Energy Exchange Istanbul (EXIST) was established on 18 March 2015. Main objective and principal business activity is to “Plan, establish, develop and manage energy market within the market operation license in an effective, transparent, reliable manner that fulfills the requirements of energy market.”
The working and organizational structure of EXIST is regulated by the Regulation on the Organizational Structure and Working Principles of the Energy Exchange Istanbul issued by EMRA.
EXIST is a joint stock company subject to Turkish Commercial Code provisions. It consists of the General Assembly and the Board of Directors.
The Board of Directors may establish committees that will operate under itself in order to carry out its activities efficiently and to fulfill its duties and responsibilities properly.
The Board of Directors has the authority to appoint a General Manager. The General Manager must have the conditions of appointment for the members of the Board of Directors. Unless it is based on a special law, the General Manager cannot hold any duties in public or private organizations, and cannot have a share in companies holding a license in the electricity and natural gas market.
The company has service units. Service units are obliged to operate in accordance with the procedures determined by the Board of Directors and the relevant legislation. These units are; Market Operations Directorate, Strategy Development Directorate, Information Technologies Directorate, Internal Control and Risk Management Directorate, Finance and Support Services Directorate, Market Surveillance Directorate and Legal Consultancy. The duties and powers of these units are regulated in Article 16 and the rest of the Regulation.
Members of the Board of Directors cannot use trade secret information regarding Market Participants for or against themselves or anyone else.
Company employees are obliged to keep the secrets of partnerships, institutions and all kinds of real and legal persons who have a relationship with the company and company they have learned due to their title and duties. They cannot disclose these secrets to anyone other than persons and authorities authorized and authorized by the legislation, and cannot use them for their own benefit or for the benefit of third parties. This obligation continues after the employees leave their duties in the company.