World’s Exchange History
Exchange is a continual market place where parties come together to buy and purchase products that are determinable by weight and quantity, within the private rule of law that is established and controlled by government.
History of exchanges leads up to 1200-1500 BC. According to information that is recovered from Rome and Phoenicians’ inscriptions, that era’s people have laid the foundations of exchange by attending fairs.
On 5th century BC, Roman Empire has founded an institution called Collegium Marcatorum to the edge of river Tiber. When local tradesmen, wholesalers and middlemen came together, institution was considered as the foundation of the exchanges, not the current century’s way but in its own era.
A new period has started with the invention of voucher on 12th an 13th century. Usage of the voucher in purchases made a more practical and easier way for trade.
The official beginning of exchanges takes place on medieval fairs. These fairs have improved in Italy in the beginning. And on 15th century, new fairs in Anvers, Lyon and Geneva have taken a big role on economical evolution. Purchase and sales that can be considered as modern exchange technique took place on Burges. With the discovery of continentals and the major sea routes, world trade has reached to Atlantic shores and Anvers had a critical importance. Anvers Exchange has ensured big groups of tradesmen to join in treatments. The sign says “In usumnegatiatorum Linguane” on the entrance of the building, showed that the Exchange accepted all the tradesmen that speaks any language. And just as the sign said, Anvers exchange has accepted every tradesmen of every nationality.
After a short period of the Anvers Exchange foundation, Lyon and Toulouse exchanges also started running. The first exchange in Paris was officially founded on 1724. Hamburg and Bremen exchanges also take an important place on world exchanging. The most known exchange, New York Exchange, still keeps its importance.
Today’s Commodity Exchange changes into Futures Exchanges where the processes have the options like forward, futures and optional processes. And with this form, Commodity Exchanges constitutes an improved, modern model.
Exchange History of Turkey
The first official exchange has founded with the name “Dersaadet Tahvilat Borsasi” on December 2, 1873. The name basically means Stock Exchange. 13 years later, on April 15, 1886, Commodity Exchanges have started founding with the published “The General Regulation on Stock Exchanges”.
First Commodity Exchange in Turkey has been founded on 1982 in Izmir with the name Izmir Trade and Industry Exchange. Adana Commodity Exchange was founded on 1913, Istanbul Commodity Exchange was founded on 1925 and Ankara Commodity Exchange was founded on 1927.