IUS CONSTITUENDUM OF EXPERT ADVISOR IN COMMODITY FUTURES TRADING: A LEGAL CERTAINTY

This study aims to construct further arrangements regarding Expert Advisors in commodity futures trading. The legal issue being studied is the legal vacuum of regulating trading robot software or commonly known as an Expert Advisor in commodity futures trading. The novelty of this research is legal discovery through the legal construction of the development of Expert Advisors in commodity futures trading. The study confirmed that the urgency setting up an Expert Advisor as a futures adviser in commodity futures trading is needed in order to provide legal certainty for commodity futures transaction actors. Legal certainty related to the arrangement of Expert Advisors as futures advisers in commodity futures trading is also needed for CoFTRA as a supporting element of the Ministry of Trade as well as being a supervisor and enforcer of various legal provisions in the practice of commodity futures trading. Therefore, the supervision and enforcement process can be more optimal and guarantee legal certainty, benefits, and fairness for commodity futures trading actors. The Ius constituendum of expert advisor as an adviser in commodity futures trading to ensure legal certainty can be carried out by revising the Law on commodity futures trading, including conducting a judicial review at the Constitutional Court regarding the provisions in the Law on commodity futures trading.


Commodity futures trading or Perdagangan Berjangka Komoditi (in Indonesian)
is essential in a country, especially concerning business development in the early 21st century. 1 In general, commodity futures trading is interpreted as buying and 1 David S Bloch, "Non-Fungible Tokens: A Solution to the Challenges of Using Blockchain Bills of Lading in the International Sales of Goods," Journal of Law, Market & Innovation 1, no. 1 (2022): 44-65. gaming companies can sell unique in-game products, and athletic leagues have started selling digital cards depicting key moments in sporting events. Like cryptocurrencies, NFTs are applications of blockchain technology. A blockchain is a series of cryptographically linked records. The blockchain itself is public in the sense that every transaction is visible to all participants. But an encrypted block cannot be changed without altering all prior blocks and alerting all other users in the blockchain. Cryptocurrencies and NFTs differ in a critical respect. A unit of cryptocurrency is a fungible token, meaning it is identical to any other unit of cryptocurrency. In the same way that one Euro is equal to any other Euro, one Bitcoin has the same value and same characteristics as any other Bitcoin. An NFT, by contrast, is uniquely identified in the blockchain. So while one NFT may have the same market value as another NFT, no two NFTs are the same. This means NFTs are not useful as currency, but are valuable as incorruptible identifiers. NFTs have other useful attributes. For example, they inherently include ownership information. This means that the NFT itself indicates who owns it when it was created and by whom, who controls it now, and every transaction leading from the original to the current owner at all times. Also, they are extensible. This means that NFTs can be added together or merged in order to create a new NFT in a traceable way. There are, of 32~45 selling commodities based on futures contracts. The importance of regulating commodity futures trading is due to the growing trend of business digitization which has made the practice of commodity futures trading unavoidable. In 2021, Indonesia's digital economy will reach 70 billion US dollars. 2 Until the end of 2022, Indonesia's digital economy will increase to 77 billion US dollars. 3 Massive developments related to Indonesia's digital economy, even in 2025, are projected to increase to 140 billion US dollars. 4 Based on these data, optimism in Indonesia's digital economy development is expected to prosper the Indonesian people. The digital economy in Indonesia is growing increasingly massive with the empowerment of crypto asset trading in Indonesia, which has the potential to generate profits in the projections of the Indonesian economy going forward. 5 Crypto asset trading is part of commodity futures trading, which has the potential to be optimized in Indonesia. The development of commodity futures trading in Indonesia has also shown a positive increase, especially in supporting a conducive digital economic climate for Indonesia. Based on data from the Commodity Futures Trading Regulatory Agency or Badan Pengawas Perdagangan Berjangka Komoditi (hereinafter referred to as Bappebti), commodity futures trading in Indonesia at the end of 2022 has increased by 21%, with a transaction value in November 2022 reaching 1.60 trillion rupiahs. 6 The great potential of commodity futures trading, especially related to digital crypto asset trading practices, actually needs optimal regulatory support from the state. 7 The state's role in providing legal regulations that are conducive and responsive to the development of commodity futures trading is an important thing, even more so with the presence of trading robot software or Expert Advisors in commodity futures trading practices. 8 course, other digital representations of physical assets. Goods already are stamped with bar or QR codes, expensive products typically have serial numbers or other unique identifiers, and software often is accompanied by one-timeonly passwords. But none of these are cryptographically secure in the way NFTs are, and none of them combine proof of authenticity and proof of ownership in a single instrument. The bill of lading is a venerable institution in international trade. Evolving over centuries and well developed by the time of the medieval lex mercatoria, the bill of lading is a paper form specifically contemplated and described in the key treaties enabling modern cross-border sales of goods the Vienna Convention, the Hague-Visby Rules, and the U.S. Carriage of Goods by Sea Act. It indicates ownership of goods in transit, evidences the terms …","author":[{"dropping-particle":"","family":"Bloch","given":"David S","non-dropping-particle":"","parse-names":false,"suffix":""}],"container-title":"Journal of Law, Market & Innovation","id":"ITEM-1","issue":"1","issued":{"date-parts":[["2022"]]},"page":"44-65","title":"Non-fungible tokens: A solution to the challenges of using blockchain bills of lading in the international sales of goods","type":"article-journal","volume":"1"},"uris":["http://www.mendeley.com/documents/?uuid=37cb5802-57c4-471c-b733-d46a73fc-267d"]}],"mendeley":{"formattedCitation":"David S Bloch, "Non-

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Law has yet to have specific research, so the authors conducted original research. This study seeks to answer two problem formulations. First, What is the urgency of setting up an Expert Advisor as a futures adviser in commodity futures trading? Second, How is the iusconstituendum Expert Advisor as a futures advisor in commodity futures trading to ensure legal certainty?.
This research is a juridical-normative law research with a focus on forward regulation regarding Expert Advisors in the CFT Law. 13 The primary legal materials in this study are: the CFT Law and the PPSK Law. Secondary legal materials are: journal articles both in physical and online form, books, as well as the results of studies on commodity futures trading. Non-legal materials include legal dictionaries.

Expert Advisor Rules As Futures Advisors in Commodity Futures Trading: An Urgency
Commodity First, business development, in this case, the practice of commodity futures trading, is a product of the development of civilization and progress and therefore the law must become frame that protects the parties from potential losses arising from business processes. 17 That is understandable because the law must develop along and in tune with 13  the development of society. 18 In commodity futures trading, the state's role is essential as a regulator and facilitator to expedite the commodity futures trading process following existing capacity and business conditions. In this context, the state's role is limited to facilitating and protecting potential losses from the parties due to a violation of the law. 19 Therefore, in this case, the state plays a role in maintaining the conduciveness of implementing the commodity futures trading process.
Second, regulation by the state regarding the practice of commodity futures trading is necessary to ensure that the practice of commodity futures trading can occur in accordance with developments in business practices. In this case, there are demands by APEC, WTO, and AFTA for Indonesia to regulate commodity futures trading so that the country "does not interfere too much" in the practice of commodity futures trading, which is in the business domain. 20 In the context of commodity futures trading, the state is expected to act as a supervisor over any legal violations of commodity futures trading practices. In its business processes and procedures, the state must not "intervene" too much in commodity futures trading practices. 21 Third, the regulation by the state relating to the practice of commodity futures trading is intended so that the state establishes a certain body or institution to oversee the practice of commodity futures trading so that   Legal certainty regarding the arrangement of Expert Advisors as futures advisers in commodity futures trading is also needed for Bappebti as supervisors and enforcers of various legal provisions in commodity futures trading practice. So, that the supervision and enforcement process can be more optimal and can guarantee legal certainty, benefits and justice for perpetrators of commodity futures trading.

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The development of commodity futures trading, one of which involves Expert Advisors in the form of software, is an effort to be professional and attentive in carrying out commodity futures trading. In general, commodity futures trading has two benefits.
First, risk management, which is oriented towards risk management based on hedging activities. 32 Second, as a means of price formation or price discovery due to fluctuations in primary commodities due to certain factors beyond human control, such as sudden changes in seasons to natural disasters. Due to minimizing fluctuations, commodity futures trading seeks to protect trading transactions with futures contract instruments whose orientation is to lock in prices before price factors cause price fluctuations more; the benefits derived from commodity futures trading are the formation of transparent and accountable prices so that they can comprehensively describe the supply and demand. The various benefits above regarding commodity futures trading, the most important of which is that prices in commodity futures trading exchanges often also become reference prices or reference prices in physical transactions or transactions in general.
That means there are implications between the prices determined in commodity futures trading practices and conventional or physical trading practices. Because of the importance of understanding and controlling prices regarding commodity futures trading, the role of an Expert Advisor in software is very important, one of which is as an adviser for every transaction that will or is being carried out in commodity futures The aspect of legal certainty in the practice of commodity futures trading also requires special attention due to the view of Hans Kelsen that legal certainty in legal practice is oriented towards three aspects; 37 namely: legal certainty as a means of preventing inconsistencies in the application of a statutory regulation, legal certainty preventing the incoherence of positive legal rules so that every positive legal rule can be implemented effectively, and legal certainty prevents the arbitrary application of law from authorized officials. 38 Of the three functions of legal certainty as emphasized by Hans Kelsen above, 35 Bayu Dwi Anggono, Pokok-Pokok Pemikiran Penataan Peraturan Perundang-Undangan Di Indonesia, 1st ed. (Jakarta: Konstitusi Press, 2020

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Lon Fuller also provides criteria and classification regarding positive law that guarantees legal certainty, which includes 39 : 1. Consistency and coherence between the rules of law, this means that if there is an inconsistent and incoherent rule of law it does not guarantee the aspect of legal certainty; 2. One of the important aspects of legal certainty is the existence of publicity in society.
This means that any generally binding rule of law must be public; 3. The rule of law has an anticipatory and prospective character so that it must accommodate the development of law that develops in society; 4. The rule of law that has been formulated must be firm, clear, and understandable to society; 5. The importance of harmonization and synchronization between applicable legal rules; 6. The need for relevant susbtancy arrangements in the huukum rules; 7. Changes in the rule of law are allowed, but not with any changes with each time.
In this case, changes in the rule of law are required to be carried out with careful planning; 8. Implementing and enforcing the law must be consistent with practice in the community.
Referring to the views of Hans Kelsen and Lon Fuller above, to guarantee legal certainty for Expert Advisors in the form of software related to commodity futures trading practices, it is necessary to have future arrangements related to commodity futures trading practices to facilitate Expert Advisors in software form. Future regulation, or in legal terms called ius constituendum is an effort to regulate through existing laws and regulations against a fact or legal action that requires guaranteed regulation and protection from positive law. In relation to Expert Advisors in the form of software related to commodity futures trading practices, it is necessary to revise the CFT Law in Advisors in software form as part of technological development. Therefore, a revision is needed to the provisions in the CFT Law. In addition, future arrangements regarding Expert Advisors in the form of software as part of technological development. Because waiting for the process of revising the Law also requires a long time, efforts to judicial review at the Constitutional Court are needed by asserting that the Constitutional Court strives to provide constitutional interpretations conditional on the Expert Advisor in the form of software which is a party.
So, the Expert Advisor in the form of software in futures trading practices can qualify as a futures trading advisor.IusconstituendumExpert Advisor as a futures adviser in commodity futures trading to guarantee legal certainty can be done by revising Article 1 number 18, Article 6, and Article 1 number 13 of the CFT Law. That confirms that Expert Advisors are in the form of software, which is a party so that the Expert Advisors in the form of software in futures trading practices can be qualified as futures trading advisors. In addition, because waiting for the process of revising the Law, which is certainly not a moment, to ensure legal certainty, it is necessary to carry out a judicial review at the Constitutional Court. Advisors in the form of software in futures trading practices can be qualified as futures trading advisors.

CONCLUSION
The urgency of setting up an Expert Advisor as a futures adviser in commodity futures trading is needed to provide legal certainty for commodity futures transaction actors. Legal certainty for perpetrators of commodity futures transactions is needed to guarantee a smoother transaction climate because it has been confirmed in laws and regulations. Legal certainty regarding the arrangement of Expert Advisors as futures advisers in commodity futures trading is also needed for Bappebti as supervisors and enforcers of various legal provisions in commodity futures trading practices. So, the supervision and enforcement process can be more optimal and guarantee legal certainty, benefits and justice for perpetrators of commodity futures trading. Ius constituendum Expert Advisor as a futures adviser in commodity futures trading to guarantee legal certainty can be done by revising Article 1 number 18, Article 6, and Article 1 number 13 of the CFT Law, which confirms that Expert Advisors are in the form of software which is a party so that the Expert Advisors in the form of software in futures trading practices can be qualified as futures trading advisors. In addition, because waiting for the process of revising the Law, which is certainly not a moment, to ensure legal certainty, it is necessary to carry out a judicial review at the Constitutional Court. Advisors in the form of software in futures trading practices can be qualified as futures trading advisors.