Seven brokers get permits to operate<\/p>\n
JAKARTA (JP): The Commodities Futures Exchange Supervisory
\nBoard (Bappebti) issued permits on Monday allowing seven
\nbrokerage companies to operate in the Jakarta Futures Exchange
\n(JFX).<\/p>\n
\"The licenses were issued following a thorough assessment of
\ntheir professional and financial credibility,\" Bappebti chief
\nArifin Lumban Gaol was quoted by Antara as saying.<\/p>\n
The seven brokerage companies are PT Fikasa Internasional
\nFutures, PT Asia Kapitalindo Berjangka, PT Indofutop, PT
\nDanagraha Futures, PT Rifan Financindo Berjangka, PT Sentratama
\nInvestor Berjangka and PT Dana Reksa Futures, he said.<\/p>\n
Issuance of the brokerage licenses ended the latest hurdle
\nraising uncertainty about the JFX's ability to commence trading
\non Dec. 15. The JFX initially planned to commence its service in
\nSeptember, however Bappebti refused to grant it a permit as the
\nexchange still had to overcome some technical problems.<\/p>\n
The exchange finally received the permit last week, deciding
\nto begin trading on Dec. 15 following months of delays.<\/p>\n
At least 29 other brokerage companies are currently in the
\nprocess of licensing, Arifin said, hoping that more than 12
\ncompanies would be issued with licenses prior to the exchange
\ncommencing operations.<\/p>\n
According to the governmental decree on futures commodity
\ntrading, the only brokerage companies allowed to operate are
\nthose who receive operating licenses from Bappebti.<\/p>\n
Bappebti requires all futures broker companies to deposit at
\nleast Rp 1.25 billion ($131,579) as capital.<\/p>\n
Bappebti said on Monday that it has also issued certificates
\nof registration to three commodity traders, including PT Menacom,
\nPT Perkebunan Nusantara III and PT Asia Nusa Prima.<\/p>\n
JFX was founded in August 1999 by four palm oil plantations,
\nseven palm oil refineries, eight securities companies and two
\ngeneral trading companies.<\/p>\n
JFX has an authorized capital of Rp 40 billion (US$4.25
\nmillion) and paid-up capital of Rp 11.6 billion. It received the
\ngovernment's approval to trade olein, a derivative commodity of
\ncrude palm-oil, and Robusta coffee.<\/p>\n
Next year the exchange plans to expand into other agribusiness
\ncommodities such as plywood, as well as taking on mining and
\nfinance commodities such as gold, currency, the stock index, and
\ninterest rates. (tnt)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/seven-brokers-get-permits-to-operate-1447893297",
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"sponsor": "Okusi Associates",
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