OJK prepares four rules for Indonesia’s mandatory strategic commodities exchange

Indonesia’s Financial Services Authority (OJK) is drafting four technical regulations to establish the operational framework for the Mineral and Strategic Commodities Exchange (BMKS), ahead of the introduction of mandatory trading through the exchange on January 1, 2027. OJK Executive Head of Mineral and Strategic Commodities Exchange Supervision Sarjito said the authority would issue four Board of Commissioners Members Regulations (PADK) to provide technical guidelines for two regulations adopted earlier this year, OJK Regulations (POJK) No.

15/2026 and No. 16/2026. “OJK will issue four Board of Commissioners Members Regulations (PADK) as technical guidelines for these POJK regulations,” Sarjito said at OJK’s monthly Board of Commissioners meeting press conference on November 5, 2026.

The four regulations will cover operational requirements for BMKS infrastructure, including the exchange operator, clearing institution and electronic custodian; requirements for commodity trading intermediaries; fit-and-proper assessments for key parties involved in exchange operations; and trading requirements for commodities listed on the exchange.

A single exchange for strategic commodities BMKS is scheduled to begin mandatory operations on January 1, 2027, under a single-exchange model. Transactions involving designated strategic commodities, including mining products and crude palm oil, will be channelled through one exchange under OJK supervision.

Sarjito has argued that centralising transactions through a single platform would improve market efficiency, strengthen liquidity and increase confidence in Indonesia’s commodities market. “I think it should be a single exchange. The London Metal Exchange is the only one.

The Singapore Futures Exchange, Chicago Mercantile Exchange and Shanghai Futures Exchange are also single exchanges. It is more efficient,” he said during a statement at the parliamentary complex in Jakarta. However, the transition will affect market participants currently conducting commodity transactions through different trading mechanisms and platforms.

OJK plans to reassess market participants Sarjito said OJK could reassess existing market participants as part of the transition, including reviewing their eligibility to operate under the new framework and conducting new fit-and-proper assessments where necessary. He said the authority would seek to ensure that the transition did not disrupt existing transactions or leave outstanding trades unresolved.

Transactions conducted through other platforms would be transferred into the new system, subject to improvements and compliance with applicable requirements. “We may evaluate all market players again. But the transition must be smooth, and nothing should be left pending.

Transactions that have already taken place elsewhere will be carried over, with improvements in line with the relevant requirements, so that this exchange will be very credible,” he said. The reassessment is also intended to prevent trading practices that violate applicable regulations and strengthen oversight of exchange operators and other market participants.

The January 1, 2027 deadline will mark the start of mandatory trading through BMKS, making the four implementing regulations central to preparing market participants and exchange infrastructure for the transition.