Legal Certainty of Contract for Difference Derivative Transactions in the Alternative Trading System in Indonesia
DOI:
https://doi.org/10.47268/pamali.v5i2.3108Keywords:
Contract For Difference, Derivative Transactions, Investmenst.Abstract
Introduction: Interest in investment in Indonesia has experienced a significant increase in recent years. This trend is driven by technological advancements that facilitate access to various investment platforms, such as digital-based applications and investment e-commerce. However, not all individuals possess adequate understanding of investment risks and potential, which may lead to suboptimal decision-making.
Purposes of the Research: The study aims to analyze the multilayered regulatory structure established to ensure market stability, investor protection, and alignment with national economic objectives, as well as to identify the role of key regulatory institutions within the derivative market ecosystem, particularly in relation to Contract for Difference (CFD).
Methods of the Research: The study utilizes a normative legal analysis methodology, examining primary legal sources, including laws, government regulations, and directives from regulatory institutions.
Results Main Findings of the Research: Indonesia's derivatives trading is governed by a multi-layered regulatory framework to ensure market transparency, security, and stability. The primary legal basis is Law No. 32 of 1997 on Commodity Futures Trading, amended by Law Number 10 of 2011, which establishes BAPPEBTI as the main regulator. Government Regulation Number 9 of 1999 sets operational guidelines, while BAPPEBTI Regulation No. 109/Bappebti/PER/01/2014 and No. 5 of 2017 regulate alternative trading systems, including CFD.
Downloads
Citation Metrics
References
Agnieszka, A. Contracts for Difference: The Instrument of Choice for the Energy Transition. Oxford Institute for Energy Studies, 2024
Alao, & P. Cuffe, "Implementing Contract-for-Difference Arrangements for Hedging Electricity Price Risks of Renewable Generators on a Blockchain Marketplace," IEEE Transactions on Industrial Informatics 19 (2023): 5679–5688, https://doi.org/10.1109/TII.2022.3185661.
Ayu, R., & Fery, A. “The Green Investment Effect on the Regulation of Ide Well Management Cooperation Contract Schemes.” Journal of Law and Legal Reform 5, no. 4 (2024). doi.org/10.15294/jllr.v5i4.4481
Bob Reynold, Understanding Derivatives. (London: Pitman Publishing, 1995).
Chance, An Introduction to Derivatives and Risk Management, 7th ed. (Mason, OH: Thomson South-Western, 2007).
Douglas Foster, A. D. Lee, dan W. M. Liu, "CFDs, Forwards, Futures and the Cost-of-Carry," Pacific Basin Finance Journal 54 (2019): 183–198 https://doi.org/10.1016/j.pacfin.2018.05.004
Elsa Indira Larasati, "Penggunaan Saham Preferen Dalam Penentuan Joint Venture," Gorontalo Law Review 5, no. 1 (April 2022).
Ermilova, M., Altuhova, E., Gryzunova, N., Zhdanova, O., Cerceil, Y., & Laptev, S. “Investment.” Revolutions in International Law. (2021). https://doi.org/10.4135/9781412972024.n1369.
Ilmi, G. A. Optimalisasi BMN Idle sebagai Underlying Asset Sukuk Murabahah untuk Mendorong Pertumbuhan Ekonomi Indonesia. Langgas: Jurnal Studi Pembangunan, 3 no. 2 (2024): 90–97, https://doi.org/10.32734/ljsp.v3i2.15776
Imam Buchori. “Transaksi Derivatif Dalam Perspektif Hukum Islam”. Al-Qanun: Jurnal Pemikiran Dan Pembaharuan Hukum Islam 12 no. 1(2016):130-54. https://doi.org/10.15642/alqanun.2009.12.1.130-154.
Indonesia Commodity & Derivatives Exchange, “Semester I tahun 2024, ICDX catatkan volume transaksi 5,7 juta lot”. https://www.icdx.co.id/news-detail/press-release/semester-i-tahun-2024-icdx-catatkan-volume-transaksi-5-7-juta-lot
Liber Sonata, D., "Metode Penelitian Hukum Normatif Dan Empiris: Karakteristik Khas Dari Metode Meneliti Hukum," Fiat Justisia Jurnal Ilmu Hukum 8, no. 1 (2014).
Lucas, R., & Prescott, E. “Investment Under Uncertainty”. Econometrica 5 no. 39 (1971): 659-681. https://doi.org/10.2307/1909571.
M.E. Retno Kadarukmi. “Asas Keadilan dalam Transaksi Derivatif (Khusus yang Diperdagangkan dalam Bursa) Sebagai Objek Pengenaan Pajak Penghasilan”. Jurnal Administrasi Bisnis, 8 no. 2 (2014) https://doi.org/10.26593/jab.v8i2.423.%25p
Marzuki. Penelitian Hukum. Jakarta: Kencana Prenada Media Group., 2007.
Muhaimin, Metode Penelitian Hukum. Mataram: Mataram University Press, 2020.
Wulandari Widiyanti, Novi. “Karateristik Dan Mekanisme Perdagangan Contract for Difference (CFD) Sebagai Alternatif Investasi Keuangan (Studi Kasus Pada Pasar Derivatif Di Australia),” Jurnal Akuntansi Universitas Jember 8, no. 1 (March 31, 2015): 25, https://doi.org/10.19184/jauj.v8i1.1220.
Paparang, I. L. Perlindungan Hukum Terhadap Investor/Nasabah Yang Mengalami Kerugian Dalam Transaksi Trading Forex. Litigasi 21, no. 2 (2020), 147–167. https://doi.org/10.23969/litigasi.v21i2.3101
Peraturan Kepala Badan Pengawas Perdagangan Berjangka Komoditi Nomor 5 Tahun 2017
Raharja, "Kajian Yuridis Transaksi Derivatif Kontrak Berjangka Dalam Bursa Efek Indonesia," Jurnal Paradigma Hukum 4, no. 1 (2019).
Schlecht, C. Maurer, dan L. Hirth, "Financial Contracts for Differences: The Problems with Conventional CfDs in Electricity Markets and How Forward Contracts Can Help Solve Them," Energy Policy 186 (2024): 1-9, https://doi.org/10.1016/j.enpol.2024.113981.
Sugiyono, Metode Penelitian Kuantitatif, Kualitatif, Dan R&D. Bandung: Alfabeta, Cv, 2013.
Suroyya, N. “Tinjauan Yuridis Perlindungan Hukum Terhadap Investor Dalam Transaksi Forex Margin Trading Pada Bursa Berjangka Oleh Perusahaan Pialang Berjangka”. Universitas Negeri Semarang. 2013
Syaripudin, Enceng Iip, Bung Hijaj Sulthonuddin, Deni Konkon Furkony, and Abdul Hamid. “Sukuk Dalam Perspektif Hukum Ekonomi Syariah”. Jurnal Naratas 4 no. 2 (2022):1-10. https://doi.org/10.37968/jn.v4i2.330.
Syazali, Emir. “Analisis Hukum Pelaksanaan Perdagangan Derivatif Di Pasar Modal Indonesia”. Bacarita Law Journal 4 no. 2 (2024): 215-29. https://doi.org/10.30598/bacarita.v4i2.14532.
Tiara, G., Putri, M., & Santoso, B. “Sistem Investasi Di Indonesia” Toman 1, no. 2 (2024): 303-316
Widiyanti, "Karakteristik dan Mekanisme Perdagangan Contract for Difference (CFD) sebagai Alternatif Investasi Keuangan (Studi Kasus pada Pasar Derivatif di Australia)". Jurnal Akuntansi Universitas Jember 8, no. 1 (2015): 25-35 https://doi.org/10.19184/jauj.v8i1.1220
Zanuba Abi, N. L. A. “Praktik Contract for Differences (CFD) pada Trading Forex dan Saham Perspektif Hukum Ekonomi Syariah”. El-Uqud: Jurnal Kajian Hukum Ekonomi Syariah 2 no. 1 (2024): 27–40. https://doi.org/10.24090/eluqud.v2i1.8303
Zengeler dan U. Handmann, "Contracts for Difference: A Reinforcement Learning Approach," Journal of Risk and Financial Management 13, no. 4 (2020), https://doi.org/10.3390/jrfm13040078
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Teguh Firmansyah, Sang Ayu Putu Rahayu
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
License Terms: PAMALI: Pattimura Magister Law Review is disseminated based on the Creative Commons Attribution-NonCommercial 4.0 International license terms. This license allows anyone to copy and redistribute this material in any form or format, compose, modify, and make derivatives of this material for any purpose. You cannot use this material for commercial purposes. You must specify an appropriate name, include a link to the license, and certify that any changes have been made. You can do this in a way that is appropriate, but does not imply that the licensor supports you or your use.
