Fri, 24 Nov 2000

Jakarta Futures Exchange begins trading on Dec. 15

JAKARTA (JP): The Jakarta Futures Exchange (JFX), Indonesia's first futures trading bourse, announced on Thursday it will begin trading on Dec. 15.

The JFX said that after several delays it finally received its operating license from the Commodities Futures Exchange Supervisory Board (Bappebti) on Tuesday.

The exchange will conduct a two-week trading simulation next week before it officially starts trading.

During the simulation period, between Nov. 28 and Dec. 13, the exchange invites the participation of people to act as investors by calling JFX on 39832735, facsimile on 39832730, or e-mail, it said in the statement.

JFX said it has prepared prizes for the investor that gains the most profit during the simulation period, as well as the brokers who best follow the regulations set by Bappebti.

JFX was initially scheduled to start trading in March but computer installation problems forced it to postpone until July, and again until September when it failed to obtain Bappebti's operating permit.

Bappebti chief Arifin Lumban Gaol said earlier that his office had refused to grant JFX's operating license because of incomplete future contracts, trading and delivery procedures, as well as problems with the JFX computer system.

The Jakarta Futures Exchange was founded in August 1999 by four palm oil plantations, seven palm oil refineries, eight securities companies, and two general trading companies.

It has an authorized capital of Rp 40 billion (US$4.25 million) and paid-up capital of Rp 11.6 billion.

JFX received the government's approval to trade olein, a derivative commodity of crude palm-oil (CPO), and Robusta coffee.

Next year the exchange plans to expand into other agribusiness commodities like plywood, as well as taking on mining and finance commodities such as gold, currency, stock index, and interest rates, the exchange said in the statement.

JFX's listed brokers, among others, are PT Batavia Futures, PT Artha Berjangka, PT Dana Graha Futures, and PT Gading International Berjangka.(tnt)