A more thorough explanation:

Gilda mercatoria is a Latin term that refers to a merchant guild. It was an organization of merchants who had exclusive trading rights within a particular town. The guild was incorporated, which means it was legally recognized as a separate entity from its members.

For example, in medieval Europe, a town might have a gilda mercatoria that controlled all trade within its walls. Members of the guild would have the right to sell their goods in the town's market, while non-members would be excluded. The guild would also regulate prices and quality standards to ensure fair competition among its members.

Another example of a gilda mercatoria is the Hanseatic League, a powerful trading alliance of cities in northern Europe during the Middle Ages. The league was made up of merchant guilds from different towns, who worked together to control trade in the region and protect their interests.

These examples illustrate how a gilda mercatoria functioned as a kind of exclusive club for merchants, giving them advantages over non-members and allowing them to control trade in a particular area.