BMKS Implementation Regulations Outline Mechanisms for Commodity Designation Through Evaluation

The Financial Services Authority (“OJK”) is currently finalizing the implementation regulations for the Strategic Mineral and Commodity Exchange (“BMKS”). In the near future, the OJK will finalize the Regulation of the President (“Perpres”) and the Regulation of the Board of Commissioners (“PADK”) on the determination of commodities as well as the regulation and supervision of the BMKS.

Sarjito, Chief Executive of Supervision for the Strategic Mineral and Commodity Exchange, stated that a specific Perpres will determine the types of commodities and minerals that can be traded through the BMKS. The addition of commodities will be conducted in stages, taking into account readiness and ease of implementation.

“Of course, the ones currently being trade (ferronickel and tin) are the easiest. So, additions will be made gradually, not all at once, in a rational manner,” he told Hukumonline.

In addition to specifying the types of commodities, Perpres will also include mechanisms for evaluating commodities admitted to the BMKS, as well as provisions on the organization of the existing exchange.