Indonesia Commodity and Derivatives Exchange
Corporate brand
UnclaimedAn Indonesian commodity and derivatives exchange specializing in futures, physical commodities, and related market infrastructure.
Last updated August 24, 2026
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Overview
The Indonesia Commodity and Derivatives Exchange (ICDX) is an Indonesian commodity exchange established in 2009. It provides trading infrastructure and market rules for commodity and derivatives transactions, with a stated focus on creating organized, transparent, and regulated markets for Indonesia’s natural-resource economy. Its markets have included gold, foreign exchange, crude oil, crude palm oil, tin, rubber, carbon credits, sharia-compliant commodity transactions, and digitally represented gold. ICDX operates within Indonesia’s commodity-futures regulatory framework and works with market participants that include trading members, brokerage firms, clearing members, and foreign or remote members. Its exchange function is supported by affiliated infrastructure businesses. PT Indonesia Clearing House, formerly known as PT Identrust Security International, provides clearing, settlement, transaction guarantees, margin-related processes, and risk-management functions for eligible exchange transactions. PT ICDX Logistik Berikat supports physical-market activity through bonded logistics, warehousing, collateral management, customs services, commodity delivery, and warehouse-receipt-related services. Together, these entities are intended to connect exchange trading with clearing and physical delivery rather than treating the exchange as a standalone electronic venue. The exchange’s product development has followed the importance of Indonesian commodities in global supply chains. In 2010 it introduced the CPOTR crude palm oil futures contract, designed to provide a domestic reference for Indonesian CPO exporters. It subsequently developed physical and futures contracts for tin, a strategically important Indonesian export commodity, and promoted exchange-based price discovery as an alternative to reliance on offshore trading centers. ICDX has also introduced contracts and platforms covering gold, oil, foreign exchange, and rubber. Its GOFX product family groups gold, oil, and foreign-exchange futures and is connected with MetaTrader 5 for electronic access through participating members. Tin has been one of ICDX’s most prominent physical-market initiatives. The exchange launched an Indonesian tin market in 2013 with several contract specifications and later added pure-tin bar contracts. It also organized the Indonesia Tin Conference and Exhibition and reported growth in the number of countries receiving Indonesian tin exports. The exchange’s logistics and clearing ecosystem is designed to support the movement, custody, and settlement of physical commodities associated with such markets. ICDX has expanded beyond conventional futures. It has supported a sharia commodity market based on commodity-sale structures used in Islamic finance after receiving regulatory permission to organize a sharia commodity murabahah market. It has also developed carbon-credit trading activity, in which a carbon unit represents one tonne of carbon-dioxide-equivalent emissions reduction or allowance, and has integrated with digital-gold businesses to support a more organized physical-gold ecosystem. The exchange is supervised within Indonesia’s commodity-futures regulatory system by the Commodity Futures Trading Regulatory Agency, commonly known as BAPPEBTI or CoFTRA, under the Ministry of Trade. ICDX’s membership model accommodates Indonesian and foreign participants, subject to applicable legal and regulatory requirements. The organization presents itself as a national and international trading center for Indonesian natural resources, while its practical role is that of a regulated venue linking price discovery, futures trading, clearing, risk management, and physical commodity logistics.
History
ICDX was established in 2009 as an Indonesian venue for commodity and derivatives transactions. Its founding purpose was to provide exchange facilities, rules, and market infrastructure through which members could conduct commodity trades under the supervision of Indonesia’s commodity-futures regulatory system. The exchange initially developed products connected with gold and other commodities and then broadened its coverage to reflect Indonesia’s importance in natural resources and agricultural production. In 2010, ICDX launched the CPOTR crude palm oil futures contract. The product was intended to contribute to domestic price discovery for crude palm oil and to serve as a reference for exporters. Further gold and oil-related contracts followed, while the exchange continued to build a broader derivatives offering. During the early 2010s, ICDX made tin a central part of its physical-commodity strategy. Indonesia is a major tin producer and exporter, and ICDX introduced the INATIN physical tin contract in 2012, followed by additional pure-tin bar contract specifications. These initiatives sought to move more Indonesian tin transactions onto a domestic exchange and to strengthen local price formation. The exchange’s tin program expanded through market-development activity, including the Indonesia Tin Conference and Exhibition held in Bangka in 2014. ICDX also reported rising international reach for Indonesian tin and promoted exchange trading as a way to support greater national control over a strategically important export. In 2015, PT Identrust Security International was renamed PT Indonesia Clearing House following a BAPPEBTI decision. Indonesia Clearing House became the clearing and transaction-guarantee institution associated with the exchange, handling clearing, settlement, margin, and risk-management functions. ICDX broadened its physical-market ecosystem in 2016 through a rubber contract initiative and the development of a regional rubber-market concept involving Indonesia, Thailand, and Malaysia. In 2017, PT ICDX Logistik Berikat began operating. ILB was designed to complement exchange and clearing activities with bonded logistics, storage, delivery, customs, collateral management, and warehouse-receipt services. The arrangement gave ICDX a more integrated model in which physical commodity custody and delivery could be connected with contracts traded on the exchange. In 2018, ICDX launched GOFX, a family of gold, oil, and foreign-exchange futures traded through its multilateral market. GOFX was later extended with a micro product in 2019 and connected with MetaTrader 5 through participating market members. The exchange also put EPACT, an electronic warehouse-receipt trading platform, into operation in 2019. In 2020, it introduced several crude-oil futures products, including COFR, COFU10, and COFU100. The organization subsequently expanded into newer market categories. In 2021, ICDX became an exchange venue for the digital-gold physical market by integrating with digital-gold businesses. The purpose was to provide a more organized market structure and connect digital-gold activity with the ICDX ecosystem. In 2022, BAPPEBTI authorized ICDX to organize a sharia commodity murabahah market, supporting commodity transactions structured according to sharia principles. Carbon credits also became part of the exchange’s stated product scope, with each carbon unit representing one tonne of carbon-dioxide-equivalent emissions. In 2023, ICDX reported receiving BAPPEBTI approval to operate as Indonesia’s designated exchange for crude palm oil. The exchange therefore combines conventional futures trading with physical commodity markets, clearing, logistics, warehouse services, and specialized markets such as sharia commodities, carbon, and digital gold. Its continuing role is shaped by Indonesian regulation, the needs of commodity exporters and financial institutions, and the country’s effort to develop domestic market infrastructure for its natural resources.
- 2023
Approval relating to the CPO exchange market
[1]ICDX reports receiving regulatory approval to operate as Indonesia’s designated exchange for crude palm oil.
- 2022
Sharia commodity-market authorization
[1]BAPPEBTI authorizes ICDX to organize a sharia commodity murabahah market.
- 2021
Digital-gold market integration
[1]ICDX becomes an exchange venue for the digital-gold physical market through integration with digital-gold enterprises.
- 2020
New crude-oil futures contracts launch
[1]ICDX introduces COFR, COFU10, and COFU100 crude-oil futures products.
- 2019
GOFX Micro and EPACT launch
[1]The exchange introduces GOFX Micro and begins operating its electronic warehouse-receipt trading platform, EPACT.
- 2018
GOFX goes live
[1]ICDX launches the GOFX family covering gold, oil, and foreign-exchange futures.
- 2017
ICDX Logistik Berikat begins operations
[1]ILB starts operating as the group’s bonded-logistics and physical-commodity support business.
- 2016
Rubber market initiative develops
[1]ICDX launches a TSR20 rubber physical-contract initiative and participates in a regional rubber-market concept involving Indonesia, Thailand, and Malaysia.
- 2015
Indonesia Clearing House is formed under its new name
[1]PT Identrust Security International changes its name to PT Indonesia Clearing House following a BAPPEBTI decision.
- 2014
First Indonesia Tin Conference and Exhibition
[1]ICDX holds the first Indonesia Tin Conference and Exhibition in Bangka to develop the tin market and its industry network.
Products and positioning
A regulated Indonesian commodity-market infrastructure provider and exchange connecting derivatives trading, physical commodities, clearing, logistics, and price discovery.
Futures products · 2018
GOFX
GOFX is ICDX’s grouped futures offering for gold, crude oil, and foreign exchange. The products trade in the exchange’s multilateral market and are subject to Indonesia’s commodity-futures regulatory framework. GOFX is designed to provide standardized access to several globally traded asset exposures through ICDX members and is integrated with MetaTrader 5 for electronic trading access. A smaller-contract GOFX Micro product was introduced later.
Physical commodity contracts · 2012
Indonesian Tin Market
ICDX’s Indonesian tin market includes physical tin contracts developed to support domestic exchange-based price discovery and the trading of a major Indonesian export commodity. The program began with INATIN in 2012 and was followed by several pure-tin bar specifications. The exchange has also used conferences, logistics services, and clearing infrastructure to support the broader physical tin ecosystem and reduce dependence on offshore venues for Indonesian tin transactions.
Crude palm oil futures · 2010
CPOTR
CPOTR is ICDX’s crude palm oil futures contract. Introduced in 2010, it was developed to provide an Indonesian reference for CPO trading and to support exporters in a country that is among the world’s leading palm-oil producers. The contract forms part of ICDX’s effort to establish local price formation and exchange infrastructure for Indonesia’s strategically important agricultural commodities.
Gold derivatives and physical gold · 2009
Gold contracts
ICDX offers gold-related market products including early GOLDGR, GOLDUD, and GOLDID contracts, as well as a later digital-gold market initiative. The exchange’s digital-gold integration connects participating digital-gold businesses with ICDX infrastructure in an effort to improve organization, liquidity, settlement, and risk mitigation for investors in digitally represented physical gold.
Energy futures · 2011
Crude-oil futures
ICDX’s oil-related offering includes OLEINTR and the COFR, COFU10, and COFU100 crude-oil futures contracts. The products are intended to give market participants exchange-based exposure to crude-oil prices through standardized contracts and regulated clearing arrangements. The later COF products were launched in 2020 as part of the exchange’s expansion of its energy-derivatives range.
Sharia-compliant commodity transactions · 2022
Sharia Commodity Market
The sharia commodity market facilitates commodity transactions structured according to sharia principles. The traded commodities must have identifiable type, quality, and quantity and must comply with applicable law. The market supports commodity-sale arrangements involving commodity traders, Islamic financial institutions, and their customers, including structures associated with murabahah financing.
Carbon credits
Carbon
ICDX’s carbon-market activity concerns carbon units or credits representing emissions value measured in tonnes of carbon-dioxide equivalent. Buyers may include entities whose emissions exceed applicable limits, while sellers may include entities that reduce emissions or operate below relevant thresholds. The product extends ICDX’s commodity-market role into environmental instruments.
Electronic warehouse-receipt platform · 2019
EPACT
EPACT is ICDX’s electronic warehouse-receipt trading platform. It supports the exchange and related logistics ecosystem by connecting warehouse receipts with electronic trading and potential commodity-finance processes. The platform became operational in 2019 as part of ICDX’s effort to integrate physical custody, warehouse management, and market transactions.
Marketing campaigns
- 2016Regional Rubber Market Initiative
Indonesia · Malaysia · Thailand
ICDX participated in the inauguration of a regional rubber-market concept linking the principal Southeast Asian producing countries represented by Indonesia, Malaysia, and Thailand.
Outcome. The initiative broadened ICDX’s commodity-market development activities beyond tin, palm oil, and derivatives.
- 2014Indonesia Tin Conference and Exhibition
Indonesia · International tin industry
ICDX organized the first Indonesia Tin Conference and Exhibition in Bangka as an industry and market-development event for Indonesia’s tin sector.
Outcome. The event supported ICDX’s effort to build visibility and participation around domestic exchange-based tin trading.
Brand decisions
2023
Operate as Indonesia’s designated CPO exchangeStrategyBackground
Crude palm oil is a strategically important Indonesian export commodity, creating demand for domestic exchange infrastructure and reference pricing.
Action taken
ICDX received reported BAPPEBTI approval to operate as Indonesia’s designated exchange for crude palm oil.
Aftermath
The approval reinforced ICDX’s role in Indonesia’s palm-oil market and extended its earlier CPOTR price-discovery initiative.
2022
Organize a sharia commodity murabahah marketOtherBackground
Indonesian Islamic financial institutions require commodity-market structures that comply with sharia principles and applicable commodity-futures regulation.
Action taken
Following BAPPEBTI authorization, ICDX organized a sharia commodity market based on permitted commodity-sale arrangements.
Aftermath
The decision added a specialized Islamic-finance market to ICDX’s exchange offering.
2021
Integrate digital-gold enterprisesStrategyBackground
Digital gold was emerging as an investment channel, but market participants needed organized infrastructure and risk controls linked to physical-gold activity.
Action taken
ICDX integrated with digital-gold enterprises and positioned itself as an exchange venue for the digital-gold physical market.
Aftermath
The initiative expanded ICDX’s role from conventional derivatives into digitally connected physical-gold market infrastructure.
2018
Launch GOFXProduct launchBackground
ICDX sought to broaden its derivatives range beyond individual commodity contracts and provide access to internationally followed gold, oil, and foreign-exchange markets.
Action taken
The exchange launched GOFX as a grouped futures product family traded through its multilateral market.
Aftermath
GOFX was later extended with a micro contract and electronic-platform integration through participating members.
2012
Launch the INATIN physical tin contractProduct launchBackground
Indonesia is a major global tin producer and exporter, while much of the country’s tin trade had historically been associated with offshore market centers.
Action taken
ICDX introduced an exchange-traded physical tin contract to support domestic price discovery and exchange-based settlement.
Aftermath
The launch began ICDX’s sustained tin-market program, which later included pure-tin bar contracts, industry events, and related logistics infrastructure.
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