About Exchanges

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Although it is possible to briefly describe the stock market as an organized market or trading center, to define it in a broader sense, “The exchange is established by special laws, where buyers and sellers come together at certain places and times, in person or indirectly, to the type and standard of the commodity subject to the exchange or to represent it. It is possible to describe it as a trade center where all kinds of rules have been determined and which enable real market prices to be formed with supply and demand meeting at certain places and times, and where trade is made on a large scale based on the content of valuable documents. As it is known, buying and selling transactions in Exchanges are carried out within the framework of certain rules. These rules are determined by the current customs and traditions as well as the provisions of laws, regulations and regulations. The reasons for the establishment of stock exchanges; facilitating commercial transactions (purchasing and selling), enabling buyers and sellers to trade at real market prices, which will occur publicly, and preparing an environment for the parties to trade in confidence by securing their rights and law. All disputes that may arise are resolved in the shortest time and in the most fair way by specialized and competent persons by arbitral committees established within the Exchange or similar legal institutions. The aforementioned law covers the commodity exchanges; defines it as "Public Institutions" with legal personality established by the Ministry of Commerce to deal with the purchase and sale of items included in the stock exchange and the determination and announcement of prices, where required by commercial needs, within the principles written in the law. Again, the same law has decreed that all kinds of purchases and sales, including the subject of the stock exchange, which are made outside the province and district centers, must be registered with the stock exchanges. How the registration obligations of the purchases and sales made on the minimum quantities of the substances included in the exchanges should be fulfilled, is stated as follows in Article 52 of the Law No. 5590. a) If the buyer and the seller are in the working area of ​​the same exchange, the transaction is registered to that exchange and the registration fee is paid by the party determined according to the customs and traditions of the exchange. In the absence of the party responsible for registration, the other party is obliged to register and pay the fee. b) In case one of the buyer or seller is within the working area of ​​the exchange and outside the other; If there is a stock exchange in the place where the two parties are located and the goods are included in both stock exchanges and the transaction is made by correspondence, telegram, telephone or fax, the contract is accepted and the contract is registered with the local stock exchange and the fee is paid. There is no stock exchange in the place where one of the parties is located and although there is a stock exchange, the goods are not included in that stock exchange or if one of the parties is abroad, the transaction is registered by the other party to the stock exchange of its own location and the fee is paid. c) Members registered to the Exchange have their purchases or sales made outside the working area of ​​the Exchange and other than the registration procedures specified in the above paragraphs registered with the exchanges where they are registered and the fee is paid. d) Transactions carried out in places shown by the exchanges are registered on the same day, transactions pertaining to substances allowed to be bought and sold outside the exchange are registered until the evening of the next business day.