Table of Contents
Indonesia Stock Exchange (IDX)
The Indonesia Stock Exchange, the result of a merger between Surabaya Stock Exchange and Jakarta Stock Exchange, is the primary equity market in Indonesia.
Currency: Indonesian Rupiah (IDR)
Order Types
- Limit Buy/Sell→ShortSell (Day)
Basic Market Rules
- Lot Size: 500 shares.
- Tick Size: varies by price, as follows:
| Price Range | Tick Size |
|---|---|
| Rp 500 | Rp 1 |
| Rp 500 - 5,000 | Rp 5 |
| > Rp 5,000 | Rp 25 |
- Short Sale Rules: naked short selling is prohibited. A short locate must be obtained and all short sell orders must be properly marked.
- Circuit Breakers: as follows:
| Stage | Trigger | Action |
|---|---|---|
| First | If the IDX composite index falls by 10% from the previous day's close | All trading in listed securities will be halted for 30 minutes |
| Second | If the IDX composite index falls by 15% from the previous day's close (i.e., by another 5%) | Trading in all listed securities will be suspended until the closing time of that session, or more (given approval by Indonesia's Financial Services Authority) |
Auction Mechanisms
Both the opening and closing auction mechanisms in Indonesia operate by matching all open orders on a price-time priority basis.
Open
Pre-Opening Session: orders can be entered from 08:45:00 - 08:55:00, with order matching occurring from 08:55:01 - 08:59:59 ahead of the market open at 09:00:00.
Close
Continuous Auction: matching selling offer against buying demand entered in pre-closing session from 15:50:00 to 16:00:00 using price-time priority.
The closing price is based on the best price and largest volume of shares matched.
Auction Periods
Pre-Closing Session: 15:50:00 - 16:00:00 - securities exchange member to input selling offers or buying demand
Closing Auction: 16:00:01 - 16:04:59 - JATS performs the incurred formation process of Closing Price, and performs matching auction continuously selling offer against buying demand on Closing Price based on price-time priority
Order Types: Limit Order with TIF set to DAY.