Commodity Exchange

The commodity exchange started its operations in 1929 under the name “Trade and Product Exchange ”, in the building across the Yalı Mosque, during the time of Mayor Kazım Pasha (Kazım Inanc: 1881 Diyarbakir, graduated from Ankara Military Academy on 21st September 1938. He participated in the Balkan Wars and the 1st World War. He then came to Anatolia and participated in the Turkish War of Independence. He was retired from the army in 1928. He served as the mayor of Samsun between 1926 and 1931.)

The commodity exchange started its operations in 1929 under the name “Trade and Product Exchange ”, in the building across the Yalı Mosque, during the time of Mayor Kazım Pasha (Kazım Inanc: 1881 Diyarbakir, graduated from Ankara Military Academy on 21st September 1938. He participated in the Balkan Wars and the 1st World War. He then came to Anatolia and participated in the Turkish War of Independence. He was retired from the army in 1928. He served as the mayor of Samsun between 1926 and 1931.) The commodity exchange commissioner of that time was Muhittin Bey, and the head clerk was Hasan Basri Efendi. In 1931, Poet Rutu Coskun served as the commissioner of our commodity exchange which was then located on the ground floor of Samsun Chamber of Commerce and Industry Building in Iskele Street. The commodity exchange which continued its operations at the said address from 1944 to 1953 was abolished upon the requests of merchants.

Starting from this date up to 1968, there was no commodity exchange market in Samsun. After the decision of the Ministry of Industry and Commerce taken in 1968 to commission an commodity exchange, elections were held on November 21st 1968. Because the occupational groups couldn’t be constituted, council elections were held directly and carried out with the participation of previously established members. The council has started its operations to make the commodity exchange start working, and prepared the quotation list identified as grains, legumes and oily seeds and submitted it to the Ministry of Trade for approval. This list was approved by the ministry on 24/04/1969. Meanwhile, resignations were submitted by the full and associate members. After the decision of the Ministry of Trade which states to continue the operations with the remaining members, the commodity exchange , officially started to operate on 28/08/1969

Samsun Commodity Exchange , which started the construction of a “Cereal Commodity Exchange ” in Havza in year 2002, for the transformation to a product exchange market, is also preparing a saleroom in which the lab analysis of the products will be made and will bring the producers and merchants together in an electronic environment to make trade. This saleroom will be commissioned in a short time. Samsun Commodity Exchange , has put into service of the sector, a comprehensive food laboratory in 2002 to serve the whole area. On 24.05.2007, in Samsun Commodity Exchange - Private Food Control Laboratory, within the scope of “European Union Nuts 2 Zone, Regional Improvement Projects”, the project of accreditation of aflatoxin analysis was signed. In year 2009, accreditation for “Analysis of aflatoxin in oily dry fruits” was carried out. In each following year, with a different analysis, the range of accreditation scope was continued to expand.

Samsun Commodity Exchange , which has started its operations to build an Expertise Food Organized Industrial Zone in Samsun in year the 2003, has submitted this project to the relevant ministries and laid the foundations of the first factory in the field in year 2010. Samsun Commodity Exchange, which has partnered with projects like Samsun Fair And Congress Center in year 2011, Samsun Teknopark in the same year, Samsun Logistics Center in 2014, starting from the day that it was first commissioned in year 1969, with its enterprises and investments, played an active role in the economical development of our city while still contributing its support to the socio-cultural activities.
Commodity ExchangeCommodity Exchange
Commodity Exchanges
Commodity Exchanges are public entities, established to purchase and sell the commodities within the scope of the exchange, and also to determine, register and publish prices of these commodities within the framework of law number 5174. Because Commodity Exchanges, where ever they exist, are organized markets that deal with purchasing and sales, determining and publishing prices within free competition of the materials of sufficient capacity, quoted within the exchange, that are on production, consumption and marketing, therefore in a way, the existence of commodity exchanges depend on materials. With this feature, Trade Exchanges are important elements of free market economy

Commodity Exchanging
Turkey commodity exchanges within the framework of the law number 5174 are public institutions with legal personality which deal with purchasing and selling substances included in the commodity exchange, mainly agricultural and animal products, determination, registration, declaration of their prices, formed in the exchange. The registration of arranged products included in the exchange, calculation and declaration of daily prices of traded products is possible. These tasks, as well as obligations of exchanges for buyers and sellers in delivering and receiving are also examined. Also provide the installation of technical offices and labs to detect and measure the quality of the items that are included in the exchange. In summary, Commodity Exchange are organized markets that assist in issues of free competition and price declaration of goods which production, consumption and marketing rises above a certain level. For this reason, providing of positive contribution into free market economy is the real fact. In the world too mainly agricultural and animal products are traded in the Commodity Exchanges. But comparing with Turkey, in these exchanges with too big trading volume, products rather than physical swap constituting underlying asset to derivative instruments, are traded within the scope of futures, options and swap contracts. In this way, major manufacturers used derivatives, thanks to Commodity Exchanges, succeeded to minimize exposed risks against possible price changes. Chicago Board of Trade, merged with Chicago Commodity Exchange in 2007 and still the world's largest futures and options exchange, is active since1848 and has the characteristic of being the oldest stock exchange trading futures of agricultural and animal products at the same time. A similar structure in Turkey appears as The Market of Futures and Options (VIOP). But the weight and trading volume of commodity futures trading in VIOP remain at very low levels. Not using these types of contracts against price fluctuations by buyers and sellers dealing with commodity for Turkey at least can say they did not take the position in Turkish market.

According to the law 5174 Article 41, here are the tasks of Commodity Exchange Administration:


a) To execute the works of commodity exchange within the framework of the legislation and assembly decisions.
b) To submit the budget, final accounts and transfer requests and the reports thereon to the assembly of commodity exchange.
c) To submit the monthly account report to the assembly of the commodity exchange for examination and approval.
d) To decide, in accordance with the relevant procedure, the employment, dismissal, promotion and transfer of the commodity exchange personnel.
e) To make a decision about the disciplinary actions of the commodity exchange personnel pursuant to the principles and procedures set out in this Law and the relevant legislation.
f) To give decision regarding that the board of discipline may execute inquiries.
g) To ensure that the disciplinary and pecuniary penalties imposed in accordance with this Law are implemented.
h) To determine an arbitration board charged with the settlement of disputes in connection with the transactions performed in the commodity exchange.
I) To prepare list of arbitrators and experts where requested by the courts for the settlement of disputes that may arise from transactions made out of the commodity exchange and to submit them to the assembly for the approval.
j) To certify the documents set out in this Law and the relevant legislation.
k) To prepare an annual report regarding the activity of the commodity exchange in one year and economic conditions of its region and to submit this report to the assembly.
l) To submit the prepared internal directive to the assembly.
m) To make all kinds of examinations relevant to the commodity exchange, to keep indexes and statistics and to determine prices of the main materials in commodity exchange and to announce them with appropriate instruments.
n) To reward the members paying high taxes and registration fees, exporting and developing technology.
o) To support and encourage social activities, to make donations and aids, to grant scholarships, to establish schools and classrooms with the approval of the assembly, provided that the equivalent exists in the budget.
p) To perform other duties conferred by this Law and the relevant legislation to the commodity exchanges and not exclusively conferred to another organ.