The House of Representatives on Tuesday approved a new law on futures trading, which includes new clauses on sharia derivatives, new regulations on clearing houses and firmer criminal sanctions.
"We have expanded the definition of commodity futures trading, now called futures trading, as everything related to commodities trade involving margin settings and future settlements, based on futures contracts, sharia derivative contracts and or other derivative contracts," Airlangga Hartaro, the head of the House Commission VI overseeing trade, industry and investment, said during the House's Tuesday plenary session.
"The government and the House of Representatives took the longest time deliberating the regulation on business licenses for clearing houses, concerning their number and forms," he added.
Trade Minister Mari Elka Pangestu, who represented the government in the plenary session, said the 2011 Law on the Revision of the 1997 Law on Commodity Futures Trade would help Indonesia comply with the intentions of the G20 economic group, which is seeking for firmer regulations on futures trading.
"We believe that the bill, when passed into law, will be a legal instrument allowing more effective supervision over derivative contract transactions, which are now being regulated," Mari said shortly before the endorsement of the new law.
"With the signing of this law, we hope that our future trading will develop and we'll no longer have to refer to other countries for the prices of our primary commodities," she added.