TÜRİB to Launch Futures Market by Year-End
· Bloomberg HT
The Turkey Products Exchange (TÜRİB) aims to launch its futures market, starting with wheat and corn contracts, by the end of the year.
A New Era in Agricultural Futures Trading
The futures market, targeted to be launched by the end of the year by the Turkey Products Exchange (TÜRİB), was presented to the public at a promotional meeting hosted by the Izmir Commodity Exchange (ICX). Speaking at the opening of the meeting, ICX Chairman Işınsu Kestelli emphasized the importance of organized markets in agricultural risk management and made the following assessment:
"For a more competitive agricultural sector, we must better manage price risks. Today, a significant step in this process is being taken in Izmir. Our task from now on is to develop this market together, explain it correctly, and align it with the real needs of the sector."
Market Structure and Delivery Plan
Sharing details about the technical operation of the market during the panel, TÜRİB General Manager Ali Kırali stated that they plan to start with wheat and corn products in the first phase. TÜRİB General Manager Ali Kırali made the following statement regarding the system's flexible structure:
"We plan to start primarily with wheat and corn products. Contracts based on Electronic Product Certificates (ELÜS) are designed for physical delivery, while index-based contracts are designed for cash settlement. Konya is considered as the initial physical delivery point due to its central location in terms of logistics and being a major grain-producing region. We have created a flexible infrastructure that allows for the addition of more underlying assets and delivery points later on."