23.11.2020 Ankara
The Turkish Product Specialized Exchange (TÜRİB) and The Agricultural Credit Cooperatives of Turkey (AGRICULTURE CREDIT) went to cooperation on the conversion of contracted agricultural products purchased by AGRICULTURAL CREDIT member cooperatives into electronic product bonds (ELÜS) and trading in TÜRİB.
With this cooperation,
products produced by AGRICULTURAL CREDIT member manufacturers are stored in
licensed warehouse enterprises and converted into ELÜS and processed in confidence
and stability in the TÜRİB ELÜS Market.
In addition, in-kind
and/or cash payments made to farmers by AGRICULTURAL CREDIT cooperatives prior
to production are offset in the clearing process over the transaction amounts
carried out in TÜRİB within full automation.
With the
infrastructure development works carried out jointly by TÜRİB and AGRICULTURE
CREDIT, AGRICULTURE CREDIT cooperatives were integrated into the TÜRİB ELÜS
Transaction Platform and the purchase of products subject to contract
agriculture was carried out in TÜRİB. Within this framework, the first
transaction was carried out on 17/11/2020.
AGRICULTURE CREDIT, as
Turkey's largest farmer organization, which dates back to 1863, conducts
contract production activities in order to make planned production with farmers
and to supply the needed agricultural inputs at the right time. In this
context, it provides support such as seeds, fertilizers, agricultural tools, fuel,
feed and credits to a wide range of producers of fresh vegetables and fruits as
well as producers of barley, wheat, corn, oil sunflower, raisins and olives,
which are covered by ELÜS in the agricultural sector.
TÜRİB continues its
cooperation with the Union of Chambers and Commodity Exchanges of Turkey
(TOBB), Ministry of Commerce, Ministry of Agriculture and Forestry, Ministry of
Treasury and Finance and other stakeholders in order to increase predictability
in the food supply system and to develop contract agriculture within the
framework of contributing to providing a stable source of income for farmers
and to spread its use by other market participants.
- About TÜRİB
Turkish Product
Specialized Exchange, Article 53 of the Union of Chambers and Commodity
Exchanges of Turkey Law No. 5174, 2 published in the Official Gazette dated
06.04.2017 and numbered 30030 upon the proposal of the Ministry of Commerce and
the Capital Markets Board within the framework of the Provisions of
Agricultural Products Licensed Warping Law No. 5300 and related legislation. It
was established on 08.06.2018 in accordance with the Decision of the Council of
Ministers no. 017/9986 and launched the ELÜS Market on 26.07.2019.
The main purpose and
activity of TÜRİB is to carry out stockbroking activities in order to ensure
the execution of the trade of electronic product securities and futures
contracts based on electronic product securities created by licensed warehouse
operators within the framework of Law No. 5300 and related legislation.
For detailed
information: www.turib.com.tr