JSX to start scripless trading system in March<\/p>\n
JAKARTA (JP): The Jakarta Stock Exchange (JSX) will introduce
\na scripless trading system in March next year in a bid to speed
\nup transactions, according to the exchange's president, Mas
\nAchmad Daniri.<\/p>\n
\"We have everything in place and I am sure we will be ready
\nfor it in March next year,\" Daniri told a press briefing on
\nThursday.<\/p>\n
He said that the increasing volume of daily stock
\ntransactions, a result of the current bullish market and big
\nrights issues, had increased the urgency to put the long-awaited
\nscripless trading system into operation.<\/p>\n
\"The physical work-load is so enormous now that it involves a
\nvolume of over one billion stocks changing hands every day,\" he
\nsaid.<\/p>\n
In a scripless trading system, stock ownership is recorded as
\nelectronic data rather than on paper certificates, and purchases
\nare made through electronic transfers between accounts.<\/p>\n
All accounts are linked by a central custodial system.<\/p>\n
Daniri said JSX would also increase the size of a trading unit
\n(lot) from 500 shares to 5,000 shares to ease the physical
\nsettlement work.<\/p>\n
He said the larger trading unit would first be used in the
\nbanking sector.<\/p>\n
\"This is to release some of the work pressure, while waiting
\nuntil the scripless trading is in effect,\" Daniri said.<\/p>\n
However, the existing 500-share lots, he said, are still valid
\nand can be traded through the negotiating market.<\/p>\n
The volume of shares in the banking sector has reached
\nbillions, after many listed banks launched big rights issues to
\nallow them to join the government-sponsored recapitalization
\nprogram.<\/p>\n
Asked about the fate of listed companies included on the
\nIndonesian Bank Restructuring Agency's list of 26 recalcitrant
\ndebtors, Daniri said his office had sent letters demanding
\nexplanations from the management of each company.<\/p>\n
The companies included on the list are PT Duta Anggada, PT Mas
\nMurni Indonesia, PT Putra Surya Multidana, Putra Surya Perkasa
\nand PT Semen Cibinong.<\/p>\n
\"We want their comprehensive explanations on their inclusion
\nin that list within 48 hours,\" Daniri said, but added that no
\nstrict measures, such as delisting companies, would be made
\neasily.<\/p>\n
IBRA published the names of 26 companies after they failed to
\nmeet a June 30 deadline to sign letters of commitment with the
\nagency stating their readiness to have their debts restructured.
\n(udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jsx-to-start-scripless-trading-system-in-march-1447893297",
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"sponsor": "Okusi Associates",
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