JSX sets up clearing and guarantee house
JAKARTA (JP): The Jakarta Stock Exchange (JSX) and the Surabaya Stock Exchange (SSX) signed a notarial document yesterday for the establishment of a new stock clearing and guarantee house.
The operation of the new institution -- to be called PT Kliring Penjaminan Efek Indonesia (KPEI) -- is, however, still subject to approvals from the Ministry of Justice and the Capital Market Supervisory Agency (Bapepam).
"The JSX will own 90 percent of the planned clearing house's stake, while the SSX will take the remaining 10 percent," the JSX's chief commissioner, Fuad Bawazier, told journalists yesterday.
Fuad said that the planned KPEI will have an authorized capital of Rp 60 billion (US$25.56 million), with a paid-up capital totaling Rp 15 billion.
The establishment of a new clearing house is required to comply with the new capital market law. At present, stock clearing and settlement activities are handled by PT Kliring Deposit Efek Indonesia (KDEI).
The law, which came into force early this year, requires that KDEI's functions as a securities clearing house and settlement operator must be handled by two different institutions: Lembaga Kliring dan Penjaminan (LKP) and Lembaga Penyelesaian dan Penyimpanan (LPP). LKP will operate as a clearing and guarantee house and LPP will handle share depository and settlement activities.
It also insists that stock exchanges become controlling shareholders of the clearing and guarantee house.
The JSX has only a 5 percent stake in PT KDEI, which is controlled by six state-owned banks.
According to the law, the new clearing house -- which is now under preparation -- will not only provide clearing services, but also act as guarantor of any securities transactions.
"I hope that the establishment of the new clearing house will smoothen the preparation of scripless trading," Fuad said. "I also hope that the participation of the newly-established clearing house will boost efficiency of securities transactions on both the JSX and the SSX," Fuad added.
Meanwhile, a bureau chief at Bapepam, I Nyoman Tjager, said that the agency has approved the nominations of Surdiyanto Suryodarmodjo and Mansjurdin Nurdin respectively as the president and chief commissioner of the planned company.
Nurdin is a director of the central bank, Bank Indonesia, while Surdiyanto is a director of the state-owned Bank Bumi Daya.
Bapepam also approved Indra S. Hadikoesoemo, a division manager at KDEI as a director and Noer Dorodjatun, a director of the state-owned Bank Exim as a commissioner.
Commenting on scripless trading, JSX's president Cyril Noerhadi, said that it is only possible if the two new institutions -- LKP and LPP -- have been in operation.
He said, however, that JSX's management has planned to launch scripless trading early next year.
Cyril said that the JSX, in cooperation with KDEI, has begun a six-month training program for stock brokers.
"The training, which will be completed in November, is aimed at improving stock brokers' skills to operate the computer system to be used in scripless trading," he added.
Cyril declined to explain when the share depository and settlement agency or LPP would be established, but he hinted that the current KDEI could change its operational status and operate as a depository and settlement agency, as required by the law. (alo)