scholarly journals URGENSI PENGATURAN UNDANG-UNDANG PASAR FISIK ASET KRIPTO (CRYPTO ASSET)

2021 ◽  
Vol 13 (1) ◽  
pp. 1-15
Author(s):  
Hans Christoper Krisnawangsa ◽  
Christian Tarapul Anjur Hasiholan ◽  
Made Dharma Aditya Adhyaksa ◽  
Lourenthya Fleurette Maspaitella
Keyword(s):  
Futures Market ◽  
Legal Issues ◽  
Commodity Futures ◽  
Futures Contracts ◽  
Legal Basis ◽  
Legal Certainty ◽  
Futures Trading ◽  
Commodity Trading ◽  
Laws And Regulations ◽  
Alternative Investment

Crypto Assets is a new alternative investment concept in Indonesia. The legal basis for regulating crypto assets currently in force in Indonesia cannot accommodate the development of the Crypto assets concept which continues to undergo significant changes. The physical market for crypto assets is incompatible when regulated by the provisions of Law Number 32 of 1997 on commodity futures trading and its amendments, namely Law Number 10 of 2011 because the physical market has conceptual differences with the provisions of the futures market in general. The object traded in the physical market is the commodity, while in the commodity futures market the object is futures contracts (and their derivatives) for commodities traded in the physical market. The scope of the commodity futures market as regulated in Article 1 of the Commodity Futures Trading Law does not accommodate commodity trading in the physical market. The urgency of regulating the physical market for crypto assets with a separate law is the implementation of the principle of legal certainty and protection of crypto asset investors. The method used in writing this journal is normative research using books, journal references, and laws and regulations that are relevant to the legal issues in this study. The results of this study indicate that the regulation of the physical law on crypto assets is needed because crypto assets should be regulated into two separate arrangements so that it is not appropriate if the regulation regarding crypto assets is only accommodated by the Commodity Futures Trading Law.

scholarly journals Perdagangan Berjangka Komoditi : Berdzikirlah dengan Physical Delivery

El Dinar ◽  
2018 ◽  
Vol 5 (2) ◽  
pp. 44
Author(s):  
Bambang Tutuko
Keyword(s):  
Risk Sharing ◽  
Commodity Futures ◽  
Futures Contracts ◽  
Futures Trading ◽  
Market Participants ◽  
Ownership Transfer ◽  
Trading Activities ◽  
The Government ◽  
Commodity Trading ◽  
The One

<p>Commodity Futures Trading in Indonesia is administered by the government under the auspices of the Commodity Futures Trading Supervisory Agency (BAPPEBTI) with the aim of establishing the price of primary commodities (price discovery) and as a hedging facility using futures contracts. However, current futures trading is only a means of speculation caused by its specifications and transaction mechanism.<br />The application of the three principles of dhikr: the principle of harmony, the principle of integrity, and the principle of one on the quest for hedging solutions in commodity futures will lead to trade where the parties who transact share the risk (risk sharing). Risk sharing can only occur if there is a common goal between buyers and sellers to manage risk (the principle of the one-an). The similarity of objectives will result in a commitment between buyers and sellers to perform physical handover backed by regulation to create a liquid market (the principle of harmony), so that the wholeness of trade mechanisms involving market participants, markets, and regulators will be maintained. The integrity of the role of the stakeholders of commodity trading is what will lead to the solution of the hedge without having to separate the risk with its trading activities (principle of wholeness).<br />The "dhikr" hedging is a hedge accompanied by the certainty of ownership transfer through physical delivery of physical commodities. Thus, the hedge is not separate from its real trading activity, because the risk is always attached to the profit-making business activity.</p>

scholarly journals PENYELESAIAN DEBITUR WANPRESTASI DALAM PERJANJIAN KREDIT JAMINAN FIDUSIA MENURUT UNDANG-UNDANG NO. 42 TAHUN 1999 TENTANG JAMINAN FIDUSIA

Solusi ◽  
2018 ◽  
Vol 16 (3) ◽  
pp. 253-265
Author(s):  
Asuan Asuan
Keyword(s):  
Secondary Data ◽  
Civil Code ◽  
Legal Issues ◽  
Legal Certainty ◽  
Power Of Attorney ◽  
Legal Research ◽  
Government Regulations ◽  
The Law ◽  
Laws And Regulations

 Type of research in doctrinal law or better known as normative legal research which is also called normative juridical (legal research) concerning the legal issues at hand. The approach to the law (statue approach) is carried out by examining the laws and regulations. In writing with primary and secondary data obtained from library materials namely Law No. 42 of 1999 concerning Fiduciary Guarantees, Law No. 10 of 1998 concerning Banking, Government Regulations, Civil Code, KUH Trade and literature, lecture materials and other sources related to credit agreements with fiduciary guarantees and problems in particular. In granting credit with fiduciary guarantees through the stages of the procedure for credit application and the making of a fiduciary deed at the notary who is registered with the Office of Fiduciary Registration to provide legal certainty for creditors (banks). Credit settlement process if the debtor is malicious, the bank is based on a substitution power of attorney from the debtor made a notariil Fiduciary deed and registered with the Fiduciary Office, the debtor makes a sale under the hands, the sale of collateral is voluntary, the result is submitted to the bank to repay the loan, the bank can conduct the auction in general and through the Court.

scholarly journals Brokers and brokerage in the process of trading in commodity futures markets

2003 ◽  
Vol 44 (159) ◽  
pp. 63-94 ◽  
Author(s):  
Milan Eremic
Keyword(s):  
Futures Markets ◽  
Stock Exchange ◽  
Futures Market ◽  
Commodity Futures ◽  
Necessary Condition ◽  
Clearing House ◽  
Futures Trading ◽  
Whole Process ◽  
Commodity Futures Markets ◽  
Contractual Obligations

This paper mainly deals with the analysis of a very complex process of brokerage in commodity futures markets. Unlike a classical commodity market in which brokers are not a necessity, sales and purchases in commodity futures markets cannot be carried out without brokers. Brokers who act as agents of buyers and sellers of futures are a necessary condition for trading in organized markets, such as commodity futures markets. The structure of brokers in futures trading is multilayer and involves participants in futures trading from floor brokers, immediate futures traders and the members of clearing and the clearing house itself, on the one hand, to numerous other necessary actors whose activities out of the stock exchange and the clearing house contribute to the efficient functioning of futures market. The fact that transactions between buyers and sellers in futures markets are not carried out directly but through brokers means that the obligations of buyers and sellers are formally conveyed to brokers, providing at the same time the guarantee by the broker that the actual buyer and the actual seller will fulfill their contractual obligations. At the very beginning of futures trading, the relationship between the seller and the buyer is transformed into a relationship between two brokers. Since that moment on, the original relationship is conveyed to higher levels of brokerage reaching the level of the clearing house. In the process of transformation of the buyer-seller relationship and transmitting obligations and guaranteeing their fulfillment, the clearing house itself becomes the buyer relative to all sellers and the seller relative to all buyers. In this way, it guarantees that obligations regarding all transactions in futures market will be fulfilled. The whole process is carried out in accordance with the prescribed procedures conducted on the floor of commodity exchange, in its administrative departments and in the clearing house itself.

scholarly journals Penerapan Ketentuan Praktik Sita Jaminan atas Saham Guna Memperoleh Kepastian Hukum

2020 ◽  
Vol 7 (1) ◽  
pp. 8-16
Author(s):  
Adelia Audiana Gerchikova ◽  
Anita Afriana ◽  
Sherly Ayuna Putri
Keyword(s):  
Data Analysis ◽  
Qualitative Methods ◽  
Civil Law ◽  
New Product ◽  
Legal Issues ◽  
Legal Basis ◽  
Legal Certainty ◽  
Study Results ◽  
Analytical Research ◽  
Method Approach

This research is intended to assert the legal basis for Shares Guarantee Seizure implementation, and execution mechanism towards Court Judgement of Permanent Legal Force, based on positive laws as an actual legal basis in order to achieve legal certainty as a practice of Shares Guarantee Seizure. The research is conducted through normative juridical method approach with descriptive analytical research specifications, and data analysis performed with qualitative methods. This study results shown, first, the actual legal basis for the efforts of Shares Guarantee Seizure is contained in article 227 section (1) of HIR in conjunction with Article 511 of The Indonesian Civil Code, as long as its implementation fulfills the basic requirements. Secondly, there are several distinct in the execution mechanisms of Shares Guarantee Seizure towards limited companies and both mechanisms have not been asserted in HIR, therefore the rule itself became unclear, whereas rules supposed to achieve legal certainty. To obtain legal certainty, new product regulations for Procedure of Civil Law are required in legislation (wet) arrangement, which should accommodate most of legal issues dynamics in Indonesia.

scholarly journals The Influence of Demographic Factors on Commodity Trading in India

2019 ◽  
Vol 8 (4) ◽  
pp. 8053-8060
Keyword(s):  
The United States ◽  
Futures Market ◽  
Demographic Variables ◽  
Trade Association ◽  
Spot Markets ◽  
Futures Trading ◽  
Commodity Exchange ◽  
Commodity Trading ◽  
Set Up ◽  
Castor Seeds

The India, being an agro-based economy, has markets for most of the agro-based commodities. India is the largest consumer of gold in the world, which implies a huge market for the yellow metal. India has huge spot markets for all these commodities. For instance, .Indore has a huge market for soya, Ahmedabad for castor seeds and Surendranagar for cotton, etc. Commodity futures trading in India is almost as old as that in the united states with India’s first organized futures market. Bombay Cotton Trade Association, being set up 1875. Futures market in bullion was inevitable and began to emerge in Mumbai in 1920. And there are three major electronic commodity exchanges for the commodity trading in India, they are: National Multi-Commodity Exchange Limited (NMCE), Multi Commodity Exchange of India Limited (MCX) and The National Commodity and Derivatives Exchange Limited (NCDEX). The main purpose of this study is to assess the influence of demographic variables on commodity trading. The commodity market provides trading to trade commodities of varied types.

Cointegration, linear and nonlinear causality

2014 ◽  
Vol 4 (2) ◽  
pp. 157-171 ◽  
Author(s):  
Tarun Kumar Soni
Keyword(s):  
Futures Market ◽  
Commodity Futures ◽  
Futures Contracts ◽  
Spot Price ◽  
Agricultural Commodities ◽  
Agricultural Commodity ◽  
Content Type ◽  
Price Series ◽  
Cointegration Tests ◽  
Linear And Nonlinear

Purpose – The purpose of this paper is to study the market efficiency, unbiasedness and the direction of causality among four agricultural commodity futures contracts for a forecasting horizon of 28 days, 56 days and 84 days which are traded at National Commodity and Derivatives Exchange Ltd. Design/methodology/approach – To analyse the efficiency of futures market in Indian scenario, we focus on maize, chickpea, soybean and wheat which are among the most important agricultural commodities traded in India. In the first step, Augmented Dickey-Fuller test and nonparametric Phillips-Perron approaches have been used to examine the stationarity of all futures and spot price series. After testing the presence of cointegration in futures and spot series using Johansen’s Cointegration approach, the joint restrictions of β 0=0, β 1=1 and β 1=1 on the cointegrating vectors were imposed to test whether the futures price is an unbiased predictor of spot at contract maturity. In the next step, linear Toda and Yamamoto (1995) and the nonparametric Diks and Panchenko (2006) causality tests were applied to examine the direction of causality. Finally, nonlinear test were applied on the vector error correction model (VECM) residuals to investigate whether any remaining causality is strictly nonlinear in nature. Findings – The results of cointegration tests between futures and spot prices of the selected agricultural commodities indicated a long term relationship do exist in three out of four futures contracts. However, the Wald tests results on the cointegrating vectors indicate markets as inefficient and biased. Further, analysis of short-term relationship using alternate tests of causality do not give consistent results for same commodity series indicating that results may vary due to alternate measures and specifications. Finally, if we consider the results of Diks-Panchenko test on the filtered VECM-residuals, results provide evidence that if cointegration is taken into account; neither spot nor future leads or lags the other consistently. Research limitations/implications – The results are based on the sample of four agricultural futures commodity contracts. The study can be extended to a larger sample of contracts and relative efficiency of each contract can be explored. Originality/value – There are very few studies that have explored the efficiency, unbiasedness and direction of causality using both linear and nonlinear techniques for Indian agriculture commodity futures market for different forecasting horizons.

scholarly journals Analysis of Capital Flow in Commodity Futures Market Based on SVM

2018 ◽  
Vol 10 (8) ◽  
pp. 28
Author(s):  
Zi-ang Lin ◽  
Shaozhen Chen ◽  
Hongtao Liang ◽  
Hong Zhang
Keyword(s):  
Time Window ◽  
Principal Component ◽  
Futures Market ◽  
Capital Flow ◽  
Kernel Functions ◽  
Commodity Futures ◽  
Futures Contracts ◽  
Support Vector ◽  
Analysis Method

Commodity futures are futures contracts based on the physical commodities. Unlike commodity stocks, which must be “bought first and then sold”, commodity futures can also be “sold first and then bought”. Therefore, it is not possible to directly use the formula of capital flow in the stock market to characterize the capital flow in futures contracts. In this paper, the principal component analysis method is used to construct the principal component factors based on the K-line basic market data and one based on the K-line index data. Then the factors mentioned above are cross-validated using the Holdout verification form to generate the training set and test of the support vector machine. Then, this paper applies genetic algorithm to optimize the penalty parameters and kernel functions of SVM, and obtains the parameters with the highest accuracy of classification and prediction of capital flow. Finally, this paper uses the traversal algorithm to find the time window with the highest accuracy of the SVM classification to predict the capital flow. The research results of this paper show that the SVM-based classification of capital flow in commodity futures market is highly accurate.

scholarly journals Trade Performance of Top 2 National Commodity Exchanges: MCX and NCDEX

2019 ◽  
Vol 8 (3S2) ◽  
pp. 362-366
Keyword(s):  
Commodity Price ◽  
Futures Contracts ◽  
Futures Trading ◽  
Demand And Supply ◽  
Commercial Activities ◽  
Regional Markets ◽  
Current Scenario ◽  
Main Factors ◽  
Commodity Trading ◽  
Boom Period

The commodity futures trading is supported to all sectors of the economy, particularly farmers and consumers. Commodity producers optionally store some production for the future and go for futures contracts to hedge the uncertainty of the futures commodity price. Apart from that Indian commodity market requires major investment and commercial activities in the National and regional markets. But the demand and supply, Indian verses other currencies, export and import parity and current scenario news are the main factors are affecting the commodity trading. This study is focused the second boom period from 2011 to 2018 and identify the trade performances of number 1 and number 2 national commodity exchanges in India.

scholarly journals Commodity Futures-an Indian Experience

2009 ◽  
Vol 8 (2) ◽  
pp. 24-39
Author(s):  
G. Prahlad Chowdri
Keyword(s):  
Comparative Study ◽  
Stock Exchange ◽  
Futures Market ◽  
Commodity Futures ◽  
Historical Background ◽  
Indian Government ◽  
Futures Trading ◽  
Indian Experience ◽  
The Government

The policy liberalization by the Indian government to allow futures trading in commodities in 2003, after prolonged deliberations on this demand, has thrown open several opportunities and challenges. This paper intends focussing on the historical background and present scenario of the commodity futures market in India. This paper also focuses on the policy aspects initiated by the government in commodity futures market in India. The performances of Commodity exchanges in India and a comparative study with Stock exchange proves the direction of commodity futures trading.

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