Jakarta. Bank Indonesia has officially announced that the Indonesia Commodity & Derivatives Exchange (ICDX), also known as Bursa Komoditi dan Derivatif Indonesia (BKDI), has been registered as the organizer of the Money Market and Foreign Exchange Derivative Exchange. This was stated in a letter from Bank Indonesia, number 27/328/DPPK/Srt/B, addressed to ICDX.

ICDX is now the first Self-Regulatory Organization (SRO) in Indonesia authorized by Bank Indonesia to operate such a market.

The registration completes the ecosystem for money market and foreign exchange derivatives under Bank Indonesia’s supervision, with ICDX as the exchange, Indonesia Clearing House as the Clearing Institution, and Bank Indonesia as the regulatory and supervisory authority.

Previously, Indonesia Clearing House was also officially registered as the first Clearing Institution for money market and foreign exchange derivatives by Bank Indonesia.

ICDX President Director Fajar Wibhiyadi said the registration marks a new milestone in ICDX’s development as a Commodity Futures Exchange in Indonesia.

“Since starting operations in 2009, ICDX has gained experience as an exchange organizing money market and foreign exchange trading in the commodity futures space, including in the OTC Derivative Forex Market and the Multilateral Forex Market. Looking ahead, we are certainly prepared to support Bank Indonesia’s initiatives, particularly in developing money market and foreign exchange derivative trading through the futures exchange,” said Fajar.

Fajar added that several strategic efforts have been prepared to support Bank Indonesia’s mission to develop Money Market and Foreign Exchange Derivative trading. With 15 years of experience as market infrastructure, ICDX is ready to be integrated into the strategic PUVA product development roadmap under Bank Indonesia regulations. ICDX has developed various technologies to facilitate trading, including PUVA, and a comprehensive transaction system to ensure efficient and transparent market operations.

Furthermore, Fajar mentioned that ICDX will also synergize with Bank Indonesia in efforts to develop the Money Market and Foreign Exchange Market through innovation in methodology, market capability, and integrity, in support of creating strategic products under Bank Indonesia’s authority.

“This will certainly create a tiered synergy between the Authority, the futures exchange, and market participants, enabling financial market inclusivity. This synergy can serve as a launching platform to achieve the government’s goal of deepening the national financial market,” he explained.

“We hope that the collaboration between us as the Exchange, Bank Indonesia as the Authority, and Indonesia Clearing House as the Clearing Institution can form an integrated ecosystem to support the government’s efforts to boost the national economy. The financial market, particularly the Money Market and Foreign Exchange, holds great growth potential in Indonesia. And to realize this, collaboration, capacity building, and synergy among all stakeholders are essential,” he concluded.

As a note, money market and foreign exchange derivative products were previously under the supervision of the Commodity Futures Trading Regulatory Agency (Bappebti). However, with the enactment of the Financial Sector Development and Strengthening Law (UU PPSK), the oversight and regulation of money market and foreign exchange derivative trading has now been transferred to Bank Indonesia.

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