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Home » Members » Members Directory » Indonesian Commodity and Derivatives Exchange

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--.at.--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

  1. Free Fatty Acid - 4.5% maximum based on in tank’s sample;
  2. Moisture and Impurities 0.5% maximum

Designated Tanks

  1. Franco Dumai (including Pelintung & Lubuk Gaung) Indonesia
  2. Franco Belawan , Indonesia
  3. Other tanks (to be confirmed)

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