Definition and Duties of Commodity Exchanges
According to Article 28 of Law no 5174 on chambers of commerce and industry, chambers of commerce, chambers of industry, chambers of shipping and the Turkish Union of Chambers and Exchanges (TOBB); Commodity exchanges are public corporate entities established to engage in purchase and sales of goods traded on exchange, and in determination, registration and declaration of the stock prices generated thereof, within the scope of the rules as set forth by the said Law.
Purview: is to regulate the rules concerning establishment and operation.
Duties of Commodity Exchanges:
ARTICLE 34. The duties of the commodity exchanges are as follows:
a) To arrange and register purchase and sales of goods traded on the exchange;
b) To duly determine and declare the daily generated stock prices of the goods traded on the exchange;
c) To make general arrangements which set forth the responsibilities of buyers and sellers in respect to delivery, acceptance and payment, the settlement terms of proceedings, the conditions having effects upon stock prices and the arbitration procedures in case of dispute, and that comes into force with Union’s approval;
d) To monitor and communicate with domestic and foreign exchanges and markets and to guide its members on e-commerce and internet networks;
e) To issue and certify any document specified in Article 51 of the same;
f) To establish and/or participate in the established laboratories and technical offices in an attempt to determine the type and category of goods traded on the exchange;
g) To determine custom and practices within its territory relating to the exchange and submits such for ministerial approval and announces;
h) To make exchange-activity-related proposals, request and application to the relevant governmental authorities; to file legal actions on behalf of its members or its own behalf, in case it is in its all or some members’ interest;
ı) To follow agreements, decisions and practices of concerted action may have competitive distorting effects, and to inform the relevant authorities if detects any;
j) to conduct any task -assigned to any ministry or other state institution or organisation through any regulation- be entrusted to exchanges, provided to be within the scope of the establishment purposes and authorities set forth in the mentioned Law;
k) To provide any document required by its members and render any related services;
l) To evaluate any application for any national fair and suggest Union a proposition;
m) To fulfil all duties to be assigned by other laws and by the Union and the Ministry within the relevant laws.