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
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Cash Market
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Pre-Opening Session
Pre-opening session in Regular Market is opened every Exchange Day:
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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
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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:
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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
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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:
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*) 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