FEAS Yearbook FEAS Yearbook 2014 | Page 56

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. PAGE 56