Introduction
„ All transactions in the Exchange are
TRADING MECHANISM
DR. Ir. Perdana Wahyu Santosa, MM
Universitas YARSI
CAPITAL PRICE
Introduction
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
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Market Segmentation
„ Regular Market;
„ Cash Market;
„ Negotiated Market.
„ Pre-Emptive Rights are traded only on
the first session of the Cash and
Negotiated Market.
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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.
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Introduction
„ 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.
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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.
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 Trading Hours: Reguler Market Cash Market

Day Day Time

Session I Session II

Monday - Thursday 09:30 - 12:00 WIB 13:30:00 - 16:00 Monday - 09:30:00 - 12:00:00 WIB
WIB Thursday
Friday 09:30:00 - 11:30:00 WIB
Friday 09:30 - 11:30 WIB 14:00:00 - 16:00
WIB

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Pre-Opening Session Trading Process in the Exchange

Agenda
Time

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.

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The Process of Remote Trading 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.

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Trading Unit and Price Step
(Step Value) Price Step
Trading Unit
„ Stock trading at the Regular and Cash Price
Step Value
Maximum Price
Step *
Market have to be in a round lot of 500 < Rp 200 Rp 1 Rp 10
(five hundred) unit or its multiply, while Rp 200 to < Rp 500 Rp 5 Rp 50
the stock trading at the Negotiated Rp 500 to < Rp 2,000 Rp 10 Rp 100
Market does not have to be in a round Rp 2,000 to < Rp 5,000 Rp 25 Rp 250
lot. > Rp 5,000 Rp 50 Rp 500

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Auto Rejection
Step Value
Stock step value and its maximum price „ The buying and selling price orders
step are valid for one entire trading day entered into the JATS have to be in a
and will be adjusted on the next day if certain price range. If a Broker inputs a
its closing price falls on a different price price order above or below the stock's
range. The maximum price step should price range, the JATS will automatically
not exceed the percentage of Auto reject the price order.
Rejection limit.

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Auto Rejection Auto Rejection

JATS will automatically do the Auto Rejection to the price orders input into
the JATS at the Regular and Cash Markets if:
„ The selling or buying order is smaller than Rp 50 (fifty rupiah);
„ The selling or buying orders input into the JATS are more than 35%
(thirty five percent) above or below the Reference Price for stock price
that ranges from Rp 50 (fifty rupiah) to Rp 200 (two hundred rupiah);
„ The selling or buying order input into the JATS are more than 25%
(twenty five percent) above or below the Reference Price for stock
price that ranges from above Rp 200 (two hundred rupiah) to Rp 5,000
(five thousand rupiah);
„ The selling or buying order input into the JATS are more than 20%
(twenty percent) above or below the Reference Price for stock price
that is more than Rp 5,000 (five thousand rupiah).
Stock trading as a result of initial public offering is determined twice wider
than Auto Rejection percentage as mentioned above.
„ Reference Prices used to limit the highest and lowest offering
price toward stocks entered into JATS at the Regular and Cash
Markets are determined by the:
„ Opening Price formed in the Pre-Opening Session; or
„ Closing Price of the previous closing date if a Pre-Opening Price
is not formed (Previous Price).
„ In a case that a Listed Company doing corporate actions, in 3
(three) consecutive Exchange Days after the end of equity
trading that has right (cum periode) in Regular Market, the
Reference Price used is the Previous Price of each market
(Regular or Cash).
„ *Refering to the IDX Circular Letter No. SE-00001/BEI.PSH/01-
2009 that is effective from January 19, 2009

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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.
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Regular Market
„ 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.
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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 Based on the agreement between the Seller and
Market the Buyer
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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.
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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.
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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).
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 Regular and Cash Markets Regular and Cash Markets
„ If an Exchange Member fails to fulfill its obligations „ Exchange Member who fails to fulfill its
to deliver the securities as determined, it has to pay an obligations to pay the settlement fees
Alternate Cash Settlement (ACS) amounted to 125%
(one hundred twenty five percent) of that securities' will be suspended from the market
highest price in: activities until IDX receives a
- The Regular and Cash Market, which deadline of settlement falls confirmation from the KPEI stating that
on the same date; and the Exchange Member has fulfill all its
- The first session of the Regular Market at the settlement date.
obligations. The Exchange Member
If an Exchange Member fails to fulfill its obligation to pay the
service fees to the KPEI, the Exchange Member needs to settle might also receive other sanctions
the matter according to the KPEI Regulations.
according to the Exchange Regulations.
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Negotiated Market Transaction fees

„ The settlement date in the Negotiation Market is Type of

Transaction Fees
Guarante Tax*
decided based on the agreement between the seller and Transaction e Fund
buyer, and is settled Trade by Trade (without Netting). Regular Market 0.03% 0.01% VAT and other
If the date has not yet been decided, the transaction and Cash tax
settlement has to be settled on the third Exchange day Market obligations
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 Negotiated 0.03% or pursuant
last day of pre-emptive rights trading. Market to the
„ The transaction settlements in Negotiated market sre Exchange
settled by direct transfer accounts between the buyers Policy -
and sellers and are not guaranteed by the KPEI. Bond 0.005%

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Transaction fees Transaction fees

„ 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.
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„ 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.
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