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Indonesia Stock Exchange

Contact Details

Telephone: +62 21 515 0515
Fax: +62 21 515 0330
Email: Callcenter@idx.co.id
Web: www.idx.co.id/

Principal Officers and Directors of Indonesia Stock Exchange

President Director Tito Sulistio
Director of Trading and Membership Alpino Kianjaya
Director of Finance and Human Resources Chaeruddin Berlian
Director of Surveillance and Compliance Hamdi Hassyarbaini
Director of Business Development Nicky Hogan
Director of Listing Samsul Hidayat
Director of Information Technology and Risk Management Sulistyo Budi

Brief history

An Indonesian capital market has existed since the Dutch colonial era; however, its development was disrupted by two world wars followed by the transfer of sovereignty from the colonial government to the Government of the Republic of Indonesia. The Government of Indonesia subsequently re-opened Indonesia's capital market through Emergency Law No.13 of 1951, which was eventually reaffirmed through the Republic of Indonesia Law No. 15 of 1952. However, it was not until the end of 1980s that the capital market in Indonesia truly began to grow, marked by the establishment of the Surabaya Stock Exchange (SSX) in 1989 and the privatisation of the Jakarta Stock Exchange (JSX) in 1992.

Indonesia's Capital Market Law No.8 of 1995 reaffirmed the role of the JSX and SSX as self-regulatory organisations (SROs). Subsequently, JSX grew rapidly due to technological developments including the implementation of the Jakarta Automated Trading System (JATS) in 1995, scripless trading in 2001, and remote trading in 2002. In the meantime, the SSX successfully developed bond and derivative markets.

At the end of 2007, shareholders of both exchanges approved the consolidation of the SSX into the JSX, which later became the Indonesia Stock Exchange (IDX).

Structure

The Indonesia Stock Exchange is a private institution. The number of IDX shareholders at December 2010 was 119, of which 117 were active members. There were 112 participants, consisting of 58 securities companies, 37 banks, and 17 custodian banks.

The Indonesia Capital Market Structure as regulated by Law No. 8 Year 1995 concerning Capital Market

Markets

Shares are listed either on the Main Board or the Development Board. They must meet the general listing requirements of the Exchange and these specific requirements:

Summary of minimum listing requirements
Requirements Main Board Development Board
Registration fee IDR15m IDR10m
Operation period (in the same core business) Three full consecutive years (36 months) One full year (12 months)
Period covered by audited financial report Three years One full year (12 months)
Audit opinion of financial report Standard unqualified opinion, for the last two financial years and the latest interim audited financial statement Standard unqualified opinion
     
Net tangible assets IDR100bn IDR5bn
Operating income Profit See additional procedures below
Shares owned by the minority shareholders 100m shares or 35% of the paid-up capital 50m shares or 35% of the paid-up capital
Number of shareholders 1,000 500

Additional procedures for listing on the Development Board

A prospective listed company which is operating at a loss, has a negative profit or has been conducting its operation for less than two years, must achieve a business profit and net profit, in accordance with its financial projection, by the latest at the end of the second financial year from its listing date.

A prospective listed company whose business requires more time to reach a break even point (such as infrastructure, hard plants plantation, concession of the Forest Management Rights or Industrial Plantation or other line of business which relates to public services) must achieve an operating profit and net profit by its sixth financial year.

Business hours

Official trading hours

Regular and Negotiated Markets

  Monday to Thursday Friday
1st session 09:00-12:00 09:00-11:30
2nd session 13:30-15:49:59 14:00-15:49:59

Cash Marke

  Monday to Thursday Friday
1st session 09:00-12:00 09:00-11:30

Negotiation Market

  Monday to Thursday Friday
1st session 09:00-12:00 09:00-11:30
2nd session 13:30-16:15 14:00-16:15

In Regular Market using the Pre-Opening, Pre-Closing and Post-Trading session which opened every Exchange Day:

Pre-Opening Session:

Time Agenda
08:45-08:55 The Exchange Members input the buying and selling orders
08:55:01-08:59:59 JATS processes the pre-opening price forming and allocates every done transaction.

Pre-Closing and Post-Trading Session:

sESSION Monday to Thursday Friday
Pre-Closing 15:50 The Exchange Members input the buying and selling orders without the bid-ask information displayed.
16:00
  16:00:01 JATS processes the pre-closing price forming and allocates every done transaction.
16:04:59
Post-Trading 16:05 JATS processes the allocates transaction with closing price.
16:15

Market size

(at 31 December 2017)

Number of listings
Companies 566
Market capitalisation
  Value (IDR)
Listed stocks 7,052,389bn
Top stocks by market capitalisation
Position Stock Value (IDR)
1 HM Sampoerna Tbk 550,184,504m
2 Bank Central Asia Tbk 534,545,255m
3 Telekomunikasi Indonesia (Persero) Tbk. 447,551,984m
4 Bank Rakyat Indonesia (Persero) Tbk 444,488,961m
5 Unilever Indonesia Tbk 426,517,000m
6 Bank Mandiri (Persero) Tbk 369,600,000m
7 Astra International Tbk 336,013,491m
8 Bank Negara Indonesia (Persero) Tbk. 182,775,482m
9 Gudang Garam Tbk. 161,238,574m
10 United Tractors Tbk 132,046,784m

Trading statistics

Volume and value of stocks traded
Year Volume (shares) Value (IDR)
2000 134.5bn 122.8tn
2001 148.4bn 97.5tn
2002 171.2bn 120.8tn
2003 234.0bn 125.4tn
2004 411.8bn 247.0tn
2005 401.9bn 406.0tn
2006 436.9bn 445.7tn
2007 1,039,5bn 1,050,2tn
2008 787.9bn 1,064.5tn
2009 1,467.7bn 975.1tn
2010 1,330.9bn 1,176.2tn
2011 1,203.6bn 1,223.4tn
2012 1,053.8bn 1,116.1tn
2013 1,342.7bn 1,522.1tn
2014 1,327.0bn 1,453.4tn
2015 1,446.3bn 1,406.4tn
2016 1,925.4bn 1,844.6tn
2017 2,844.8bn 1,809.6tn
Most active stocks by trading value: Q4 2017
Position Stock Value (IDR)
1 Bank Central Asia Tbk. 130,260,950,617,113
2 Telekomunikasi Indonesia (Persero) Tbk. 116,545,792,001,397
3 Bank Rakyat Indonesia (Persero) Tbk 78,362,702,735,735
4 Astra International Tbk 73,478,147,292,035
5 Bank Mandiri (Persero) Tbk 70,528,769,726,522
6 Bumi Resources Tbk 52,438,389,826,856
7 Hanson International Tbk. 43,683,460,284,306
8 Bank Negara Indonesia (Persero) 41,711,474,694,601
9 United Tractors Tbk. 31,013,973,827,006
10 Sri Rejeki Isman Tbk 30,916,111,323,373
Most active stocks by trading volume: Q4 2017
Position Stock Volume (shares)
1 Hanson International Tbk. 350,237,467,409
2 Bumi Resources Tbk 157,590,777,051
3 Bakrieland Development Tbk 108,201,054,671
4 Rimo International Lestari Tbk 99,626,398,707
5 Sri Rejeki Isman Tbk. 88,512,915,903
6 Energi Mega Persada Tbk 87,859,415,673
7 Inti Agri Resources Tbk. 84,851,002,582
8 Bumi Resources Minerals Tbk 81,228,315,199
9 Darma Henwa Tbk 70,297,621,037
10 Trada Alam Minera Tbk. 68,560,390,031
Trading value: Corporate bonds
Year Value (IDR)
2000 8.6tn
2001 1.1tn
2002 6.1tn
2003 14.2tn
2004 17.0tn
2005 23.9tn
2006 31.9tn
2007 68.2tn
2008 53.2tn
2009 38.9tn
2010 89.4tn
2011 126.4tn
2012 160.1tn
2013 185.3tn
2014 167.7tn
2015 187.7tn
2016 224.3tn
2017 325.1tn
Trading value: Government bonds
Year Value (IDR)
2000 11.2tn
2001 64.7tn
2002 131.0tn
2003 337.7tn
2004 513.0tn
2005 521.0tn
2006 750.6tn
2007 1,074.8tn
2008 857.4tn
2009 799.9tn
2010 1,510.6tn
2011 1,963.8tn
2012 1,995.9tn
2013 1,877.7tn
2014 2,837.5tn
2015 3,399.9th
2016 3,655.2tn
2017 3,842.4tn

Main indices

. The Jakarta Composite Share Price Index

. The LQ45 index

. The Jakarta Islamic Index

. The Main Board Index and Development Board Index

. The KOMPAS100 Index

. The Bisnis-27 Index

. The Pefindo25 SME Index

. The SRI-KEHATI Index

The Composite Share Price Index has a base of 100 at 10 August 1982. It comprises all stocks listed on the JSX. The JSX introduced 10 industrial sector indices on 2 January 1996. These cover agriculture, mining, primary industry, miscellaneous industry, consumer, property, infrastructure, financial, trade and services, and manufacturing. The manufacturing index is a composite of the primary, miscellaneous and consumer industries.

The LQ45 index was launched on 24 February 1997 to show the movements of stock prices from companies which are very actively traded and with high market capitalisation. This index is made up of 45 stocks. The base date for the index is 13 July 1994 and the base value is 100.

In July 2000, the JSX introduced the Jakarta Islamic Index. The Index was created to facilitate investment by members of the public who would like to make investments that conform to Islamic law.

In April 2002, the JSX launched the Main Board Index and Development Board Index, designed to enable investors to monitor listed stocks categorised in each listing. The base date used in computing the Main Board Index and Development Board Index is 28 December 2001, with a base value of 100.

The KOMPAS100 Index was launched on 10 August 2007, coinciding with the 30th anniversary of Indonesia's capital market. The 100 stocks are chosen based on their frequencies and values of transaction, market capitalisations and fundamental performances.

On 27 January 2009, Indonesia Stock Exchange and Bisnis Indonesia Daily launched the Bisnis-27 Index. The 27 stocks included in the index are chosen by a committee of capital market experts and professionals and are reviewed every six months in February and August. The base date of the index is 28 December 2004 and the base value is 100.

The PEFINDO25 SME Index was launched on 18 May 2009. A joint cooperation between the PEFINDO Rating Agency and the IDX, this index represents the stocks of small and medium enterprises (SMEs) with good fundamental performances and liquidity that are listed on IDX.

The SRI-KEHATI Index was launched on 8 June 2009 in cooperation with Yayasan Keanekaragaman Hayati Indonesia (the Indonesian Biodiversity Foundation - KEHATI), an organisation that is engaged with conservation and the sustainable use of Indonesia's biodiversity resources. This index tracks the performance of companies with good records in the practice of sustainable and responsible investment.

Securities traded

Common stock, preferred stock, rights, warrants, bonds (corporate and government), stock options and index futures (LQ45 and DJ Japan Titans 100).

Trading system

Trading at the Indonesia Stock Exchange is based on an order-driven market system. Trading can only be done by IDX members who are already registered as members of the Indonesian Clearing and Guarantee Corporation (KPEI). Brokerage companies then execute their orders. A brokerage company may also buy and sell securities in its own name as part of its investment portfolio.

IDX's first trading system, the Jakarta Automated Trading System or JATS, was replaced with a new system that will handle all financial products (stocks, bonds, and derivatives) on one platform. The implementation of JATS Next-G (JATS Next Generation) system is being carried out in steps, starting with the launch of the stock trading system on 2 March 2009, with the trading system for derivatives (options and futures) and bonds following in subsequent years.

Pre-opening session

Trading in the Regular Market starts with a pre-opening session. This session allows Exchange members to enter selling and buying orders to form the opening price.

Regular Market and Cash Market

Stock trading on the Regular Market and Cash Market is based on fixed lots and the fixed times of the continuous auction market mechanism.Trades are done in 'round lots', which is the minimum unit in which trades that can be executed; currently, 1 lot is equal to 500 shares. The prices formed in the Regular Market are used to calculate the indices and are also used as the quoted prices for the Indonesia Stock Exchange.

Negotiation Market

The Indonesia Stock Exchange also provides stock trading based on negotiation between buyers and sellers. Securities trading on the Negotiation Market is conducted through an individual bid-offer process (direct negotiation) between Exchange members or clients or between the Exchange member and KPEI (Indonesian Securities Clearing and Guarantee). The agreement is subsequently processed through JATS. There is no fixed lot size; consequently, trades in the Negotiated Market are often executed in 'odd lots'.

(FITS) Fixed Income Trading System

Fixed Income Trading System (FITS) is a trading system for bonds listed on Surabaya Stock Exchange that allows bonds to be traded on a retail basis (retail bonds). Retail bonds have a relatively small nominal value, starting at IDR5m.

CTP (Centralised Trading Platform)

CTP (Centralised Trading Platform) is a trading, reporting, and information system for the bonds market. It was launched on 1 September 2006.

FATS (Futures Automated Trading System)

Trading of futures is carried out through FATS (Futures Automated Trading System).

JOTS (Jakarta Options Trading System)

Trading of stock options is carried out through JOTS (Jakarta Options Trading System).

Exchange holiday schedule

2018

  • 01 January
  • 16 February
  • 30 March
  • 01 May
  • 10 May
  • 29 May
  • 01 June
  • 13 June
  • 14 June
  • 15 June
  • 18 June
  • 19 June
  • 17 August
  • 22 August
  • 11 September
  • 20 November
  • 24 December
  • 25 December
  • 31 December