Transaksi Jual Beli Foreign Exchange Secara Online Perspektif Hukum Islam

This article The development of the latest technology cannot be separated from its influence on the lifestyle trends and human economic behavior, as well as investment behavior. Forex online trading includes financial investments, especially in investments in the field of money markets and commodity futures exchanges. The author is of the view that the online forex trading transaction law is haram because it does not fulfill the pillars and conditions of sale and purchase and contains elements of gharar, maisir (gambling), usury and violates the provisions of al-sharf that is the element of speculation / chance, and this investment is classified in trading futures (future market) means the place / facility of buying and selling contracts for a number of commodities or financial instruments at a certain price whose agreed delivery of goods will be carried out in the future.

Sound Speculators: Public Debates about Futures Trading in British India and Germany, 1880–1930

Considerations about the legitimacy of futures trading have been ubiquitous in the highly integrated world economy since the late nineteenth century. This article compares two national debates in Germany and British India from the 1880s to the 1930s. Despite significant differences in the cultural and economic contexts of the two countries and in the emergence of futures trading, there are interesting similarities. In both countries, individual futures exchanges were organized and controlled by small privileged groups of traders. These minorities were glued together by social ties, de facto controlling (or profiting from) access to futures markets and facing criticism because of their privileged position. While contemporaries and historians often focus on futures trading as trading without intent to deliver, the historical analysis in this article shows that an equally important issue was the conflict over distribution and power between more and less privileged interest groups and their respective market access.

Perlindungan Hukum Perjanjian Kerjasama Antara Investor Dan Perusahaan Bursa Berjangka Komoditi Kelapa Sawit

Penelitian ini bertujuan untuk mengetahui tentang Pelaksanaan Perjanjian Kerjasama Investasi Antara Investor Dengan Perusahaan Bursa Berjangka Komoditi Kelapa sawit. Penelitian ini bersifat deskriptif analitis dengan pendekatan yuridis empiris, Hasil penelitian bahwa pelaksanaan investasi di bursa berjangka atau perusahaan berjangka biasanya dilakukan dalam beberapa tahap yaitu Tahap Pengenalan Perusahaan Berjangka, Tahap Perjanjian Kerjasama Investasi yang terdiri dari masa pemberitahuan tentang perdagangan berjangka oleh pedagang atau wakil perusahaan, masa pemrosesan data nasabah serta terakhir pembuatan kesepakatan tentang investasi dan penandatanganan perjanjian kerjasama investasi dan terkahir adalah pelaksanaan investasi itu sendiri, dimana pengawasan diri nasabah sangat diperlukan agar apa yang diinvestasikan berjalan sesuai dengan yang dinginkan. Dimana dalam peraturan perundang-undangan tentang bursa berjangka menurut analisa penulis, secara umum telah diatur dengan baik tentang perlindungan terhadap nasabah atau investor. Sistem penyelesaian sengketa terhadap nasabah yang mempunyai permasalahan yang berkaitan dengan pelaksanaan investasinya di Perusahaan Berjangka dapat dilakukan melalui, penyelesaian secara Perdata yang mencakup penyelesaian di internal perusahaan pialang berjangka atau penyelesaian melalui lembaga bursa berjangka dengan pemanfaatan dana kompensasi dan yang terakhir penyelesaian di Badan. This study aims to find out about the Implementation of Investment Cooperation Agreement between Investors and Palm Oil Commodity Futures Exchange Companies. This research is analytical descriptive with an empirical juridical approach. The results of the research show that investment in futures exchanges or futures companies is usually carried out in several stages, namely the Introduction to Futures Companies, Investment Cooperation Agreement Stage, which consists of the period of notification of futures trading by traders or company representatives, the period of processing customer data and finally making an agreement on investment and the signing of the investment cooperation agreement and the last is the implementation of the investment itself, where the customer's self-supervision is very necessary so that what is invested runs in accordance with what is desired. Where in the legislation regarding the futures market according to the author's analysis, in general has been well regulated about the protection of customers or investors. The dispute settlement system for customers who have problems relating to the implementation of their investments in the Futures Company can be done through, a Civil settlement which includes internal settlement in the futures brokerage company or settlement through a futures exchange institution with the use of compensation funds and the last settlement in the Agency.

Risk Transmission between Chinese and U.S. Agricultural Commodity Futures Markets—A CoVaR Approach

Commodity futures markets play an important role, through risk management and price discovery, in helping firms make sustainable production and marketing decisions. An important related issue is how pricing signals between futures exchanges impact traders’ risk. We address this issue by shedding light on risk transmission between the most mature (U.S.) and the fastest growing (Chinese) commodity futures markets. Gaining greater insight of risk transmission between these key markets is vitally important to firms engaged in the efficient and sustainable trade of commodities needed to feed the world. We examine the risk transmission between Chinese and U.S. agricultural futures markets for soybean, corn, and sugar with a Copula based conditional value at risk (CoVaR) approach. We find significant upside, and to a lesser extent downside risk transmission, between Chinese and U.S. markets. We confirm the dominant pricing role of U.S. agricultural futures markets while acknowledging the increasing price discovery role performed by Chinese markets. Our results highlight that soybean markets exhibit greater risk transmission than sugar and corn markets. We argue that our findings may be explained by Chinese government policy intervention, and by the large role played by U.S. firms in the underlying cash commodity markets–both in terms of production and trade.

Bitcoin is unlikely to trigger a wider market crash

Significance The launch last month on two major US futures exchanges of derivative contracts on bitcoin, the largest cryptocurrency by market capitalisation, will broaden bitcoin’s ownership base, drawing in institutional investors and facilitating the launch of bitcoin-focused exchange traded funds (ETFs) and other more liquid financial instruments. Concerns will linger but demand for the cryptocurrency has strong momentum. Impacts Passively managed ETFs attracted ten times more 2017 inflows than traditional mutual funds and plans to track bitcoin may intensify this. Online spread-betters are cashing in on cryptocurrency trading, but coming European regulation will prevent investors leveraging their bets. The mining of each bitcoin is energy intensive; at current growth, by 2020 bitcoin will use more electricity than the whole world today. Initial coin offerings raised more than 5 billion dollars in 2017 and will continue outperforming venture capital fundraising. The underlying technology provides many innovative solutions and tokenisation will be used in many new and surprising economic functions.

Hedging Ratio Measurement Methods and Hedging Effectiveness in Jakarta Futures Exchanges

Estimation method of hedge ratio is a crucial step in hedging strategies in the commodity futures market. This study examines the effectiveness of hedging strategy against cash position in Indonesia’s cocoa beans and Robusta coffee spot market using three hedge ratio estimation methods: OLS, Vector Error Correction Model, and Threshold-ARCH. The results show the hedging effectiveness in the Jakarta Futures Exchange is considerably highly effective to reduce the impact of fluctuations of spot price. The effectiveness of hedging strategy using OLS as the simplest method is close to VECM method and TARCH. Implementation OLS hedge ratio resulted the highest hedging effectiveness and give a strong support for market players in executing a hedging strategy in Jakarta Futures Exchange due to OLS simplicity in estimation procedure

Market efficiency and government interventions in prewar Japanese rice futures markets

This study analyzes how the colonial rice trade in prewar Japan affected its rice market, considering several government interventions in the two rice futures exchanges in Tokyo and Osaka. We explore the interventions in the futures markets using two procedures. First, we measure the joint degree of efficiency in the markets using a time-varying vector autoregression model. Second, we examine historical events that possibly affected the markets and focus on one event at a time. The degree of efficiency varies over time within our sample period (1881-1932). The observation, together with historical analysis, leads to the following conclusions: (1) the two major markets in Tokyo and Osaka were nearly efficient; (2) government interventions involving the delivery of imported rice from Taiwan and Korea often reduced futures market efficiency; finally, (3) this relationship continued as long as the quality difference between imported and domestic rice existed. The government interventions that promoted domestic distributions of the colonial goods resulted in confusion in the commodity markets, and decreased efficiency of the markets in the metropole.

Heavy-tailed features and dependence in limit order book volume profiles in futures markets

This paper investigates fundamental stochastic attributes of the random structures of the volume profiles of the limit order book. We find statistical evidence that heavy-tailed sub-exponential volume profiles occur on the limit order book and these features are best captured via the generalized Pareto distribution MLE method. In futures exchanges, the heavy tail features are not asset class dependent and occur on ultra or mid-range high frequency. Volume forecasting models should account for heavy tails, time varying parameters and long memory. In application, utilizing the generalized Pareto distribution to model volume profiles allows one to avoid over-estimating the round trip cost of trading.