Electronic Warehouse Receipt (EWR)

Creation of EPC (issue)

Electronic Warehouse Receipt (EWR) are created in accordance with the Electronic Registration Rules by licensed warehouses that have signed agreements with commodity exchanges to represent the products entering into warehouses, and are monitored on the accounts of the CSD of Turkey.

Upon receipt and acceptance of agricultural products by the Licensed Warehouse Administration subsequent to the completion of the weighing, analysis and classification process, the Licensed Warehouse establishes the EWR in the Central Registry System (CRS) and automatically transfers it to the account of EWR Depositor with an intermediary. Depositors declare to the Licensed Warehouse Operation the method of custody of the EWR (non-fungible or fungible custody) at the time of products delivery. Upon application of the licensed warehouse, for every EWR, an ISIN is produced by Takasbank that denotes the type, class, group, subgroup, delivery location (Branch), last storage date (month/year), Licensed Warehouse Operation, and harvest date (month/ year). The ISIN information produced is reported to the CSD of Turkey as well as  the licensed warehouse.

EWR Trading Transactions

EWR's are traded on the Electronic Warehouse Transactions Platform established within the commodity exchanges.
The transaction file is transmitted to Takasbank in electronic format by the Exchange, at the end of the trading session. The transaction file contains the following information.

  • EWR Code
  • Quantity
  • Price
  • Member (bank, brokerage house) with which the Buying Customer has an Account
  • Buying Customer Account No
  • Member (bank, brokerage house) with which the Selling Customer has an Account
  • Selling Customer Account No
  • Licensed Warehouse Compensation Fund Share
  • Exchange Registration Fee Share
  • EWR warehouse fee

Electronic Warehouse Receipt (EWR) Clearing and Settlement

The clearing nd settlement transactions of EWR is executed via  Takasbank Bilateral Transfer System (RTGC DvP). Takasbank BilateralTransfer System is a system that allows brokerage houses to provide simultaneous security and cash transfers between customer accounts. The brokerage houses that will implement the EWR settlement must have accounts with the CSD of Turkey and Takasbank and must have authority to execute transactions. According to the transaction information from the Exchange, Takasbank will generate the Bilateral Transfer instructions for both the buyer and seller. Instructions include customer account information. Generated İnstructions are sent to the members for approval. The approval phase provides the ability to check transaction and customer information for members. A Bilateral Transfer contract is set up between the buyer and the seller when the instructions are approved by the parties. In the bilateral transfer contract, the entity that sells the EWR will be the security debtor/cash creditor, and the EWR buying party will be the security creditor /cash debtor. Following the approval of the parties, the contracts are transmitted to the CSD of Turkey system. In security debts, once the bilateral transfer contract is transferred to the CSD of Turkey, the CSD system system checks the customer account and will block the account if there is a balance. (Debt is payed). In the Takasbank system, brokerage houses receiving the EWR through  Takasbank screens will pay off the cash liability from the free accounts of the brokerage house on the Takasbank screens. The contract for which the security (EWR) and cash debts are paid off is produced automatically by the system. Simultaneously; the transaction is concluded with the securities transfer on the CSD of Turkey system, and cash transfer on the Takasbank system. The cut-off time for settlement is 5 p.m. Records of unrealized transactions are canceled past the settlement cut-off time. Bilateral transfer transactions that are not realized are reported to the Exchange. Blocked cash/securities are returned to the free accounts after blockages are removed. Out of the amount paid to the selling party clearing and settlement transaction, Takasbank will transfer the Licensed Warehousing Compensation Fund share and the Registration fee to the exchange account and the EWR storage fee (custody fee) to the License Warehouse account .


In 2012, joint studies were carried out by Izmir Commodity Exchange, Ege Tarım Ürünleri Lisanslı Depoculuk A.Ş., the CSD of Turkey and Takasbank with respect to the creation, trading and clearing processes of electronic product certificates. In the first stage, practices on the creation of cotton-based EWR's and their clearing and settlement processes were completed and a protocol on Clearing and Settlement Transactions was signed with the Izmir Commodity Exchange. On July 25, 2013, trading commenced on the Izmir Commodity Exchange.

In 2013, clearing and settlement transaction protocols with the Commodity Exchanges of Izmir, Ankara, Konya and Polatlı, and in 2014 with the Commodity Exchanges of Bandırma and Gaziantep, and in 2015 with the Commodity Exchange of Lüleburgaz were signed and these exchanges became members of Takasbank.