JFX to open in July

JFX to open in July

JAKARTA (JP): The Jakarta Futures Exchange (JFX), the
country's first commodity futures exchange, will begin trading on
July 1 next year, the exchange's president Hasan Zein Mahmud said
on Friday.

"We will complete all the preparations before July 1 next
year," Hasan said after the exchange's first extraordinary
shareholders' meeting.

Hasan said the preparations included the installment of the
trading system, writing up the contract documentation for the
traded product and finalizing the trading rules and regulations.

"We have actually completed the draft rules and regulations of
the exchange. It should be approved by Bappebti (the exchange's
supervisory agency) soon," he said.

JFX, which in its initial stage will trade Crude Palm Oil and
coffee, has an authorized capital of Rp 40 billion (US$5.7
million) and paid-up capital of Rp 11.6 billion.

The establishment of JFX is based on the 1997 Commodity
Futures Exchange Law, while its operational guidelines are
expressed in the 1999 government regulation No. 9 on the
commodity futures exchange. (udi)