E ISSN: 2583-049X

International Journal of Advanced Multidisciplinary Research and Studies

Volume 3, Issue 4, 2023

Principles of the Privity of Contract in Online-Based Commodity Futures Trading

Author(s): Bintang Mandala Karyudi, Ermanto Fahamsyah, Bhim Prakoso


Commodity Futures Trading is everything related to buying and selling Commodities with withdrawal of Margin and with later settlement based on Futures Contracts, Sharia Derivative Contracts, and/or Derivative Contracts. The existence of an agreement in futures trading is something that needs to be studied. The problem in this study is the default committed by brokers to customers, so there is a need for good legal protection in commodity futures trading because customers are the parties most potentially harmed, apart from this the existing problems cannot be separated from trade agreements. Commodity futures that have no restrictions related to the party so that the privity of contract becomes an option in the preparation of futures trading agreements. This study uses normative juridical research methods. To answer the problems formulated in this thesis, three approaches are used: the Legislative Approach, the Conceptual Approach, and the Case Approach. Based on the results of the study it is known that derivative agreements in futures trading cannot be separated from standard clauses so that a privity of contract principle is needed in preparing agreements to provide legal certainty and restrictions to the parties to the contract. Regulations that need to be formed must make the privity of contract the basis of commodity futures trading agreements and must prioritize fairness in these regulations in order to provide legal certainty in the field of commodity futures trading. Legal protection for commodity futures trading needs to be improved both internally and externally. There are arrangements that specifically apply to digital contracts, where the privity of contract is the benchmark for the agreement.

Keywords: Commodity Futures Trading, Privity of Contract, Agreement

Pages: 527-532

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