Trading Holiday 2009

TRADING HOLIDAY
2009

 

Month	Day	Date	Remarks	Trading Days
January	Thursday	01	New Year 2008	19
	Friday	02	Public Holiday
	Monday	26	Chinese New Year 2560
February			No trading holidays, except for Saturday  and Sunday	20
March	Monday	09	Birthday of the prophet Muhammad SAW	20
	Thursday	26	Saka’s New Year 1931 (Nyepi)
April	Friday	10	Good Friday	21
May	Thursday	21	Ascension Day of Jesus Christ	20
June			No trading holidays, except for Saturday  and Sunday	22
July	Monday	20	Isra’ Mi’raj of the prophet Muhammad SAW	22
August	Monday	17	The Independence Day of Indonesia	20
September	Friday	18	Public Holiday (Commemoration of Ied Fitr 1 Syawal 1430 H)	18
	Monday	21	Ied Fitr 1 Syawal 1430 H
	Tuesday	22	Ied Fitr 1 Syawal 1430 H
	Wednesday	23	Public Holiday (Commemoration of Ied Fitr 1 Syawal 1430 H)
October			No trading holidays, except for Saturday  and Sunday	22
November	Friday	27	Ied Adha 1430 H	20
December	Friday	18	Islamic New Year 1431 H	19
	Thursday	24	Public Holiday (Commemoration of Christmas Day)
	Friday	25	Christmas Day
	Thursday	31	Trading Holiday
Total Trading Days				243

 

 

Note:

1.      
The above trading holidays are set based on the Decrees of the Minister
of Religion (SKB) No. 04 Year 2008, the Minister of Manpower and
Transmigration No. KEP 115/MEN/VI/2008, and the Minister of State for
Efficiency of the State Apparatus No. SKB/06/M.PAN/6/2008 on June 9, 2008
regarding National Holidays and National Leaves 2009.

 

2.      
Beside as mentioned above, a trading holiday can be announced later if
Bank Indonesia closes all clearing activities or if the government of
Indonesia announces another national holiday.

 

How to be An Investor

How to be An Investor

Open a security account in a Securities Firm listed in the Exchange

1. Submit a copy of valid ID card


2. Fill in the agreement form provided by the Securities Firm


3. Transfer a sum of money as a deposit to the Brokerage’s account. The
   sum of the deposit vary from firm to firm. Some firms may require you to
   have a minimum of Rp 50 million as a deposit, and some other may be lower.
   


4. After your account has been approved, you are ready to make a deal!!!
   

resource: idx.co.id

Process of Going Public

Companies have many alternatives of financing source,
internal or external. Alternative internal financing generally comes from
the retained earning, while external financing can come from creditors in
form of debt, other forms of funding or by issuing debenture papers, and
even financing by participating in stock (equity). Financing by
participation mechanism is usually done by selling company’s stocks to the
public or often known as going public.

To go public, companies have to make internal and
documents preparation in accordance to the requirements needed for going
public, and fulfill all the requirements stated by the Bapepam. Public
offering or go public is the activity of stock or other marketable
securities offering by an issuer (going public firm) to the public based on
the procedures arranged in the Capital Market Law and its Implementation
Rules.

Public offering accommodates these activities:

• Primary Market Period, when stocks are offered to investors by
  underwriter through selected Selling Agent;


• Shares subscriptions, the allocation of investors’ securities order
  according to the available amount of securities.


• Stock allotment at the Exchange, when stocks are traded in the
  Exchange.

Stocks public offering procedures can be categorized into
these 4 steps:

1. Preparation Step
   
   In this step, the company has to prepare everything needed the public
   offering process. First, the company, who will issue the stocks, holds
   Shareholder General Meeting and asks the approval from shareholders.
   After the approval, the issuer will appoint the underwriter, market
   institutions and supporting professions that consists of:

• Underwriter. Underwriter is the party who has the most involvement
  in assisting the issuer to go public. Underwriter’ has to prepare all
  the documents, prospectus, and giving the guarantee of the issuing
  process.


• Public accountant (Independent Auditor). Public accountant is
  responsible to audit or check the income statement of the issuer.


• Appraisal Company for appraising the fixed assets owned by company
  and accounting proper value of the fixed assets.


• Law consultant for giving legal opinion.


• Notary for making amendments of the company’s basic budget and
  various agreement underlying the public offering, and notes of meeting.
  

2. Registration-Statement Submitting Step
   
   In this step, the company will complete the registration by giving
   supporting documentations to the Bapepam until the Bapepam states that
   the Registration Statement is effective.   


3. Shares Offering
   
   In this step, the issuer offers its stock to the investors’ society.
   Investors can buy the shares through their appointed selling agents.
   Offering period is usually about three trading days. Worth to notice,
   that not all of the investors’ desires are fulfilled in this level. For
   instance, 100 million shares are released in the market, while the
   amount of shares that the investors want to buy is 150 million shares.
   If the investors could not get the shares at the primary market, they
   can buy it in secondary market after the stock is listed in exchange.   
   


4. Shares Listing in the Exchange
   
   After selling the shares in primary market, the stocks are listed in the
   Exchange. In Indonesia, the stocks could be listed in the Indonesia
   Stock Exchange (IDX), Surabaya Stock Exchange, or even in both
   exchanges.

resource: idx.co.id

Stock Trading Mechanism

All transactions in the
Exchange are processed in a facility called as JATS.  Only the Exchange
Members, who also become the members of the Indonesian Clearing and
Guarantee Corporation (KPEI), can input the orders into the JATS. The
Exchange Members are responsible for every transaction they make in the
Exchange.



Exchange Members have the responsibility to settle all the transactions
they've made, as stated in the Exchange Transaction List (DTB), including
the transactions that occur because of:

• 
  

  
  the errors made by the supporting equipment
  or Remote Trading applications of the Exchange Member, except for the
  errors made by the JONEC software that was provided by the Bourse; and/or
  
  



• 
  

  
  the mistakes caused by the carelessness of
  the traders when inserting the purchase and sell orders into the JATS;
  and/or



• 
  

  
  the mistakes caused by the carelessness of
  the IT Officer-RT when operating their supporting equipments or
  applications; an/or

the
invalid access into the Exchange Member’s supporting equipments or
applications.

Market Segmentation

• 
  

  
  Regular Market;



• 
  

  
  Cash Market;



• 
  

  
  Negotiated Market.

Pre-Emptive Rights are traded only on the first session
of the Cash and Negotiated Market.





Trading Hours

Securities Trading in Regular, Cash and Negotiation
Markets are opened during the trading hours on every business day by
reffering to the JATS Timer.





            Reguler Market

Day	Session I	Session II
Monday - Thursday	09:30 - 12:00 WIB	13:30:00 - 16:00 WIB
Friday	09:30 - 11:30 WIB	14:00:00 - 16:00 WIB

          Cash Market

Day	Time
Monday - Thursday	09:30:00 - 12:00:00 WIB
Friday	09:30:00 - 11:30:00 WIB

          Pre-Opening Session




Pre-opening session in Regular Market is opened every Exchange Day:

Time	Agenda
09:10:00 - 09:25:00 WIB	The Exchange Members input the buying and selling orders.
09:25:01 - 09:29:59 WIB	JATS processes the pre-opening price forming and allocates every done transaction.

Purchase and Sell Orders

Exchange Members can only execute limit orders, or orders
entered at a specified limit price set by their clients. 



All purchase and sell orders on securities other than the pre-emptive rights
can only be executed by the brokers in the Regular Market, except if their
client has specifically instructed them or agreed on paper that their orders
should be executed at the Cash or Negotiated Markets.





Trading Unit and Price Step (Step Value)

        
Trading Unit

Stock trading at the Regular and Cash Market have to be
in a round lot of 500 (five hundred) unit or its multiply, while the stock
trading at the Negotiated Market does not have to be in a round lot.

        
Price Step

Price	Step Value	Maximum Price Step *
< Rp 200	Rp 1	Rp 10
Rp 200 to < Rp 500	Rp 5	Rp 50
Rp 500 to < Rp 2,000	Rp 10	Rp 100
Rp 2,000 to < Rp 5,000	Rp 25	Rp 250
> Rp 5,000	Rp 50	Rp 500

Note

* The maximum price step is 10 times of the step value, should be below the
limit of Auto Rejection, and is not valid on the pre-opening. 

Stock
step value and its maximum price step are valid for one entire trading day
and will be adjusted on the next day if its closing price falls on a
different price range. The maximum price step should not exceed the
percentage of Auto Rejection limit.

 

Auto Rejection

The price of bids and asks input into the JATS should be
in a certain price range. If a Broker inputs a price beyond the stock's
price range, the JATS will automatically reject the stock order.



Auto Rejection Percentage:

Price Group	Auto Rejection Precentage
Price < Rp 100	50%
Rp 100 < Price < Rp 500	35%
Rp 500 < Price < Rp 2,500	30%
Rp 2,500 < Price < Rp 5,000	25%
Price > Rp 5,000	20%

The bids and asks of a
stock should be based on:

• 
  

  
  its previous price;



• 
  

  
  its pre-opening price, if the stock has
  formed a pre-opening price;



• 
  

  
  its theoretical price, if the stock is
  traded in a Bourse that is conducting a Corporate Action;



• 
  

  
  its initial price, if the stock is listed
  for the first time in the Exchange;



• 
  

  
  its proper price determined by an
  independent party, if the stock is of a Public Company or other Bourse.
  
  

Auto
rejection limit of a newly listed stock in the Exchange (on its first day)
is twice of the parameter above.

Pre-Opening Session

Stock
trading at the Regular Market starts with a Pre-opening session. This
session allows Exchange Members to input their purchase and sell orders
according to the provisions of the stock unit, step value and Auto Rejection
limit.



The Pre-opening price is formed from the accumulation of the total highest
bids and asks matched by the JATS during the Pre-opening session.



All bids and asks that have not been matched during the pre-opening session
will be processed in the first session of the trading day, except if the
price of the bids and asks has excel the Auto Rejection limit.





Regular Market

The
bids and asks will be processed by the JATS by considering:



1. Price priority

    Higher bids have more priority than lower bids. On the contrary, lower
asks 

    have more priority than higher asks.

2. Time Priority

    If the bids and asks are on the same price, JATS will give priority to
the first 

    submitted bids and asks.



Reduction on the number of purchase or sell order processed into the JATS
will not cause time priority lose. On the other hand, addition on the number
of purchase or sell order processed into the JATS will be treated as a new
order.  Stock trading in the Regular and cash Market will occur and bind
when JATS matches the sell and purchase orders.

Negotiated Market

In Negotiated Market,
prices of each security are bargained out between: 

• 
  

  
  Exchange Members  



• 
  

  
  Investor and one Exchange Member
  



• 
  

  
  Investor and  Exchange Members



• 
  

  
  Exchange Members and the Indonesian
  Clearing and Guarantee Corporation (KPEI)

The results of the
negotiation will be processed through the JATS.

The Exchange Members can
submit their bids and asks through the ad board, and they can change or
cancel them before they are matched with other bids and asks in the JATS.
Once they are matched, a transaction is made and will be carried out.

Transaction Settlement

Market Segmentation	Settlement Period
Regular market	The third Exchange day after the trade is executed (T+3)
Cash Market	The same day as the trade (T+0)
Negotiated Market	Based on the agreement between the Seller and the Buyer

         
Regular and Cash Markets

Transaction settlements
between the sellers and buyers in the Regular and Cash Markets are
guaranteed by the KPEI.

- Transactions in Regular Market have to be settled on the third Exchange
day after the trade (T+3).

- Transactions in Cash Market have to be settled on the same day as the
trade (T+0).

 

Settlement process in the
Regular and Cash Market is carried out by the KPEI through the Netting
process and book-entry on the Exchange Members' accounts in the Indonesian
Central Securities Depository (KSEI). 



If an Exchange Member fails to fulfill its obligations to deliver the
securities as determined, it has to pay an Alternate Cash Settlement (ACS)
amounted to 125% (one hundred twenty five percent) of that securities'
highest price in:

- The Regular and Cash Market, which deadline of settlement falls on the
same date; and 

- The first session of the Regular Market at the settlement date.



If an Exchange Member fails to fulfill its obligation to pay the service
fees to the KPEI, the Exchange Member needs to settle the matter
according to the KPEI Regulations.

Exchange
Member who fails to fulfill its obligations to pay the settlement fees will
be suspended from the market activities until IDX receives a confirmation
from the KPEI stating that the Exchange Member has fulfill all its
obligations. The Exchange Member might also receive other sanctions
according to the Exchange Regulations.

         
Negotiated Market 

The settlement date in the
Negotiation Market is decided based on the agreement between the seller
and buyer, and is settled Trade by Trade (without Netting). If the date
has not yet been decided, the transaction settlement has to be settled on
the third Exchange day after the trade (T+3) at the latest, or on the same
day as the transaction (T+0), if the trade took place on the last day of
pre-emptive rights trading.

The
transaction settlements in Negotiated market sre settled by direct transfer
accounts between the buyers and sellers and are not guaranteed by the KPEI.

Transaction fees

For
every transaction, the Exchange Members have to pay fees to the IDX, KPEI
and KSEI based on the value of each transaction:

Type of Transaction	Transaction Fees	Guarantee Fund	Tax*
Regular Market and Cash Market	0.03%	0.01%	VAT and other tax obligations
Negotiated Market	0.03% or pursuant to the Exchange Policy -
Bond	0.005%

*) Paid to the Exchange as compulsory contribution, in
accordance to the prevailing provisions.

The minimum transaction
fee the Exchange Member has to pay is Rp 2,000,000 (two millions Rupiah).
Suspended Exchange Members also have to pay for this fee.

 

The fees have to be paid
to the Exchange account every month, or on the twelfth day of the
following month at the latest. If the twelfth day of the following month
falls on Saturday, Sunday or holiday, the fees should be paid on the
next Exchange day. Late payments will be subjected with 1% of penalty
for every one day delay.

 

The Exchange Member who
doesn’t fulfill its obligations at least 5 days after the payment
deadline will not only receive penalty, but also will be suspended until
it has settled its payment obligations and the penalties.

Detail
information regarding the procedure of securities trading can be found in
the IDX Regulations number II-A on Securities Trading.

resource:
idx.co.id