Trading Mechanism of capital Market

settlement transaction

settlement transaction
Market Segment Time Settlement Transaction
Regular Market 2nd trading day after the Exchange Transaction (T +2)
Cash Market The same day with the Exchange Transaction (T +0)
Negotiated Market Under an agreement between the seller IDX Member and buyer IDX Member

trading hours

Securities trading in Regular market, Cash Market and Market Negotiations conducted during trading hours every trading day based on the time of JATS.

regular market trading hours

regular market trading hours
Day session I session II
Monday - Thursday At 09:00:00 s / d 12:00:00 At 13:30:00 s / d 15:49:59
Friday At 09:00:00 s / d 11:30:00 At 14:00:00 s / d 15:49:59

cash market trading hours

cash market trading hours
Day Time
Monday - Thursday At 09:00:00 s / d 12:00:00
Friday At 09:00:00 s / d 11:30:00

negotiation market trading hours

negotiation market trading hours
Day session I session II
Monday - Thursday At 09:00:00 s / d 12:00:00 At 13:30:00 s / d 15:49:59
Friday At 09:00:00 s / d 11:30:00 At 14:00:00 s / d 15:49:59
Pre-opening, pre-closing and post-closing sessions are applicable to the regular market transactions with the following schedule:

pre-Opening:

pre-Opening:
Time Agenda
08:45:00 - 08:55:00 WIB Exchange members input the buy or sell orders
08:55:01 - 08:59:59 WIB JATS processes the opening price information and arranges the buy and sell orders based on price and time priority

pre-closing and post-closing

pre-closing and post-closing
Session Time Activity
Pre-Closing 15:50:00 s.d. 16:00:00
exchange members input buying order and selling offer
  16:00:01 s.d. 16:04:59
JATS process the formation of opening price and arrange a request to buy and sell offers on Open Price based on price and time priority
Post-Closing 16:05:00 s.d. 16:15:00
Exchange member input order buy and or sell only on the Closing Price, and JATS coordinate price sustainable (continuous auction) on the sell offers and buy bids for the same stocks in a whole or in part on the Closing Price based on time priority

unit of trade

Transaction on Regular and Cash Market should be trade in trading units (round lot) which is 100 shares or multiplies. Transactions on Negotiation Market are not using trading units (no round lot)

unit price change

unit price change
Price Step Value Maximum Price Step *
< Rp 200 Rp1 Rp10
Rp 200 to < Rp 500 Rp2 Rp20
Rp 500 to < Rp 2000 Rp5 Rp50
Rp 2000 to < Rp 5000 Rp10 Rp100
> Rp 5,000 Rp25 Rp250
Note:
Transactions on Regular market and Cash Market, JATS will set Auto Rejection, if the volume of sell offers or buy bids of shares is more than 50,000 (Fifty thousand) lots or 5% (five percent) of the securities listed on the Exchange (where is the smaller).

auto rejection*

Sell offer Price and or Buy bid Price that input into JATS are still in a certain price range. When IDX Members (AB) input the price out the price range it will automatically rejected by JATS (auto rejection).

auto rejection that now applicable

1.  Sell offer Price and Bid buy Price of the Shares are less than Rp 50, - (fifty rupiah)
2.  Sell offer Price and Bid buy Price of the Shares more than 35% (thirty five percent) above or below the Reference Price for the Shares with the price range of Rp 50, - (fifty rupiah) up to Rp 200, - (two hundred rupiah);
3.  Sell offer Price and Bid buy Price of the Shares more than 25% (twenty five percent) above or below the Reference Price for the Shares with the price range of Rp 200, - (two hundred rupiah) up to Rp 5,000, - (five thousand rupiah);
4.  Sell offer Price and Bid buy Price of the Shares more than 20% (twenty percent) above or below the Reference Price for the Shares with price ranges over Rp 5.000, - (five thousand rupiah).
Implementation of Auto Rejection for the share that was first traded on the exchange (trade prime), set at 2 (two) times the percentage limit auto rejection rates in accordance with the rates specified above. Reference price used to limit highest price or limit lowest price of the shares that entered into JATS in stock trading on Regular Market and Cash Market is determined as below :
· Using the closing price ( Closing Price ) on Regular Market on the previous trading day ( Previous Price ) if not formed when the Opening Price .
· In the case of Listed Companies doing Corporate actions, then for 3 (three) consecutive Trading Days after the end of trading shares include the right (cum period) on Regular Market, the Reference Price above using the Previous Price of each market (Regular or cash).

pre-opening

Implementation in Regular Market, transaction starts with pre opening. IDX members can input offer of sell and request of purchasing shares in accordance with the trading unit, unit price changes (fraction) and the provision of auto rejection. Opening price formed by the accumulation of the most number of deals in sell offer and buy demand that can be allocated by JATS at a specified price during the period of Pre- opening. all of Offer sell Price and Bid buy Price that are not allocated in the pre-opening, will be processed directly (without re-entering Offer Sell Price and Bid Buy Price) on the session I trading hours, unless the Offer Sell Price and Bid Buy Price are out of limits from auto rejection.

regular market

Sell Offer Price and Buy Bid Price that have been inputted on JATS will be processed by JATS considering:
1. Price Priority (price priority)
Demand to buy at a higher price has priority over a demand to buy at lower prices, while sell offer at a lower price has priority over sell offer at a higher price.
2. Time Priority
When the sell offer or buy bid are submitted at the same price, priority is given to buy bid or sell offer first time proposed to the JATS. Reduction in the number of volume on JATS weather at sell and buy for the same price level does not result in loss of time priority. Exchange Transactions in Regular and Cash Market are occur and binding when the selling offer meet the buy bid (match) by JATS.

negotiated market

Securities Trading in the Market negotiations were done through the bargaining process ( direct negotiations ) between :
Exchange members or
1 . customers through an Exchange Member or
2 . customers with Exchange Member or
Furthermore, the agreement of the bargaining will be processed through JATS .

regular and cash market

Transaction Settlement in Regular and Cash Market among IDX Member sell and IDX members buy are guaranteed by KPEI .
· Regular Market Exchange Transaction should be completed in the 2nd trading day ( T +2 ) .
· Cash Market Exchange Transaction should be completed on the same day ( T +0 ) .
In terms of the obligation to deliver Securities Exchange Members are not conducted in accordance with the provisions of the Exchange member is obliged to settle its obligations with money substitutes ( ACS = Alternate Cash Settlement ) as determined by 125 % ( one hundred and twenty-five percent ) of the highest rates of Securities the same happening in :
· Regular and Cash Market with settlement due on the same date , and
· Regular Market Session I at the completion of the transaction with maturity as described above.

market transaction Settlement Negotiations

Settlement Transactions on Negotiation Market assigned by agreement between IDX Member dfabuyer and IDX Member Seller and resolved per transaction (not Netting). If not assigned, the Exchange Transactions Settlement made no later than the 2nd trading day after the transaction (T +2) or the same Exchange Day with the transaction (T +0) for last trading day trading Preemptive Rights.