JSX Fact Book 2007 13
Year 2006 Total
Remote Trading Remote Trading
Transactions Transactions
as of Total
Volume in Million Shares 454.79
281.20 61.83
Value in Trillion Rp 448.07
271.36 60.56
Frequency 4,955,887
3,759,945 75.87
Year 2007
Volume in Million Shares 381.11
315.10 82.68
Value in Trillion Rp 337.44
275.55 81.66
Frequency 4,281,443
3,933,819 91.88
As of the end of May 2007
3. Trading Regulations
a. Order-Driven Market and Open-Auction System
Trading in the Jakarta Stock Exchange is based on an order-driven market system. Investors must contact brokerage companies. Trading at the JSX can only be done by JSX Members who are already registered as the Members of
the Indonesian Clearing and Guarantee Corporation KPEI. Brokerage companies then execute their orders. A brokerage company may also buy and sell securities using its own name as part of its investment portfolio.
Brokerage companies who are registered as Exchange Member appoint representatives to execute all orders. Those representatives who are assigned at the exchange floor are called JATS Traders and those at the office are
called Order and Trading Authorizers. Both of these professions must be registered at the Exchange. Using the JATS, orders are processed by computers that carry out “bids” and “asks” matching processes based on
price and time priorities. This open-auction system operates continuously during exchange hours.
b. Trading Schedule
Trading activities on the JSX take place on days termed exchange days. Daily trading schedule are follows: Monday – Thursday
Session I 09.30 - 12.00 JATS Time
Session II 13.30 - 16.00 JATS Time
Friday Session I
09.30 - 11.30 JATS Time Session II
14.00 - 16.00 JATS Time Pre-opening for the Regular Market shall be conducted on every trading day as follows:
Monday – Friday y Put Orders
09:10:00 – 09:25:00 JATS Time y JATS Process transaction allocation
09:25:01 - 09:29:59 JATS Time Trading schedule for Cash Market
Monday – Thursday 09.30 - 12.00 JATS Time
Friday 09.30 – 11.30 JATS Time
14 JSX Fact Book 2007
c. Transaction Fees
Based on an agreement, an investor has to pay a commission to the JSX Member Securities Companies for every transaction. The JSX rules that the commission must not exceed 1 one percent of the value of the transaction
buying or selling made by the investor. JSX Member Securities Companies are obliged to pay the following fees:
— Transaction fees to the Exchange, KPEI and KSEI which are calculated in accordance with the value per
transaction, as follows: a.
0.03 of the value per transaction for transaction, clearing, and settlement of the Securities transaction at Regular Market and Cash Market.
b. 0.03 of the value per transaction or pursuant to the Exchange policy for transaction at Negotiation
Market. c.
the minimum transaction fees is Rp. 2,000,000,- per month as a contribution to the Exchange facility provision;
d. for bond transaction, the fee is 0.005 of the value per transaction.
— Member Securities companies must deposit the security deposit of 0.01 of the value per guaranteed
transaction by KPEI Regular and Cash Market. This amount is the Guarantee Fund and it is managed by PT Kliring Penjaminan Efek Indonesia KPEI.
— The commissions and transaction fees do not include the 10 Value-Added Tax VAT; the 0.1 Transaction
Tax levied on cumulative selling transaction value shares only.
d. Auto-Rejection
