Another commodity bourse on the cards
Another commodity bourse on the cards
JAKARTA (JP): A group of traders plan to open a futures
commodity exchange to trade rice, sugar, soybeans, tobacco,
cotton and fiber.
Sally Rosalina, one of the group's members, said on Thursday
that they had established a new company, PT Bursa Komoditi
Jakarta Raya, to operate the commodity exchange.
She said PT Bursa Komoditi, the second commodity bourse
scheduled for operation this year, was still waiting for a
license from the Minister of Industry and Trade to carry out the
trading activities.
"The international name of the commodity exchange will be the
Jakarta Commodity Exchange or Jacom, and it plans to start
operating in November," said Sally, also one of the sponsors for
the opening of the new bourse exchange.
Sally said the new commodity exchange would have a paid up
capital of Rp 10 billion to comply with Government Regulation
No.9/1999 on future commodity exchange, which sets a minimum
paid-up capital limit of Rp 10 billion for a future commodity
exchange to operate.
She said the company would sell 200 units of shares to parties
wishing to become shareholders or members of Jacom at a nominal
price of Rp 50 million each.
Every member should pay an additional Rp 250 million if it
wants to be involved in trading activities, she added.
The country's futures exchange operation is based on
Government Regulation No. 9/1999, which sets the operational
guidelines for the exchange as mandated by the 1997 law on
futures exchange.
Under the regulation on future commodity exchanges, the bourse
needs at least 11 members before it can be established.
Company director Joko Prianto said rice, soybean, sugar and
tobacco were picked to be traded on Jacom because Indonesia is
one of the main producers and consumers of those commodities.
The commodities have a great potential to be traded on the
future commodity exchange because the government has liberalized
their trade, he said.
"Sugar and soybean will be Jacom's prime commodities but we
will also open our floor to rice, tobacco, cotton and textile
fiber," he said.
He also said the commodities to be traded on Jacom would be
totally different from the commodities to be traded on the
government-sponsored Indonesia Future Exchange (IFEX), which is
also scheduled for operation by the end of this year.
IFEX, which will have its trading floor at the Menara Kadin
building in South Jakarta, is sponsored by PT Kliring and PT
Jaminan Bursa Komoditi, the Association of Indonesian Coffee
Exporters (AEKI) and the Federation of Indonesian Vegetable Oil
and Fat Associations (FAMNI).
In the initial stages, IFEX will trade crude palm oil and
coffee.
The opening of the futures exchange was initially scheduled
for the beginning of 1998 but it was delayed several times.
Sources said the slow progress of IFEX's operation has led to
the withdrawal of some of its shareholders including PT Satria
Nugraha Sejati (SNS), which later sponsored the establishment of
Jacom.(gis)