Legal Basic Analysis of Unlicensed Futures Options Trading (Online Broker Case Study)

Abstract

The purpose of this study is as follows to determine the mechanism for licensing and regulatory agreements of the parties related to futures options trading and to find out the legal review of futures options trading based on positive law and Islamic law. The approach method used in this study is the normative method, because in this research what will be examined are legal rules, legal principles regarding the legal basis of unlicensed futures options trading (case studies of online brokers). The type of research used is descriptive, namely to describe clearly the legal basis for trading futures options without a permit (online broker case study). The results of the study explain that the provisions regarding the licensing mechanism and the regulation of the agreement of the parties related to futures option trading are explained in Regulation Number 83/BAPPEBTI/Per/06/2010 concerning Procedures for the Implementation of Promotional Activities or Advertising, Training, and Meetings in the Field of Commodity Futures Trading. Any party who violates this provision will be subject to sanctions in accordance with the applicable provisions. For domestic futures companies, their business licenses will be revoked. As for foreign companies, CoFTRA has the right to ask the police to investigate these companies. In fiqh, this futures contract is referred to as a qad salam with "salam object" (al-muslam fih), is called bai'ul benefit (benefit sale and purchase). Determination of margins, in accordance with Surah an-Nisa' Verse 197.