OJK Records 113 Derivatives Parties: What Does It Mean for Retail Users?

Indonesia’s Financial Services Authority, or OJK, recorded 113 parties that had received principal approval in the financial-derivatives sector from January 10, 2025 through September 30, 2026. The figure appeared in OJK’s October 5, 2026 release alongside September financial-derivatives trading volume of 42,718 lots and a cumulative 395,571 lots for January through September 2026.

The data shows that the transfer of financial-derivatives regulation and supervision to OJK is continuing. It should not be read as the number of derivatives products available to retail users, the number of legal trading applications, the number of customer accounts, or proof that every derivatives product carries the same level of risk.

The term principal approval also has a specific meaning. In the transition from Bappebti to OJK supervision, principal approval can form part of a transition process for market participants and infrastructure providers that previously held authorisation. It is different from assuming that every entity has just received a full business licence to offer every type of product to retail users.

For retail users, the main implication is not that more parties automatically make derivatives safer to trade. The data should instead encourage closer checks of legal status, contract specifications, margin mechanics, fees, liquidation risk, and the approval status of the specific product being used.

Financial-derivatives statistics reported by OJK as of September 30, 2026. A total of 113 parties had received principal approval since January 10, 2025, while trading volume reached 42,718 lots in September and 395,571 lots from January through September 2026. Source: OJK.

What Is OJK Actually Counting?

OJK’s September 2026 release refers to 113 parties that had received principal approval. When OJK published the breakdown for the same 113-party total in early 2026, it consisted of:

• 4 futures-market operators.

• 23 Alternative Trading System, or SPA, dealer operators.

• 63 futures brokers.

• 15 margin-depository banks.

• 6 futures advisers.

• 1 industry association.

• 1 professional-certification institution.

This composition shows that the figure includes more than firms that interact directly with retail customers. It covers market infrastructure, margin-deposit institutions, brokers, advisers, an association, and a certification body.

The number therefore cannot be translated into “113 derivatives apps” or “113 products that can be traded immediately.” One market participant can be involved in multiple products, while one product can involve several parties, from the trading operator to the custodian and settlement infrastructure.

Lot data also needs context. A lot is a contract unit, not a direct rupiah value. The economic value of one lot can differ across products because contract size, underlying asset, reference price, and contract rules are different. A total of 395,571 lots does not automatically reveal rupiah notional, the number of active users, or retail profitability.

Principal Approval Does Not Replace Product-Level Due Diligence

The transfer of financial-derivatives supervision from Bappebti to OJK was mandated under Indonesia’s Financial Sector Development and Strengthening Law, known as UU P2SK. OJK Regulation No. 1 of 2025 then set out the framework for financial derivatives with securities as underlying assets, including transitional arrangements for existing participants and requirements for new ones.

OJK’s official FAQ explains that parties previously licensed by Bappebti can receive OJK principal approval as part of the transition process. New financial-derivatives products, new participants, and new infrastructure providers are required to obtain relevant OJK approval or business licences according to their category.

This distinction matters for retail users. A familiar company name or an advertisement referring to regulatory oversight is not enough to assess a particular product. Users need to establish which legal entity offers the service, what type of authorisation it holds, and whether the contract being offered is consistent with that entity’s permitted activity.

OJK’s explanation of financial-derivatives participants, market infrastructure, and approval processes during the supervisory transition. Source: OJK FAQ for Regulation No. 1 of 2025.

Four Checks Retail Users Need to Make

A derivative is a contract whose value is linked to an underlying asset or index. The underlying may include shares, stock indices, government securities, currencies, commodities, or other instruments depending on the product structure and applicable regulation. A derivative user does not always own the underlying asset directly.

The core risk is not limited to whether the underlying price rises or falls. A contract can include leverage, margin requirements, expiry dates, financing costs, and liquidation terms that make losses move faster than the price of the underlying asset.

A. Verify the Entity and the Product Status

The first task is to identify which party receives the funds, executes the order, holds margin, and handles settlement. An application or brand name may not be identical to the legal entity providing the service.

OJK’s Financial Institutions Directory or FIND can serve as one starting point for checking entities that are licensed, registered, or supervised. The review should not stop at finding a company name in the directory. Users should also determine whether the specific service and product being offered are consistent with the status shown.

Product documents should explain the underlying asset, contract size, pricing method, settlement method, risk limits, and fees. If those details are not available clearly, the user does not yet have a sufficient basis to assess the product.

B. Understand the Contract, Not Only the Product Name

Terms such as futures, options, futures contracts, and perpetual contracts can sound similar while operating in very different ways. A futures contract with an expiry date has a different settlement mechanism from a perpetual contract. An option grants a defined right in exchange for a premium, while a futures contract creates contractual obligations under its rules.

Before opening a position, retail users should know:

• The asset or index underlying the contract.

• The lot value and contract multiplier.

• The expiry date or position-rollover rules.

• Whether settlement is cash-based or involves asset delivery.

• Trading hours and conditions when liquidity is limited.

• The reference price used if trading is disrupted or halted.

A simple product name is not a substitute for a contract specification. Two products tied to the same underlying asset can carry very different risks if their leverage, lot size, or settlement terms differ.

C. Calculate Margin and Leverage Risk

Margin is not the purchase price of the underlying asset. It is collateral posted to control a larger derivatives position. Leverage can magnify gains when the trade moves in the intended direction, but it can also accelerate losses when the market moves against the position.

For example, suppose a user posts IDR10 million of margin to open a contract exposure worth IDR100 million. The exposure is equivalent to 10 times the initial margin. If the contract value falls by 5% against a long position, the simple gross loss is:

5% × IDR100 million = IDR5 million

That IDR5 million loss equals 50% of the IDR10 million initial margin, before commissions, spreads, funding costs, or liquidation rules. This is not a universal liquidation formula. Each product has its own maintenance-margin calculation, fee structure, and risk limits.

OJK also prohibits financial-derivatives intermediaries from guaranteeing trading gains or losses. The rule reflects a basic reality: derivatives outcomes cannot be guaranteed, even when a product is offered within a regulated framework.

D. Review Costs, Liquidity, and Fund Protection

Derivatives costs are not limited to commissions. Users can face spreads, financing charges, transaction fees, withdrawal fees, late charges, or other contract-specific costs.

Liquidity also needs to be examined because a position may not always be closed at the price visible on screen. During rapid market moves, bid-ask spreads can widen. A stop order does not guarantee a specific execution price if the market gaps beyond the trigger level.

Users should also understand where margin funds are held, what role any depository institution plays, how settlement works, and which complaint path applies in a dispute. The presence of margin-depository banks in the broader ecosystem does not mean that every balance or trading loss is automatically guaranteed. The available protection depends on product structure, contractual terms, operator rules, and applicable regulation.

The 113 Figure Is Not a Crypto-Derivatives Count

The 113-party figure in OJK’s release relates to the financial-derivatives market. It should not be confused with the number of crypto assets, crypto derivatives contracts, or digital-asset trading platforms available in Indonesia.

Digital-financial-asset derivatives, including crypto derivatives, follow a separate regulatory path. OJK Regulation No. 23 of 2025 states that an exchange intending to conduct digital-financial-asset derivatives trading must first submit an approval application to OJK.

Retail users therefore cannot use the 113 figure as evidence that a particular crypto perpetual contract is approved, sufficiently liquid, or suitable for their risk profile. The operator’s status, product terms, leverage, settlement method, and fund-protection policy must be reviewed separately.

This distinction matters because “derivatives” is a broad label. Contracts on stock indices, commodities, currencies, options, futures, and crypto perpetuals cannot be treated as the same product simply because they all sit under the derivatives category.

What Should Retail Users Monitor Next?

The number of parties receiving principal approval suggests that derivatives infrastructure and supervision are being developed within the OJK framework. It does not by itself establish the quality of every company, the cost of every contract, or the level of protection a retail user will receive.

Retail users should monitor:

• Updates to OJK’s directory of licensed, registered, or supervised entities.

• New-product approvals and the full contract specifications.

• Changes to margin rules, leverage limits, fees, and liquidation mechanisms.

• Trading volume and actual order-book depth for the contract being used.

• Information on segregated accounts, clearing, margin custody, and complaint procedures.

• Regulatory sanctions, warnings, or changes in legal status.

A growing number of approved parties may broaden infrastructure and product choice, but it does not remove the need to understand the contract. For retail users, the most durable protection still starts with verifying the legal entity, reading the contract specification, and using a position size that can be absorbed if the market moves in the wrong direction.

Disclaimer: This article is for information and education only and is not a recommendation to trade derivatives. Derivatives contracts can involve leverage, margin, high volatility, liquidation risk, liquidity risk, and the potential loss of all margin funds. Regulatory status, product terms, fees, and service availability may change. Always verify the entity and the product through official sources and understand the risks before opening a position.