Duties and Responsibilities of Commodity Exchanges

Commodity exchanges are public legal entities established to engage in the buying and selling of items listed in the 5174 Law on the Union of Chambers and Commodity Exchanges of Turkey and the Chambers and Commodity Exchanges Law, and to determine, register, and announce the prices formed in the exchange.

According to Law No. 5174 on the Union of Chambers and Commodity Exchanges of Turkey and the Chambers and Commodity Exchanges Law, the purposes and duties of the exchanges are listed as follows.

*To regulate and register the buying and selling of items included in the exchange.

*To determine and announce the daily prices of the items included in the exchange, in accordance with the prescribed procedures.

*To establish general regulations, which will enter into force with the approval of the Union, specifying the obligations of the buyer and seller regarding delivery and payment, the settlement conditions of transactions, the conditions affecting prices, and voluntary arbitration procedures in case of disputes.

*To monitor domestic and international exchanges and markets, facilitate price communication, and guide its members in the areas of electronic commerce and internet networks.

*To prepare and approve the documents specified in Article 51.

*To establish laboratories and technical offices, or participate in existing ones, in order to determine the types and qualities of the items included in the exchange.

*To identify the customs, practices, and traditions related to the exchange within the regions, submit them for approval by the ministry, and announce them.

*To make proposals, requests, and applications to the relevant official authorities on matters related to exchange activities; to file lawsuits either on behalf of its members, if the interests of all or some of them are at stake, or on its own behalf.

*To monitor agreements, decisions, and coordinated actions that may have anti-competitive effects, and report them to the relevant authorities if identified.

*To carry out tasks assigned to ministries or other public institutions and organizations by the legislation, when these tasks are delegated to the exchanges within the framework of the purposes and duties specified in this law.

*To provide the documents required by its members and to offer the necessary services related to them.

*To evaluate applications regarding domestic fairs and make proposals to the Union.

*To carry out the tasks assigned by other relevant legislation, as well as the duties to be given by the Union and the Ministry within the framework of applicable laws.

In addition to the duties specified in Law No. 5174 on TOBB, Kayseri Commodity Exchange also addresses the economic and social issues of the region and the province, thoroughly analyzing these problems and providing solutions.