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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 regulates 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 me-
etings of buyers and sellers during the Roman
and Phoenicians era have laid the foundati-
on of exchanges. In the 12th and 13th cen-
tury 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
commodity exchange, goes back to the
Tanzimat period of the Ottoman Empire. Con-
temporary commodity exchanges that cons-
titute 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 Com-
merce in 1925 and was followed by grain
exchange. Commodity exchanges, Law No.
5590 issued in 1950, which is presently 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Turkey and has been replaced by Chambers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 Exchanges Act.
As of June 2014, 58 provinces in our country,
including 55 in the district centers are a total
of 113 trade exchanges. The tasks of the ex-
change is determined by the Law No. 5174.
Those who deal or engaged with the sale
and purchase of stocks and commodities are
obliged to register. Resale according to de-
mocratic principles, on-site managed public
organizations.
What are the benefits of Commodity Exchan-
ge?
Major benefits of the exchanges are regis-
tering all transactions, 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 products, KDV, and tax
loss and leakage are avoided. Fluctuations
in the markets and prices are stabilized and
marketing risks are reduced. Forecast can be
made and values are protected.
Commodity exchanges are also useful for the
producers because their produces can get
their real market values.
Can you tell us about Konya Commodity
Exchange?
Opened in 1901 by decree of Sultan Abdul
Hamid Khan, Konya Commodity Exchange
ceased its operations in 1914 during the Wor-
ld War I. On 24 October 1924 by the decree
no. 1041 it has become operational again.
Konya Commodity Exchange has led to the
establishment of other exchanges and ser-
vice network in Anatolia. Konya Commodity
Exchange one of the first stock exchanges
in the country has an important place in the
region’s economy. As known as breadbasket
of Konya, it is Turkey’s largest grain exchange
market. Konya Commodity Exchange, with
advanced infrastructure and specialized staff
members and continues to serve our produ-
cers. Trading volume situated between the
highest stock Konya Commodity Exchan