2022 Annual Bulletin
Electronic Warehouse Receipt Market 2022 Bulletin
TMEX EWR Market recorded a trading value of 100 billion Turkish Liras since the commencement of its operations.
Turkish Mercantile Exchange (TMEX) has launched its Electronic Warehouse Receipt (EWR) Market operations on July 26, 2019. In 2022, EWR Market reached a trading volume of 11.4 tons and a total trading value of 67 million Turkish liras in more than 377 thousand EWR transactions. Thus, since TMEX commenced operations, in more than 729 thousand EWR transactions, 28 million tons of trading volume and 100 billion Turkish Liras of trading value have been recorded.
EWR is an electronic receipt that represents agricultural commodities that are stored in licensed warehouses. EWRs representing agricultural commodities can only be traded in TMEX EWR Market. In TMEX EWR Market, grain commodities such as barley, wheat and corn are the main commodities subject to trade. 17 distinct commodities such as legumes, oilseeds, pistachios, hazelnuts, dried apricots, cotton and olives can be traded in TMEX EWR Market.
A licensed warehouse, where the actual commodities represented by EWRs are stored, is one of the pillars of commodity exchange systems. In Türkiye, 163 licensed warehouses provide service in 41 provinces, 127 districts and 234 different locations with a storage capacity of 8.8 million tons as of the 2022 year-end. The total licensed warehouse storage capacity, which used to be 4 million tons when TMEX commenced operations, increased greater than 2-fold in 3 years, reaching to a capacity to potentially store one-fourth of Türkiye’s total grain harvest.
The pulse of agriculture, the compass of farmers and investors: “TMEX Agricultural Commodity Indices”
TMEX Agricultural Commodity Indices keep the pulse of the agricultural sector. With barley, wheat, corn and grain price indices, which were first published on 14 July 2021, the main direction of the agricultural commodity market in Türkiye can be tracked. TMEX Agricultural Commodity Indices, representing the widest and most accurate representation of the opportunities in agricultural commodities for investors engaged in agricultural activities, also eliminated the lack of indicators and benchmarks by which the relationship between global agricultural commodity markets can be monitored. The Indices are available at Matriks and Foreks data venders’ terminals as well as the TMEX website.
TMEX Research & Development Center offers inclusive and innovative solutions for the financialization of agricultural sector and their access to financing.
The Ministry of Industry and Technology of Republic of Türkiye approved TMEX as a Research & Development (R&D) Center on March 23, 2021. TMEX R&D Center, located within the Information Technologies unit of TMEX, aims to increase the efficiency and productivity of the agricultural sector, to offer inclusive and innovative solutions to the problems of the agricultural commodity market ecosystem, to work for commercialization of these solutions and to provide employment opportunities for qualified human resources.
The R&D Center initiated the technological transformation project in 2021 for the migration to a new trading system, where Commodity Market Intermediary Institutions (CMII) will mediate EWR trades. The new trading system will provide a flexible infrastructure in order to digitalize agricultural commodity trading and support the role of our Exchange in the agricultural market and to increase the EWR trade volume to ensure commodity diversity. The Project is targeted to be completed in year 2023. In addition, actions are planned to be taken to launch trading of future contracts on this infrastructure. Herewith, an important function such as future price formation in agricultural commodity markets is set to be achieved through TMEX Futures Market.
Graph 1. 2022 EWR Market Statistics
Graph 2. Number of Investors with EWR Holdings
Graph 3. Licensed Warehouse Capacity (Thousand Tons)
Source: Turkish Grain Board (TMO), T.R. Ministry of Trade
Graph 4. Number of Investors Registered in TMEX
Graphic 5. EWR Market Total Traded Value by Commodity (2022)
Table 1. EWR Market Trading Information by Commodity (2022)
Table 2. The Traded Value (TRY) in EWR Market (2019-2022)
(*) TMEX EWR Market commenced operation on 26/07/2019. Data for the period before 26/07/2019 had been collected from Istanbul Settlement and Custody Bank Inc. (Takasbank).
Table 3. EWR Market – Wheat EWR Trading Information (2022)
Table 4. EWR Market – Corn EWR Trading Information (2022)
Table 5. EWR Market – Barley EWR Trading Information (2022)
Table 6. TMEX Agricultural Commodity Indices
(Percentage changes from 31/12/2021 to 30/12/2022)
Click here to download PDF format of TMEX EWR Market 2022
Please click for the EWR ISIN Codes
Click here for TMEX EWR Market tariffs.
Click here for TMEX EWR Market Prices and Fund Share Calculation.
Founded in June 2018, TÜRİB is engaged in exchange operations for trading of electronic warehouse receipts and of futures contracts on electronic warehouse receipts issued by licensed warehouse operators.
TÜRİB is working in collaboration with the Union of Chambers and Commodity Exchanges of Turkey (TOBB), T.R. Ministry of Trade, T.R. Ministry of Agriculture and Forest, T.R. Ministry of Treasure and Finance and other stakeholders in such fields and for such purposes as digitalization of food supply chain from field to fork, popularization and generalization of EWRs, development of contracted agriculture, and licensed warehouse operations.