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.
Trades can be executed in three currencies: TL/kg, US$/oz, EUR/oz. Trading takes place 24h a day. During the night there is an internet session. Gold weights of multiples of 100g are accepted. Normal orders are for 1kg gold bars. These, and the 400 ounce gold bars, must come from LBMA accredited refiners. Fineness is either 995 or 999.9. Maturity is up to 9 months.