History of Istanbul Commodıty Exchange

The establishment of the Istanbul Commodity Exchange, was envisaged for the first time in 1880. However, this establishment could not have been realized for a long time due to some problems. At that time, the foundation of a commodity exchange had been entrusted to the Istanbul Chamber of Commerce. The legal procedure was supplied with the Regulation of Commodity Exchanges in 1886.                                                 

Hence, the establishment of the commodity exchange has been retarded. That delay was probably caused by the unwillingness of merchants in Istanbul to join that kind of institution which imposes some regulations which force them to make trade by following determined procedures and tariffs. Because of all these factors and the wars occurred at the time of the events, commodity exchange could not have been established at the period of Ottoman Empire. With the proclamation of the Republic in Turkey, the subject had come to the agenda again by the proposition of some members of Parliament in respect of Denizli. The Istanbul Cereals and Commodity Exchange has legally been established on 19 October 1924.

Because of all these factors and the wars occurred at the time of the events, commodity exchange could not have been established at the period of Ottoman Empire. With the proclamation of the Republic in Turkey, the subject had come to the agenda again by the proposition of some members of Parliament in respect of Denizli. The Istanbul Cereals and Commodity Exchange has legally been established on 19 October 1924.

Instantly, since there was not a laboratory to inspect the crops, the construction of a new building started in May 1926. Cereals, pulse and oilseeds were inspected and published on boards. The Istanbul Livestock Exchange was opened separately from the commodity exchange on 13 February 1929 although the Istanbul Commodity Exchange had been very active in its establishment. That error had been then corrected with Law no.4355 – Law of Chambers and Commodity Exchanges- which came into force in 1943 and the Istanbul Livestock Exchange which had been operating in Karaagaç, has been abolished. All documentation has been transferred to the Istanbul Commodity Exchange by October 1943.