JAKARTA – The Ministry of Trade of the Republic of Indonesia, through the Commodity Futures Trading Regulatory Agency (Bappebti), has officially designated the Indonesia Commodity and Derivatives Exchange (ICDX) as the operator of the Indonesian Crude Palm Oil (CPO) Exchange.
ICDX has received approval as the Operator of the Physical
CPO Market from the Commodity Futures Trading Regulatory Agency (Bappebti).
This approval is detailed in Bappebti Head Decision No.
1/Bappebti/SC-SCPO/10/2023, issued on October 9, 2023.
P. Giri Hatmoko, Head of Corporate Communication, affirmed "ICDX's full commitment to its role as the operator of the CPO physical market
in compliance with the government's mandate,” he stated in an official release
on Wednesday, October 11, 2023.
Giri Hatmoko continued by mentioning that ICDX would provide
technical insights into trading mechanisms and more during the launch of the
Indonesian CPO Exchange, in collaboration with the Ministry of Trade and
Bappebti.
Previously, Tirta Karma Senjaya, Head of the Bureau of
Development and Supervision of Commodity Futures Trading (PBK), had stated that
the launch of the CPO Exchange was being coordinated with the schedule of the
Minister of Trade and was anticipated to occur at the beginning of October.
“It is currently being coordinated with the Trade Minister's
schedule and is expected to take place in early October,” he told on Wednesday,
September 20, 2023.
Tirta also mentioned that at that time, there were already
Commodity Futures Exchanges that had registered themselves as operators of the
physical CPO market. However, he refrained from specifically naming those
exchanges.
Previously, Bappebti had issued regulations concerning the
procedures for trading in the physical crude palm oil (CPO) market at Commodity
Futures Exchanges.
These regulations are outlined in the Commodity Futures
Trading Regulatory Agency Regulation No. 7 of 2023. This regulation elucidates
the requirements that Commodity Futures Exchanges must fulfill to become
operators of the CPO market, including having a business permit, trading
system, supervision mechanism, and reporting system necessary to manage trading
in the physical CPO market.
Additionally, they must also possess the means to resolve
disputes, rules and regulations for the physical CPO market, a physical CPO
market committee, assess the conditions of the physical CPO market, and have
written agreements and commitments with prospective buyers and sellers.
Trading in the Physical CPO Market at Commodity Futures
Exchanges can only be conducted through Commodity Futures Exchanges that have
obtained approval from Bappebti as CPO Exchanges. Buying and selling
transactions in the Physical CPO Market are executed through an online
electronic trading system owned by the CPO Exchange.
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