TFT to install software for RI futures exchange

TFT to install software for RI futures exchange

JAKARTA (JP): TIBCO Financial Technologies Inc. (TFT), a subsidiary of Reuters plc, has been appointed the installer of a software system for the planned Indonesian Commodities Futures Exchange.

The Federation of the Indonesian Association of Edible Oils (FAMNI), one of the sponsors of the futures exchange, said on Wednesday TFT would work with a local partner, PT Mitra Jati Ekakarya, in installing the fully integrated units to provide all trading, surveillance, clearing and settlement, depository and market data distribution components.

The creation of the commodities futures exchange is mandated by the 1997 Futures Exchange Law. Other sponsors of the exchange are the Association of Indonesian Coffee Exporters and PT Kliring, a clearing house company.

Trading activities in the planned exchange will cover all major commodities, including palm oil, cocoa, and wheat, FAMNI vice chairman Tarmidzi Rangkuti said.

"TFT will be working closely with Jati consultants to build one of the world's most advanced futures and options trading venues," Tarmidzi said.

Through TFT technology, the exchange will be easily reconfigured to add other products, such as financial futures and options.

TFT's technology also enables "links" with other exchange venues both in Indonesia and overseas. This will allow cross- trading and clearing of other countries' commodities in Indonesia, and vice versa. (02)