Indonesia will build trustworthy commodity exchange, chief supervisor candidate says
JAKARTA - Indonesia's upcoming minerals and strategic commodity exchange would be built with infrastructure that can be trusted, the President's nominee to regulate commodity trading, former financial services authority OJK official M Sarjito, said on Monday.
The commodity bourse is set to start operations on January 1, in a move by the government of the resource-rich country to better influence prices of its commodities.
Indonesia is the world's biggest exporter of thermal coal, palm oil and nickel. It is also a major supplier of tin, copper, bauxite, and coffee beans.
"People will always assess the market, whether it is transparent, fair, orderly, liquid, or not," Sarjito said at a "fit-and-proper" hearing conducted by parliament's financial committee for the role, which will supervise and regulate trading at the new bourse.
"If the market is not deep, has no integrity, industry players and traders would not trust it," said Sarjito.
He is President Prabowo Subianto's sole candidate for the position of chief supervisor of commodity trading at the financial services authority, which is known locally as OJK.
Sarjito, who retired in 2024 as the OJK's deputy commissioner of consumer protection, the highest position for a bureaucrat at the authority, needs parliamentary approval to secure the new role.
He told lawmakers that the OJK as the regulator, the bourse, clearing agencies, warehouses and other stakeholders must immediately work to build market trust.
"The exchange does not have to become huge on its first day, but it has to be trusted from the first transaction," he said.
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