Trading Hours and Mechanism
Equities Trading Mechanism
All transactions in the Exchange are processed in a facility called as JATS INET. 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.
Trading Process in The Exchange
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Transaction
Market Segmentation and Settlement
| Market Segmentation | Transaction Settlement |
|---|---|
| Regular Market | The second Exchange day after the trade is executed (T+2) |
| Cash Market | The same day as the trade (T+0) |
| Negotiated Market | Based on the agreement between the Seller and the Buyer |
Pre-Emptive Rights are traded only on the first session of the Cash and Negotiated Market.
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 INET 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.
Pre-Closing and Post-Trading
At Pre-Closing Session, The Exchange Members may enter sell offers and/or buy requests by following the provisions about trading unit, price fluctuation unit (price fraction), and auto rejection. JATS forms the Closing Price and matches sell offers with buy requests at the Closing Price based on price and time priority.
In the Post-Trading, Exchange Members enter sell offers and/or buy requests at the Closing Price, and JATS continuously matches sell offers with buy requests, fully or partially, at the Closing Price based on time priority.
Regular Market and Cash Market
Bids and Asks will be processed by JATS INET by considering:
- Price Priority
Higher bids have more priority than lower bids. On the contrary, lower asks have more priority than higher asks. - 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.
Negotiated Market
In Negotiated Market, prices of each security are bargained out between:
- Exchange Members
- Investor and one Exchange Member
- Investor and Exchange Members
The results of the negotiation will be processed through the JATS INET.
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 INET. Once they are matched, a transaction is made and will be carried out.
Trading Unit
Stock Trading at Regular and Cash Market must be traded according to stock unit, that is round lot, which 1 lot = 100 shares. Detail information regarding the Price Fraction can be found in the IDX Regulation number II-A Kep-00196/BEI/12-2024.
| Price Fraction Scale | Price Fraction | Maximum Price Movement |
|---|---|---|
| < Rp200,00 | Rp1,00 | Rp10,00 |
| Rp200,00 < Rp500,00 | Rp2,00 | Rp20,00 |
| Rp500,00 < Rp2.000,00 | Rp5,00 | Rp50,00 |
| Rp2.000,00 < Rp5.000,00 | Rp10,00 | Rp100,00 |
| >= Rp5.000,00 | Rp25,00 | Rp250,00 |
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.
Leveraged Transactions
Margin Transaction
Margin is a securities order buy transaction financed by a Securities Company. Margin transactions can only be conducted on securities that meet the requirements set by the Exchange. To be included in the list of Securities eligible for Margin Transactions, the Securities must meet the following requirements:
| Provision | Period of listed stock on IDX | |
|---|---|---|
≥ 3 - 12 Months | > 12 Months | |
| Transaction Period | Traded on at least 90% of the total number of Trading Days during:
| At least 90% of the total number of trading days in the last 6 (six) months. |
| Average Value or Volume Daily Transaction |
Or
| Last 6 months:
|
During the review period, marginable stocks were listed at:
- Main Board;
- Main New Economy Board; or
- Development Board or Acceleration Board following with provisions:
- Minimum 300 number of shareholders have Single Investor Identification (SID).
- Minimum 50.000.000 shares on free float and at least 7,5% from listed shares.
- Is not in net loss or negative equity condition based on Submitted latest financial statement.
- Fulfil these condition:
- PER Ratio is not 5 times more than PER Market and Positive PER;
- PBV Ratio is not 5 times more than PBV Market and Positive PER; or
- PBV Value is not 5 times more than PBV Market and positive retained earning.
Margin stocks can be traded on the following markets:
- Regular
- Cash
- Negotiation
*Exception: Not part of Syariah Listed Company.
Margin Transaction Illustration
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The potential profit is gets from short shell transaction value minus the buy back transaction value, with the details as follows:
- Selling price and buy back price deviation: Rp24.000.000,00 − Rp20.000.000,00 = Rp4.000.000,00
- Securities Borrows fee for 30 Days*: 30/360 x 15% x Rp10.000.000,00 = (Rp125.000,00)
- Selling Fee (0.1433%): 0.1433% x Rp24.000.000,00 = (Rp34.392,00)
- Buying Fee (0.0433%): 0.0433% x Rp20.000.000,00 = (Rp8.660,00)
- Net Profit: (Rp4.000.000,00 − Rp125.000,00 − Rp34.392,00 − Rp8.660,00) = Rp3.831.948,00
*in this illustration, we assume that borrowing securities within 30 Days with 15% p.a. interest rates.
Auto Rejection
The buying and selling price inputted into the JATS must be within a certain price range. If an Exchange Member inputs a price order above or below the stock's price range, the JATS will automatically reject the order.
Based on Decree of the Board of Director of PT Bursa Efek Indonesia Number II-A Kep-00196/BEI/12-2024 regarding Rule Number II-A concerning the Trading of Equity Securities, the percentage limit of auto rejection in the Regular and Cash Market effective as of Tuesday, April 8th, 2025, as follows:
| Equity | Price Range | Auto Rejection (AR) | ||
|---|---|---|---|---|
| Upper Limit Percentage of Auto Rejection (ARA) | Lower Limit Percentage of Auto Rejection (ARB) | Volume | ||
| Stock listed on the Main, New Economy, and Development Board | Rp50,00 - Rp200,00 | 35% | 15% | >50.000 lot or 5% of stock's listed shares |
| >Rp200,00 - Rp5.000,00 | 25% | 15% | ||
| >Rp5.000,00 | 20% | 15% | ||
| Stock listed on Acceleration and Watchlist Board | Rp1,00 - Rp10,00 | Rp1,00 | Rp1,00 | |
| >Rp10,00 | 10% | 10% | ||
| ETF and DIRE | Rp50,00 - Rp200,00 | 35% | 15% | |
| >Rp200,00 - Rp5.000,00 | 25% | 15% | ||
| >Rp5.000,00 | 20% | 15% | ||
| DINFRA | ≥Rp50,00 | 10% | 10% | |
| HMETD | All | - | - | |
| Warrant | All | ≥ Last traded price of underlying stock on regular market | - | |
The implementation of Auto Rejection for Stock trading resulting from an initial public offering will be determined at 1 (one) times of the limit of auto rejection percentage as mentioned above.
For Warrants, Auto Rejection can be set as follows:
- First trading day:
Equal or exceed the last trading price of the shares underlying the Warrant. - After the first day is recorded, the following smaller provisions will apply based on the conditions below:
- Equal to or greater than the last trading price of the underlying stock of the Warrant,
- Tiered auto rejection according to the Warrant price range, with the following details:
| Price | Limit |
|---|---|
| Rp1,00 - Rp9,00 | Rp10,00 |
| Rp10,00 - Rp200,00 | >50% |
| > Rp200,00 - Rp5.000,00 | >40% |
| > Rp5.000,00 | >30% |
The Reference Price used to set the upper and lower limit for the offering price of stocks traded in the Regular Market on JATS are determined based on:
- Previous price;
- Theoretical price of corporate action result;
- The initial price for the stock of a listed company that is traded on the Exchange for the first time; or
- The fair value of market determined by the business appraiser as referred to in the Financial Services Authority Regulation Number 35/POJK.04/2020 concerning Valuation and Presentation of Business Valuation Reports in the Capital Market.
Indicative Equilibrium Price (IEP) & Indicative Equilibrium Volume (IEV)
Indicative Equilibrium Price (IEP) is information of potential transaction prices that will be formed on pre-opening, pre-closing, and call auction sessions of watchlist board. Meanwhile, Indicative Equilibrium Volume (IEV) is information on the potential transaction volume that can be found at the price that will be formed/IEP.
The benefits of IEP and IEV are:
- Transparency of opening and closing prices formation in the blind order book;
- Reduce the potential of marking the close; and
- Make it easier for market participants to execute transactions in the blind order book.
Trading sessions and share types with IEP and IEV information:
| Session | Day | Time | Share Types |
|---|---|---|---|
| Pre-Opening | Monday - Friday | 08.45.00 - 08.59.00 | LQ45 Index Constituent |
| Call Auction of Watchlist Board | Monday - Thursday | 09.00.00 - 11.54.59 and 13.25.00 - 15.54.59 | Watchlist Board Stocks |
| Friday | 09.00.00 - 11.24.59 and 13.55.00 - 15.54.59 | ||
| Pre-Closing | Monday - Friday | 15.50.00 - 16.00.00 | Exclude Watchlist Board Stocks |
Market Order
Market order is an order type of buy/sell share from an Exchange Member that has higher order price priority compared to other types of orders.
The benefits of Market Orders are:
- Facilitates order execution at market prices and in real time;
- Increase the potential for transactions to be occurred;
- Has a higher Order Priority than Limit Orders on the JATS System; and
- Potentially match at the best price.
Market Order Type:
| Criteria | FAK (Fill and Kill) | FOK (Fill or Kill) | MTL (Market to Limit) |
|---|---|---|---|
| Match mechanism (Matching) | Matched in its entirety or in partially at various price levels available in Order book | Matched in its entirety or not at all at various price levels available in Order book | Matched in its entirety or partially at various price levels available in Order book |
| Order Duration Type | Immediate | Immediate |
|
| Trading Sessions |
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|
|
| Sweep limit (price that can be matched) | Maximum 10 price fractions after best bid for sell orders or best ask for buy orders | Maximum 10 price fractions before being converted into a limit order after best bid for sell orders or best ask for buy orders | |
Market Order can only be submitted if there is a best bid for sell orders or a best ask for buy orders in the order book.
Transaction Settlement
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+2).
- 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.
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+2) 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 are 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:
| Regular Market | Cash Market | Negotiated Market | |
|---|---|---|---|
| IDX Transaction Fee | 0,018% | 0,018% | 0,018% |
| KPEI Clearing Fee | 0,009% | 0,009% | 0,009% |
| KSEI Settlement Fee | 0,003% | 0,003% | 0,003% |
| KPEI Guarantee Fee | 0,010% | 0,010% | - |
| VAT 12% (Rate 12% x Tax Basis 11/12 of the Bill Amount)** | 0,0033% | 0,0033% | 0,0033% |
| Final Withholding Tax 0.1%* (Sell Only) | 0,100% | 0,100% | 0,100% |
| Total | 0,1433% (Sell) 0,0433% (Buy) | 0,1433% (Sell) 0,0433% (Buy) | 0,1333% (Sell) 0,0333% (Buy) |
*Paid to the Exchange as compulsory contribution, in accordance to the prevailing provisions.
Transaction Fee above is exclude Exchange Members transaction fee.
**Referring to PMK 131 of 2024, VAT Rate is calculated by multiplying Rate 12% of the Tax Base 11/12 of the Bill Amount.
