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

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.

Optimal Embedded Leverage for Portfolios of Commodity Trading Advisors

The chapter evaluates the profit when investing in portfolios of Commodity Trading Advisors (CTA) with optimal embedded leverage. The authors’ results support their expectation that it is possible to improve the long-term profitability of diversified CTA portfolios by obtaining optimal embedded leverage, but the improvement in profitability varies across CTA indexes. In addition, the crisis alpha feature of CTAs are considered and it is shown that diversified portfolios of CTAs can achieve a much larger crisis alpha by using optimal leverage factors. Optimal embedded leverage can also a useful tool in managing and evaluating the leverage of trend-following strategies and CTA portfolios.

MAPPAJA’ PRACTICES IN AGRICULTURAL COMMODITY TRADING IN THE DISTRICT OF WEST SINJAI, SINJAI REGENCY

This study will elaborate on the form of mappaja' trading, which is considered as an attractive economic issue as in its transactions, people do not use a system of weighing scales in trading their harvests, but with a cost estimation system for the goods. Therefore, in the trading practice, there is often a discrepancy between the harvest and the buyer’s expectation, because it may contain an element of gharar/obscurity of the goods, which can lead to an invalid transaction and harm one of the parties. This study indicated that the practice of mappaja' for agricultural commodities has occurred for a long time. The mechanism is by estimating the number of plants based on mutual trust and responsibility. The agricultural commodities used as the mappaja' objects are cloves and vegetables (carrots, cabbage, and tomatoes). The payment method in mappaja' practice is carried out in two ways, namely full payment and twice payment. Twice payment refers to the transaction where half of the payment was handed over on the agreement as a down payment and a sign of completion, then the rest of the payment were handed after the harvest. The condition of the plant is ready to harvest or not ready for harvest in the transaction of mappaja’. The rights and obligations of both parties are that traders are obliged to make payments to farmers according to the agreement and for the farmers, they have to keep taking good care of the plants if at the time of the transaction the condition of the plants is still not ready for harvest.

Take Bitcoin into your portfolio: a novel ensemble portfolio optimization framework for broad commodity assets

The emergence and growing popularity of Bitcoins have attracted the attention of the financial world. However, few empirical studies have considered the inclusion of the newly emerged commodity asset in the global commodity market. It is of great importance for investors and policymakers to take advantage of this asset and its potential benefits by incorporating it as a part of the broad commodity trading portfolio. In this study, we propose a novel ensemble portfolio optimization (NEPO) framework utilized for broad commodity assets, which integrates a hybrid variational mode decomposition-bidirectional long short-term memory deep learning model for future returns forecast and a reinforcement learning-based model for optimizing the asset weight allocation. Our empirical results indicate that the NEPO framework could effectively improve the prediction accuracy and trend prediction ability across various commodity assets from different sectors. In addition, it could effectively incorporate Bitcoins into the asset pool and achieve better financial performance compared to traditional asset allocation strategies, commodity funds, and indices.

The Demography of Slavery in the Coffee Districts of Angola, c. 1800–70

This article uses demographic data from nineteenth-century Angola to evaluate, within a West Central African setting, the widely accepted theory that sub-Saharan Africa's integration within the Atlantic world through slave and commodity trading caused significant transformations in slavery in the subcontinent. It specifically questions, first, whether slaveholding became more dominant in Angola during the last phase of the transatlantic slave trade; second, whether Angolan slave populations were predominantly female; and third, whether slavery in Angola expanded further during the cash crop revolution that accompanied the nineteenth-century suppression of the Atlantic slave trade. Besides making a significant contribution to understanding the demographic context of slavery in the era of abolition, the article aims to display ways in which historians can use the population surveys the Portuguese Empire carried out in Africa from the late eighteenth century.