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Definition and Duties

Definition and Duties of Exchanges

 

According to Article 28 of Law No 5174 on Chambers of Commerce and Industry, Chambers of Commerce, Chambers of Industry, Chambers of Shipping, Commodity Exchanges and Turkish Union of Chambers and Commodity Exchanges (TOBB); Commodity Exchanges are public legal entities established to engage in buying and selling of articles quoted in the Exchange and to determine, register and announce Exchange prices in the framework of the guidelines stipulated in this Law. The purpose of this Law is to regulate guidelines concerning establishment and functioning.

 

Commodity Exchanges are organised agricultural product markets where standardised or type-divided  or sampled goods are wholly represented; the production, consumption or import, export and distribution of which are done in great amounts; non-perishable and suitable for stocking, with variable supply and demand, where buying and selling are made wholesale with free competition conditions and over pre-determined minimum amounts.

Commodity exchanges which aim to bring buyers and sellers together ensure that prices are set in a free competition environment. Product and specialised exchanges and futures exchanges in particular have become essential elements of global economy.

Duties of Exchanges

ARTICLE 34. – The duties of Exchanges are as follows:

a) Organise and register buying and selling at the Exchange of articles quoted in the Exchange.

b) Duly determine and announce daily prices of articles quoted in the Exchange.

c) Make general regulations showing the buyer’s and seller’s delivery and taking delivery and payment obligations, settlement conditions of transactions, conditions effective on prices, voluntary arbitration procedures in case of disputes which will take effect upon approval of the Union.

d) Follow domestic and international exchanges and markets, correspond prices, guide members concerning electronic trade and online networks.

e) Issue and approve documents stipulated in Article 51.

f) Establish laboratories and technical offices to identify types and qualities of articles quoted in the Exchange and join such established laboratories and technical offices.

g) Determine the regulations, customs and practices related to the Exchange in their Region, submit them to the approval of the Ministry and declare the same.

h) Make necessary proposals, requests and applications to the official authorities about the Exchange’s activities; to file lawsuits in favour of members or of the Exchange if in the interests of all or some of the members.

ı)  Monitor agreements, resolutions and practices in nature of concerted action distorting competition and, if identified, report the same to relevant authorities.

j) In the event that the duties assigned to the Ministries or other public institutions and organisations are entrusted to the Exchanges in the framework of the establishment purposes and mandate stipulated in this Law, carry out these duties accordingly.

k) Provide documents required by the members and provide relevant services.

l) Evaluate applications for domestic fairs and make proposals to the Union.

m) Carry out duties assigned by other legislation and those to be assigned by the Union and Ministry in accordance with the relevant laws.

 

 
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