Indonesia Commodity and Derivatives Exchange (ICDX), aka PT. Bursa Komoditi dan Derivatif Indonesia (BKDI) signed a memorandum of understanding (MoU) with Deutsche Börse-backed Global Markets Exchange Group International (GMEX Group).
ICDX also signed an MoU with the European Commodity Clearing AG (ECC), the central clearing house for energy and related products in Europe. ECC is majority-owned by European Energy Exchange (EEX) which is part of Group Deutsche Börse.
The signing ceremony, attended by senior officials from ICDX, GMEX and Deutsche Börse, took place in the presence of Muhammad Lutfi, Indonesia’s minister of trade and Sutriono Edi, head of Indonesia Commodity Futures Trading Regulatory Agency (COFTRA).
Indonesia is the world’s largest producer for many commodity products and ICDX offers a range of mostly commodity products, from metals, including gold and tin, to soft agricultural products, including crude palm oil futures, and foreign currency contracts.
Under the framework of the MoU, GMEX subsidiary GMEX Technologies (GMEX TECH) and ICDX will explore opportunities for ICDX to utilise GMEX TECH’s exchange trading platform ForumMatch and market surveillance system ForumDetect. The two parties will also explore opportunities for cross linkage between GMEX in London and ICDX in Jakarta.
ECC and ICDX will also jointly conduct a study investigating clearing services for the markets operated by ICDX. Together, they will examine the opportunities of using ECC’s clearing services and distribution for physically settled products in cooperation with ICDX’s clearing house, Identrust Security International (ISI) Clearing. They will also look at cross-market netting solutions in margining and risk functions and clearing member connectivity needed for the target market participants of ICDX.
“Having a strategic alliance with GMEX, ECC, and Deutsche Börse will be important for our growth strategy,” said Megain Widjaja, chief executive officer (CEO) at ICDX. “We are very excited with the collaboration potential and we are confident that it will further strengthen our position as one of the leading commodity centres in the world.”
“This is a unique partnership with ICDX which, in conjunction with ECC, will facilitate optimised distribution and access for the international financial community,” said Hirander Misra, CEO and co-founder of GMEX.
“It can provide Indonesia with the infrastructure and partnerships to support its position at the heart of global commodity market innovation and paves the way for it to be the benchmark provider of pricing for its strong natural resources in the likes of tin, palm oil and rubber.”
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