• In ordinary transactions when issued by the

warehouseman or a third party

• In settlement of futures

• As a trading instrument on

dedicated e-platforms

Electronic Warehouse Receipts (EWRs)

• RUCAM to run private blockchain to issue EWRs

EWRs will be negotiable under Mexican law

• Smart contracts for extrajudicial enforcement

The Proposed Mexican EWR

RUCAM

Secured

Creditors

• EWRs are not actually traded but utilized in

satisfaction of delivery obligations (1%)

• Commodities stored in

licensed warehouses

• LMEsword and LMEshield,

CME, Rosario Exchange or

Mex Ukraine

Commodity Exchanges for Futures Contracts

• A type of commodity exchange – Africa,

Dubai, Eastern Europe…

• Listing system is similar to receivables

exchanges

• Trading system is similar to

securities exchanges

EWR Platform

Transfers of Rights

• How do you make the security right effective against third parties?

• Delivery does not apply

• Registration▫ Effect on EWR platform transactions?

▫ Protection buyers through the platform?

• Control

Security Right over an EWR

Pledge of EWR in a Platform

• Modern governing framework – law,

regulations and rulebook

▫ Trading rules

▫ [Clearing] and settlement

▫ Loss sharing rules

• Contractual framework may be insufficient

on a large scale

Framework for an EWR Platform

• Rules on EWRs in a model WR law

• General framework for EWRs

circulating at platforms

Transferability of EWRs

Coordination with ST Law

Considerations