Bourses told to delay new moves until after Y2K

JAKARTA (JP): The Capital Market Supervisory Agency (Bapepam) banned local stock exchanges on Wednesday from issuing new trading regulations until after March 2000 to assure no disruption in preparations for the millennium bug.

Bapepam's chairman Yusuf Anwar said that new changes in the regulations would require additional time to adjust the computer system of the Jakarta and Surabaya bourses.

"The exchanges don't have any more time to allow further adjustment in their computer system as the whole computer system is currently being continually tested and repaired to make sure of its Y2K compliance."

He added that any regulation set to take effect from August to March 2000 would automatically be postponed.

A new ruling on the requirement to increase net working capital of securities companies from Rp 200 million to Rp 5 billion, set to take effect on Dec. 31 this year, was automatically postponed until after March, Yusuf said.

The computer system is undergoing a series of preparations to comply with the Y2K.

Jakarta Stock Exchange (JSX) president Mas Achmad Daniri separately said that the JSX was in general prepared for 2000 and hopefully there would be no computer glitches.

"We are now being helped by foreign experts on Y2K in doing the testing in the exchange's preparedness to pass the year 2000," he said.

The bourse also is working in close coordination with all other parties related with JSX operations, including securities companies, Indonesian Central Securities Depository (KSEI) and Indonesian Clearing and Settlement Agency (KPEI), Daniri said. (udi)