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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 ISTANBUL GOLD EXCHANGE Our target is to establish a secure and organized market condition in Turkey for diamond and precious stones trading. Osman Sarac Chairman Istanbul Gold Exchange targets to stimulate local business and international attention with all other globally competitive enterprises which will provide Turkey to be a central hub for the gold business, due to its strategic position, as it lies in the heart of a major gold trade area, exposed to Middle East, Europe and Gulf States. In 2010 we have managed technical infrastructural studies as well as market structures and gold backed financial instruments studies. Since 2007 we have been making important steps to integrate international communities. For the integration of the Exchange to the international markets, there have been important steps since 2007. In March 2008 we have been an associate member to London Bullion Market Association, by May 2008 we have joined World Federation of Diamond Bourses, by February 2010, we are honored to be part of a large family with distinguished members, <strong>FEAS</strong> as an affiliate member. The Exchange became a member of the Kimberley Process Certification Scheme (KPCS), in August 2007, which aims to curb the flow of conflict diamonds, with 49 participants worldwide. By 2008 and 2009 IGE organized International Gold Summit in corporation with Active Academy to share the experiences of the Turkish and foreign participants in the Jewelry Sector which has been gaining important goals in the recent years. The Turkish gold Jewelry market has undergone a major revival since the early 1990s with the traditional and long-standing historical affinity for gold jewellery adjusted for modern tastes. Turkey is now the world’s fourth largest market for gold jewellery, third largest manufacturing centre and second biggest exporter. The annual export is estimated at US$ 2.5-3 billion, part of which is from exports to wholesalers and retailers abroad while the bulk comes from sales to tourists sold in the local market. By 2010, by the increase of gold prices since 2008 huge amount of gold gold came to the market as scrap and Turkey turned to be an exporter of gold in the market.. The supply of scrap gold to the market continued in 2010 and an annual amount of 130-150 tonnes of gold was supplied to the market. The annual amount of gold and silver imported to Turkey through IGE were 42 and 20 tonne. The transactions amounts of gold and silver were about 115 and 388 tonnes. As a first spot trading gold exchange in the world, IGE was founded with the principle semielectronic system trading floor. By 2009, a new screen-based fully electronic trading system has been launched with remote access in order to provide investors 24 hours trading. Istanbul Gold Exchange is having a role of safeguard for gold funds and gold ETF which is listed in ISE. Over 6.000 kgs of Gold kept in the Exchange on the name of the 24 funds. For the upcoming years, our target is to establish a secure and organized market condition in Turkey for diamond and precious stones trading. Turkey is launching its first diamond market and aiming to become a regional trading hub for the precious stones. Istanbul Gold Exchange is also working on a project to launch a foreign exchange market, base metals market and Carbon Licenses Market. We aim to see tangible progress on these objectives in 2011. 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 and platinum trading, • 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 nonstandard 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. 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 84 members consisting of 22 banks, 33 Exchange Offices, 21 Precious Metals Brokerage Houses and 8 Precious Metals producing and marketing companies. Form of Settlement and Transfers Through member accounts by Clearing Center and Clearing Bank Legal Status State Institution Settlement Period From T+0 up to T+9 Regulated by State Ministry Under –Secretariat 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) Yildiz Doviz ve Kiymetli Maden Tic. A.S. (Foreign Exchange Office) Memberships to International Organizations London Bullion Market Association (LBMA) World Federation of Diamond Bourses (WFDB) Federation of Euro-Asian Stock Exchanges (<strong>FEAS</strong>) Future Outlook In 2011, IGE intends to: • To complete the new infrastructure for internet based 24 hours trading, •Establish the customer based ordering, trading system and mobile trading system • To open Diamond and Precious Stones Market, •Establishment and implementation of Base Metals Market in IGE, • Establishment and implementation of Currency Market in the Exchange, • Establishment and implementation of Carbon, Rights and Licenses Market in the Exchange, PAGE 70
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 ISTANBUL GOLD EXCHANGE Gold Transactions - Istanbul Gold Exchange Volume (USD) Daily Volume (USD) Volume (kg) Daily Volume (kg) Jan-10 132,850,077 6,642,504 3,715 186 Feb-10 168,805,548 8,440,277 4,784 239 Mar-10 244,132,421 10,614,453 6,820 297 Apr-10 180,422,911 8,591,567 4,876 232 May-10 384,651,544 19,232,577 9,892 495 Jun-10 255,396,231 11,608,920 6,449 293 Jul-10 1,066,021,792 48,455,536 27,817 1,264 Aug-10 376,548,962 17,930,903 9,716 442 Sep-10 332,997,979 16,649,899 8,126 406 Oct-10 527,956,005 26,397,800 12,330 617 Nov-10 318,892,203 17,716,234 7,248 403 Dec-10 477,189,233 20,747,358 10,653 463 Silver Transactions - Istanbul Gold Exchange Volume (USD) Daily Volume (USD) Volume (kg) Daily Volume (kg) Jan-10 14,581,724 729,086 25,663 1,283 Feb-10 20,784,364 1,039,218 40,795 2,040 Mar-10 18,089,810 786,513 33,174 1,442 Apr-10 19,717,982 938,952 34,150 1,626 May-10 18,530,250 926,513 31,450 1,573 Jun-10 15,566,752 707,580 26,407 1,200 Jul-10 20,486,234 931,192 35,471 1,612 Aug-10 19,422,371 924,875 33,245 1,583 Sep-10 21,251,141 1,062,557 32,406 1,620 Oct-10 20,655,581 1,032,779 27,350 1,368 Nov-10 28,472,807 1,581,823 33,340 1,852 Dec-10 30,494,102 1,325,831 32,501 1,413 2010 GOLD TRADING VOLUMES 2010 SILVER TRADING VOLUMES Volume (thousand kg) Volume (USD million) Volume (thousand kg) Volume (USD million) 30 25 20 15 10 5 0 J F M A M J J A S O N D 1,200 1,000 800 600 400 200 0 45 40 35 30 25 20 15 10 5 0 J F M A M J J A S O N D 30 25 20 15 10 5 0 CONTACT INFORMATION Contact Name Y. Oguzhan Aloglu E-mail oguzhan.aloglu@iab.gov.tr Website www.iab.gov.tr * Please refer to page 74 for the Turkey country report. PAGE 71
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