Settlement

The Futures Contract settlement process is carried out on the next exchange day after the exchange transaction is carried out (T+1). For Clearing Members (AK) or customers who have an obligation to hand over funds in accordance with the DHK, the funds must be available in the Collateral account or Futures Contract Collateral Sub-account no later than T+1 at 12.00 WIB.  Meanwhile, to receive the right to receive funds, the funds will be available on T+1 no later than 14.30 WIB in the AK Futures Contract Guarantee account for Clearing Members or the AK Futures Contract Sub Guarantee account for customers.

If at the time of settlement, AK is unable to fulfill its obligations, then IDClear has the authority to use AK's Security Fund to fulfill its obligations to IDClear . However, if the Security Fund balance is insufficient, then the AK is declared in default. For AKs who are in default status, but still have an open position, the position must be transferred to another AK or an offsetting transaction is carried out, so that the risk of the AK's outstanding position becomes smaller. Specifically for position transfers for AK customers who fail to pay. Meanwhile, offsetting transactions are transactions carried out by AK to settle contracts with opposing positions, whether selling or buying Futures Contracts belonging to AK or its customers.

If by a certain time limit, there are still open positions belonging to AK that fail to pay, IDClear will liquidate all open positions. Contract liquidation is the closing of open Futures Contract positions carried out by IDClear . Forced liquidation is carried out by IDClear in the condition that AK has experienced a loss of up to 75% or AK has failed until the end of trading session 2 and has not been able to fulfill all its obligations. AKs affected by liquidation will be charged a fee which will later be given to the opposing AK affected by the liquidation. Apart from that, contract liquidation carried out by IDClear can also be caused by contract maturity, which is carried out at the end of the trading day on which the contract matures.

Settlement Clearing Timeframe