Jakarta, 20th May 2022 - ICDX Group announced its partnership with Helixtap Technologies to launch and promote derivative instruments linked to rubber futures contracts to be traded through ICDX, and guaranteed by the Indonesia Clearing House (ICH). Previously, ICDX had obtained approval from BAPPEBTI to trade rubber futures contracts with the underlying asset of Technically Specified Rubber (TSR) 20 rubber from Indonesia or known as Standard Indonesian Rubber 20 (SIR20).
"Through the launch of this rubber futures contract, ICDX hopes to further develop the Indonesian rubber market and further strengthen Indonesia's position, which is currently the second-largest producer of rubber commodities in the world, to become the leading exporter in the global market and make ICDX as the leading commodity futures for rubber trading,” said ICDX CEO Lamon Rutten.
Helixtap Technologies (Helixtap) is a financial technology and data company involved in the digitization of commodities. In this partnership, Helixtap will verify, confirm, and publish real-time rubber contract price information for the sale and purchase of rubber volumes from market participants through Helixtap's platforms, methodologies, and market providers.
"We are committed to supporting a more inclusive rubber industry. Working with ICDX to create a new product, focusing on the use of real-time data, and increasing the ability for all market participants to connect and benefit from rubber market activities, is at the core of our company's mission,” said Helixtap Technologies CEO, Farah Miller.
Rubber futures contract trading through ICDX has two types of settlement, namely by physical delivery or by cash settlement. Accordingly, ICDX will be responsible for the day-to-day management of rubber futures trading and related clearing operations, handle physical deliveries after contract expiration, and will be responsible for reporting transactions to regulators, as well as supporting the marketing of rubber futures contracts, both through existing channels and jointly. same as Helixtap.
As an effort to standardize ICDX in contract settlement for physical delivery, ICDX has an E-PACT platform which is a website-based software system, where it will dematerialize physical commodities into electronic proof of ownership (Electronic Warehouse Receipt), and integrate commodity traders in ICDX.
“Until now, Indonesian rubber market players are still using prices set on foreign exchanges as a price reference because there are no rubber contracts traded on the Indonesian futures exchange. With the existence of this rubber futures contract, ICDX hopes that it will be an attraction for investors who have been hedging in foreign exchanges. By utilizing the futures exchange, market players, especially Indonesian rubber exporters, can determine the selling price of their products more precisely," added Lamon.
About Indonesia Commodity & Derivatives Exchange (ICDX)
The Indonesia Commodity & Derivatives Exchange (ICDX) is a commodity and derivatives exchange based in Indonesia. ICDX's vision is to become a global market exchange that improves national welfare, with a mission to become a benchmark for setting world commodity prices through Indonesian primary products. ICDX is an exchange supported by its members consisting of brokers and traders regulated by BAPPEBTI. ICDX members facilitate customer transaction services which include ICDX commodity futures trading contracts. Trades on ICDX will be settled, guaranteed, and cleared by the Indonesia Clearing House. For more information, please visit www.icdx.co.id
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