BAPPEBTI REGULATION NO. 6 OF 2025

CONCERNING

THE THIRD AMENDMENT TO THE HEAD OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY REGULATION NO. 69/BAPPEBTI/PER/6/2009 CONCERNING MARKET MAKERS AND OBLIGATIONS TO EXECUTE FUTURES CONTRACTS ON FUTURES EXCHANGES

BY THE GRACE OF GOD THE ALMIGHTY,

THE HEAD OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY,

Considering: a. that in order to realize the implementation of orderly, fair, efficient, effective commodity futures trading, and in a healthy competitive atmosphere, as well as to increase transparency in the fulfillment of obligations by Alternative Trading System organizers and participants to execute futures contracts on futures exchanges, the provisions in the Head of the Commodity Futures Trading Regulatory Agency Regulation No. 69/BAPPEBTI/PER/6/2009 concerning Market Makers and Obligations to Execute Futures Contracts on Futures Exchanges need to be changed and adjusted; b. that based on the considerations referred to in letter a, it is necessary to establish a Commodity Futures Trading Regulatory Agency Regulation concerning the Third Amendment to the Head of the Commodity Futures Trading Regulatory Agency Regulation No. 69/BAPPEBTI/PER/6/2009 concerning Market Makers and Obligations to Execute Futures Contracts on Futures Exchanges;

Recalling:

1. Law Number 32 of 1997 concerning Commodity Futures Trading (State Gazette of the Republic of Indonesia Year 1997 Number 93, Supplement to the State Gazette of the Republic of Indonesia Number 3720) as amended by Law Number 10 of 2011 concerning Amendments to Law Number 32 of 1997 concerning Commodity Futures Trading (State Gazette of the Republic of Indonesia Year 2011 Number 79, Supplement to the State Gazette of the Republic of Indonesia Number 5232);
2. Government Regulation Number 49 of 2014 concerning the Implementation of Commodity Futures Trading (State Gazette of the Republic of Indonesia Year 2014 Number 143, Supplement to the State Gazette of the Republic of Indonesia Number 5548);
3. Presidential Regulation Number 140 of 2024 concerning the Organization of State Ministries (State Gazette of the Republic of Indonesia Year 2024 Number 250);
4. Presidential Regulation Number 168 of 2024 concerning the Ministry of Trade (State Gazette of the Republic of Indonesia Year 2024 Number 364);
5. Minister of Trade Regulation Number 6 of 2025 concerning the Organization and Work Structure of the Ministry of Trade (State News of the Republic of Indonesia Year 2025 Number 53);
6. Head of the Commodity Futures Trading Regulatory Agency Regulation No. 69/BAPPEBTI/PER/6/2009 concerning Market Makers and Obligations to Execute Futures Contracts on Futures Exchanges as amended several times, lastly by the Head of the Commodity Futures Trading Regulatory Agency Regulation No. 85/BAPPEBTI/Per/10/2010 concerning the Second Amendment to the Head of the Commodity Futures Trading Regulatory Agency Regulation No. 69/BAPPEBTI/PER/6/2009 concerning Market Makers and Obligations to Execute Futures Contracts on Futures Exchanges;

DECIDES:

Establishing:

THE COMMODITY FUTURES TRADING REGULATORY AGENCY REGULATION CONCERNING THE THIRD AMENDMENT TO THE HEAD OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY REGULATION NO. 69/BAPPEBTI/PER/6/2009 CONCERNING MARKET MAKERS AND OBLIGATIONS TO EXECUTE FUTURES CONTRACTS ON FUTURES EXCHANGES.

Article I

The Head of the Commodity Futures Trading Regulatory Agency Regulation No. 69/BAPPEBTI/PER/6/2009 concerning Market Makers and Obligations to Execute Futures Contracts on Futures Exchanges, which has been amended several times by the Head of the Commodity Futures Trading Regulatory Agency Regulation: a. No. 71/BAPPEBTI/Per/8/2009; b. No. 85/BAPPEBTI/Per/10/2010;

is amended as follows:

1. The provisions of Article 3 are amended to read as follows:

Article 3

(1) Parties that can be designated as Market Makers are as follows: a. Futures Traders; b. Alternative Trading System Organizers; c. Futures Brokers who have been designated by the Head of Bappebti to execute transactions on Futures Contracts for their own account; d. Physical Commodity Market Participants on the Futures Exchange; and/or e. Other parties that meet the requirements established by the Futures Exchange.

(2) The Futures Exchange and the Futures Clearing House submit recommendations of parties as Market Makers to the Head of Bappebti to obtain approval.

(3) In recommending parties as Market Makers as referred to in paragraph (2), the Futures Exchange and the Futures Clearing House must consider the requirements to be designated as Market Makers as follows: a. business legality proven by legality documents issued by competent authorities and consistent with their business activities; b. the ability to understand market conditions and risks in performing Market Maker functions; c. adequacy of capital and/or finances to fulfill Market Maker functions; d. adequate organizational structure and human resources to perform Market Maker functions; e. reliable, compatible infrastructure systems and trading systems that can connect with the Futures Exchange and Futures Clearing House systems; and f. free from records of legal violations in the economic and/or financial fields.

(4) Bappebti provides approval or rejection of the recommendation of parties as Market Makers as referred to in paragraph (2) within a period of 7 (seven) working days after receiving the recommendation from the Futures Exchange and the Futures Clearing House.

(5) The Futures Exchange and the Futures Clearing House designate parties as Market Makers in a Joint Decision between the Board of Directors of the Futures Exchange and the Board of Directors of the Futures Clearing House after obtaining approval from the Head of Bappebti.

(6) In the event that Bappebti does not provide approval or rejection responses within the period referred to in paragraph (4), the party recommended as a Market Maker can be designated in a Joint Decision between the Board of Directors of the Futures Exchange and the Board of Directors of the Futures Clearing House.

(7) The Joint Decision between the Board of Directors of the Futures Exchange and the Board of Directors of the Futures Clearing House as referred to in paragraph (5) must at least contain: a. Market Maker type; b. Futures Contracts facilitated; and c. the period of designation as a Market Maker.

(8) Further provisions regarding requirements and mechanisms for designating parties as Market Makers are regulated in the regulations and bylaws of the Futures Exchange and the Futures Clearing House.

(9) The regulations and bylaws of the Futures Exchange and the Futures Clearing House as referred to in paragraph (8), along with their amendments, must obtain Bappebti approval.

2. Between Article 3 and Article 4, 2 (two) articles are inserted, namely Article 3A and Article 3B, so that they read as follows:

Article 3A

(1) The Futures Exchange and/or the Futures Clearing House conduct periodic evaluations of the designation of parties as Market Makers as referred to in Article 3 paragraph (5) and paragraph (6), considering transaction volume and provisions as referred to in Article 3 paragraph (3).

(2) Based on the evaluation results as referred to in paragraph (1), the Futures Exchange and/or the Futures Clearing House have the authority to: a. temporarily suspend the activities of parties as Market Makers; or b. recommend to Bappebti for the cancellation of approval for parties as Market Makers.

Article 3B

(1) Futures Brokers as referred to in Article 3 paragraph (1) letter c, to be designated as Market Makers, must first obtain a designation from the Head of Bappebti as a Futures Broker that can execute transactions on Futures Contracts for their own account.

(2) To be designated as a Futures Broker that can execute transactions on Futures Contracts for their own account as referred to in paragraph (1), Futures Brokers must meet the following requirements: a. possess a business license as a Futures Broker; b. have recommendations from the Futures Exchange and the Futures Clearing House; c. not violate provisions regarding minimum financial requirements and/or financial reporting obligations for the last 3 (three) months; d. not currently subject to administrative sanctions; e. have sufficient standard operating procedures for executing transactions on Futures Contracts for their own account; f. have a commitment to maintain financial integrity; and g. deposit additional guarantee funds to the Futures Clearing House for the interest or guarantee of transactions on Futures Contracts for their own account, the amount of which is regulated in the regulations and bylaws of the Futures Clearing House.

(3) Applications to be designated as a Futures Broker that can execute transactions on Futures Contracts for their own account are submitted to the Head of Bappebti and accompanied by documents: a. a letter of application for designation as a Futures Broker that can execute transactions on Futures Contracts for their own account, in accordance with the format attached to this Agency Regulation; b. a copy of the establishment deed of the limited liability company and its amendments, approved by the Ministry in charge of legal affairs; c. an application form in accordance with the format attached to this Agency Regulation; d. a copy of the business license as a Futures Broker; e. a recommendation letter from the Futures Exchange and the Futures Clearing House to be designated as a Futures Broker that can execute transactions on Futures Contracts for their own account; f. a letter of statement that they are not currently subject to administrative sanctions; g. standard operating procedure documents regarding the mechanism for executing transactions on Futures Contracts for their own account; h. a letter of statement of commitment to maintain financial integrity in accordance with the format attached to this Agency Regulation; and i. proof of deposit of additional guarantee funds to the Futures Clearing House.

(4) Bappebti conducts verification, investigation, or assessment of the documents as referred to in paragraph (3).

(5) Within a period of 5 (five) working days after the verification or investigation of the validity of the documents as referred to in paragraph (4), Bappebti provides responses or notes to the applicant, namely that the results are compliant or still need to be completed by the applicant.

(6) In the event there are responses or notes on verification results, discrepancies in required documents, and/or missing requirements as referred to in paragraph (5), Bappebti provides a period of 5 (five) working days to the applicant to complete and/or adjust the requirements, calculated from when Bappebti provides the response or note.

(7) If within the period of 5 (five) working days as referred to in paragraph (6) the applicant does not complete and/or adjust the requirements, Bappebti submits a rejection of the application submitted by the applicant.

(8) Bappebti provides approval or rejection of the application as referred to in paragraph (3) at the latest 3 (three) working days after all requirements are declared complete and correct.

3. Between Article 5 and Article 6, 1 (one) article is inserted, namely Article 5A, so that it reads as follows:

Article 5A

(1) In fulfilling obligations as referred to in Article 4 paragraph (1) and paragraph (3), and Article 5 paragraph (1) and paragraph (3), Alternative Trading System Organizers and Futures Brokers are prohibited from executing transactions that are pre-arranged or unfair.

(2) The execution of multilateral Futures Contract transactions can be categorized as pre-arranged or unfair transactions as referred to in paragraph (1) in the event: a. the party executing the multilateral Futures Contract transaction does not meet the requirements in the client acceptance process; b. the Client does not meet the Margin placement obligations; c. transaction matching occurs between Clients through the same Futures Broker; d. price matching occurs outside the normal and fair price range at the time of the transaction; e. transaction positions exceed the transaction volume limits established in the Futures Broker's trading rules; f. transactions are only conducted by 1 (one) Client or 2 (two) Clients continuously every month and transaction matching always occurs between Clients with the same account numbers; g. transaction matching occurs between Futures Brokers within one cluster of the Alternative Trading System Organizer; or h. high transaction volume but not accompanied by open interest.

4. The provisions of Article 7 are amended to read as follows:

Article 7

(1) Joint Decisions between the Board of Directors of the Futures Exchange and the Board of Directors of the Futures Clearing House designating parties as Market Makers, issued prior to the issuance of this Agency Regulation, are declared to remain valid.

(2) Parties designated as Market Makers prior to the issuance of this Agency Regulation are declared to remain able to carry out their activities as Market Makers.

(3) The Futures Exchange and the Futures Clearing House must adjust the format of the Joint Decision as referred to in paragraph (1) in accordance with the provisions of this Agency Regulation at the latest 6 (six) months since this Agency Regulation was established.

(4) Parties designated as Market Makers as referred to in paragraph (2) must adjust to the provisions of this Agency Regulation at the latest 6 (six) months since this Agency Regulation was established.

(5) The Futures Exchange and/or the Futures Clearing House conduct periodic evaluations of the designation of parties as Market Makers as referred to in paragraph (1), considering the provisions as referred to in Article 3A.

5. The provisions of paragraph (2), paragraph (4), paragraph (5), paragraph (6), and paragraph (8) of Article 7A are amended, so that they read as follows:

Article 7A

(1) In the implementation of the obligation to execute Futures Contract transactions on the Futures Exchange, the Futures Exchange must: a. establish a work plan of the Futures Exchange related to the implementation of this Agency Regulation; b. submit to Bappebti monthly reports on the business activities of the Futures Exchange related to the implementation of this Agency Regulation, at the latest on the 7th (seventh) day of the following month; c. provide adequate trading systems supporting the implementation of this Agency Regulation; d. issue all technical implementation provisions of this Agency Regulation; and e. cooperate with the Futures Clearing House to conduct well-planned and continuous socialization and education for Futures Exchange Members and submit reports on the implementation of socialization and education to Bappebti.

(2) Deleted.

(3) In the implementation of the obligation to execute Futures Contract transactions on the Futures Exchange, the Futures Clearing House must: a. establish a work plan of the Futures Clearing House related to the implementation of this Agency Regulation; b. submit to Bappebti monthly reports on the business activities of the Futures Clearing House related to the implementation of this Agency Regulation, at the latest on the 7th (seventh) day of the following month; c. provide adequate clearing and guarantee systems supporting the implementation of this Agency Regulation; d. issue all technical implementation provisions of this Agency Regulation; and e. cooperate with the Futures Exchange to conduct well-planned and continuous socialization and education for Clearing Members and submit reports on the implementation of socialization and education to Bappebti.

(4) Deleted.

(5) In the implementation of the obligation to execute Futures Contract transactions on the Futures Exchange, Alternative Trading System Participants must: a. establish a work plan of the Alternative Trading System Participant specifically related to the obligation to execute Futures Contract transactions on the Futures Exchange; b. submit to Bappebti monthly reports on the business activities of the Alternative Trading System Participant related to the implementation of this Agency Regulation, at the latest on the 7th (seventh) day of the following month; c. prepare human resources with expertise in multilateral contract trading; d. create promotional facilities for multilateral contract trading such as leaflets, pamphlets, and brochures; e. provide multilateral product information on the Futures Broker's website or application; f. provide account opening features for multilateral products on the Futures Broker's application; g. conduct well-planned and continuous socialization and education under the coordination of the Futures Exchange and the Futures Clearing House and submit reports on the implementation of socialization and education to Bappebti; and h. have an organizational structure at the manager level by forming a special division for multilateral transaction development.

(6) Deleted.

(7) In the implementation of the obligation to execute Futures Contract transactions on the Futures Exchange, Alternative Trading System Organizers must: a. establish a work plan of the Alternative Trading System Organizer specifically related to the obligation to execute Futures Contract transactions on the Futures Exchange; b. submit to Bappebti monthly reports on the business activities of the Alternative Trading System Organizer related to the implementation of this Agency Regulation, at the latest on the 7th (seventh) day of the following month; c. prepare human resources with expertise in multilateral contract trading; and d. cooperate with the Futures Exchange and the Futures Clearing House to conduct well-planned and continuous socialization and education and submit reports on the implementation of socialization and education to Bappebti.

(8) Deleted.

Article II

This Agency Regulation shall come into force on the date of establishment.

Established in Jakarta On 19 Dasuobar aor 5

THE HEAD OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY,

TIRTA KARMA SENJAYA

Copy in accordance with the original

THE COMMODITY FUTURES TRADING REGULATORY AGENCY, Head of the Legal Affairs Bureau Commodity Futures Trading, Receipt Systems and Auction Markets,

Ciska Simanjuntak

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APPENDIX

COMMODITY FUTURES TRADING REGULATORY AGENCY REGULATION NO. 6 OF 2025

CONCERNING THE THIRD AMENDMENT TO THE HEAD OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY REGULATION NO. 69/BAPPEBTI/PER/6/2009

CONCERNING MARKET MAKERS AND OBLIGATIONS TO EXECUTE FUTURES CONTRACTS ON FUTURES EXCHANGES

Application Letter

Number: ...........,................. 20... Attachment: Subject: Application for Approval as a Futures Broker Designated by the Head of Bappebti to Execute Transactions on Futures Contracts for Its Own Account

To: The Head of the Commodity Futures Trading Regulatory Agency Ministry of Trade in Jakarta

With respect,

Hereby we, ... (company name and address), submit an application for approval as a Futures Broker designated by the Head of Bappebti to execute transactions on futures contracts for our own account. As consideration material, we hereby submit the completed application form in accordance with the actual situation, along with the required documents.

Thus this application is submitted, and we thank you for your attention.

Applicant,

Chief Executive Officer

(............................)

Clear Name

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APPLICATION FORM FOR APPROVAL AS A FUTURES BROKER DESIGNATED BY THE HEAD OF BAPPEBTI TO EXECUTE TRANSACTIONS ON FUTURES CONTRACTS FOR ITS OWN ACCOUNT

NOTES

1. Read carefully before filling out this application form. If the space for answering is insufficient, please create an attachment that is an inseparable part of this form and signed by the applicant.
2. This application must be signed by the Chief Executive Officer/Director and the Chief Commissioner/Commissioner of the company and stamped with the company's official seal.

I. Company Information

1. a. Applicant Name: b. Applicant Position:
2. Company Name:
3. Company Tax ID (NPWP):
4. Company Address:
5. Telephone Number: Facsimile Number: E-mail Address: Website Address:
6. Place and date of company establishment:
7. Capital Authorized Capital: Paid-up Capital:
8. Membership Number on the Futures Exchange**):
9. Membership Number on the Futures Clearing House**):
10. Contact Employee Name: Phone/Email No.:
11. List of individual shareholders No. Full Name Address NPWP Amount Rp. % 1. 2. 3.
12. List of corporate shareholders No. Full Name Address NPWP Amount Rp. % 1. 2. 3.
13. List of directors No. Full Name Position/Field of Task 1. 2. 3.
14. List of commissioners No. Full Name Position/Field of Task 1. 2. 3.
15. Name of other parties controlling the company and/or beneficial owners No. Full Name Address 1. 2. 3.

II. List of Futures Contracts, Sharia Derivative Contracts, and/or Other Derivative Contracts Traded)

No. Name of Futures Contract, Sharia Derivative Contract, and/or Other Derivative Contracts 1. 2. 3.

III. List of Futures Exchanges

No. Name of Futures Exchange 1. 2. 3.

IV. List of Futures Clearing Houses

No. Name of Futures Clearing House 1. 2. 3.

V. List of Attachments

1. Copy of Futures Broker business license;
2. Copy of company establishment deed and amendments along with approval from the Ministry of Law;
3. Recommendation letter from the Futures Exchange;
4. Recommendation letter from the Futures Clearing House;
5. Letter of statement that they are not currently subject to administrative sanctions;
6. Standard operating procedures regarding the mechanism for executing transactions on Futures Contracts for their own account;
7. Letter of statement of financial integrity commitment;
8. Proof of deposit of guarantee funds; and
9. Other additional documents.***)

VI. Statement

We declare with truthfulness that all information provided in the above application and its attachments is correct. If it is later found that the information is incorrect, we take full responsibility and are willing to accept all legal consequences arising from it.

.................................,............................20...

Acknowledged,

Chief Commissioner/Commissioner*) (seal) (...................................)

Clear Name

Applicant,

Chief Executive Officer/Director *) (seal) (...................................)

Clear Name

*) Choose one **) Can be more than one ***) Other additional documents according to