IDX Ready to Complete FCA Trading System Evaluation in Q2 2026

Jakarta (ANTARA) - Acting President Director of PT Indonesia Stock Exchange (IDX) Jeffrey Hendrik is optimistic that IDX can complete the evaluation process of the stock trading system using the full call auction (FCA) scheme by the second quarter of 2026. “Yes, we hope so (completed in the second quarter),” said Jeffrey when interviewed on the sidelines at the IDX Building, Jakarta, on Monday. For now, Jeffrey revealed that the evaluation process of the stock trading system with the new FCA scheme has just begun and is still in process by the Indonesian capital market authority. “It’s entering the process, just starting. This is entering the early second quarter, as we stated we will carry this out in the second quarter,” said Jeffrey. Previously, Jeffrey explained that the evaluation of that trading system is part of the Indonesian capital market reform agenda. “In line with all policies, we conduct periodic reviews, and FCA is included in what we review. We see there is room for improvement or enhancement,” said Jeffrey. He explained that improvements in data transparency, including share ownership granularity and adjustment of the free float rule to 15 percent, have the potential to change the needs for some criteria that have been used as the basis for placing issuers on the special monitoring board. Thus, that capital market reform agenda also drives the need to adjust the stock trading system with the FCA scheme. “With higher transparency, the impact is certainly significant. It needs to be seen again whether some or all of the special monitoring board criteria are still needed,” said Jeffrey. He continued that the direction of adjusting the stock trading system with the FCA scheme will be more inclined towards simplification, not addition. “Most likely reduction, there will be no addition,” said Jeffrey. FCA is a special trading mechanism at IDX for stocks on the special monitoring board, where buy and sell orders are collected over a certain period, then executed simultaneously at a determined price. The price in that trading system is based on the equilibrium point between demand and supply.