are defined as organizations that
regulate the exchange of standardized and commercial
goods among buyers and sellers under the controlled
and competitive conditions that meet the supply and
demand for the emerging of market price. The origins
of commodity exchanges go back to 14th century,
although in general, it comes from 1200 to 1500 years BC.
The meetings of buyers and sellers during the Roman and
Phoenicians era have laid the foundation of exchanges.
In the 12th and 13th century with the introduction of the
stock papers a new era began. Exchanges and trade
fair has developed in Italy as before. Burges in the 15th
century can be considered the pioneer of modern stock
trading techniques have been made. Today, one of the
largest known the stock market is the New York Stock
Exchange.
In our country, the historical roots of modern commo-
dity exchange, goes back to the Tanzimat period of the
Ottoman Empire. Contemporary commodity exchanges
that constitute the basis of our commodity Exchanges in
1886, is began with the removal of the Regulation. The
first commodity exchange was established December 14,
1891 in Izmir, Konya in 1901 that, in 1913, Adana, Antalya
in 1920, in 1924, Edirne, Bursa and Istanbul Commerce in
1925 and was followed by grain exchange. Commodity
exchanges, Law No. 5590 issued in 1950, which is present-
ly in force on 18 May 2004 adopted at the 5174 Union of
Chambers and Commodity Exchanges of Turkey and has
been replaced by Chambers and Commodity Exchan-
ges Act.
As of June 2014, 58 provinces in our country, including
55 in the district centers are a total of 113 trade exchan-
ges. The tasks of the exchange is determined by the Law
No. 5174. Those who deal or engaged with the sale and
purchase of stocks and commodities are obliged to re-
gister. Resale according to democratic principles, on-site
managed public organizations.
What are the benefits of Commodity Exchange?
Major benefits of the exchanges are registering all transa-
ctions, responsibilities and payments. Purchase and sale
of agricultural products and animal products in stock with
the registration formalization of the informal economy is
provided, so that the state’s withholding of these produ-
cts, KDV, and tax loss and leakage are avoided. Fluctua-
tions in the markets and prices are stabilized and
Commodity
Exchange of Konya
Muhammet Uğur Kaleli, Chairman of the Board, Konya Commodity Exchange