Turkish Mercantile Exchange has signed a cooperation agreement with the Mongolian Commodity Exchange
21.11.2022
Ali KIRALİ, CEO of the Turkish Mercantile Exchange (TMEX), which conducts exchange activities for agricultural products, and Narandelger ORGODOL, General Manager of the Mongolian Commodity Exchange (MCE), signed a Memorandum of Understanding on November 21, 2022, during a ceremony held at TMEX, with the aim of fostering cooperation in specific areas.
The memorandum of understanding covers the sharing of information and expertise—particularly regarding the operation of spot and derivatives markets for agricultural products on TMEX and MCE—as well as the organization of joint activities such as seminars and training programs, and facilitating mutual exchange of information regarding regulations and practices related to issues affecting the agricultural sector, such as global warming and climate change, in areas that could benefit both exchanges.
Speaking at the signing ceremony for the Memorandum of Understanding, TMEX CEO Ali KIRALİ expressed his satisfaction with the signing of the Memorandum of Understanding with the Mongolia Commodity Exchange. He stated that he believes the Memorandum will pave the way for cooperation that will add value to the expertise and operations of both exchanges and will facilitate the identification of joint business development opportunities between them.
Narandelger ORGODOL, General Manager of the Mongolian Commodity Exchange, expressed his delight at being in Ankara and at signing the Memorandum of Understanding, which will lay the groundwork for establishing and developing the existing good relations between Türkiye and Mongolia at the exchange level. He stated that he was confident this would serve as a foundation for cooperation, the sharing of expertise, and the development of joint business areas regarding spot and derivatives markets for agricultural products.
About TMEX
Established in June 2018, TMEX engages in exchange activities facilitating trading of electronic warehouse receipts issued by licensed warehouses and futures contracts with an underlying of electronic warehouse receipts. TMEX collaborates with key stakeholders including the Turkish Union of Chambers and Commodity Exchanges, the Turkish Ministry of Trade, the Turkish Ministry of Agriculture and Forestry, the Turkish Ministry of Treasury and Finance, and other partners. Its collaborative efforts extend to various areas such as the digitization of the food supply chain from farm to fork, the widespread use of electronic warehouse receipts, the development of contract farming and the promotion of licensed warehousing.
About MCE
Contracts representing products for the agriculture and livestock sectors are traded on the spot and derivatives markets operated by MCE, which was established in 2013 under the Agricultural Products and Raw Materials Exchange Law. The Exchange is a state-owned institution, aims to establish a comprehensive system for the procurement, storage, transportation, and trade of agricultural products and raw materials in accordance with relevant quality standards. Its objectives include increasing market participation to support sustainable income generation, advancing digital agriculture, ensuring effective price formation through its organized markets, supporting national production, and ensuring the publication of reliable market data. The Exchange provides a platform for the trading of contracts in both spot and derivatives markets and plays a significant role in price formation for commodities such as cashmere, wool, wheat, meat, live animals, and leather.