Indonesian Commodity and Derivatives Exchange
Address:
The Capitol Building, First Floor
Jl. Letjen S. Parman Kavling 73
Jakarta, 11410, Indonesia
Phone: +6221 536 2393
Fax: +6221 536 7693
Email: info@icdexchange.com
Web: www.icdx.co.id
Management
|
Chairman |
Fenny Widjaja |
|
Chief Executive Director |
Megain Widjaja |
|
Chief Operating Director |
Laren Tan |
|
Director |
Arwadi J. Setiabudi |
Brief History
IIndonesia Commodity and Derivatives Exchange obtained their operational license from CoFTRA (Commodity Futures Trading Regulatory Agency) on the 23rd June 2009. ICDX will launch commodities trading in 3 large categories : Soft Agriculture (Crude Palm Oil, Coffee, Cocoa, etc), Metal (Gold, Tin, etc), and Enegy (Coal, Crude Oil, etc).
Trading Statistics
|
Year |
Contracts (Volume) |
|
2009* |
3,831 |
|
2010 |
61,889 |
*December only
Trading System
ICDX uses patsystems as a trading platform. It is an integrated system (direct from the exchange to the clearing house) which is very user friendly and full online.
Clearing and Settlement
Indonesia Commodity and Derivatives Exchange established a wholly owned subsidiary, Identrust Security International (ISI Clear) for undertaking all clearing, settlement and risk management functions.
ISI Clear is the “middleman” for all transactions. It becomes the buyer to the seller or the seller to the buyer. With this, ISI Clear aims to reduce the counterparty risk. ISI Clear has established a pre-trade margin requirements to reduce the risk of default.
Exchange and Clearing Fees
|
Contracts |
Transaction and Clearing Fee (Rupiah) |
|
GOLD (GOLDGR) |
2,500 |
|
Crude Palm Oil (CPOTR) |
6,000 |
|
per contract per side |
|
Settlement Guarantee Fund
ISI Clear has established a Settlement Guarantee Fund (SGF) which is underpinned by the system of variation margin by marking-to-market procedures, initial margin and security deposit.
Exchange Holiday Schedule 2011
|
Chinese New Year |
February 3, 2011 – Thursday |
|
Islamic Prophet’s Birthday |
February 16, 2011 - Wednesday |
|
Good Friday |
April 22, 2011 – Friday |
|
Vesak Day |
May 17, 2011 – Tuesday |
|
Ascension Day |
June 2, 2011 – Thursday |
|
Ascension of the Prophet |
June 28, 2011 – Thursday |
|
Indonesian National Day |
August 17, 2011 – Wednesday |
|
Eid al- Fitr |
August 30, 2011 - Tuesday |
|
Eid al- Fitr |
August 31, 2011 - Tuesday |
|
Eid al- Adha |
November 7, 2011 - Monday |
Futures Contracts
Crude Palm Oil Futures Contract Specifications
|
SYMBOL |
CPOTR |
|
DESCRIPTION |
CPOTR MMMYY |
TRADING |
|
|
Price Quote |
Free-on-board (FOB) prices of Crude Palm Oil (CPO) at Dumai and Belawan quoted in Indonesia Rupiah, exclusive Value Added Tax. |
|
Contract Size |
10 Metric Tons (1 Lot) |
|
Tick Size |
Rp. 5 per Kilogram (Rp. 50,000 per Lot) |
|
Trading Months |
First 12 consecutive months |
|
Trading Period |
Monday – Friday |
|
Trading Hours |
09:30AM - 05:00PM Jakarta Time |
|
Last Trading Day |
5:00pm on the fifteenth (15th) calendar day of the spot contract month or if the fifteenth (15th) calendar day is not a Trading Day, then the Trading Day immediately preceding the fifteenth (15th) calendar day. All open positions shall be settled by way of Settlement-to-Market. |
|
Settlement-to-Market |
Buyers and Sellers intending delivery shall elect : (1) Exchange-for-Physical (EFP); or (2) Alternative Delivery Procedure (ADP). Failing which, all open positions shall be cash settled against the Final Settlement Price. |
|
Daily Settlement Price |
The Daily Settlement Price for each open contract will be determined by the simple average of FOB prices (omitting the highest and lowest prices) of each respective contract month, and market fundamentals. |
|
Final Settlement Price |
The Final Settlement Price shall be based on the Last Trading Day’s Daily Settlement Price. |
|
Daily Price Limit |
+/- 10% from previous Daily Settlement Price with 15 minutes Cooling Off Period to be followed with an expanded maximum limit of 15% above or below the settlement prices of the previous Daily Settlement Price of the relevant contract month. |
|
Position Limit |
8,000 lots for all Contract Months Combined. |
|
5,000 lots for any individual Contract Month. |
|
MARGINS |
|
|
Initial Margin |
10% |
|
Extra Margin |
In case of additional volatility, a special margin of such other percentage, as deemed fit by the Exchange, will be imposed immediately in respect of all open positions. |
DELIVERY MARKET |
|
|
Delivery Points |
CPOTRDUM (for Dumai) CPOTRBLW (for Belawan) Other ports (to be confirmed) |
|
Minimum Deliverable Unit |
1 lot (10 Metric Tons) |
|
Delivery Market Price Quotation |
The CPO price in the Delivery Market shall be in Indonesia Rupiah Franco Buyer’s Tank at Designated Ports inclusive of Value Added Tax (VAT). |
|
Delivery Market Margin |
30% |
|
Deliverable Quality |
|
|
Designated Tanks |
|
|
Delivery Terms |
Upon conclusion of a trade, Seller shall deliver CPO into Buyer’s Tank within fourteen (14) days. |
|
Payment Terms |
Buyer pays contract value in cash within T+2. Seller receives payment next business day after Clearing House receives confirmation of Buyer’s Acceptance Certificate. |
|
Compensation for Late Delivery of Crude Palm Oil by Seller
|
Day 1 - 1.0% of Deliverable Quantity Value
Day 2 - 1.0% of Deliverable Quantity Value
Day 3 - Delivery Default. Penalty applies |
|
Penalty for Delivery Default |
10% of either the Contract Value or the current market price (determined solely by the Exchange), whichever is higher. In addition to the Penalty above, all costs and expenses incurred by Clearing House in making good the contract of the defaulting party shall be fully borne by the defaulting party. |
Gold Futures Contract Specification
|
SYMBOL |
GOLDGR |
|
DESCRIPTION |
GOLDGR MMYY |
QUALITY SPECIFICATIONS |
|
|
Deliverable Grades |
9999 purity |
|
Gold delivered must bear a serial number and identifying stamp of a refiner approved and listed by the Exchange. Delivery must be made from a depository licensed by the Exchange. |
|
TRADING |
|
|
Contract Size |
100 gr (1 Lot) |
|
Tick Size |
Rp. 100 per gram (Rp. 10,000 per Lot) |
|
Trading Months |
Jan, Feb, Mar, Apr, May, Jun, Jul, Aug, Sept, Oct, Nov, Dec |
|
Trading Period |
Monday - Friday |
|
Trading Hours |
09:30AM – 05:00PM Jakarta Time |
|
Last Trading Day |
12:00 PM on the Last Business Day of the Spot Month |
|
Exchange Delivery Settlement Price |
Settlement Price on the Last Trading Day. |
|
Daily Price Limit |
3% |
|
Position Limit |
2,000 Lots for all Contract Months Combined |
|
1,500 Lots for any individual Contract Month |
|
|
500 Lots net long or net short for the Spot Month |
|
MARGINS |
|
|
Initial Margin |
4% (subject to change) |
|
Spot Margin |
30% |
|
Extra Margin |
In case of additional volatility, a special margin of such other percentage, as deemed fit by the Exchange, will be imposed immediately in respect of all outstanding positions |
DELIVERY RELATED INFORMATION |
|
|
Minimum Deliverable Size |
1 lot (100 gr) |
|
Quality Specifications |
9999 Purity |
|
Gold delivered must bear a serial number and identifying stamp of a refiner approved and listed by the Exchange. Delivery must be made from a depository licensed by the Exchange. |
|
|
If the seller offer delivery of 995 Purity |
The price of gold is on the basis of 9999 purity. The sale proceeds will be calculated by way of (delivery settlement price * 9950/9999 ) |
|
Point of Delivery |
PT. Antam Tbk, UBPP Logam Mulia |
