Scotia-Mocatta

Scotia-Mocatta is the bullion banking division of Scotiabank (The Bank of Nova Scotia).

Business

Scotia-Mocatta is one of the 10 market-making members of the London Bullion Market Association. Additionally it is one of five banks to participate in the London gold fixing. It has a history of 340 years, and is the only original member of the London Gold and Silver fixes to maintain its seats on both respectively.

History

Scotia-Mocatta was formed by Scotiabank's acquisition of Mocatta Bullion from Standard Chartered Bank in 1997, which had in turn acquired it from Hambros Bank in 1973.

The company dates to Moses Mocatta's founding of a London bullion bank in 1671. Mocatta first sent silver to India in 1676, and the firm served as a broker to the Bank of England and the East India Company in the 18th and 19th centuries. The firm was renamed Mocatta & Goldsmid with the addition of Asher Goldsmid in 1783.

The firm was solely controlled by the Mocatta and Goldsmid families for 286 years before it merged with Hambros Bank in 1957. Subsequent to 1957, the firm was managed by Edward Mocatta, with involvement and shareholdings variously from Hambros Bank, Standard Chartered Bank, Henry Jarecki, Scotiabank, the Mocatta family and others. With Peter Hambro as Deputy Managing Director and Henry Jarecki as Chairman, the firm dealt in options and futures trading in precious metals and pursued bullion deals in Russia, the United States, South America, Switzerland, Mexico, Germany, China, Hungary, Australia, Japan and South Africa, and became the largest gold and silver counter party to the Soviet Union.

The Mocatta firm has historically acted for central banks, notably the Bank of England and the United States Treasury in market stabilisations, notably the 1913 run on the Indian Specie Bank, and the 1980 attempt by the Hunt brothers to corner the silver market.

Offices

Scotia-Mocatta has offices in London, Hong Kong, India and New York.

See also

Sources

This article is issued from Wikipedia - version of the Sunday, January 31, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.