History of Commodity Exchanges

History of Exchanges in the World

An exchange is a market place where merchants come together and trade with goods that can be measured by their numbers, measures and weight, under regulations set up and inspected by the state.

The history of stock trading goes back to 14th century. However, it actually goes far back to years 1200-1500 BC; according to the information from the writings of Romans and Phoenicians, people of these ages built the foundations of stock marketing with the fair they made.

In the 5th Century BC Roman Empire founded an institution that bear Roman Emperor Bosarium's name on the shores of River Tiber which passes through Rome. Even if it was different fom today's exchanges, the foundation of this institution which brought local merchants, wholesalers and middlemen, marked the foundation of stock marketing.

A new era began with the invention and usage of note in 12-13th centuries. The usage of notes in merchandising made trades more practical and easier. Formality of exchanges began in Middle Age fairs. These fairs developed first in Italy as street fairs. The fairs in Antwerp, Lyon and Geneva in 15th Century brought liveliness in business. In Bruges, processes of exchanges were made which can be seen as the pioneers of modern exchanging techniques. Especially with the discovery of continents and the opening of new trade routes and the shifting of world trade to the Atlantic increased the importance of Antwep. Antwerp Exchange with its lobby surrounded by divisions enabled a large number of businessmen to participate in dealings. The word in the entance of the building "In usumnegatiatorum Linguane" expresses the Exchange's openness to all people from every language. As understood from this word, the city of Antwerp opened its gates to everyone.After the opening of the Antwerp Exchange, Lyon and Toulouse Exchanges also began operational.

Hamburg and Bremen Exchanges have great importance in the world. The New York Exchange, one of the biggest exchanges in the world today, still holds its importance with its trade.

Today, commodity exchanging has a tendency towards derivative exchanging which include forward, future and optional processes. With this state of being, commodity exchanges are advanced models in economies.

The History of Exchanges in Our Country

Practically the first exchange in our country was founded in 2nd of December 1873 as "Dersaadet Bonds Exchange." As it can be understood from its name, it was a stock exchange.

Thirteen years after that date, on 15th of April 1886, with the "General Exchanges Regulation," the foundation of commodity exchanges began.

The first commodity exchange founded in our country was Izmir Exchange of Commodty and Industry which started operating in 1892.

Adana Commodity Exchange was founded in 1913, Istanbul Commodity Exchange in 1925 and Ankara Commodity Exchange in 1926.