JSX delays trading move

JSX delays trading move

JAKARTA (JP): The relocation of Jakarta Stock Exchange (JSX) trading activities to a new building, originally scheduled for Monday, has been delayed until next month.

The JSX authority gave no official statement about the delay. A source has said, however, that the delay is related to the fully automated trading system, which is still not working properly. "The new system is being tested as there are still a number of technical errors," he said.

The JSX authority planned to move its trading section to the new building on Jl. Sudirman on Monday, with the other sections to follow in August.

The Capital Market Supervisory Agency (Bapepam) has already moved into the new building, which is part of the Sudirman Central Business District.

The JSX's new trading system has a capacity of handling 50,000 transactions per day and for carrying out 40,000 buy and sell orders per hour, while the present manual system is only capable of handling 3,800 transactions per day, said Achmad Daniri, the director for transactions.

Daniri said that the exchange will maintain its trading floor, despite the problematic automated trading system, to secure the continuity of trading. The trading system, which uses Hewlett Packard (HP) 9000 computer hardware and Automated Securities Trading System (ASTS) software, will eventually be linked to the computer system of PT KDEI, a company which handles the clearing, settlement and depository service of the stock market. (hen)