We advise global exchanges, industry associations, international dealer and clearing banks, futures and securities brokers, trading platforms, corporates and investors on derivatives, securities financing and structured finance in Indonesia. Since January 2025, when supervision of financial derivatives moved from the Commodity Futures Trading Regulatory Agency (Bappebti), derivatives have been regulated by underlying: the Financial Services Authority (Otoritas Jasa Keuangan or OJK) for securities-based and digital financial asset derivatives, Bank Indonesia for money market and foreign exchange derivatives, and Bappebti for commodity futures. We advise across all three regimes.

On exchange-traded and cleared derivatives, we advise global exchanges and clearing banks on Indonesian market access, registration and the licensing of futures and cleared OTC business, including trading on offshore exchanges through licensed Indonesian futures brokers. 

For decades, we prepared the original Indonesian close-out netting opinion, together with its Indonesian collateral opinion, for the global over-the-counter derivatives industry association. We have also prepared the Indonesian netting opinion on clearing documentation for a global futures industry association on behalf of its members for several years. We also advise on domestic central clearing of money market and foreign exchange derivatives, on the acquisition and licensing of futures brokers, and on the offering of CFDs and securities-based derivatives.

On uncleared, bilateral OTC derivatives and securities financing, we regularly advise international dealer banks on ISDA and Credit Support Annex, GMRA, GMSLA and MSFTA documentation with Indonesian counterparties, and give bank-specific capacity and close-out netting opinions, including on state-owned and central bank counterparties. We advise on Indonesia's margin requirements for non-centrally cleared derivatives and on title-transfer collateral. Across both segments, we advise corporates and financial institutions on hedging, including interest rate swaps, cross-currency swaps and domestic non-deliverable forwards.

In structured finance, we advise originators, issuers, arrangers and investors on onshore and cross-border securitizations and structured notes and other structured products, and receivables financings, including receivables sales by assignment (cessie) and supply chain finance. Our experience includes first-of-its-kind securitizations of buy-now-pay-later receivables originated by a multi-finance company and issued through collective investment contracts of asset-backed securities (Kontrak Investasi Kolektif Efek Beragun Aset or KIK-EBA). We also advise international banks and multinational groups on the structuring and enforceability of cross-border cash pooling arrangements.