Scotia-Mocatta
Encyclopedia
Scotia-Mocatta is the global bullion banking division of Scotiabank
(The Bank of Nova Scotia).
. 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.
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 pioneered options and futures trading in precious metals and pursued leading 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.
, Hong Kong
, India
and New York
(at One Liberty Plaza
).
Scotiabank
The Bank of Nova Scotia , commonly known as Scotiabank , is the third largest bank in Canada by deposits and market capitalization. It serves some 18.6 million customers in more than 50 countries around the world and offers a broad range of products and services including personal, commercial,...
(The Bank of Nova Scotia).
Business
Scotia-Mocatta is one of the ten market-making members of the London Bullion Market Association. Additionally it is one of 5 banks to participate in the London gold fixingGold Fixing
The London gold fixing or gold fix is the procedure by which the price of gold is determined twice each business day on the London market by the five members of The London Gold Market Fixing Ltd, on the premises of N M Rothschild & Sons...
. 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 BankStandard Chartered Bank
Standard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries...
in 1997, which had in turn acquired it from Hambros Bank
Hambros Bank
Hambros Bank was a British bank based in London. The Hambros bank was a specialist in Anglo-Scandinavian business with expertise in trade finance and investment banking, and was the sole banker to the Scandinavian kingdoms for many years...
in 1973.
The company dates to Moses Mocatta's founding of a London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
bullion bank in 1671. Mocatta first sent silver to India in 1676, and the firm served as a broker to the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
and the East India Company
East India Company
The East India Company was an early English joint-stock company that was formed initially for pursuing trade with the East Indies, but that ended up trading mainly with the Indian subcontinent and China...
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
Mocatta
Mocatta is the name of a prominent Anglo-Jewish family originally from Spain known for philanthropy, leadership and sponsorship of arts and letters, particularly in the United Kingdom...
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
Henry Jarecki
Henry George Jarecki, MD is an American academic, psychiatrist, entrepreneur and philanthropist.- Early life and career :...
, Scotiabank, the Mocatta family and others. With Peter Hambro
Peter Hambro
Peter Charles Percival Hambro is the founder of Peter Hambro Mining, one of the United Kingdom's largest mining businesses.-Career:...
as Deputy Managing Director and Henry Jarecki as Chairman, the firm pioneered options and futures trading in precious metals and pursued leading bullion deals in Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, South America
South America
South America is a continent situated in the Western Hemisphere, mostly in the Southern Hemisphere, with a relatively small portion in the Northern Hemisphere. The continent is also considered a subcontinent of the Americas. It is bordered on the west by the Pacific Ocean and on the north and east...
, Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
, Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
, Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
, Hungary
Hungary
Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
and South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
, and became the largest gold and silver counter party to the Soviet Union
Soviet Union
The Soviet Union , officially the Union of Soviet Socialist Republics , was a constitutionally socialist state that existed in Eurasia between 1922 and 1991....
.
The Mocatta firm has historically acted for central banks, notably the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
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
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
market.
Offices
Scotia-Mocatta has offices in LondonLondon
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
and New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
(at One Liberty Plaza
One Liberty Plaza
One Liberty Plaza, formerly the U.S. Steel Building, is a skyscraper in lower Manhattan, New York City, at the location of the former Singer Building . 1 Liberty Plaza is currently owned and operated by Brookfield Properties. The building is tall and 54 floors. It was built in 1973...
).