OJK Prepares Two Regulations Ahead of Mineral Exchange Launch in 2027
Jakarta (ANTARA) - The Financial Services Authority (OJK) is preparing two OJK Regulations (POJK) as well as supporting infrastructure ahead of the Mineral and Strategic Commodities Exchange (BMKS) commencing operations on 1 January 2027.
Chair of the OJK Board of Commissioners Friderica Widyasari Dewi said the two regulations will respectively govern the phased transition of trading and the operational arrangements for the BMKS.
“The first POJK will cover the phased transition to the BMKS for the trading of strategic minerals and commodities. The second is the POJK on its operational arrangements. We are preparing those,” Friderica said at a press conference on the 2027 State Budget Plan and Financial Note in Jakarta on Friday.
According to her, the OJK is finalising the provisions required for the operation of the BMKS, including rules on the phased transition of trading. Completion of the regulations is targeted for no later than 17 September 2026.
In addition to regulations, the OJK is preparing the organisational structure, human resources, budget, and various elements of the trading ecosystem required before the exchange begins operating.
Friderica said the preparations include the exchange operator and clearing institution as well as supporting ecosystem elements such as warehousing, commodity quality inspection, and verification of the existence of the goods being traded.
The OJK, together with relevant stakeholders, has also conducted simulations of the exchange system prepared for the BMKS.
“Who will be the exchange, who will be the clearing institution, and then the equivalents of KPEI and KSEI in the capital market have all been prepared. Then, importantly, whether the ecosystem is ready to enter the BMKS,” she said.
Meanwhile, the types of strategic minerals and commodities to be traded through the BMKS have not yet been announced because their designation will be set out in a Presidential Regulation (Perpres).
“As for the types of strategic minerals, minerals and strategic commodities, they will be stipulated in a Perpres,” she said.
Friderica said the OJK and relevant stakeholders have discussed the types of strategic minerals and commodities that will be included in the BMKS ecosystem. However, details of the commodities can only be conveyed after they are determined by the government.
The establishment and supervision of the BMKS form part of strengthening the financial sector and strategic commodity trading. The OJK has been given the mandate to regulate and supervise the exchange.
According to Friderica, the existence of the BMKS is expected to deepen the domestic market while establishing domestic price benchmarks for strategic minerals and commodities.
She said Indonesia is a producer of various strategic minerals and commodities, but price discovery and reference prices have so far not been established domestically.
With the BMKS, price formation is expected to become more transparent while helping to reduce transfer pricing and under-invoicing practices in commodity trading.
“This mineral and strategic commodities exchange is certainly expected to become a policy for deepening the domestic market and to serve as a price reference for strategic minerals and commodities,” Friderica said.