JSX to start scripless trading next month<\/p>\n
JAKARTA (JP): Ahead of the commencement of scripless trading
\nscheduled for July 11, the Jakarta Stock Exchange (JSX) will hold
\na few rounds of mock trading to test the computer system starting
\non Saturday.<\/p>\n
"Everything else is on schedule. We'll start scripless trading
\nin early July," JSX Head of Communications Division Intan Abdams
\ntold The Jakarta Post on Wednesday.<\/p>\n
She said there would be four companies whose shares would be
\ntraded on the scripless format on JSX's first day of scripless
\ntrading, adding that the other shares would gradually follow suit
\nin a series of batches.<\/p>\n
The four companies are PT Suparma, PT Multipolar Corporation,
\nPT Dankos Laboratories and PT Sari Husada, Intan said.<\/p>\n
The companies in the next batch include PT Astra
\nInternational, PT Indosat, PT Matahari Putra Prima, PT Kalbe
\nFarma, PT Bakrie Brothers, PT Adindo Foresta Indonesia, PT Smart
\nCorporation and PT Panin Bank.<\/p>\n
She said some investors had begun registering the title of
\nownership over the shares they possess to accommodate the process
\nof converting the shares from the physical form into scripless
\nform.<\/p>\n
In scripless trading, the certificates of ownership of the
\nshares -- instead of being located in the traditional custodian
\nbank -- will be kept in an electronic share account under a
\nspecified investor at the exchange's central custodian office
\n(KSEI).<\/p>\n
She said the fee for registering the shares, which is charged
\nto the investors, was Rp 2,500 per lot of shares.
\nAnd the fee for converting the shares into scripless format,
\nwhich is charged to the corresponding listed company, stood at
\nbetween Rp 300 and Rp 1500.<\/p>\n
She said investors holding the shares of the four companies in
\nthe first batch would not be able to trade their shares starting
\nJuly 11 unless they had registered their share ownership and had
\nthe respective listed company convert the shares into scripless
\nform.<\/p>\n
And investors of companies in the next batch would be faced
\nwith the same condition starting in mid-August, she said. This
\nwould be extended to other company shares included in the next
\nbatches, said Intan.<\/p>\n
Lin Che Wei, head of Research at PT SG Securities Indonesia,
\nsaid scripless trading would make JSX trading more efficient.<\/p>\n
"Those rather less liquid stocks will become more liquid with
\nthe improved efficiency provided by scripless trading," Che Wei
\nsaid.<\/p>\n
He said scripless trading would also help prevent market
\nmanipulation as the nature of the system allowed itself to
\nimmediately identify who the seller and the buyer was in each
\ntransaction. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jsx-to-start-scripless-trading-next-month-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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