IDX to Evaluate FCA, Signal of Relaxed Rules for Volatile Stocks?

JAKARTA, KOMPAS.com - PT Bursa Efek Indonesia (IDX) is opening the possibility of reviewing the stock trading mechanism by evaluating the special monitoring board system or Full Call Auction (FCA) in the second quarter of 2026. This plan is part of the follow-up actions by IDX after all capital market reform proposals were approved by Morgan Stanley Capital International (MSCI). Acting CEO of IDX, Jeffrey Hendrik, stated that the special monitoring board was created as a mechanism to protect investors from potential price manipulation in stocks with low liquidity and weak fundamentals. Therefore, the Indonesia Stock Exchange implemented this system as a supervisory measure to limit unusual movements and ensure prices reflect fairer market conditions. “The special monitoring board at that time was made to provide stewardship or protection to investors from attempts by certain parties to ‘manipulate prices’ on stocks with low liquidity, stocks with not very good fundamentals,” said Jeffrey at the IDX Building in South Jakarta on Friday (27/3/2026). “At that time, the solution we had was the special monitoring board,” he explained. IDX also reaffirmed its commitment to continuously evaluating policies on a regular basis. If the initial objectives of implementing the system can already be fulfilled through other mechanisms, then it is time to review the existence of the special monitoring board. “Well, if indeed some of the objectives of the special monitoring board can already be fulfilled with the activities we mentioned earlier, then it is indeed time for us to review the special monitoring board,” explained Jeffrey. “It feels like it’s no longer necessary on the special monitoring board. That means we will direct more back to continuous auction,” he continued.