Commodity Futures Trading Research Articles

Perlindungan Hukum dan Kebijakan Tarif Pajak terhadap Trader Crypto di Indonesia

Cryptocurrency investment in Indonesia has become an increasingly popular topic as people's interest in digital assets increases. Although there is potential for huge profits, there are also risks that need to be considered. The Indonesian government takes a cautious stance in regulating cryptocurrencies. Clear regulations still do not exist, although in 2019, the Commodity Futures Trading Supervisory Agency (BAPPEBTI) issued regulations recognizing cryptocurrencies as commodity futures that can be traded on futures exchanges. Bank Indonesia has issued a statement reminding the public of the risks associated with the use of digital currencies, but there has been no outright ban on their use. There are also concerns regarding the misuse of cryptocurrencies for illegal purposes, such as money laundering and terrorism financing, which are continuously monitored by governments and financial regulatory agencies. Despite regulatory uncertainty, interest in cryptocurrencies continues to grow in Indonesia, and more and more companies and individuals are interested in understanding and using this technology.

Perlindungan Hukum dan Kebijakan Tarif Pajak Terhadap Trader Crypto di Indonesia

Cryptocurrency investment in Indonesia has become an increasingly popular topic as people's interest in digital assets increases. Although there is potential for huge profits, there are also risks that need to be considered. The Indonesian government takes a cautious stance in regulating cryptocurrencies. Clear regulations still do not exist, although in 2019, the Commodity Futures Trading Supervisory Agency (BAPPEBTI) issued regulations recognizing cryptocurrencies as commodity futures that can be traded on futures exchanges. Bank Indonesia has issued a statement reminding the public of the risks associated with the use of digital currencies, but there has been no outright ban on their use. There are also concerns regarding the misuse of cryptocurrencies for illegal purposes, such as money laundering and terrorism financing, which are continuously monitored by governments and financial regulatory agencies. Despite regulatory uncertainty, interest in cryptocurrencies continues to grow in Indonesia, and more and more companies and individuals are interested in understanding and using this technology.

Cryptocurrency Investment in Indonesia

Objective - Different countries have different policies towards cryptocurrencies. In Indonesia, cryptocurrency is prohibited as a means of payment or transaction. The prohibition is stated in Bank Indonesia Regulation (PBI) Number 18/40/PBI/2016 concerning the Implementation of Payment Transaction Processing. However, cryptocurrencies are recognized as long-term commodities or investment assets, so their supervision is carried out by the Commodity Futures Trading Supervisory Agency (bappepti) and regulated in Bappebti Regulation No. 7 of 2020 concerning the Determination of the List of Crypto Assets that Can be Traded on the Crypto Asset Physical Market. This study aims to analyze the differences in return and risk on the 5 cryptocurrencies with the largest market capitalization in Indonesia. Methodology/Technique - This research uses quantitative methods with a descriptive approach, and secondary data is used. The population in this study consisted of 383 cryptocurrencies that were legal and registered with Bappepti from 2020 to 2022. The sample was determined using purposive sampling to determine the top 5 cryptocurrencies with the largest market capitalization during the observation period from January 2020 to September 2022. The data analysis technique used the Kruskal-Wallis test. Findings - The results showed no significant differences in return and risk between Bitcoin, Ethereum, Tether, BNB, and USD coins. Empirically, this study proves that each cryptocurrency has the same risk and return. Novelty - This research was conducted in Indonesia with regulations that may differ from other countries towards cryptocurrencies. As a long-term commodity investment asset, this study finds empirical evidence that each cryptocurrency has the same risk and return. Type of Paper: Empirical JEL Classification: G11; G18; G28 Keywords: Cryptocurrency; Investment; Return; Risk; Bappepti Reference to this paper should be referred to as follows: Dewi, D.M; Faizal, I; Sambe, T.A. (2024). Cryptocurrency Investment in Indonesia, Acc. Fin. Review, 9(1), 32 – 41. https://doi.org/10.35609/afr.2024.9.1(1)

VI. Zur ambivalenten Rolle des Telefons beim Waren-Terminhandel

Summary This contribution discusses the ambivalent role of the telephone in commodity futures trading. On one hand, the telephone proved to be useful in commodity futures trading since it was easier to use than the telegraph; on the other, it helped to spread prejudices about the commodity futures business. Indeed, this became a political issue in the 1890s as reforms were demanded. The large agrarians of Prussia in the East were particularly interested in these reforms. Above all, the marginal trading deriving from commodity futures was accused of being ‘unfair business’ and provoked great controversy among jurists before 1891. The prevailing view was that marginal trading ‘was the equivalent of a lottery contract’ and thus could not be litigated in court. Max Weber argued forcefully against this view in his work on stock markets, and the view was eventually rendered obsolete by a judgement from the Supreme Court of the Reich, which prompted law makers to act. Although the telephone benefited commodity trading, it also aroused perceptions of unproductive activity which were easy to associate with the view of commodity futures trading as a form of lottery. This was particularly the case because the self worth of workers rested at the end of the 19th century on ‘hard physical labour’, so that the impression of idleness was not tolerated. This is supported by Popitz’s essay “Was tun wir, wenn wir spielen” from 2000: ‘The actions of gamblers do not [leave behind] a product. [Rather], when they play, they are being creative in an unproductive way.’ As such, the telephone helped commodity futures trading to communicate quickly, but at the same time it was also a symbol of unproductive activity and thereby fed the widespread mistrust of the commodity futures business and its associated marginal trading.

Do agricultural swaps co-move with equity markets? Evidence from the COVID-19 crisis

Using proprietary data reported by swap dealers to the Commodity Futures Trading Commission, we first present new evidence on the size and composition of 13 over-the-counter agricultural swaps markets. We then utilize our novel dataset to show the existence of linkages with the equity markets. We use the spike in the Chicago Board Options Exchange Volatility Index in early 2020 to show that swaps trader positions were significantly impacted by the financial market volatility created by the COVID-19 pandemic. Following similar methods as Cheng et al. (2015), we find index swaps traders reduce their net long positions in response to tightening financial conditions, while commercial swaps traders absorb some of this risk by decreasing their net short positions. This internal swap market netting occurs in three of the four largest agricultural markets: corn, soft red winter wheat, and sugar. Concurrently, we observe a limited swap dealer hedging response in the futures market, especially when compared to other financial traders, consistent with swap market netting. Our results confirm that equity market shocks can affect financial traders in both commodity swaps and futures markets.

How is Trading Behavior in Commodity Futures Affected by the 52-Week High and Low?

We use the Commodity Futures Trading Commission’s Commitment of Traders report to investigate the trading behavior of traders in 12 commodity futures markets. Commercial traders are contrarian, consistent with anchoring and the prevalence of short hedgers. Noncommercial traders follow momentum strategies, reflecting the presence of CTAs trading in attention grabbing futures. Our key contribution is in understanding the effect of trading at the 52-week high and low – technical levels that are known to influence investor behavior – where we find trading is moderated at the 52-week high (anchor reversion) and accentuated at the 52-week low. Our results are consistent regardless of whether the futures market is in backwardation or contango. We find little support for evidence of market timing ability for either trader type.

Responsibility and Accountability in the World of Futures Trading: Analysis of Futures Brokers and Broker Representatives Under the Spotlight of Civil Law and BAKTI Arbitration"

<em>This study aims to examine the role of Article 1367 of the Civil Code in determining the duties of Futures Brokers and Futures Broker Representatives in the context of Indonesian commodity futures trading, with a focus on the consequences for violations of these duties by Futures Broker Representatives. respond to it. This methodology is based on normative legal principles and is based on research into relevant literature and examination of BAKTI rulings in the field of commodity futures trading arbitration. Findings from this study highlight the importance of taking into account the Futures Broker Representative's level of professionalism as well as any applicable rules and regulations when determining the extent to which the Futures Broker is legally liable for the Futures Broker Representative's conduct. In order to provide fairness and clarity in commodity futures trading, this study's findings suggest that current rules need to be revised and adjusted. The study also suggests directions for future research on the dynamics of futures trading's legal aspects.</em>

The Urgency of Comprehensive and Integrated Digital Asset Regulation

Cryptocurrency has grown rapidly since it was first introduced to the public. Many countries, including Indonesia, have begun to adopt special regulations for cryptocurrencies in response to the exponential growth and penetration of cryptocurrencies in the traditional financial system. Regulations aim to protect investors, ensure economic stability, and prevent illegal activities such as terrorism, money laundering and tax evasion. In January 2023, Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector ("UU P2SK") was enacted as a form of financial sector reform. Starting January 2025, regulation and supervision of cryptocurrency transactions will be carried out by the Financial Services Authority (OJK) replacing the Commodity Futures Trading Supervisory Agency (Bappebti) which has established several regulations regarding Crypto assets. But until now There are no regulations regarding permits or prohibitions for influencers/celebrities in marketing crypto assets via social media or other media to the public even though these regulations are needed to mitigate the incidence of victims and losses, as in several cases that have occurred. In the future, a comprehensive and integrated regulation is needed with other laws and regulations such as the Terrorism Law, the Money Laundering Crime Law, the Consumer Protection Law, the ITE Law, the Criminal Code and other related laws and regulations, in order to keep up with the rapid development of cryptocurrency and the changing character of the digital world. global and borderless.

Kepastian Hukum Aset Kripto sebagai Instrumen Investasi dalam Persfektif Hukum Islam dan Hukum Positif

Cryptocurrency is a virtual currency without physical form or concrete existence in the virtual world. One of them is Crypto Assets, which are becoming increasingly popular as a means of online payment, even though the government has banned it. In early 2019, the Indonesian government issued regulations legalizing Crypto Assets in Commodity Futures Trading. The use of Crypto Assets as commodities and exchange tools in online transactions has sparked pros and cons among religious scholars and economic experts. This study aims to determine the status of cryptocurrency as a commodity in Indonesia and the opportunities for Crypto Assets as subjects in Sharia commodities on the Commodity Exchange. The theory used is the theory of valid and invalid business transactions in Islam. This research is a literature study and qualitative in nature. The data analysis technique used is analytical descriptive with a normative juridical Islamic law approach. The research found that cryptocurrency can be traded in Sharia commodity exchanges with the condition that the country must protect the trade with legal umbrella and issue cryptocurrency with its value based on gold or the country's currency. Crypto Assets cannot be used as commodities in Sharia Derivative Contracts in Indonesia because they still contain speculation, maysir, and are vulnerable to being used for illegal activities. Therefore, Crypto Assets are haram due to external factors, so it is best to avoid them.

Optimizing the Role of BNPT in Preventing Terrorism Financing Using Cryptocurrency in Indonesia

<p><em>The development of cryptocurrency technology is the latest innovation in the financial sector. The purpose of this study is to determine the efforts made by BNPT and to assess the ideal regulations in addressing this issue in the future. Through the use of blockchain technology, users can transact anonymously. This research is considered as a normative juridical research equipped with interviews using a statutory approach. Sources of data obtained from secondary data which includes primary, secondary, and tertiary legal materials. The novelty of the study shows that the BNPT establish the CTF Task Force which aims to combat terrorism financing through cryptocurrency</em><em> </em><em>and based on several previous studies and after looking at the above-mentioned examples of the phenomenon of terrorism financing, it is undeniable that many terrorists are trying to utilise cryptocurrencies to fund criminal acts. This has resulted in the issue of a legal or regulatory vacuum regarding the use of cryptocurrencies, in this case, the Commodity Futures Trading Supervisory Agency Regulation No. 6/2019 on Implementation of Anti-Money Laundering and Terrorism Financing Prevention In its future endeavors, there is a need for specific regulations to ensure that the implementation process of the CTF Task Force with other agencies can be carried out more optimally.</em></p>

Legal Aspects of Crypto Assets on Indonesian Digital Investment Development

This study aims to understand the legal aspect of digital investment in Indonesian crypto assets which is linked to the theories of legal certainty, justice, and benefit. Currently, Indonesian people are very fond of the cryptocurrency digital investment trend. The Indonesian government has provided several regulations regarding the physical crypto market mechanism. However, the rules regarding cryptocurrencies cannot guarantee that problems will not arise in the future. Moreover, cryptocurrency and its rules are still very new. There is still a lot of confusion in society about whether crypto investment is safe or not. This study is normative juridical study using a statutory and conceptual approach, which is summarized by examining statutory regulations and related legal doctrine. The results of this study explain that the Indonesian government is opening up opportunities by legalizing digital crypto investment activities to strengthen the economic sector. Crypto in Indonesia can only be used as an investment instrument, not currency. The implementation of crypto asset trading is regulated in the Commodity Futures Trading Supervisory Agency (Bappebti) Regulation Number 5 of 2019 concerning Technical Provisions for the Implementation of Physical Crypto Asset Markets. This regulation regulates the use of Good Corporate Governance principles in the context of carrying out buying and selling of crypto assets on the Crypto Futures Exchange (CFX). Bappebti's regulations were then changed with the enactment of Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector (UU P2SK) which expanded the authority and responsibility of the Financial Services Authority (OJK) to include digital financial assets, crypto assets and Financial Technological Innovation Sector. (ITSK).

Analysis of the clearing mechanism of capital markets of USA, the regulations in the derivative segment, major hiccups in the last 10 years and a comparison of sectoral performance and expected performance in the near future

A crucial component of any financial market is the clearing system. It is the method used to match and settle deals, assuring the protection of all parties engaged in a transaction. The Securities and Exchange Commission (SEC) in the United States regulates the clearing system for the stock market, while the Commodity Futures Trading Commission (CFTC) regulates the clearing system for the commodity market. In response to changes in the market and hazards, the laws governing the derivatives sector have changed throughout time. Derivative markets have been subject to much more regulation since the 2008 financial crisis. This occurred as a result of the perception that derivatives had a significant role in the crisis. In the past ten years, there has been some fluctuation in the stock market's and commodities market's sectoral performance in the United States. The S&P 500 index has increased in value by more than double, signaling generally positive stock market performance. The commodity market, on the other hand, has been more erratic, with some commodities, like gold and oil, seeing huge price changes. In the short future, it is difficult to predict how the stock market and commodities markets will perform. While some analysts predict that the stock market will continue to do well, others think a correction is almost due. The commodities market is predicted to be unstable as well, with prices influenced by a variety of variables such as supply and demand, economic expansion, and geopolitical developments. This research paper will examine the clearing system for the US stock and commodities markets, the rules governing the derivatives market, significant setbacks during the past ten years, and a comparison of recent sector performance and anticipated performance. The ramifications of these discoveries for the future of the financial markets will also be covered in the discussion.

Ripple effect: the SEC’s major questions doctrine problem

Objective: to elaborate a new standard for assessing the level of decentralization of cryptoassets in the USA.Methods: dialectical approach to cognition of social phenomena, allowing to analyze them in historical development and functioning in the context of the totality of objective and subjective factors, which predetermined the following research methods: formal-logical and sociological.Results: Crypto assets and blockchain technology have the potential to create unprecedented equitable access to financial institutions. Despite this potential, there is a robust debate regarding federal agencies' jurisdiction over the novel asset class. Without clear statutory guidelines, federal agencies have been forced to resolve this debate through the rulemaking process. However, agency rules regarding jurisdiction over crypto assets could be scrutinized by a reviewing court under the major questions doctrine. Once highly deferential to agency rules, the U.S. Supreme Court in recent terms has repeatedly struck down agency rules when an agency claims an unheralded power to regulate an issue of deep economic and political significance. The U.S. Securities and Exchange Commission (SEC) arguably claims such a power by interpreting most crypto assets to be "investment contracts" and thus under SEC jurisdiction. But although a decision on major questions doctrine grounds in the high-profile case SEC v. Ripple Labs, Inc. could help clarify how we classify crypto assets, it leaves many jurisdictional questions unanswered and could complicate the application of the SEC's disclosure regime to risky crypto asset offerings.Scientific novelty: This Note argues that Congress should pass the Lummis-Gillibrand Responsible Financial Innovation Act to create joint jurisdiction between the SEC and the Commodities Futures Trading Commission over most crypto asset offerings. This may help to balance consumer protection and innovation at the frontier of financial innovation. The author also endorses a new standard to evaluate whether a crypto asset is sufficiently decentralized to further clarify the SEC's role in regulating crypto asset offerings.Practical significance: the main provisions and conclusions of the article can be used in scientific, pedagogical and law enforcement activities when considering the issues related to the activity of the U.S. Securities and Exchange Commission.

Consumer Protection in Commodity Futures Trading Transactions in the Physical Crypto Asset Market

Consumer Protection in Commodity Futures Trading Transactions in the Physical Crypto Asset Market

PERAN BAPPEBTI DALAM PENGAWASAN PERDAGANGAN BERJANGKA DI PROVINSI LAMPUNG

Futures trading is an alternative financial investment for individuals and businesses. The party responsible for monitoring/supervising futures trading is the Commodity Futures Trading Supervisory Agency (BAPPEBTI). The purpose of the study is to find out how the role of BAPPEBTI when supervising futures trading. This study uses qualitative descriptive research, which is a method used to describe or analyze research results but not to draw conclusions. The subject of this study is a futures company in Lampung province. The data collection techniques used are narrative interview techniques, documentation, and data analysis. Based on the results of the study, it can be concluded that BAPPEBTI plays a role in preventive supervision carried out by means of technical training, namely in the context of developing and coaching all futures trading. The role of BAPPEBTI is to carry out repressive supervision, especially when canceling decisions of subordinate bodies that are contrary to laws and regulations. The monitoring is carried out through inspection and supervision based on standard operating procedures in order to further improve the compliance of each futures trading company. BAPPEBTI is expected to provide more intense supervision and more active direction to futures companies. Keywords: Role; Supervision; Trade.

Crypto Asset Insurance for Physical Trading of Crypto Assets on the Crypto Asset Futures Exchange

Crypto assets are now recognized as commodities on the Crypto Asset Futures Exchange, and in creating a system to enable trading of crypto assets, the Commodity Futures Trading Regulatory Agency has provided certain guidelines for the parties involved to ensure that trading can be carried out without problems. However, the Commodity Futures Trading Supervisory Agency does not provide specifications regarding crypto asset insurance, which means that insurance companies must make crypto asset insurance in accordance with existing laws and regulations, namely the Commercial Law Book, Law Number 40 of 2014 concerning Insurance , as well as the Financial Services Authority Regulations as the body that regulates insurance. Thus, this paper aims to find out how crypto asset insurance will be regulated, as well as how it will be implemented, by assessing existing insurance laws and the implementation of crypto asset insurance in the United States, United Kingdom, and Canada. This paper uses normative legal research because it will mostly be based on doctrine, existing laws and other legal documents. Before being marketed, the insurance product itself must meet the requirements set out in Financial Services Authority Regulation Number 23 of 2015 and Financial Services Authority Circular Letter Number 13 of 2016 concerning Insurance Product Reports for Insurance Companies

Analysis of Return and Risk of Investment in Cryptocurrency in Indonesia

This study aims to analyze the differences in return and risk of investing in cryptocurrency in Indonesia. The research uses quantitative methods with a descriptive approach and the data used is secondary data. The population in this study were 383 Cryptocurrencies that are legal in Indonesia or registered with the Commodity Futures Trading Supervisory Agency (Bappepti). Samples were taken using the purposive sampling technique by determining 5 cryptocurrency samples that had the largest market capitalization during the observation period from January 2020 to September 2022. The data analysis technique used the Kruskal-Wallis test. The results showed that there were no significant differences in return and risk between Bitcoin, Ethereum, Tether, BNB, and USD coins. Keywords: Cryptocurrency, Return, Risk, Investment

Problems With Digital Currency: Cryptocurrency In Indonesia

This study aims to analyze the Indonesian government's policies regarding cryptocurrency transactions and taxation and accounting practices in Indonesia. In addition, this research also conducts literature studies abroad. Commodity Futures Trading Regulatory Agency Regulation No. 13 of 2022 and No. 8 of 2021 concern guidelines for organizing crypto asset physical market trading on futures exchanges to oversee cryptocurrency transactions. Cryptocurrency transactions in Indonesia are considered VAT objects and are subject to income tax. Accountants face a challenge because there is no accounting standard that explains why cryptocurrency must be considered. It is hoped that the Indonesian Accounting Standards Board can conduct discussions related to accounting standards for cryptocurrency. Besides, the government's role is very important in making financial technology policies and systems in order to mitigate the risks of cryptocurrency transactions so that they can benefit investors and the tax system in Indonesia.

Goods and Services Tax an Initiative of One Nation One Tax System A Boon to Commodity Futures Trading in India

Goods and Services Tax an Initiative of One Nation One Tax System A Boon to Commodity Futures Trading in India

MODEL DEPENDENSI HARGA-HARGA KOMODITAS EKSPOR UNGGULAN INDONESIA MENGGUNAKAN PENDEKATAN COPULA

The export of non-oil and gas leading commodities (palm oil, rubber and cocoa) contributes the largest state revenue. Copula is used to model the dependency between two variables that have different marginal distributions. The data to be used is secondary data from the Commodity Futures Trading Supervisory Agency (BAPPEBTI) starting from January 1, 2018 - February 28, 2020 for the period before the Covid-19 pandemic and March 1, 2020 - November 26, 2021 for the period after the Covid-19 pandemic. The dependency of the two variables to be measured is the price of palm oil, rubber and cocoa before and after the start of the Covid-19 pandemic in Indonesia. The Copula that will be used are Joe, Gumbel, Frank, Gaussian, Clayton, and Student's t. The best Copula model obtained for palm oil and rubber dependencies is the Joe Copula, while palm oil and cocoa and cocoa rubber dependencies are the Clayton Copula.