FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
ISTANBUL GOLD EXCHANGE
GENERAL INFORMATION
Istanbul Gold Exchange is a state institution
which has an autonomous system. for precious
metals trading in organized market conditions
with time and price priority. Gold prices on
the Istanbul Gold Exchange are determined
by the market. generally reflecting trends in
international prices. Members of Istanbul Gold
Exchange are authorized to import gold to
Turkey.
Services Provided
• Spot gold. Silver, platinum and palladium
trading.
• Diamond and Precious Stones Market,
• Precious Metals Lending Market
transactions.
• Physical settlement of the transactions.
• Depository for the precious metals belonging
to mutual funds and gold ETF in Turkey.
• Depository for individual investors.
• Authority for Kimberley Process Certification
Scheme for rough diamonds in Turkey.
• Determination of local and international
Precious Metals Refineries whose products
can be imported to Turkey and be transacted
in the Exchange.
Brief History
Istanbul Gold Exchange began its operations
on July 26. 1995. The Exchange has two types
of markets: Precious Metals Market. Precious
Metal Lending Market. In markets. standard
and non-standard gold. silver and platinum are
traded.
Spot gold trading started at the opening of the
Exchange. Silver and non standard precious
metals started to trade in 1999. Precious Metals
Lending Market started its operations in Istanbul
Gold Exchange on March 24. 2000 for the
purpose of bringing supply and demand into an
organized market. lowering the production costs
of the jewellery sector and securitization of gold.
By end of December 2012 the market has 9
members, consisting of 8 banks and 1 precious
metals company.
The regulation of Diamond and Precious Stones
Market Regulation was published on 15th of
March 2011by Secretariat of Treasury and the
market was opened on 4 April 2011. By the end
of 2011. By end of 2012, the market has 122
members consisting of 54 Exchange members
and 68 Jewelers.
Domestic or foreign banks. precious metals
companies. currency offices. precious metals
producing and marketing companies and
precious metals refineries that obtained
the membership certificate from the Under-
Secretariat of Turkish Treasury and complied
with the requirements set forth by the IGE
Board of Directors can trade on the Exchange.
There are 85 members consisting of 22 banks,
36 Exchange Offices, 17 Precious Metals
Brokerage Houses and 10 Precious Metals
producing and marketing companies.
Form of Settlement and Transfers
Through member accounts by Clearing Center
and IMKB Takas ve Saklama Bankası A.Ş. in
corporation with a bank for cash settlements.
Legal Status
State Institution
Settlement Period
From T+0 up to T+15
Regulated by
• State Ministry
• Undersecretariat of Treasury
Board of Directors: 5 Members
• President of the Exchange
• Vakifbank T.A.O (Bank)
• Atasay Kiymetli Madenler A.S. (Precious
Metals Brokerage House)
• Istanbul Altin Rafinerisi A.S. (Precious Metals
Refinery)
• Kuveyt Türk Katılım Bankası A.S. (Bank)
Memberships to International Organizations
• London Bullion Market Association (LBMA)
• World Federation of Diamond Bourses
(WFDB)
• Federation of Euro-Asian Stock Exchanges
(FEAS)
FUTURE OUTLOOK
In 2013 IGE intends to:
• As a part of the Turkish Financial Center
Project, to merge with ISE and Turkdex under
the name of Borsa Istanbul.
• Establish the customer based ordering
trading system and mobile trading system
• Establishment and implementation of Base
Metals Market in Borsa Istanbul.
• Establishment and implementation of
Carbon Rights and Licenses Market in the
Exchange.
CONTACT INFORMATION
Contact Name Y. Oguzhan Aloglu
E-mail [email protected]
Website www.iab.gov.tr
* Please refer to page 51 for the Turkey country report.
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