Membership
Who can be a member of IGE?
Banks, private financial associations, authorized subsidiaries, precious metals brokerage houses, individuals or associations reside abroad and those establishments which operates in production and marketing of precious metals can be a member of Istanbul Gold Exchange. The associations which get right to be member of Istanbul Gold Exchange are authorized to import precious metals and trade them in Istanbul Gold Exchange while their own rules of regulations that covers them are still valid.
IGE Principles of Membership
Below is the stages should be followed for being a member of Istanbul Gold Exchange:
1- An application should be submitted to the Prime Ministry of Turkish Republic for obtaining certificate for authorization on trading and operations in Exchange.
2- After obtaining the certificate, its notary approved copy should be submitted to Exchange with the application for membership.
3- Payment of membership fees: Entrance fee of $50,000 (USD) and the annual fee determined by general committee which is current at the application date should be paid.
4- Completion of membership guarantees : The members are obliged to deposit a guarantee of $10.000 (USD) or a letter of credit from the bank instead in order to cover the probable loses they may cause to their customers, other members and the Exchange. Those who does not pay this guarantee can not start trading in Exchange.
5- The Exchange should be informed about member's representatives (who will be authorized for trading) and about those staff who will be responsible for clearing. An identification copy, diploma copy and the document that he/she is not previously convicted should be submitted as well for these staff.
6- Safekeeping obligation should be signed.
7- The Accounts should be opened on Denizbank A.S. Istanbul Gold Exchange Branch which performs the clearing operations.
8- The decision should be given by the general assembly of Istanbul Gold Exchange for membership and then Certificate of Exchange membership will be delivered.
Remark: Those document which will be submitted to the exchange should be signed by those who are authorized to present the association.
Precious Metals Lending Market Procedures for Membership
Below is the stages should be followed for being a member of Precious Metals Lending Market :
1- Those associations (banks, private financial associations, authorized subsidiaries, precious metals brokerage houses, individuals or associations reside abroad) which are the members of IGE should submit an application form to the Presidency of IGE indicating they want to become a member of the lending market.
2- Representatives who will represent the member should obtain an authorization certificate after the submission of an identification copy, diploma copy and the document that he/she is not previously convicted.
3- The annual membership fee which is current at application date should be paid; the annual membership fee is determined by general committee. ( For 2005 annual fee is 500 USD).
4- Payment of membership fees.(At present no annual fee is paid for market membership as decided by general assembly till opposite decided).
5- Membership obligation should be signed.
6- The decision should be given by the general assembly of Istanbul Gold Exchange for membership to the precious metals lending market upon application of member.
Remark: Those document which will be submitted to the exchange should be signed by those who are authorized to present the association.
