Jurnal IUS Kajian Hukum dan Keadilan
Volume 11, Issue 1, April 2023, E-ISSN 2477-815X, P-ISSN 2303-3827
Nationally Accredited Journal, Decree No. 158/E/KPT/2021
open access at : http://jurnalius.ac.id/

IUS CONSTITUENDUM OF EXPERT ADVISOR IN
COMMODITY FUTURES TRADING: A LEGAL CERTAINTY
I Gede Agus Kurniawan1, Lourenco de Deus Mau Lulo2, Fradhana Putra
Disantara3
Faculty of Law and Social Sciences. Universitas Pendidikan Nasional, Indonesia, gedeaguskurniawan@undiknas.ac.id
2
Faculty of Law, Universidade da Paz, Timor Leste, lourencodedeusmaululo@gmail.com
3
Institute of Technology and Business Yadika Pasuruan, Indonesia, dfradhana@gmail.com

1

Received: 2023-02-18; Reviewed: 2023-04-03; Accepted: 2023-04-03; Published: 2023-04-04

Abstract
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.
Keywords: Commodity Futures Trading; Expert Advisor; Legal Certainty
1. INTRODUCTION

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

DOI: http://dx.doi.org/10.29303/ius.v11i1.1170

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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-d46a73fc267d”]}],”mendeley”:{“formattedCitation”:”David S Bloch, “Non-Fungible Tokens: A Solution to the Challenges of
Using Blockchain Bills of Lading in the International Sales of Goods,” <i>Journal of Law, Market & Innovation</
i> 1, no. 1 (2022
2
Kominfo, “Menko Airlangga: Ekonomi Digital Di Indonesia Tertinggi Di Asia Tenggara” (Menko Airlangga:
Ekonomi Digital di Indonesia Tertinggi di Asia Tenggara, 2022).
3
Elsa Catriana, “Ekonomi Digital RI Diproyeksi Capai 77 Miliar Dollar AS Di 2022, Ini Pendorongnya” (money.
kompas.com, 2022).
4
Novy Lumanauw, “John Riady: Visi Presiden Jokowi Soal Ekonomi Digital Sangat Relevan Dan Kontekstual”
(investor.id, 2022).
5
Ni Made Puspasutari Ujianti Kadek Dyah Pramitha Widyarani, Ida Ayu Putu Widiati, “Kajian Yuridis Penggunaan Koin Kripto Sebagai Alat Pembayaran Di Indonesia,” Jurnal Preferensi Hukum | 3, no. 2 (2022): 301.
6
Kominfo, “Perkuat Ekonomi Digital, Pemerintah Kembangkan Perdagangan Aset Kripto” (www.kominfo.go.id,
2023).
7
Sony Hartono and Riani Budiarsih, “Potensi Kesuksesan Penerapan Pajak Penghasilan Terhadap Transaksi Aset
Kripto Di Indonesia,” Jurnal Pajak Dan Keuangan Negara (PKN) 4, no. 1 (2022): 132–46, https://doi.org/10.31092/
jpkn.v4i1.1740.
8
Lennart Ante, “The Non-Fungible Token (NFT) Market and Its Relationship with Bitcoin and Ethereum,”
SSRN Electronic Journal 1, no. 1 (2021): 216–24, https://doi.org/10.2139/ssrn.3861106.

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Although in fact, the practice of Expert Advisors in commodity futures trading has been
carried out as part of the development of digital technology.
The provisions of the laws and regulations in Indonesia still need to be included in
providing regulations related to the development of Expert Advisors in the practice of
commodity futures trading. Article 6 of Law no. 10 of 2011 concerning Amendments
to Law No. 32 of 1997 concerning Commodity Futures Trading (Perdagangan
Berjangka Komoditi) (hereinafter referred to as CFT Law) has not provided specific
arrangements regarding Expert Advisors. That is understandable because when the
CFT Law was formulated, the development of digital economic technology was small,
so the arrangements regarding Expert Advisors in 2011 were considered unimportant.
However, in 2022, arrangements regarding Expert Advisors will become necessary
because it is a demand of the times, especially in developing digital businesses.9 The
arrangement regarding Expert Advisors in commodity futures trading activities should
be constructed as a futures advisor as stipulated in the CFT Law.
The regulatory momentum related to Expert Advisors in commodity futures trading
came when the enactment of Law no. 4 of 2023 concerning the Development and
Strengthening of the Financial Sector (Pengembangandan Penguatan Sektor Keuangan)
(hereinafter referred to as the PPSK Law). One of the substances in the PPSK Law is
related to changes to the Commodity Futures Trading Amendment Law. In the PPSK
Law, revisions or changes to the Commodity Futures Trading Changes Law are only
in Articles 3 and 4. It means the arrangements in Article 6 of the CFT Law should be
corrected by regulating Expert Advisor provisions in commodity futures trading have
yet to be implemented. Arrangements regarding Expert Advisors in commodity futures
trading are essential to ensure legal certainty in commodity futures trading practices.
This study aims to construct future arrangements regarding Expert Advisors in the CFT
Law.
Research related to commodity futures trading has been carried out by several
researchers before, such as (i) DanastriPuspitasari and Faiq Rizqi Aulia Rachim (2021),
who focus on the urgency of regulating binary options as a product in commodity
futures trading.10 Furthermore, research conducted by (ii) DwiReny Windy Astuti and
Hero Samudra (2022) focuses on analysing legal cases related to commodity futures
trading.11 Furthermore, (iii) Sheila NamiaMarchellia’s (2022) research discusses
standard clauses in commodity futures trading agreements.12 Of the three previous
studies, research focusing on regulatory aspects regarding Expert Advisors in the CFT
9
Bappebti, “Atur Regulasi Expert Advisor, Bappebti Berharap Penipuan Robot Trading Tak Terulang” (bappebti.
go.id, 2022).
10
Faiq Rizqi Aulia Rachim Danastri Puspitasari, “Binary Option Sebagai Komoditi Perdagangan Berjangka Di
Indonesia,” Lex Generalis 2, no. 8 (2021): 630.
11
Hero Samudra Dwi Reny Windy Astuti, “Studi Kasus: Masalah Dan Penyelesaian Dalam Perdagangan Berjangka Komoditi,” Synotic Law: Jurnal Ilmu Hukum 1, no. 2 (2022): 90.
12
Sheila Namia Marchellia, “Klausula Baku Pada Perjanjian Berjangka Dan Perlindungan Hukum Bagi Investor
Perdagangan Berjangka Komoditi,” Cendekia Niaga Journal of Trade Development and Studies 6, no. 1 (2022): 35.

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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.
2. ANALYSIS AND DISCUSSION
2.1. Expert Advisor Rules As Futures Advisors in Commodity Futures Trading: An
Urgency

Commodity futures trading is one of the trading activities in which trading activities
are based on futures contracts.14 Regulations regarding commodity futures trading in
Indonesia gained momentum in 1997 when commodity futures trading had already
begun to be involved in business practices in Indonesia. In the 1998 reform era,
regulation and practice of commodity futures trading received more and more attention
given that the increasingly massive business development required specific policies and
regulations by the state.15 As well as obtaining various recommendations from various
international bodies related to fiscal matters such as Asia-Pacific Economic Cooperation
(APEC), World Trade Organization (WTO), and Asean Free Trade Area (AFTA), one
of which demanded that the state must regulate the practice of business development,
one of which is commodity futures trading.16 The urgency of the need for regulation
by the state regarding business development, especially in the practice of commodity
futures trading, is based on three arguments.
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
Pradeep M.D., “Legal Research- Descriptive Analysis on Doctrinal Methodology,” International Journal
of Management, Technology, and Social Sciences, no. December 2019 (2019): 95–103, https://doi.org/10.47992/
ijmts.2581.6012.0075.
14
Dara Puspita, “Perlindungan Hukum Terhadap Nasabah/ Investor Dalam Transaksi Online Di Perusahaan
Pialang Berjangka (Studi Di Pt.Best Profit Futures Cabang Medan),” Jurnal Law of Deli Sumatera 1, no. 1 (2021): 109.
15
A’An Efendi and Fradhana Putra Disantara, “Post Conditionally Unconstitutional of Job Creation Law:
Quo Vadis Legal Certainty?,” Yuridika 37, no. 2 (2022): 329–66, https://doi.org/https://doi.org/10.20473/ydk.
v37i2.33364.
16
Ramanitya Dewi Putri, “Perlindungan Hukum Penerapan Klausula Eksonerasi Pada Perjanjian Investasi Perdagangan Kontrak Berjangka Bagi Nasabah Di Pt Kontak Perkasa Future Pekanbaru Berdasarkan Undang-Undang
Nomor 8 Tahun 1999 Tentang Perlindungan Konsumen,” AHKAM: Jurnal Syariah Dan Hukum 2, no. 1 (2021): 32.
17
Bruno Deffains and Claude Fluet, “Social Norms and Legal Design,” The Journal of Law, Economics, and Organization 36, no. 1 (August 14, 2019): 139–69, https://doi.org/10.1093/jleo/ewz016.

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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
it is in line with the principles and the rule of law.22In Indonesia, the agency overseeing
the practice of commodity futures trading isBappebti. Bappebtiwas founded based on
the 1997 Commodity Futures Trading Law, whose orientation was to supervise the
practice of commodity futures trading.23
In the aspect of supervision, Bappebti has an important position both directly and
indirectly. Referring to these three arguments, it is stated that the need for the role of
the state in regulating commodity futures trading is intended as an effort to anticipate
and at the same time try to enforce legal processes and procedures if in the practice
of commodity futures trading there are various things that are contrary to law. The
important role of Bappebti as a manifestation of the state in the practice of commodity
futures trading is an effort by the state to guarantee protection and legal certainty for the
community in business processes.24 In that position, Bappebti is under and responsible to
the Minister of Finance.25 Bappebti’s position under the Minister of Finance is affirmed
in the provisions of Article 4 paragraph (2) of the Law on Changes in Commodity Futures
18
I Gede Agus Kurniawan, “The Reconstruction of Subjectum Litis in Term of Reflections on Constitutional
Dissolution of Political Parties,” Jurnal Akta 9, no. 1 (2022): 104–19, https://doi.org/http://dx.doi.org/10.30659/
akta.v9i1.20970.
19
Suzanne Cardell Mirande Valbrune, Renee de Assis, Business Law I Essentials (Texas: Rice University, 2019).
20
Deli Bunga Saravistha and I Wayan Wisadnya, “Optimalisasi Perlindungan Hukum Investor Indonesia Di Bursa Berjangka Komoditi Melalui Teknologi Blockchain,” Jurnal Raad Kertha 5, no. 2 (2022): 9.
21
Robert C. Bird, “On the Future of Business Law,” Journal of Legal Studies Education 35, no. 2 (2018): 304.
22
Shabrina Puspasari, “Perlindungan Hukum Bagi Investor Pada Transaksi Aset Kripto Dalam Bursa Berjangka
Komoditi,” Jurist-Diction 3, no. 1 (2020): 303, https://doi.org/10.20473/jd.v3i1.17638.
23
Bappebti, “Perdagangan Aset Kripto Di Indonesia” (bappebti.go.id, 2021).
24
Rusno Haji, “Urgensi Penerapan Kerangka Regulasi Aset Kripto Yang Komprehensif, Adaptif, Dan Akomodatif,” Rusno Haji 1, no. 1 (2022): 34.
25
Puspasari, “Perlindungan Hukum Bagi Investor Pada Transaksi Aset Kripto Dalam Bursa Berjangka Komoditi.”

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Trading which confirms that Bappebti is under the coordination of the Minister of
Finance. It can be concluded that Bappebti is a supporting system organ of the Minister
of Finance, especially in the field of commodity futures trading.
In carrying out its duties, Bappebti directly supervises the futures market, in which,
in this task, the existence of Bappebtiis parallel to theFutures Clearing House.Another
task of Bappebti is the management of futures fund centres. Bappebti carries out this
task by emphasizing the aspects of cooperation, coordination, and being a term advisor.
This task also requires Bappebti to cooperate with banks and other financial institutions
related to funding in commodity futures trading practices. Based on the description
above, Bappebti actually has several tasks, such as26:
1. Formulate and establish various rules and regulations regarding the practice of
trading commodity futures;
2. Supervise and monitor the activities of various exchanges and futures clearinghouses;
3. Granting and issuing business licenses in commodity futures trading practices;
4. Conducting inspections on parties who have obtained business licenses in commodity
futures trading practices so that no violations of the law are committed;
5. Provide for the ratification of futures contracts and exchanges in relation to commodity
futures trading practices;
6. Cracking down on any party that violates legal provisions in commodity futures
trading practices;
7. Require the violating party not to carry out promotions that provoke incomprehension
in society; and
8. Formulate solutions to any problems encountered in commodity futures trading
practices.
Based on these tasks, in general between Bappebti andFinancial Services Authority or
Otoritas Jasa Keuangan (OJK) having the same tasks in principle, of course, apart from
being both state institutions under the coordination of the Ministry of Finance.27 Even
so, there are several differences in duties between Bappebti and OJK, namely Bappebti
is oriented towards supervision and formulation of rules in trading activities, especially
commodity futures trading. At the same time, OJK focuses on regulating, supervising,
and enforcing rules related to banking, capital markets, and financial institutions,
both banks and not banks.28In this context, the regulation from Bappebti is important
considering the development of commodity futures trading practices relevant to business
and technology developments. Technological developments, particularly concerning
digitisation, correlate with commodity futures trading practices. The development of
Bappebti, “Peraturan Menteri Perdagangan Ri Nomor 01/m-Dag/per/3/2005” (bappebti.go.id, n.d.).
Kornelius Benuf, Siti Mahmudah, and Ery Agus Priyono, “Perlindungan Hukum Terhadap Keamanan Data
Konsumen Financial Technology Di Indonesia,” Refleksi Hukum: Jurnal Ilmu Hukum 3, no. 2 (2019): 145–60, https://
doi.org/10.24246/jrh.2019.v3.i2.p145-160.
28
Ante, “The Non-Fungible Token (NFT) Market and Its Relationship with Bitcoin and Ethereum.”
26
27

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technology and digitization oriented towards the era of society 5.0 also emphasizes the
Internet of Things (IoT) and the ability of artificial intelligence in commodity futures
trading practices.29
One of the implementations of the Internet of Things (IoT) and artificial intelligence
in commodity futures trading practices is the presence of a trading robot software that
functions as an Expert Advisor or expert Advisor in commodity futures trading practices.30
The presence of an Expert Advisor in the practice of commodity futures trading creates
legal problems. First, as part of technological developments, the presence of an Expert
Advisor in the practice of commodity futures trading encounters problems because it has
not been regulated further in various laws and regulations in Indonesia.31 The absence
of regulated Expert Advisors in commodity futures trading practices, aside from not
guaranteeing legal certainty aspects, also has the potential to not provide optimal legal
protection for Expert Advisor users. Second, the absence of regulated Expert Advisors in
this matter also complicates the role of Bappebti as a supervisor and in formulating rules
relating to commodity futures trading practices. With no Expert Advisor yet regulated,
Bappebti can categorize the Expert Advisor as a form of illegal activity because it has not
received comprehensive regulation in the CFT Law. Third, the unregulated provisions
for Expert Advisors also can harm the parties carrying out activities in commodity
futures trading because the role of Expert Advisors is important in commodity futures
transactions. In addition, arrangements regarding Expert Advisors can also provide
protection and guarantee legal certainty for commodity futures transaction actors.
Based on the three arguments related to the unregulated Expert Advisor in laws and
regulations related to the practice of commodity futures trading, the urgency of setting
up an Expert Advisor as a futures adviser in commodity futures trading is needed.
So, that it can 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 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.
2.2. Ius Constituendum Expert Advisor As Futures Advisor in Commodity Futures
Trading to Guarantee Legal Certainty

29
Anita Asnawi, “Kesiapan Indonesia Membangun Ekonomi Digital Di Era Revolusi Industri 4.0,” Jurnal Ilmiah
Indonesia 7, no. 1 (2022).
30
Reza Dea Yogaswara, “Artificial Intelligence Sebagai Penggerak Industri 4.0 Dan Tantangannya Bagi Sektor
Pemerintah Dan Swasra,” Masyarakat Telematika Dan Informasi 10, no. 1 (2019): 67–72.
31
Fajar Widhiyanto, “Bappebti Keluarkan Izin Profesi ‘Expert Advisor’ Untuk Rekomendasi Berbasis TI” (investor.id, 2022).

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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
trading practices. In practice, the role of Expert Advisor in the form of software in
commodity futures trading practices is important, at least based on three important
aspects of the role of Expert Advisors in the form of software in futures trading
practices. First, Expert Advisors in the form of software in futures trading practices
as data analysis whose output is in the form of advice or certain considerations in the
practice of commodity futures trading.33 This is because using the Internet of Things
(IoT) and artificial intelligence makes Expert Advisors in software more accurate in
helping humans in every transaction of commodity futures trading practices.34
Second, the importance of role of Expert Advisors in commodity futures trading practice
transactions is also not only providing data analysis and considerations related to advise
or certain steps that must be taken but also providing various features. That can provide
information and educational facilities for commodity futures trading practitioners to
can think carefully and determine the various steps to be taken in commodity futures
trading practices. Third, the importance of Expert Advisors in commodity futures
32
Fransiskus Litoama, “Kepastian Hukum Investasi Perdagangan Berjangka Komoditi Berdasarkan Undang-Undang Nomor 10 Tahun 2011 Tentang Perdagangan Berjangka Komoditi,” Dinamika Masalah Hukum Dan Keadilan
9, no. 1 (2018): 57.
33
Febrian Duta Pratama and Dewi Rahmawati Gustini, “Perkembangan Aset Kripto Sebagai Subjek Kontrak
Berjangka Baru Di Bursa Berjangka Dalam Rangka Menyongsong Indonesia Emas,” Nusantara 1, no. 1 (2022): 7.
34
Nori Katagiri, “Why International Law and Norms Do Little in Preventing Non-State Cyber Attacks,” Journal
of Cybersecurity 7, no. 1 (February 16, 2021): 1–9, https://doi.org/10.1093/cybsec/tyab009.

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trading practice transactions also requires regulation either through regulation by
Bappebti or by laws and regulations. This regulation is necessary because supervision
and enforcement related to the rule of law in commodity futures trading practices are
needed as an effort to protect the perpetrators of the transaction. Judging from the
three aspects of the importance of Expert Advisors in the practice of commodity futures
trading transactions above, the state as a social institution that is oriented towards the
realization of legal certainty and order in the practice of commodity futures trading
should provide arrangements and a legal basis related to Expert Advisors in the form of
software.
Even though Bappebti has provided arrangements for Expert Advisors in the form
of software in the practice of commodity futures trading, in the author’s opinion, this
is not enough because it is based on the several argument. First, Bappebti regulations in
the context of legal science are technical regulations issued by authorized institutions
in formulate rules and oversee the practice of commodity futures trading.35 That
means regulations issued by Bappebti must comply with the provisions of the statutory
regulations above it, namely the Law. Referring to the Law that regulates the practice of
commodity futures trading, then there is Article 6 of the CFT Law, which provides space
for arrangements regarding futures advisors, but Expert Advisors in the form of software
in commodity futures trading practices have not been specifically regulated in the Act.
Second, the absence of regulated Expert Advisors in the form of software in the Law
can cause disharmony in formulating rules and policies related to commodity futures
trading conducted by Bappebti.36 That is understandable because Bappebti harmonizes
and synchronizes with existing laws and regulations in advance in formulating rules and
policies relating to commodity futures trading. That means the importance of setting up
Expert Advisors in the form of software to be regulated as in Article 6 of the CFT Law
is important to ensure aspects of legal certainty.
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).
36
M Jeffri Arlinandes Chandra, Febrian Febrian, and Bayu Dwi Anggono, “The Urgency of Reharmonization in
Construction of The Stage Formation of Law,” Jurnal Penelitian Hukum De Jure 22, no. 3 (2022): 311, https://doi.
org/10.30641/dejure.2022.v22.311-324.
37
I Gede Agus Kurniawan, “Putusan Mahkamah Konstitusi Terhadap Undang-Undang Cipta Kerja Dalam Perspektif Filsafat Utilitarianisme,” JURNAL USM LAW REVIEW 5, no. 1 (2022): 282–98, https://doi.org/http://dx.doi.
org/10.26623/julr.v5i1.4941.
38
Hans Kelsen, “On the Basic Norm,” California Law Review, 1959, https://doi.org/10.2307/3478775.

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Lon Fuller also provides criteria and classification regarding positive law that guarantees
legal certainty, which includes39:
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. Implementingandenforcingthelawmustbeconsistentwithpracticeinthecommunity.
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
the future
Article 1 point 18 of the CFT Law provides an authentic interpretation that futures
trading advisers are parties who provide advice in the practice of commodity futures
trading. Article 1 number 13 of the CFT Law provides a limitation that parties are
individuals or legal entities. By systematically interpreting the provisions of Article 1
point 18 and Article 1 point 13 of the CFT Law, the Expert Advisor in the form of
software is not a party to the practice of commodity futures trading. Because the Expert
Advisor in the form of software in argumentum a contrario has no relevance for becoming
an individual or legal entity. In that case, the future arrangement in providing legal
certainty guarantees for Expert Advisors in software form is to revise Article 1 point 13
and Article 6 of the CFT Law, which substantively confirms that parties include Expert
39
Najmadeen Ahmed Muhamad, “The Legal Philosophy of Lon L. Fuller: Profile,” The Social Contract Journal SCJ
1, no. 1 (2020): 2.

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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.
3. 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.
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