Exchange Derivatives

Based on the Exchange Transaction list, IDClear carries out Futures Contract Netting Clearing for Futures Contract transactions for each Clearing Member and Customer. The Clearing process and activities by Futures Contract Netting are carried out with the following conditions: 

1. IDClear determines Open Positions for all Futures Contract transactions;
2. IDClear determines the fund rights or obligations of each Clearing Member consisting of Profit or loss (gain or loss) on Futures Contract positions; and Determination or change in Margin requirements for Futures Contract positions.
3. The basis for calculating the rights and obligations of funds for Open Positions is using HPH every Exchange Day, or HPF if on that Exchange Day, the Futures Contract in question matures.

Settlement of Futures Contract Transactions is the fulfillment of the Clearing Member's obligations to IDClear and the fulfillment of the Clearing Member's rights by IDClear based on the Securities Derivative Contract DHK. List of Clearing Results of Securities Derivative Contracts (DHK Securities Derivative Contracts) is an electronic document containing details of the rights and obligations of each Clearing Member arising from Securities Derivative Contract Exchange Transactions.  

Clearing is carried out up to the customer level regarding contract positions, gains/losses, and margin requirements. Clearing is carried out every day with Gain/Loss calculations based on the Daily Settlement Price at T+1. SKD calculates the Final Settlement Price (HPF) on the last day of the contract and closes the contract due. IDClear submits clearing results in the form of a Clearing Result List (DHK) at the end of each day at a maximum of 19:30 WIB.

Profit Calculation Simulation

1. Simulation of Profit Calculation when Bullish

On February 25 2025, Investor A has a prediction that the IDX30 Index will rise (bullish), so he buys (Long) 10 one-month series IDX30 Futures contracts with the code IDX30G5. Trading Simulation and Profit Calculation until maturity.

There is a case study of a derivative transaction with a profit: Spot market conditions with the IDX30 instrument are 505. HPH on that day is 510, the investor places a buy order for IDX30G5 at a price of 505 for 10 contracts, which is 4% x Index Number x Number of Contracts x Multiplier = 4% x 505 x 10 x IDR 100,000 = IDR. 20,200,000. Mark to market on February 25 (510-505) x 10 contracts x IDR 100,000 = IDR 5,000,000. On February 26, conditions on the spot market were experiencing a bullish trend so that the HPH at the end of trading had increased to IDX30G5 with HPH 511, so at the time of mark to market, the profit was (511-510) x  10 contracts x IDR 100,000, namely IDR. 1,000,000.

On February 27, the underlying price on the spot market increased again so that the HPH became 513, for the mark to market on that day it became (513-511) x 10 contracts x IDR 100,000 so that investors got a profit of IDR. 2,000,000. At the end of February, namely at maturity on the 28th, the HPF becomes 515 for IDX30G5 so that the total funds received by investors (Rp. 20,200,000 + Rp. 10,000,000) become Rp. 30,200,0000.

Here are the details:

Margin Released (Rp. 20,200,000),

Previous profit (Rp. 5,000,000 + Rp. 1,000,000 + Rp. 2,000,000 = Rp. 8,000,000.

Final profit due 515 – 513 x 10 contracts x Rp. 100,000 = Rp. 2,000,000.

So the total profit is IDR. 10,000,000.

 

2. Simulation of Profit Calculation when Bearish

On February 25 2025, Investor A has a prediction that the IDX30 Index will fall (bearish), so he sells (Short) 10 one-month series IDX30 Futures contracts with the code IDX30G5. Trading Simulation and Profit Calculation as at maturity.

There is a case study of a derivative transaction with a profit at maturity during a Bearish Market: Spot market conditions on February 25 with the IDX30 match instrument at a price of 505. So the IDX30G5 buy order at a price of 505 for 10 contracts is 4% x Index Number x Number of Contracts x Multiplier = 4% x 505 x 10 x IDR 100,000 = IDR. 20,200,000 (Margin Released). On February 25 at the end of trading HPH 503, Profit = (505 – 503) x 10 contracts x Rp. 100,000 = then the profit is IDR. 2,000,000. On February 26, conditions on the spot market were experiencing a bearish trend so that the HPH at the end of trading had decreased to IDX30G5 with a HPH of 501, so at mark to market, the profit was (503 (yesterday's HPH) - 501) x  10 contracts x IDR 100,000, namely IDR. 2,000,000.

On February 28, the underlying price on the spot market decreased again so that the HPH became 500, for mark to market on that day it became (501-500) x 10 contracts x Rp. 100,000 so that investors got a profit of Rp. 1,000,000. At maturity, the total funds received by investors are (Rp. 20,200,000 + Rp. 5,000,000) to Rp. 25,200,0000.

Here are the details:
Margin Released Rp. 20,200,000.
Previous profit Rp. 2,000,000 + Rp. 2,000,000 = IDR 4,000,000.
Final profit due 501– 500 x 10 contracts x Rp. 100,000 = Rp. 1,000,000. 
So the total profit is IDR. 5,000,000.
With Futures Contracts, investors can protect their portfolios in both bullish and bearish market conditions.