– Merchantile Exchange Business Empowered by Technological and Structural Transformation

As part of the TMEX Technological Transformation Project carried out by the TMEX R&D Center, the TMEX Trading System, a domestic and national exchange solution developed with TMEX’s internal resources, was successfully launched on 13 January 2025.

For TMEX, 2025 was a year in which the organization was strengthened through the integration of the TÜRİS merchantile exchange infrastructure with its intermediary structure. The TMEX Trading System has been integrated with 7 Commodity Market Intermediary Institutions (CMIIs), 11 clearing and settlement service providers, 3 data vendor companies, as well as Istanbul Settlement and Custody Bank Inc. for clearing, risk, collateral, and default management services, and Central Securities Depository Inc. as the electronic registry.

It is expected that CMIIs will expand their investor base and product range and increase market depth through their networks—which span the entire Türkiye via their partners and agents, the Commodity Exchanges—and will provide value-added intermediary services to market participants.

The Artificial Intelligence Supported Market Surveillance Project, supported by TUBITAK’s “1005-National New Ideas and Products Research Funding Program”, was successfully completed and the Algorithmic Detection and Monitoring Platform (ADMP) was integrated into the TMEX trading system. TUBITAK’s support and academic collaborations have contributed to strengthening TMEX’s surveillance infrastructure both financially and scientifically.

In 2025, TMEX obtained the ISO/IEC 27001:2022 Information Security Management System Certificate and the ISO/IEC 20000-1:2018 Information Technology Service Management System Certificate, demostrating that the information security and service quality of the markets it operates are managed in accordance with international standards. With these certifications, TMEX ensures the information security of its markets and provide sustainable quality management across all information technology services, from financial market applications and market surveillance, to data dissemination and index calculations.

• The trading value of EWR reached 372.2 billion TL

In 2025, the TMEX EWR Market recorded a trading value of TL 123.6 billion and a trading volume of 9.9 million tons. Over the market’s 6.5-year operational period, a total of 57.3 million tons of products were traded, with a total trading value of TL 372.2 billion.

The record daily trading value of TRY 3.45 billion set in 2024 rose to TRY 5.46 billion on August 7, 2025. EWR contracts representing 15 different products—including wheat, corn, and barley, as well as pistachios, legumes, hazelnuts, dried apricots, cotton, olives, and oilseeds—were traded based on trading volume. Following the Ministry of Trade’s publication of quality criteria, dried grapes were also added to the range of products eligible for trading on TMEX.

–   Since TMEX began operations, licensed warehouse capacity has more than tripled

The 265 licensed warehouse operators—which serve as the cornerstone of merchantile exchange and food supply security by storing products traded on TMEX—operate across 54 provinces, 165 districts, and 363 different locations, offering a storage capacity of over 14 million tons. When TMEX began operations, the storage capacity was around 4 million tons; It has since increased more than threefold, reaching a capacity to store approximately 37% of Türkiye’s grain harvest. The goal is to expand this capacity to 18 million tons in the medium term.

–                The TMEX Milling Wheat Index recorded a year-over-year increase of 29.61%

The TMEX Milling Wheat Index closed at 6,665.00 in 2025, marking a 29.61% increase for the year. The annual changes in the indices by product are shown in the table below.

– TMEX activities that create value through new markets in 2026

The International Commodity Market, where agricultural products stored in bonded warehouses authorized by the Ministry of Trade (the Ministry) in 2025 will be traded, is planned to go live in the first quarter of 2026. Development and regulatory work for the market, where agricultural products stored in bonded warehouses authorized by the Ministry will be listed on our Exchange and traded in USD and EUR, reached its final stage in 2025.

Technical infrastructure and regulatory work is underway for the Futures Market, which will be integrated into the TMEX Trading System and is planned to go live in the second half of 2026. This market will facilitate trading in futures contracts based on the TMEX Agricultural Product Price Indices and Indicators, which are calculated using Electronic Warehouse Receipts (EWRs) and EWR transaction prices. Work is also underway to integrate ATİP into the Futures Market for market monitoring and surveillance.

The TMEX Tawarruq Market, designed to provide for short-term funding through the trading of electronic warehouse receipts (EWRs) in compliance with participation finance principles, is planned to be launched in 2026. Work is ongoing to address the financial regulatory requirements necessary for its implementation.

The new markets will offer farmers, traders and industrial producers opportunities for risk management, while providing investors with instruments to diversify their portfolios. Through the integrated market structure and enhanced surveilliance infrastructure, transparency, trust and corporate sustainability standards will be raised to the highest level.