Stakeholders

The Union of Chambers and Commodity Exchanges of Turkey

The Union of Chambers and Commodity Exchanges of Turkey is a supreme professional organization having a separate legal entity in the form of a public institution, founded in order to establish unity and solidarity among chambers, commodity exchanges and mercantile exchanges, and to ensure further development of profession in accordance with general interests, and to facilitate professional activities of members of chambers and commodity exchanges, and to protect professional discipline and moral so as to assure honesty and trust in their relations with each other and with the public, and to take actions for growth of Türkiye and development of economy, and to perform the duties and functions listed in this Law.

Commodity Exchanges

Commodity exchanges serve as structured platforms for trading agricultural products. This trade occurs on a wholesale basis, fostering an environment of free competition, and adhering to predefined minimum quantity standards. These standards apply to either standardized or categorized products, as well as to representative samples that encompass the entirety of the product. These commodities are characterized by their durability and suitability for storage. They exhibit fluctuating levels of supply and demand, owing to factors such as varying production scales, consumption patterns, as well as import, export, and distribution on a large scale.

T.R. Ministry of Trade

The Ministry of Trade grants establishment and operational permits to parties related to licensed warehousing, makes secondary regulations for the better functioning of the system, and oversees all stakeholders in the agricultural ecosystem. The Ministry also serves as the licensing authority for joint-stock companies established to operate under the Law No. 5300 on Licensed Warehousing of Agricultural Products, for their registration and announcement.

Capital Markets Board

During the establishment of a mercantile exchange within the framework of the first paragraph of Article 53 of Law No. 5174, the favorable opinion of the Capital Markets Board is sought in coordination with the Ministry of Trade. Within the scope of these favorable opinions, our Exchange was established by the Council of Ministers’ decision dated 27.02.2017 and numbered 2017/9986. In matters such as reaching an agreement with the market operator, granting operating permission, and in cases related to aspects such as the activation of guidelines governing the operational principles of the Exchange as outlined in the 4th Article of the ‘Regulation on the Establishment, Activities, Operation, Audit Procedures, and Principles of Mercantile Exchanges,’ the Capital Markets Board’s favorable opinion is sought in accordance with the relevant regulations. Additionally, the Regulations that form a significant portion of our Exchange’s legislation are prepared through collaborative efforts between the Ministry and the Capital Markets Board.

Turkish Grain Board

The Turkish Grain Board, which was established in 1938 to fulfil the duty of regulating the market for cereal and poppy products, is one of the organizations that support the development of the ecosystem by various investments in licensed warehousing.

Borsa İstanbul A.Ş.

The main purpose and field of activity of Borsa İstanbul is as follows: In accordance with the provisions of the Law and the related legislation, to ensure that capital markets instruments, foreign currencies, precious metals and gems, and other contracts, documents, and assets approved by the Capital Markets Board of Türkiye are traded subject to free trade conditions in a facile and secure manner, in a transparent, efficient, competitive, fair and stable environment; to create, establish and develop markets, sub-markets, platforms, systems and other organized market places for the purpose of matching or facilitating the matching of the buy and sell orders for the above mentioned assets and to determine and announce the discovered prices; to manage and/or operate the aforementioned or other exchanges or markets of other exchanges; and to carry out the other activities listed in its Articles of Association.

İstanbul Settlement and Custody Bank Inc.

The main objective of Takasbank is to provide clearing and custody services, carry out financial services and all kinds of economic activities to increase the competitiveness of Türkiye’s markets in accordance with its articles of association and relevant legislation. In order to achieve this goal, Takasbank engages in all activities permitted and enabled by the Capital Market Legislation and Banking Law No. 5411. With its ‘central clearing’ and ‘banking’ licenses, Takasbank primarily provides clearing, central counterparty and banking services to its members in the Turkish capital markets. TMEX has signed a contract with Takasbank regarding clearing services.

Central Securities Depository

MKK is Turkey’s Central Securities Depository for capital market instruments that have been decided to be demeterialized by the Capital Markets Board. Turkey applies the full dematerialization model on a beneficiary owner basis for its capital market instruments. TMEX has signed a contract with MKK as a depository of electronic warehouse receipts for obtaining services for trading of EWRs.

Ministry of Agriculture and Forest

The Ministry of Agriculture and Forestry provides various incentives to encourage the use of the licensed warehousing system and to maintain a balanced supply throughout the year for parties and producers who wish to engage in licensed warehousing activity.

Ministry of Treasury and Finance

This Ministry has granted exemptions from income and corporate taxes for gains arising from the sale of Electronic Warehouse Receipts issued pursuant to the Agricultural Products Licensed Warehouse Law. Similarly, the Ministry also grants withholding exceptions related to these gains. Additionally, the Ministry is a significant stakeholder supporting the development of agricultural markets through various treasury incentives that encourage the trade of Electronic Warehouse Receipts.

Licensed Warehouse Enterprise

The joint-stock company, which has been granted a foundation and operational license by the Ministry of Trade, offers storage and protection services for agricultural products in compliance with the safe and healthy conditions outlined in ‘The Agricultural Products Licensed Warehousing Law No. 5300’

Authorized Classifier

Authorized Classifiers are licensed laboratories in accordance with Agricultural Products Licensed Warehousing Law No. 5300. Persons who have obtained licenses from the Ministry of Agriculture and Forestry operate these laboratories. They determine and certify the class and quality of agricultural products intended for storage in licensed warehouses, following established standards.

Reference Authorized Classifier

Reference Authorized Classifiers examine the laboratories of those who apply for authorized classifier licenses, and then periodically inspect authorized classifiers and report the results of these inspections to the Ministry of Trade. They also analyze products in case of disputes and ensure the calibration, control, and supervision of authorized classifiers in their field of duty. These authorized classifiers are real and legal persons who have obtained licenses from the Ministry of Trade.

Licensed Warehousing Compensation Fund

A Fund established to compensate for damages caused by licensed warehouse operators who fail to fulfill their obligations towards its depositors as stipulated in the applicable laws and regulations.