Strengthening The Conmdity Futures Trading Industry, CoFTRA Collaboration With US Authorities

Photo: Doc. Antara

JAKARTA - The Commodity Futures Trading Supervisory Agency (CoFTRA) is collaborating with the United States Authority to advance the commodity futures trading industry (PBK) in Indonesia.

The head of CoFTRA Kasan conveyed that this commitment was proven by holding meetings with various entities related to PBK such as the Commodity Futures Trading Commission (CFTC), the US-Indonesian Chamber of Commerce (AICC) and the World Bank in Washington DC and New York City, United States some time ago.

"We are committed to advancing the PBK industry in Indonesia. This working visit is one of the efforts to strengthen collaboration between Indonesia and various PBK entities in the US," Kasan said in a statement in Jakarta, quoted from Antara, Tuesday, October 8.

The meeting with the CFTC, said Kasan, was broadly discussed in collaboration to strengthen the Indonesian PBK industry.

Kasan said that the US CFTC is an independent supervisory agency formed by the US government. The CFTC was formed to protect business actors and investors from fraud, manipulation, and illegal practices in the commodity market, including foreign exchanges.

In addition, the CFTC was formed to increase open and competitive trade in US commodities in the global market.

CFTC called Kasan, interested in the governance of trading crypto assets carried out by CoFTRA, one of which is related to the important role of market players in PBK which is one of the keys to industrial success.

"On the other hand, the crypto asset policy regulated by the US government is currently in line with the Indonesian government. In this policy, crypto assets are considered as commodities," said Kasan.

With the World Bank, CoFTRA discussed exploring cooperation between the two parties. This is done for institutional development and increasing PBK in Indonesia, including the development of human resources (HR) for the PBK industry, as well as revitalizing the regulation of PBK CoFTRA.

Meanwhile, with AICC, CoFTRA encourages an increase in multilateral transactions from the point of view of PBK business actors in the US.

"AICC emphasizes the importance of transaction liquidity in the PBK industry. For this reason, education to commodity producers so that transactions on the Indonesia Futures Exchange must continue to be carried out by CoFTRA so that the Futures Exchange in Indonesia is more developed," said Kasan.