Debt Securities and Sukuk Trading Mechanism

Secondary trading of Debt Securities and Sukuk (Efek Bersifat Utang dan Sukuk - EBUS) can be conducted through the Alternative Market Operator System (Sistem Penyelenggara Pasar Alternatif - SPPA). Debt Securities trading at SPPA can only be carried out between SPPA Users, both for their own interests and for the interests of their customers, with the obligation to follow the rules set by Alternative Market Operators (Penyelenggara Pasar Alternatif - PPA) and PPA Guidelines. SPPA Users can be Securities Companies, Banks, or other parties approved by the Financial Services Authority (Otoritas Jasa Keuangan - OJK).

Alternative Market Operator System (Sistem Penyelenggara Pasar Alternatif - SPPA)

The Alternative Market Operator System (Sistem Penyelenggara Pasar Alternatif - SPPA) is a trading platform for the secondary market for Debt Instruments provided by the Indonesia Stock Exchange for SPPA Users. Debt Securities and Sukuk (Efek Bersifat Utang dan Sukuk - EBUS) that can be traded through SPPA are EBUS included in the Alternative Market Operators (Penyelenggara Pasar Alternatif - PPA) Securities List.

There are 3 (three) trading mechanisms at SPPA, namely:

1. Central Limit Order Book (CLOB) or Trading Board
   In this trading mechanism, SPPA Users submit executable quotations to SPPA. The quote will appear on the Trading Board anonymously. SPPA Users who are interested can immediately confirm buy/sell (click to trade) on the quotes on the Trading Board.
2. Request for Quotation (RFQ)
   SPPA user may request a quote from all Counterparts that have a Limit with the SPPA User. The party receiving the RFQ request submits a price quote and can counter each other during the RFQ session. The RFQ process runs anonymously.
3. Request for Order (RFO)
   RFO can be used for direct negotiations between 2 (two) SPPA Users. The negotiation is conducted transparently. Both parties conducting an RFO can counter each other during an RFO session.

Settlement Date at SPPA

SPPA Trading Hours

Transaction Fee at SPPA

Transaction fees through SPPA are charged on a percentage basis based on the total value of SPPA User Transactions for one month with the following details: