PALMOILMAGAZINE, JAKARTA – Indonesia has launched a new exchange, PT Indo Bursa Karisma Berjangka (IKB), which received its operational permit from the Commodity Futures Trading Regulatory Agency (Bappebti) on September 18, 2024. IKB was officially introduced to the public on Friday, October 4, and is now the fourth exchange in Indonesia, joining Bursa Berjangka Jakarta (BBJ), Bursa Komoditi dan Derivatif Indonesia (BKDI), and Central Financial X (CFX).
The new exchange aims to enhance multilateral transactions involving key commodities in Indonesia. It is expected to serve as a platform for price discovery and to act as a reference point for both domestic and international markets.
“The establishment of IKB as a new exchange in the commodity futures trading sector (PBK) in Indonesia is intended to facilitate price discovery for nationally strategic commodities. Additionally, maintaining price stability and ensuring reliable commodity procurement will ultimately support exports,” stated Kasan, Head of Bappebti, in an official statement to Palmoilmagazine.com on Tuesday, October 8, 2024.
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Kasan also emphasized that IKB should help control commodity price inflation, particularly concerning food prices, such as crude palm oil (CPO). If CPO prices rise, the cost of palm cooking oil in the country is likely to increase as well.
“In special, CPO, Minister of Trade, Zulkifli Hasan officially inaugurated Indonesia CPO Exchange on 13 October 2023. We do hope IKB would significantly contribute to increase CPO transaction liquidity and realize CPO price reference in Indonesia,” he said.
The Secretary of Bappebti, Olvy Andrianita also said that the institution would get 100 percent CPO reference price from Indonesia CPO Exhange. “Indonesia, as the biggest palm oil producer and exporter, should take advantages on the exchange to establish fair and transparent price,” he said. To realize the target, Olvy emphasized it would be significant to get collaboration among Bappebti, the exchanges, clearing agencies, and CPO stakeholders from the upstream to downstream sectors.
Director of IKB, Agung Rihayanto would be committed to reinforce the mainstay commodities in Indonesia by having the exchange transaction. “IKB is committed to be the independent and trusted exchange. We would keep doing socialization for the people and others namely in CPO sector to encourage the futures in the exchange,” Agung said. Besides CPO, IKB would encourage to reinforce the exchange transaction for other commodities.
For IKB is now operating, it is hoped the exchanges in Indonesia would be developing and be the important factors to maintain the stable economy and support strategic commodity exports from Indonesia to many countries. (P2)
