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)