Borsa Ä°stanbul And BorsaKonya Sign Cooperation Agreement

Borsa İstanbul and Konya Commodity Exchange signed a cooperation agreement in Konya on February 25, with a ceremony participated by Prime Minister Ahmet Davutoğlu.

The agreement aimed at furthering the cooperation between Borsa Ä°stanbul and Konya Commodity Exchange was signed with a ceremony held at Konya Commodity Exchange with the participation of Prime Minister of the Republic of Turkey Ahmet Davutoğlu, Union of Chambers and Commodity Exchanges of Turkey (TOBB) President Rifat Hisarcıklıoğlu, Borsa Ä°stanbul Chairman Dr. Talat Ulussever, Borsa Ä°stanbul CEO Tuncay Dinç and Konya Commodity Exchange Chairman Hüseyin Çevik.

Deputy Prime Minister Lütfi Elvan, Minister of Food, Agriculture and Livestock Faruk Çelik, Minister of Customs and Trade Bülent Tüfenkci and Justice and Development Party Deputy President Mehdi Eker also participated in the event.

Within the framework of cooperation between Borsa Ä°stanbul and Konya Commodity Exchange (BorsaKonya), domestic and foreign investors will start trading wheat futures contracts with physical delivery, similar to international derivatives markets.

Borsa Ä°stanbul will launch wheat futures contacts with physical delivery through electronic warehouse receipts.

These developments are expected to add to the international prestige of both Borsa Ä°stanbul and Turkey in addition to allowing the two institutions to carry out the process together.

An agreement was signed today between Borsa İstanbul and Konya Commodity Exchange to improve the cooperation between the two institutions, with a ceremony participated by Prime Minister of the Republic of Turkey Ahmet Davutoğlu and TOBB President Rifat Hisarcıklıoğlu.

In his address at the signing ceremony held at Konya Commodity Exchange,Prime Minister Davutoğlu said that they are witnessing a historical moment, adding, “We have taken a historical step between Borsa Ä°stanbul and BorsaKonya to ensure that agricultural trade can reach international markets especially. This step is the first cooperation of Borsa Ä°stanbul with an Anatolian exchange. More is yet to come. This is a historical step towards uniting the local, national and international economic networks of the Republic of Turkey. Therefore, it will be possible to connect our agricultural trade with international financial markets and financial centers. An economy of isolated markets, where the local fails to reach the international level through national is not sustainable. We have announced two important decisions here: Establishing a specialized commodity exchange and transferring the licensed warehouse operations to the private sector, therefore assigning the role of a regulator only to the Turkish Grain Board, like the Ministry of Food, Agriculture and Livestock. I would like to note that contrary to those who want to confine Turkey’s agenda to negative events, we are fighting against terrorism in determination while continuing with our reforms. Last night, Turkish Grand National Assembly was in session until 2.30 a.m. We are working intensively on our reform agenda. On the other hand, we are taking historical steps on sectoral basis. Earlier this week, we announced the support we are planning to offer to the tourism sector. And now, in the middle of the week, we are taking very important steps related to the agriculture sector. I would like to thank those that have made it possible.”

Headlines from Prime Minister Ahmet Davutoğlu’s address: