Indonesia Commodity & Derivatives Exchange (ICDX) together with Indonesia Clearing House (ICH), and ICDX Logistik Berikat (ILB) today opened Commodity Futures Trading (PBK) on the first day of 2022. The opening of this trade was attended virtually by Plt. Head of BAPPEBTI, Ministry of Trade, Indrasari Wisnu Wardhana, and General Chairperson of Aspebtindo, Udi Margo Utomo.
The opening of the ICDX PBK was inaugurated by Plt. Head of BAPPEBTI, Ministry of Trade, Indrasari Wisnu Wardhana who said, “Throughout 2021, the Commodity Futures Trading industry experienced growth. In the period January to November 2021, the total transaction volume reached 12.3 million lots or grew by 2.2% compared to the same period in 2020. BAPPEBTI hopes that ICDX can continue to innovate in developing contracts to attract business players perform hedging, and invest in Futures Exchanges that can increase multilateral transactions.”
ICDX CEO Lamon Rutten reported, “In 2021 we recorded the total value of Commodity Futures Trading transactions at ICDX reached more than Rp6,900 Trillion. Some of our other important achievements were that the ICDX physical tin market reached a transaction value of up to Rp13 Trillion, with a record high price of USD41,000 per metric ton, more than double last year's price. Last year, we also obtained the mandate to host a Digital Gold Physical Market.”
In addition, as BAPPEBTI directs to grow multilateral transactions, in 2021 ICDX recorded a 54.5% growth in multilateral transactions from 2020. This growth is driven by transactions of smaller contracts, namely mini and micro which are incorporated in multilateral gold derivative products. , crude oil and foreign exchange (GOFX). The transaction volume of GOFX mini contracts in the January-November 2021 period recorded a growth of up to 111% compared to the same period in the previous year, while GOFX micro contracts recorded a growth of 112% for the same period.
As ICDX's vision is to provide a well-integrated and trusted ecosystem for commodity trading, in 2022 ICDX will continue to develop the PBK industry. One of them is by participating in the carbon market. Carbon credits are classified as tradable intangible commodities. In Indonesia, the legal aspect of trading carbon credits is also considered a commodity. This is stated in the definition of the commodity in Law Number 10 of 2011 concerning Amendments to Law Number 32 of 1997 concerning Commodity Futures Trading.
Considering that Indonesia is one of the lungs of the world, Indonesia has great potential in conducting carbon credit trading and playing an important role at the global level. The vast nature of the archipelago can contribute significantly to the availability of carbon credits, which have the potential to boost the nation's economic prosperity.
“As a commodity exchange, we also support the government's goal to reduce Indonesia's carbon emissions. We will not only provide an organized market infrastructure but also have a real impact on Indonesia's contribution to reducing carbon emissions. In the years to come, ICDX is committed to running its business responsibly with a focus on reducing carbon emissions,” said ICDX President Commissioner, K.H. Said Aqil.
The Head of Carbon Market ICDX, M. Zulfal Faradis further explained, "ICDX will advocate and pursue a carbon neutral mission to members and stakeholders of the ICDX business ecosystem through outreach and workshops, as well as establishing a carbon footprint awareness program for internal companies."