KDEI handles settlement of 60 shares

KDEI handles settlement of 60 shares

JAKARTA (JP): PT Kliring Deposit Efek Indonesia (KDEI), the
share clearing and depository agency of the Jakarta Stock
Exchange (JSX), has handled the trading settlement of the shares
of 60 companies on the market since January.

D. Cyril Noerhadi, the KDEI president, said last night he was
optimistic that the agency will be able to handle the settlement
of all listed stocks by December of this year.

"Hopefully, the computerization of the JSX could be fully
introduced in June so that we could take over all the settlement
activities much sooner," he said.

KDEI is jointly owned by six state banks, including Bank Bumi
Daya, Bank Dagang Negara, Bank Ekspor Impor Indonesia, Bank
Negara Indonesia, Bank Pembangunan Indonesia (Bapindo), JSX and
the Surabaya Stock Exchange (SSE).

The agency received its operational license from the Minister
of Finance in February 1993 but began operating only in January
of this year.

The agency's share clearing and settlement were limited only
to the five most liquid share issues before it handled the other
55 on Monday.

Cyril said KDEI handles both the payment and the delivery of
shares while the clearing and settlement of other shares are
still carried out by buying and selling brokerage companies.

He said that buying and selling brokers, which handle the
transactions of the shares of 60 selected companies, are required
to settle share delivery and payment to KDEI four days after the
transactions (T+4) so investors will be able to get their money
and shares not later than five days after (T+5).

The daily transactions handled by KDEI reach around 15 million
shares.(hen)