Frequently Asked Questions

Electronic Warehouse Receipt is an electronic receipt issued for the commodities stored in licensed warehouses.
Electronic Warehouse Receipt represents electronic registry for products kept by Licensed Warehouse Enterprises in accordance with Electronic Registration Rules via database and/or platform established and operated by Electronic Registry Firm. Electronic Warehouse Receipt issued to Central Registry System represents the products of the same quantity, kind, class and grade, unless otherwise stated in the applicable laws and regulations. Products represented by Electronic Warehouse Receipt are under protection and assurance of the Licensed Warehousing system.

Barley, Wheat, Rye, Paddy, Hazelnut, Lentil, Corn, Chickpea, Cotton, Sunflower Seed, Seedless Raisin (Sultana), Unshelled Pistachio Nuts, Dried Apricot, Oat, Soybean and Olive are traded in EWR Market.

The ISIN code, which consists of 12 digits and starts with the letters “TR” to represent the Republic of Turkey, is a unique international securities identification code assigned to securities in accordance with international standards to enable full-automation of securities transactions on national and international capital markets.

Investors will directly place orders utilizing the TMEX Trading Platform to trade EWRs without the use of any intermediary. Before beginning to trade, all investors who wish to conduct EWR trading on TMEX must apply to one of the commodity exchanges acting as an agent of TMEX, register by providing all required documentation and information, and open an account with one of the Settlement Members.

Investors must deposit the necessary funds into their accounts in an amount equal to the EWRs they wish to purchase before placing any purchase orders. Istanbul Settlement and Custody Bank will handle the settlement of all investor trades on the EWR Market. Similarly, before entering any selling orders, investors must have EWRs to sell available in their account.

On full trading days of the week, except public holidays, trades on EWRs are permitted at TMEX between 10:00 and 13:00. On half trading days, trades are permitted between 10:00 and 11:00.

You can learn your CSD registration number from the institution (intermediary institutions/banks) where you opened your relevant account or through the website of the Central Securities Depository ( using your e-government password (“My Page/Membership/Profile Info” section, e-PRODUCT. (click here to enter)).

In the event that you have accounts at more than one intermediary institutions/banks, you need to specify and submit in the registry form you will fill for TMEX agencies, all of your accounts that you have at each intermediary institution/bank and want to use for EWR trades. You cannot make any trades in TMEX using the accounts that you opened at intermediary institutions/banks but not submitted during registration process.

To appoint a proxy to carry out transactions in TMEX, a letter of attorney that includes the phrase “The person appointed herein has the capacity of carrying out trading transactions in Turkish Mercantile Exchange Inc.” is needed.

Please note that, a letter of attorney with a general coverage on the whole legal capacity is eligible to perform transactions on behalf of the legal entity.

The following items—along with a list of approved signatures attesting that the decision was made by those with the necessary authority—are required to designate a proxy to conduct transactions on TMEX as a legal person:

  1. If your company is a joint stock company, a board of directors resolution regarding it;
  2. If your business is a limited liability corporation, a committee of managers decide in this regard ;
  3. If your business is a sole proprietorship, the signature of the pertinent individual .

Registration process of all investors including farmers is carried out by the commodity exchanges providing services as TMEX agencies.

There is no obligation for investors who want to register with TMEX system to previously store commodities in licensed warehouses.

Licensed warehouses, which are not engaged in any trading activity for EWRs, do not have to register with TMEX agencies as an investor. Licensed warehouses are obliged to sign a contract with TMEX in order to create EWRs.

After the complition of investors register with the commodity exchanges operating as TMEX agencies, a username and password will be sent to the mobile phones they register with TMEX system. Investors can start trading EWRs by logging into, TMEX Trading Platform on TMEX website by using their username and password.

TMEX does not charge any fees for investor registrations and TMEX agencies are not authorized to charge any fees for the investor registration activities they may have performed.

When investors open an account at any intermediary institutions/banks, they are assigned a CSD registration number. This does not differ for the investors with and without products stored in the licensed warehouse.

If and when the agency enters a properly provided CSD registration number incorrectly during the registration process then the agency can correct the number and thereafter, the investor is registered with the system following the call center approval. However, if the investor provides a different CSD number mistakenly, he/she needs to apply to the agency by submitting documents that show the correct CSD registration number and the registration is updated.

EWR trading voucher is created by the Electronic Registry Institution (ERI – Central Securities Depository) and the certificate is sent electronically to buyers and sellers. In cases where EWR trading certificate cannot be delivered to the investor for any reason whatsoever, the document can be obtained through the Central Registry System (CRS) by the settlement member intermediary institution/bank to be given the next day upon the investor’s application. Within the scope of the General Communiqué of the Tax Procedure Law No. 452 published in the Official Gazette on 03/06/2015 and Law No. 5300, since ERI issues an EWR trading voucher at each transaction after settlement process; parties of an EWR trading will not issue an invoice or any other document for the transaction and the transaction will be authenticated by an EWR trading voucher issued by ERI according to the information provided thereto. We would like to remind that parties of an EWR trading are obliged to retain the paper printouts of the EWR trading voucher sent to them by ERI within the period stipulated by the tax laws and to submit them if and when requested. (You can access the full text of the above mentioned Communiqué at

The opening of an individual account is required in order to deal in the EWR Market, although in the case that the primary account holder passes away, the individual account may be changed to a joint account

Regarding the trades carried out through EWRs issued by licensed warehouse enterprises, information can be obtained from the reports prepared by CSD ( It is possible to obtain detailed information relating thereto via the following e-mail address: Here you can find the fees applied in cases where licensed warehouse enterprises carry out trades in TMEX as an investor for their own name and account.

In the existing practice, orders approved by TGB until 09.30 every business day are transferred to the Platform at 09:30 on the same trading day. TGB orders that appear as “Cancelled by Platform” due to lack of investor registration, not identifying the correct account or insufficient balance must be resent to the Platform after necessary corrections relating to investor registration/account are made via the agency (commodity exchange) (canceled orders are not automatically resent by TGB/Platform). Therefore, investors must resend the corrected information and TGB orders and accordingly, TGB Branches must redirect the corrected orders to TMEX Platform. In case of a change in the times stated in the first paragraph above, necessary announcements will be made in Electronic Warehouse Receipt Market Procedure section of our website.

During a normal session, orders entered (orders except for TMO and other Trade Reports) are matched with the counter orders with same price or better price in line with price and time priority principle. There is no further action needed to be performed. For the Trade Reports entered with buyer side information and selling orders of TMO are executed by the confirmation of buyer side.

There are no fees charged by TMEX from the buyer in EWR transactions. On the settlement member (intermediary institution/bank) side where the account used for investor transaction is opened, Takasbank Delivery versus Payment  Transfer Fee + BITT and settlement member commissions are charged. It is possible to learn the details of the fee charged by the settlement member by contacting thereto and if sufficient balance is made available in the relevant account considering the aforementioned information, no problem will be encountered when a buying order is entered. For trade reports, if balance of the buyer is insufficient, trades relating to the selling orders entered will appear as canceled.

It is possible to sell commodities to TGB in Licensed Warehouse Enterprises (LIDAS) that have a contractual relationship with TGB and identified in LIDAS List on TGB website. In order to sell commodities to TGB on TMEX Platform, the account to which EWR is issued must be registered in TMEX. If the selling order is given from the correct account and TGB approves it until 09:30 in the morning, the transaction takes place on the day the order is entered and the payment is made until 17:00. Orders entered after 09:30 in the morning are processed the next day on the Platform and payment is made until 17:00 on the same day.

Daily Bulletin is given historically on the website of our Exchange. It is possible to obtain price information from previous bulletins on the days when the product in question is not traded for a given date. However, if the commodity has not been traded in TMEX the product will be insured (or if no transaction has been made on the product in question as of the opening date of TMEX, i.e. July 26, 2019), the price is determined with the transaction party’s own initiative.

If and when the heirs apply to the Electronic Registry Institution, i.e. the Central Securities Depository (CSD) with the required documents, they will be able to make transfer operations at the CSD accounts. It is possible to obtain information relating thereto via e-mail address of CSD: 

Regarding EWR, there has been no change in the subsidies granted for farmers after TMEX starts its operations and the main subsidies are listed herein below. It is possible to obtain detailed information from the Republic of Turkey Ministry of Agriculture and Forestry.

Warehouse Rental Support

• Loan Interest Support

• Transportation Support

• Analysis Support

• Tax Exemptions

Earnings from the trading of warehouse receipts issued within the scope of the Agricultural Products Licensed Warehousing Law No. 5300 are exempted from  income and corporate taxes until 12.31.2028* with the provisional article no. 76 added by Law No. 5904 to the Income Tax Law No. 193, in order to promote the agricultural commodities licensed storage system

(*) The date of “12/31/2023” in the first paragraph of the provisional article no. 76 of the Law no. 193 is amended as “12/31/2028” with Article 14 of “the Law Regarding the Amendments to Certain Laws and Statutory Decrees (7491)” published in the Official Gazette edition 32413 on 12.28.2023.

Within the framework of Agricultural Products Licensed Warehousing Law and realted regulations, the foreclosure of agricultural commodities represented by EWRs is made only by the confiscation of the EWRs.
In addition, according to the provisions of EWR Regulations it is not possible to place a confiscation on the underlying commodities stored in Licensed Warehouses alone, and the underlying asset in question can only be foreclosed on through confiscation of EWRs.

The procedures for establishing the foreclosure are included in Article 17 of the Electronic Registration Rules and it is stipulated that the foreclosure will be applied by EKK member banks and financial institutions on the accounts where EWRs are recorded.

In this context, it is not possible for legal authorities, to confiscate on the physical product within the framework of the provisions of the above-mentioned legislation.

Please click here to access the TMEX Trading Platform.

Please click here for the Investor Information Guide.

Please click here to get information about EWR Market.

Click here for the list of Licensed Warehouses that has been provided licenses by Ministry of Commerce.