Indonesia Clearing House

What Indonesia Clearing House does

Indonesia Clearing House (ICH, PT Indonesia Clearing House) is Indonesia's licensed commodity and derivatives futures clearing institution, established in 2007 and operating from a Bappebti-licensed mandate since 2009 under Law No. 32 of 1997 (amended by Law No. 10 of 2011). The company provides novation, margin management, clearing, and settlement guarantee services for trades executed on the Indonesia Commodity & Derivatives Exchange (ICDX) and on approved over-the-counter systems, and operates under the oversight of three regulators: Bappebti, Bank Indonesia, and OJK. Its core technology stack centers on two proprietary platforms — e-CITRA, which delivers real-time trade reporting and clearing information with a 90-day transaction history, and e-Gold, which enables digital gold trading backed by physical gold vaulted at ICDX Logistic Berikat (ILB) — supported by specialized clearing portals for multilateral futures, OTC derivatives, PALN, CPO, and tin. Risk management relies on a historical-simulation margin methodology at 99% confidence, a 3-year lookback with weekly/monthly reviews, and a layered Clearing Waterfall mechanism, with the entire ISMS certified to ISO/IEC 27001:2022.

ICH earns revenue through a combination of recurring monthly membership fees across multiple member categories (brokers, OTC traders, tin sellers and buyers, CPO participants, E-Gold traders, and Sharia commodities members), per-transaction clearing and settlement fees on futures trades and digital gold transactions, and fees for block trades set out in ICDX-ICH joint circulars. Its customer base spans 50+ broker clearing members, 55+ tin sellers, 46+ tin buyers, 51+ CPO participants, 9+ Sharia members, 5+ E-Gold traders, and 8 custodian banks (including BCA, Mandiri, CIMB Niaga, Maybank Indonesia Syariah, BSI, Sinarmas, Capital, and CCB Indonesia). Services are distributed exclusively through the ICDX ecosystem and ICH's digital platforms, with no consumer-facing or international distribution. The company has 51–100 employees and is privately held.

Name

Indonesia Clearing House

Legal name

PT Indonesia Clearing House

Website

https://ich.co.id

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

51–100 employees

Short description

Indonesia Clearing House (ICH) is a Bappebti-licensed commodity and derivatives futures clearinghouse serving brokers, commodity traders, Sharia members, and custodian banks within the ICDX exchange ecosystem via its e-CITRA and e-Gold platforms.

Ownership category

akta.pro rank

Product category

Commodity & Derivatives Clearing Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Clearing, Settlement & Trade Processing (FSADAJAE)

akta.pro secondary industry

ACH Operator & Clearinghouse Services (FSAMAGAA)

Keywords

• Commodity futures clearing
• Derivatives settlement services
• Risk management clearing
• Digital gold trading
• Warehouse receipt registry

Headquarters

HQ city

Jakarta Pusat

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Clearing and Settlement Fees: Fees charged for clearing and guaranteeing futures trading transactions conducted on the ICDX exchange, including multilateral transactions settled via cash or physical delivery.
2. Transaction Fees - Digital Gold: Fees for digital gold physical market trading including off-exchange digital gold transactions, membership fees for digital gold participants, and transaction fees for gold-based products.
3. Membership Fees: Monthly membership fees for various member categories including brokers, OTC traders, commodities sharia members, tin sellers/buyers, CPO participants, and E-Gold traders.
4. Block Trade Transaction Fees: Fees for block trade transactions as specified in ICDX-ICH joint circulars.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Indonesia Clearing House (ICH) is a licensed commodity and derivatives futures clearinghouse that provides clearing, settlement, and guarantee services for futures trading on the Indonesia Commodity & Derivatives Exchange (ICDX). It operates the e-CITRA real-time trade reporting platform and the e-Gold digital gold futures trading platform, while delivering risk management (margining, novation, stress-testing), physical commodity logistics through ICDX Logistic Berikat, and warehouse receipt registration services. ICH also serves OTC, Sharia-compliant, CPO, and tin commodity participants through specialized clearing portals.

Product overview

Indonesia Clearing House (ICH) operates a platform-based clearing and settlement ecosystem for Indonesia's commodity and derivatives market. The core product portfolio centers on two main digital platforms: e-CITRA (Clearing Info of Trade), an electronic system providing real-time trade reporting and clearing information services with 90-day transaction history; and e-GOLD, a digital platform facilitating structured and secure gold futures trading with guaranteed clearing services. Supporting these platforms are specialized clearing portals for multilateral futures, OTC derivatives, PALN futures/stock, Crude Palm Oil, Tin, and E-Gold transactions. ICH's services encompass risk management (including stress-testing and margin monitoring), clearing and settlement (via cash settlement and physical delivery mechanisms with novation), logistics (physical commodity storage through ILB), and corporate governance. Trading products include GOFX forex contracts in multiple currency pairs, GOLDUD gold futures (USD-denominated), GOLDID1 rupiah gold, and commodity futures for CPO and Tin.

Differentiator

Problem solved

Functional benefit

Brands

• e-CITRA: An electronic system that provides real-time trade reporting and clearing information services. e-Citra ensures transparency and efficiency in the clearing process while supporting regulatory oversight of futures trading.
• e-Gold

Products and services

• e-CITRA Electronic Clearing Info of Trade (e-CITRA) is an electronic system that provides real-time trade reporting and clearing information services for futures trading members; clients can track transactions being cleared and view transaction data up to 90 days back.
• e-Gold Digital platform that facilitates structured and secure gold futures trading, allowing investors to own gold digitally without physical storage concerns; all transactions are guaranteed by ICH and backed by gold bars stored at ICDX Logistic Berikat (ILB).
• Clearing & Settlement Services Transaction clearing and settlement services supporting multilateral transactions through cash settlement and physical delivery mechanisms, with novation to guarantee fulfillment of contractual rights and obligations.
• Logistics Services Logistics support for physical commodity delivery, including commodity storage and transfer management through ICDX Logistic Berikat (ILB).
• Risk Management Services Comprehensive risk management services including stress-testing for capital adequacy of the clearing fund, position limits on customer groups to prevent concentration risk, responsive margining, and collateralization processes with a Clearing Waterfall mechanism.
• Corporate Governance Services Corporate governance framework ensuring operational security and efficiency, prudent risk management practices, and adequate financial, human, and technological resources.
• GOFX Forex Daily Rolling Contracts Daily rolling forex contracts for currency pairs including AUD, CAD, CHF, EUR, GBP, JPY, NZD, USD and exotic pairs (HKD, INR, KRW, MYR, RUB, SGD, THB, CNY) available in Micro and Mini contract sizes.
• GOLDUD Gold Futures USD-denominated gold futures contracts available in Micro and Mini contract sizes for clearing on the ICDX exchange.
• GOLDID1 Rupiah Gold Daily Rolling Contract Rupiah-denominated gold daily rolling contract launched in August 2024 for trading gold in Indonesian Rupiah denomination.
• Crude Palm Oil (CPO) Futures Clearing Crude Palm Oil futures contracts for physical commodity trading with clearing and settlement services covering cash collateral, settlement pricing, and physical market access.
• Tin Futures Clearing Tin futures contracts for physical commodity trading with clearing and guarantee services, supporting tin export, quality guarantee, and commodity standards.
• Multilateral Clearing Portal (Nexus) Clearing report portal for multilateral futures transactions processed through the ICDX exchange.
• OTC Clearing Portal Clearing report portal for Over-the-Counter derivative transactions registered on the Alternative Trading System.
• PALN Futures Clearing Clearing portal for PALN (Nikkei 225) futures contracts.
• PALN Stock Clearing Clearing portal for PALN stock derivatives.
• CPO Clearing Portal Clearing portal for Crude Palm Oil physical market transactions.
• Tin Clearing Portal Clearing portal for tin physical market transactions.
• Warehouse Receipt Registration Center Government-approved Warehouse Receipt Registration Center service under BAPPEBTI license for the registration of warehouse receipts in commodity trade.
• PUVA Clearing Institution Registration (Money Market and Foreign Exchange) Clearing institution services for Money Market and Foreign Exchange (PUVA) transactions, registered with Bank Indonesia.

Quantifiable outcome

• Transaction data accessible up to 90 days back via e-CITRA platform
• +1 more outcomes

Named customers9 records

Segments6 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Indonesia Commodity & Derivatives Exchange (ICDX)coreStrategic or Co-development PartnerICDX is the futures exchange where ICH provides clearing and guarantee services. ICH processes all transactions registered on ICDX exchange, providing novation, margin management, and settlement services. The two institutions work closely on joint circulars and regulatory compliance.
• ICDX Logistic Berikat (ILB)coreStrategic or Co-development PartnerILB provides gold vault storage services for the digital gold ecosystem. All gold involved in ICDX digital gold transactions is stored at ILB facilities, providing secure physical backing for ICH's digital gold clearing services.
• Bank Central AsiaminorChannel Partner/ Reseller/ DistributorBank BCA serves as a custodian bank for ICH, providing banking services for clearing member collateral deposits and fund management.
• Bank MandiriminorChannel Partner/ Reseller/ DistributorBank Mandiri serves as a custodian bank for ICH, providing banking services for clearing member collateral deposits and fund management.
• Bank SinarmasminorChannel Partner/ Reseller/ DistributorBank Sinarmas serves as a custodian bank for ICH.
• Bank CapitalminorChannel Partner/ Reseller/ DistributorBank Capital serves as a custodian bank for ICH.
• Bank China Construction Bank Indonesia (CCB)minorChannel Partner/ Reseller/ DistributorBank CCB serves as a custodian bank for ICH.
• Bappebti (Commodity Futures Trading Regulatory Agency)coreOthersGovernment regulatory agency overseeing physical commodity and commodity-based derivatives trading. ICH operates under Bappebti supervision and licensing.
• Bank IndonesiacoreOthersCentral bank that supervises money market and foreign exchange derivatives trading (PUVA). ICH registered as PUVA clearing institution via Bank Indonesia Letter No. 27/301/DPPK/Str/B.
• OJK (Financial Services Authority)coreOthersRegulatory body overseeing securities-based derivatives trading. Part of tri-regulator framework for ICH operations.

Scale indicators2 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• London Metal Exchange (LME): Premier global exchange for industrial metals trading including tin, copper, and aluminum. LME Clear provides metal derivatives clearing services directly comparable to ICH's tin clearing operations, particularly relevant given tin is one of ICH's flagged product categories.
• Intercontinental Exchange (ICE): Major global exchange operator providing clearing services for energy, agricultural, and financial derivatives through ICE Clear Europe, ICE Clear Credit, and ICE Clear US. ICE's multi-asset clearing model and global reach provide a broad incumbent comparable to ICH's derivatives clearing framework.
• CME Group: The world's largest derivatives marketplace offering futures and options across commodities (including precious metals like gold), FX, and interest rates. CME operates one of the most sophisticated central counterparty clearing infrastructures globally and serves as the structural benchmark for product categories ICH clears.
• LCH (London Clearing House): Part of LSEG, LCH is a leading global central counterparty (CCP) providing clearing for OTC and exchange-traded derivatives across rates, FX, commodities, and securities financing. LCH represents the global benchmark for CCP risk management frameworks and operations structurally comparable to ICH's Clearing Waterfall and margin methodology.

Regional players

• Singapore Exchange (SGX): Asia's leading multi-asset exchange offering derivatives and commodities clearing through SGX-DC, covering Asian FX, commodities, and equity derivatives. SGX is the most comparable regional exchange operator with full-spectrum clearing infrastructure serving institutional members in Southeast Asia.
• Japan Exchange Group (JPX): Japan Exchange Group operates Tokyo Commodity Exchange (formerly TOCOM) providing clearing for precious metals, rubber, and agricultural commodities. JPX is a relevant regional peer in Asian commodity futures with comparable precious metals product offerings.
• Multi Commodity Exchange of India (MCX): India's largest commodity derivatives exchange offering futures trading in bullion, base metals, energy, and agricultural commodities with integrated clearing house services. MCX is the closest emerging-market regional peer in product mix, particularly around gold and base metals which overlap with ICH's offerings.
• Thailand Futures Exchange (TFEX): Thailand's primary derivatives exchange offering futures on commodities, FX, and stock indices with clearing infrastructure. TFEX operates as a regional peer to ICH within the Southeast Asian commodity and derivatives futures landscape, serving institutional clearing members.

Direct peers

• PT Kliring Berjangka Indonesia (KBI): Indonesia's primary futures clearing institution serving the Jakarta Futures Exchange (now part of BBJ/ICDX ecosystem), providing clearing and settlement for forex, commodities, and index futures. KBI is the most direct domestic peer to ICH, operating within the same regulatory framework under Bappebti supervision and serving overlapping clearing member types.

Emerging players

• Dubai Gold & Commodities Exchange (DGCX): Middle East's leading derivatives exchange with strong focus on gold, currencies, and commodities backed by DMCC vault infrastructure. DGCX is the most directly comparable peer in product mix to ICH's e-Gold offering and precious metals clearing focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Indonesia Clearing House