Hasan appointed boss of new futures exchange
Hasan appointed boss of new futures exchange
JAKARTA (JP): Former Jakarta Stock Exchange (JSX) boss Hasan
Zein Mahmud was elected on Thursday as president of the newly
established Indonesia Futures Exchange (IFEX).
The exchange's commissioner Hanafi Sofyan said Hasan was
elected by the exchange's 29 founding members, who at the same
time also appointed two professionals from crude palm oil
producing companies -- J.W. Sudomo and Don Rico Menayang -- as
directors.
The exchange's board of directors will be supervised by the
board of commissioners. Former director general of foreign trade
at the Department of Industry and Trade Paian Nainggolan was
appointed president commissioner. The other new commissioners are
Asep Tjandrawidjaja from the Federation of Indonesian Vegetable
Oil and Fat Associations, Oesman Soedargo from the Association of
Indonesian Coffee Exporters, Agus Projosasmito from PT Danareksa
and Hanafi of PT Indofutop.
Hanafi said the exchange, the first futures commodity bourse
in the country, would start operation early next year.
"IFEX will start operating between January and February next
year after the exchange completes all the preparation work,
mostly on its trading system," Hanafi said.
He said the exchange needed about two months to select the
right software company to support the trading system, and another
three months to set up the system.
Newly elected IFEX president Hasan refused to make any
comments about his appointment.
"I need time to learn about everything before giving you any
comment regarding IFEX. I'm sorry but you will have to wait," he
said.
IFEX was established with authorized capital of Rp 40 billion
and paid-up capital of Rp 11.6 billion.
Hanafi said the new futures exchange would in the initial
stages trade crude palm oil and coffee.
The operation of the country's first futures exchange was
initially scheduled to start at the beginning of 1998, but it was
delayed several times.
Another group of commodities traders have also announced a
plan to plan to open a separate futures commodity exchange later
this year to trade rice, sugar, soybeans, tobacco and cotton.
This second commodity bourse, to be named the Jakarta
Commodity Exchange, or Jacom, is waiting for a license from the
government. (udi)