In 1995 the Istanbul Gold Exchange (IAB) was founded. Its initals stem from the Turkish name of the exchange: Istanbul Altin Borsasi. This ended the gold bullion import monopoly of the Turkish Bank. In 2009 it began diamond and other precious stone trading. The IAB is a spot, lending, futures and options market. IAB’s motto is “no one puts it all together except us”. In 2008 the exchange became a member of the London Bullion Market.
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The Shanghai Gold Exchange (SGE) specializes in gold, silver, platinum and other precious metals. As part of the deregulation of the Chinese gold market and the end of the 50-year old state monopoly on gold, the SGE was founded in 2002. Its members consist of commercial banks, gold miners, consumer units, refineries and mints.
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The Hong Kong-based Chinese Gold and Silver Exchange Society (CGSE) is a spot market for gold and silver. Trading began in 1910 as the Chinese Gold and Silver Society. The organization was registered under its current name with the British government in 1918. It has operated on every trading day except during the war time 1941 – 1945. On 23 January 1980 and February 1983 strong gold fluctuations let to trade suspensions at all major gold exchanges. CGSE was the only market that continued trading as usual.
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The Tokyo Commodities Exchange (TOCOM) is an exchange for future and option contracts. Traded futures include metals (gold, silver, platinum, aluminium, palladium), oil and rubber. Gold is the only option traded at TOCOM.
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Commodity Exchange Inc. (COMEX) is based in New York. The company is a division of the CME Group form Chicago which is the world largest commodity futures exchange.
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The London Bullion Market is the world largest wholesale over the counter (OTC) market for gold. Trading occurs among the members of the London Bullion Association (LMBA) and is overseen by the Bank of England. Other important OTC gold markets are based in Zurich, New York (COMEX) and Tokio (TOCOM).
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