Turkish Mercantile Exchange is Awarded a Prize in Information Technologies Cost Efficiency Category by IDC Turkey
In the 11th IDC Turkey CIO Summit organized this year, TMEX is awarded third prize with its “TMEX EWR Trading Platform” in “IT Cost Efficiency” category.
In CIO Summit awards ceremony in IDC Summit organized with the theme “Competition for reinvention: Meeting of leaders for speeding up digital transformation”, the institutions and executives ranked with their IT projects implemented during the year are awarded their prizes.
TMEX Electronic Warehouse Receipt (EWR) Market Trading Platform, launched in order to bring all agricultural producers and consumers together in a central platform, thereby giving support to stabilized growth of agricultural sector and economy, is awarded prize in IT cost efficiency category.
IT cost efficiency areas provided by TMEX EWR Trading Platform within the frame of digitalization of agriculture under Agriculture 4.0 and adaptation of technological developments to processes from field to fork are summarized below:
Efficiency has been provided in price formation through elimination of obligation of investors to follow up different platform operations in the same product, and all trading data and information have been published from one single point, thereby preventing information asymmetry and assuring transparency.
Integration points of buyers and producers have been combined in one single point on country-wide basis, and thus, operational costs of information technologies have been reduced through elimination of management of business applications and integration of sector stakeholders, into different local commodity exchanges.
A cost-effective technical infrastructure containing all hardware, software, database and reporting tools for market monitoring and operational purposes has been developed. Thus, commodity exchange costs incurred in monitoring and operating processes have been reduced.
The settlement/clearing completion rate has reached 100% through improvements in settlement/clearing processes.
Founded in June 2018, TMEX is engaged in exchange operations for trading of electronic warehouse receipts and of futures contracts on electronic warehouse receipts issued by licensed warehouse operators.
TMEX 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.