Bank Mandiri Appointed as Futures Margin Depositary Bank

Jakarta, June 27, 2014 - Bank Mandiri has been appointed as a depositary bank for margin settlement of commodity futures transactions. This was confirmed by the signing of an agreement by Bank Mandiri Director of Institutional Banking, Abdul Rachman, and Tris Sudarto, the CEO of Kliring Berjangka Indonesia (KBI) (the Indonesia Futures Clearing House) in Jakarta on Friday (27 June). The signing ceremony was witnessed by the Ministry of Trade's Head of the Commodity Futures Trading Regulatory Agency (Bappebti), Sutriono Edi.

Bank Mandiri secured the approval of the Bappebti to act as depositary bank for margin, commission and guarantee funds on January 6, 2014.

Abdul Rahman said that the forging of commercial synergies between Bank Mandiri and other SOEs would encourage an increase in business on the commodity futures exchange as a result of the convenient electronic and conventional banking services provided by the Bank.

"By collaborating with PT Kliring Berjangka Indonesia (Persero), we expect that many clearing house members will open dedicated Bank Mandiri accounts to accommodate their commodity futures trading transactions," he said.

Abdul Rahman added that with the comprehensive range of financial products and services provided by Bank Mandiri, the Bank was confident that it could further increase its involvement in the commodity futures trading sector.

Currently, there are a total of 78 clearing house members, with the number of lots traded amounting to 4,520,659.2.

Meanwhile, Tris Sudarto said the partnership marked a positive step forward as many many clearing house members were eager to bank with Bank Mandiri.

"The development of commodity futures trading will have a multiplier effect on the development of the national economy," Tris said.

Sutriono Edi said that the collaboration between Bank Mandiri and PT Kliring Berjangka Indonesia (Persero) would not be confined solely to commodity futures trading, but would also be expanded to include warehouse receipt and auction market financing.

He said that under Law No. 32 of 1997, as amended by Law No. 10 of 2011, the duties and functions of Bappebti were to conduct training, regulation, development and oversight in the commodity futures trading market, including oversight in respect of the management of customer funds in the dedicated accounts maintained by brokers with futures margin depositary banks.


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