ICDX Launches CPO Contract with Patsystems
Patsystems, the exchange technology provider for the newly formed Indonesian Commodity and Derivatives Exchange (ICDX), is pleased to announce that ICDX successfully launched its second contract, the Crude Palm Oil Futures (CPOTR) contract, on Friday 21st May. The primary objective for the ICDX CPOTR contract is to serve as the benchmark for Indonesian crude palm oil prices.
Patsystems provides ICDX with their exchange matching engine, which is a low latency, high throughput system that can process hundreds of orders per second and scale to thousands of orders. Patsystems scalable technology will allow ICDX to seamlessly launch new products as the exchange continues to expand.
In addition to providing ICDX with their exchange matching and clearing technology, Patsystems also provides ICDX with their front-end trading and order management system. This includes the award-winning front-end trading applications, Pro-Mark and J-Trader. A series of webinars and training sessions began last week to provide ICDX members and interested participants with tips and best practices for trading the ICDX CPOTR on Pro-Mark and J-Trader.
Megain Widjaja, Chief Executive Officer, ICDX, said:
“Friday’s CPO launch marked a significant milestone for ICDX as it brought us one step closer to establishing the price reference point for Indonesia’s local commodities, namely crude palm oil, of which Indonesia is the world’s largest producer.”
Barry White, Regional Director of Asia Pacific, Patsystems, said:
“Patsystems not only views ourselves as the technology provider for ICDX; we also view ourselves as a true partner. We are actively engaging with the exchange members to provide education on the front-end trading applications, as well as engaging with our existing customers to provide information on ICDX.”