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Lifetime commerce township1/19/2024 In 1891, two different commodity exchanges were attempted to be established by two different tradesmen, however, the General Commodity Exchange regulations specified only one commodity exchange in each city. The arguments to establish a modern commodity exchange based on a legal status and conforming to certain rules were brought forward in the early 1890s. It is also known that the building belonging to a tradesman called Nişli Hacı Ali Efendi was used as “the grain exchange” just before the 1890s. However, these attempts had fallen behind in creating solutions to the problems of the market.Īlthough the first legal arrangements in the Ottoman Empire were carried out in 1886, it is known that some attempts were made before this date to establish a commodity exchange in İzmir. The English, French, Italians and the Dutch had their own chambers of commerce in İzmir. The Commercial Assembly and İzmir Chamber of Commerce were established in 18, respectively. The tradesmen of İzmir commenced to make several attempts to overcome these problems. These problems caused the tradesmen and producers to suffer great losses. Although new warehouses had been built to store the goods, unbalanced price adjustments, lack of proper statistics to determine demand and supply, and uncertainty of the money markets used to negatively affect the commercial life of the city. In the second half of the 19th century, the boost in the volume of the trade in İzmir urged the merchants to seek for new methods and regulations in order to catch up with novelties. In fact, İzmir harbour was the greatest export harbour of the Ottoman Empire in the early 20th century, which made the city the host for the first efforts to systemize the agricultural markets and the first commodity exchange of Türkiye. İzmir has always been an important hub for agricultural production and one of the leading centres for domestic and foreign trade throughout the Ottoman Empire and the Turkish Republic. İzmir Commodity Exchange (ICE) was established in İzmir, the 3rd largest province of Türkiye, in 1891 as the first commodity exchange of Türkiye.
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