Jakarta, CNBC Indonesia – Starting trading earlier this week, Monday, December 6, the Indonesia Stock Exchange (IDX) began implementing new rules regarding trading mechanisms and removing broker codes during stock transactions.
Investors can still see the code of the broker who made the transaction after the closing of the exchange trading. This policy was implemented in conjunction with the implementation of several adjustments to the trading mechanism on the stock exchange.
The Director of Trading and Exchange Members, Laksono Widodo, emphasized that the policy of closing broker codes is primarily aimed at increasing investor protection in investing in shares in the capital market.
“Of course, maintaining orderly, fair and efficient securities trading,” said Laksono to the media crew, Wednesday (11/24/2021).
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Photo: Dok IDX- – |
In addition to removing the broker code, today the exchange added new settings in the pre-opening and pre-closing system, namely the addition of the Indicative Equilibrium Price (IEP), Indicative Equilibrium Volume (IEV), and random closing features.
This rule aims to encourage a more reasonable closing price determination, prevent sharp price movements at closing, reduce the occurrence of closing price manipulation, increase the transparency of closing price formation and increase the occurrence of transactions in the pre-closing session. The application of this feature has also been implemented in several global stock exchanges.
Second, there is the addition of a market order feature. This adjustment will make it easier for investors to place orders at market prices. Second, increasing the potential for transactions so as to encourage the creation of market liquidity.
In the new rules, the pre-opening order input session changed from the previous 08.45.00 to 08.55.00 to 08.45.00 to 08.59.01.
Meanwhile, the price formation also changed from the previous 08.55.01 to 08.59.59 to start at 08.59.01 to 08.59.59.
In addition, at the pre-close of the regular market, the IDX began to implement a two-minute random closing starting at 2:58 p.m. to 3 p.m. JATS time. Price formation is also faster than the previous 15.00.01 to 15.04.59 to start at 15.00.01 to 15.00.59.
The IDX also extended the trading time in the negotiating market for 15 minutes from the previous at the close of trading during the pandemic period from 15.15 to 15.30 JATS time.
Head of Research at Sucor Sekuritas, Adrianus Bias Prasuryo, believes that the policy of removing stock broker codes will make it difficult to say whether this will have an impact on trading volume or not. However, he said that in the early days it was very possible for a decline to occur.
“Perhaps those who have used bandarmology so far have to make adjustments, if those who usually use bandarmology up to 10% eat there will be a decrease to that number. However, I think it is only temporary,” said Adrianus in an InvesTime event, Tuesday (11/23/2021) .
Not only that, at the end of the year investors and traders are also waiting for window dressing, but Adrianus estimates that removing the broker code will not affect window dressing, because window dressing is usually done by institutions. In addition, according to Adrianus, the IDX is actually smart because it is carried out in December and towards the holiday season and transactions are relatively quiet. “So that all parties can make adjustments,” said Adrianus.
In the future, Adrianus predicts that the market will be better because more investors and traders will see the value of issuers and not just follow suit.
(sys / hps)
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