Jakarta Futures Exchange

What Jakarta Futures Exchange does

Jakarta Futures Exchange (JFX), legally PT Bursa Berjangka Jakarta (BBJ), is Indonesia's first and only licensed futures exchange, established on August 19, 1999 under Commodity Futures Trading Act No. 32/1997 and soft-opened on December 15, 2000. The exchange was founded by 29 shareholders spanning palm plantations, refineries, coffee exporters, securities firms, and state-owned enterprises (notably PT Danareksa and PT Perkebunan Nusantara III), with paid-up capital of Rp 11.6 billion against Rp 40 billion authorized. JFX operates a multi-commodity futures platform offering standardized contracts in Gold (1 kg), Olein/CPO (20 metric tons), Rolling Gold (KGE), USD-denominated Rolling Gold (KGEUSD), and the Rolling Gold Index (KIE), plus an Organized Physical CPO Auction (Pasar Fisik Terorganisir) launched in June 2009 for electronic physical commodity trading.

The exchange's core technology is the proprietary JAFeTS (Jakarta Futures Electronic Trading System), built on a push client-server architecture with Java Messaging System and Application Server, supporting remote member access and execution at 50 messages per second. Real-time trade prices are disseminated globally via Reuters, Bloomberg, and Bridge News, while all matched contracts are cleared through PT Kliring Berjangka Indonesia (KBI), which acts as central counterparty. JFX is regulated by Bappebti (Commodity Futures Trading Supervisory Agency), which licenses members, approves contracts, and sets position limits. Plans for a "Future JAFeTS" upgrade target >500 messages per second, online trading, and expanded risk-management capabilities.

JFX monetizes through three streams: per-trade transaction fees on contracts executed by broker members, seat/registration fees (Rp 1,000,000 per broker member plus annual participation fees for the physical market), and market-data subscriptions distributed to wire services. The customer base consists of licensed Broker Members (who must hold exchange seats and Bappebti licenses), Trader Members (proprietary and corporate), and end hedgers and speculators — primarily Indonesian palm-oil refiners, gold producers, and retail traders seeking price discovery and risk transfer in commodities historically hedged on foreign exchanges.

Name

Jakarta Futures Exchange

Legal name

PT Bursa Berjangka Jakarta

Website

https://bbj-jfx.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

Jakarta Futures Exchange is Indonesia's only licensed futures exchange, operating a proprietary electronic trading platform (JAFeTS) to offer standardized Gold and CPO futures, rolling gold contracts, and an organized physical CPO auction for Indonesian hedgers, speculators, and licensed broker members under Bappebti oversight.

Ownership category

akta.pro rank

Product category

Futures Exchange

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321), Commodity Contracts Intermediation (523160)

SIC

Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Commodity Derivatives Exchanges (Futures & Options on Commodities) (FSAFAMAG)

akta.pro secondary industry

Physical Spot Commodity Exchanges / Marketplaces (FSAFAMAH)

Keywords

• Commodity futures exchange
• Electronic trading platform
• Clearing and settlement services
• Hedging and price discovery
• Physical commodity auction

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Trading/Transaction Fees: Revenue is generated from transaction fees charged to broker members for futures contracts traded on the exchange. Clearing services are provided by PT Kliring Berjangka Indonesia (KBI).
2. Membership and Seat Fees: Revenue is derived from broker member registrations, seat purchases, and annual participation fees. Registration fee of Rp 1,000,000 per broker member plus annual participation fees for physical market participants.
3. Market Data and Information Services: Trade data distributed to data vendors and financial information agencies. Settlement prices are published daily.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Jakarta Futures Exchange (JFX / PT Bursa Berjangka Jakarta) operates Indonesia's only licensed futures exchange, providing a multi-commodity electronic trading venue for standardized contracts in Gold, Olein/CPO, Rolling Gold, Rolling Gold USD, and Rolling Gold Index, plus an organized physical CPO auction (Pasar Fisik). All contracts are traded on the proprietary JAFeTS electronic trading system and cleared by PT Kliring Berjangka Indonesia (KBI), enabling price discovery, risk transfer, and hedging for Indonesian commodity participants.

Product overview

Jakarta Futures Exchange operates as Indonesia's only futures exchange, offering a multi-commodity futures trading platform through its proprietary JAFeTS electronic trading system. The product portfolio comprises standardized futures contracts including Gold Futures (1 kg), Olein/CPO Futures (20 metric tons), Rolling Gold (KGE), Rolling Gold USD (KGEUSD), and Rolling Gold Index (KIE), alongside an organized physical CPO auction marketplace. All trading is conducted electronically via JAFeTS with clearing guaranteed by PT Kliring Berjangka Indonesia, enabling price discovery and risk transfer for commodity market participants.

Differentiator

Problem solved

Functional benefit

Products and services

• Gold Futures Contract Standardized futures contract for 1 kg gold bars (99.99% fineness) denominated in Indonesian Rupiah, traded on the JAFeTS electronic trading platform with delivery points in Jakarta and Surabaya. Designed for Indonesian hedgers and traders managing gold price risk.
• Olein Futures Contract Palm oil futures contract sized at 20 metric tons for Crude Palm Oil (CPO) settlement — the first commodity contract launched by JFX — providing a hedging instrument for Indonesian cooking oil price volatility.
• Rolling Gold Contract (KGE) Continuous gold futures contract with no maturity date, based on the Loco London gold physical market, denominated in Indonesian Rupiah per gram, allowing traders to extend positions indefinitely.
• Rolling Gold USD Contract (KGEUSD) USD-denominated rolling gold contract (100 troy ounces) offering spot-price trading without interest rate factors applied to daily settlement, complementary to the IDR-denominated KGE.
• Rolling Gold Index (KIE) Index contract comparing the KGE settlement price with the Loco London gold price per gram, functioning as a USD/IDR exchange-rate proxy for hedging currency exposure.
• Organized CPO Physical Market (Pasar Fisik Terorganisir) Electronic auction platform for physical Crude Palm Oil trading via the JFX-Colects system, enabling multilateral commodity transactions over the internet with daily 45-minute sessions and 'All or None' or 'Partial' auction mechanisms; first organized physical market in Indonesia.
• JAFeTS (Jakarta Futures Electronic Trading System) Proprietary electronic trading platform developed by JFX for futures contract execution, supporting multilateral trading, remote member access, basis trading, market surveillance, and clearing house integration with KBI at 50 messages per second throughput.

Quantifiable outcome

• Daily trading volume of 3,894 lots (simulation average) with total simulation volume of 167,462 lots across 83 participants
• +2 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• 29 Founding Shareholder CompaniescoreStrategic or Co-development Partner · 19 August 1999JFX was established by 29 founding companies including 4 palm plantations, 7 refineries, 8 coffee exporters, 8 securities companies, and 2 general traders. Notable founding shareholders include state-owned PT Danareksa and PT Perkebunan Nusantara III. PT Indonesia Futures & Options is listed as no longer a member.
• PT Kliring Berjangka Indonesia (KBI)coreStrategic or Co-development PartnerKBI serves as the clearing house for JFX. It substitutes itself as buyer to seller and vice versa for all matched contracts, guaranteeing financial performance. KBI holds clearing members accountable for all positions and obligations, providing the core counterparty guarantee that underpins the exchange's market integrity.
• Bappebti (Badan Pengawas Perdagangan Berjangka Komoditi / Commodity Futures Trading Supervisory Agency)coreOthersBappebti is the regulatory body overseeing all futures trading in Indonesia under Act No. 32/1997. It conducts Fit and Proper Tests for exchange board members, sets position limits, approves contracts, and supervises broker licensing. JFX sends trade data electronically to Bappebti via the JAFeTS system.
• Reuters (and Bloomberg, Bridge News)coreTechnology or IntegrationReuters provides gold physical market price data for settlement purposes. JFX also disseminates real-time trade prices and market information through Bloomberg and Bridge News for global price transparency and market data distribution.
• Bank IndonesiaminorOthersClient funds must be held in segregated bank accounts approved by Bappebti and KBI. Banks serve as custodians for segregated client funds under exchange rules.
• Independent Surveyors for CPO Quality/Quantity AnalysisminorOthersIndependent surveyors appointed by the Exchange perform final quality and quantity analysis at delivery points for CPO transactions in the organized physical market.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Multi Commodity Exchange of India (MCX): India's largest commodity derivatives exchange offering bullion, base metals, energy, and agricultural futures. Most directly comparable regional exchange with similar regulatory structure, multi-commodity focus, and emerging-market derivatives positioning.
• Tokyo Commodity Exchange (TOCOM): Japan's central commodity futures exchange trading precious metals (gold), rubber, and other industrial commodities. Comparable gold futures product and Asian commodity derivatives positioning.
• Bursa Malaysia Derivatives: Operates Bursa Malaysia Derivatives, which lists FCPO (Crude Palm Oil) futures — the global benchmark for palm oil, directly competing with JFX's Olein contract. Highly relevant peer given commodity and regional overlap.
• Thailand Futures Exchange (TFEX): Thai derivatives exchange under SEC Thailand oversight, offering agricultural futures (rubber, rice) and equity index products. Southeast Asian neighbor with similar regulatory model and emerging-market trading volumes.
• National Commodity & Derivatives Exchange (NCDEX): Indian commodity derivatives exchange specializing in agricultural commodities. Comparable in product mix (agricultural commodities), emerging-market regulatory backdrop, and physical delivery mechanisms.
• Dubai Gold & Commodities Exchange (DGCX): Middle Eastern exchange with strong gold and energy commodity products. Comparable product portfolio emphasis on gold and emerging-market currency denomination (similar to JFX's IDR-denominated gold contracts).

Broad incumbents

• Singapore Exchange (SGX): Singapore's main exchange operates commodity derivatives (SICOM rubber, iron ore, freight) alongside equities. A major regional incumbent that captures Indonesian hedging flow that JFX is attempting to domesticate.
• Hong Kong Exchanges and Clearing (HKEX): Regional incumbent exchange with commodities, metals, and RMB-denominated contracts. Captures Greater China and Southeast Asia hedging flow competing with JFX's palm oil and gold contracts.
• CME Group: World's largest derivatives exchange operator with deep commodity and metals contracts (COMEX/NYMEX). Represents the global benchmark for gold and commodity pricing that JFX's Rolling Gold contracts reference.
• ICE Futures: Intercontinental Exchange operates global commodity futures including soft commodities, energy, and metals. A major competitor for cross-border hedging flow that Indonesian producers may use instead of JFX.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/jakarta-futures-exchange

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Jakarta Futures Exchange