Task Force on Precious Metals
 
Agenda The task force is expected to submit a report to the Forum's 2017 annual meeting which will then be approved by our members and submitted to the 33rd session of the COMCEC.
   
Context

The related decision taken at the 9th Meeting of the OIC Member States' Stock Exchanges Forum:

The Task Force will work on steps to be taken to integrate the gold markets among member states by removing barriers and aligning regulations to harmonize the precious metals trading ecosystems concerning trading and post-trade services. To this end, the task force is expected to determine the technical and regulatory infrastructure requirements and formulate the most effective trading model among the OIC Member States.

The related decision taken at the 31st COMCEC Session:

COMCEC requests OIC Member States' Stock Exchanges Forum to accelerate the process of integration of exchanges and harmonization of regulatory frameworks with a view to establishing a gold exchange among the OIC Member Countries and submit a report on this issue to the 32nd Session of the COMCEC.

The related decision taken at the 10h Meeting of the OIC Member States' Stock Exchanges Forum:

The Forum appreciates the Technical Report on Gold Market Initiative for the OIC Member States prepared by the Task Force on Precious Metals - as requested in the COMCEC 31st Ministerial Session. The Forum welcomes the report proposals which aim to establish a common web-based gold trading and clearing platform with delivery options through several locations on which physical gold and gold futures contract can be traded, to bring together the OIC Exchanges, to enable members of such exchanges to trade on gold, to enhance connections among other related Islamic financial institutions and all Islamic finance. This report will be presented to the COMCEC 32nd Ministerial Session. The Forum mandates Task Force on Precious Metals and Forum Coordinator to carry out necessary actions according to the decision that will be taken at COMCEC 32nd Ministerial Session.

The related decision taken at the 32nd COMCEC Session:

115- Recalling the relevant resolutions of the 30th and 31st Sessions of the COMCEC, takes note of the report of the 10th Meeting of the OIC Stock Exchanges Forum hosted by Borsa Istanbul on October 27th, 2016 and welcomes the Forum’s proposal to establish a highly adaptable web-based gold trading and clearing platform with the ultimate aim of a gold exchange/platform among the volunteering Member Countries. The Session also requests the Forum/Forum’s Secretariat to carry out necessary studies for the suggested platform/exchange.

116- Also invites the interested member states to actively participate in Forum’s Task Force to support the suggested platform/exchange through accelerating the process of integration of exchanges and harmonization of regulatory frameworks.

   
 Coordinator Borsa İstanbul
   
 Participants Mr. Hakan Aytekin, hakan.aytekin@borsaistanbul.com, Borsa İstanbul, Turkey
Mr. Jamaluddin Nor Mohamad, jamaluddin@bursamalaysia.com, Bursa Malaysia Berhad, Malaysia
  Mr. Sanjeev Vohra, sanjeev.vohra@dgcx.ae, Dubai Gold & Commodities Exchange, UAE
   
Current Status The Task Force is in progress towards achieving its goals.
   
Available Documents Technical Report on Gold Market Initiative (2015)
Technical Report on Gold Market Initiative (2016)