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
Since December 3, 2001 SE-009BEJ12-2001, the JSX implemented Auto Rejection System. This system will automatically reject stock orders if stock price fluctuation has reached certain levels.
The determination of Auto Rejection Percentage based on 5 price groups of the Regular Market Previous Price
Previous Price of Auto Rejection Percentage
Regular Market Rp. Regular Condition
Corporate Action4 days
100 50 from Previous Price
50 from Previous Price of Regular Market
of each market 100 - 500
35 35
500 - 2.500 30
30 2.500 - 5.000
25 25
5.000 20
20 Other conditions for the implementation of Auto Rejection:
— In Corporate Action condition for 3 days after Regular Market cum, Auto Rejection refers to the Previous
Price of each market. —
For IPO shares, Auto Rejection Percentage is twice the normal percentage. —
Auto Rejection is not valid for Derivatives Warrant and Rights. —
In regular condition for the first order, Maximum Price Movement refers to the previous price of Regular Market
JSX Fact Book 2007 15
e. Market Segmentation
Market Segmentation is based on types of instrument and settlement mechanism: •
Stocks and Warrants Market
Scripless Settlement Mechanism
Regular Market V
T+3 Netting + Offseting
Cash Market V
T+0 Netting + Offseting
Negotiation Market V
Negotiation Trade for trade
The Exchange Transaction settlement at the Negotiation Market shall be conducted in accordance with the agreement between the seller and buyer of Exchange Members.
•
Rights
Rights can only be traded on the Cash Market and the Negotiation Market Session I.
Market Scripless
Settlement Mechanism
Cash Market V
T+0 Netting
Negotiation Market V
Negotiation Trade for trade
i. Regular Market and Cash Market
Stock trading at the Regular Market and Cash Market is based on fixed lot and fixed time of the continuous auction market mechanism. In the Regular and Cash Markets, trades are done in “round lots”, which is the
minimum units of trades that can be executed. Currently, 1 lot is equal to 500 shares. However, trades in the Negotiated Market can be carried out without using these criteria. Consequently, trades in the Negotiated
Market are often executed in “odd lots”
Prices resulting from orders and the continuous auction market as described above form the basis of the regular market. The regular market is then used to calculate the indices. The prices formed in the regular
market are also used as the quoted prices for the Jakarta Stock Exchange, which are distributed throughout the world.
ii. Pre-Opening System
The trading in the Regular Market is started with the Pre-opening session every trading day. This session allows Exchange Members to make the selling and buying orders to form the opening price. Pre-opening
system began on February 3rd 2004. For the first stage, the priority is given to the LQ-45 stocks.
iii. Pre-Opening Trading
— Pre-opening Trading is applicable only in the Regular Market.
— Bargaining is based on the previous price or the offering price.
16 JSX Fact Book 2007
— Auto Rejection system is implemented and the percentage is based on the previous price or the offering
price. —
If the Opening Price is formed: o
The opening price on Windows Securities is not equal to 0. o
Auto Rejection for sessions I II is based on the Opening Price not Previous Price o
Pre-Opening Orders that are not allocated and are out of the new Auto Rejection range will be withdrawn automatically by JATS see Auto Rejection diagram
— If the Opening Price is not formed:
o The opening price on Windows Securities is equal to 0.
o Auto Rejection for sessions I II is based on the Previous Price
o The status Order will remain Open and will be continued to the Trading Session I.
— Beginning on February 1
st
, 2006, there are 66 listed companies that have been pre-selected and evaluated as appropriate for pre-opening trading sessions.
iv. Terms and Conditions for Regular Market Transaction
An investor is required to fulfill the following conditions to trade in the regular market: The amount of shares, warrants and rights in a standard lot is 500 shareswarrantsrights or units
Price movements increments between orders:
Shares: Price
Maximum Price Step Step Value
Rp 200 Rp 10
Rp 1 Rp 200 - Rp 500
Rp 50 Rp 5
Rp 500 - Rp 2,000 Rp 100
Rp 10 Rp 2,000 - Rp 5,000
Rp 250 Rp 25
Rights: Price
Maximum Price Step Step Value
Rp 200 Rp 10
Rp 1 Rp 200 - Rp 500
Rp 50 Rp 5
Rp 500 - Rp 2,000 Rp 100
Rp 10 Rp 2,000 - Rp 5,000
Rp 250 Rp 25
f. Negotiation Market
Kategori