OJK to Review Full Call Auction for Special Monitoring Board Equities
Jakarta — Indonesia’s Financial Services Authority (OJK) has indicated it is open to reviewing the implementation of Full Call Auction (FCA) for issuers listed on the Special Monitoring Board.
Hasan Fawzi, Head of Capital Market, Derivative Finance and Carbon Exchange Oversight at the OJK, stated that the evaluation would include investor outreach and education. He explained that the original purpose of the FCA was to provide investors with an opportunity to reactivate trading in illiquid or rarely traded shares.
The FCA mechanism was designed to ensure that shares previously difficult to trade on the regular board would still have opportunities to discover fair prices through a mechanism that collects buy and sell interest. In this way, shares meeting the Special Monitoring Board criteria can continue to attract investor transaction activity.
“If there are any feedback or obstacles, Jeffrey and his team will continue to conduct evaluations and refinements. In fact, there have already been various improvements over time,” Fawzi told reporters at the Indonesia Stock Exchange (IDX) building on Friday, 13 March 2026.
Regarding transparency concerns on the FCA board, Fawzi explained that price formation in this mechanism uses the periodic call auction method. This scheme aims to collect sell and buy interest first before transaction matching is conducted periodically.
He noted that this mechanism is necessary because for certain shares, transaction interest is often insufficient if using a continuous trading system like that on the regular board. With a time gap for order collection, it is hoped that supply and demand forces can form before transactions are matched.
The FCA is a special trading pattern on the IDX where shares are only traded during auction sessions at specific times and cannot be transacted normally throughout regular sessions.
According to the latest changes from the IDX, as of 21 June 2024, shares that enter the Special Monitoring Board and FCA mechanism are no longer required to remain there for 30 days. Currently, after just seven consecutive trading days, provided other conditions are met, shares can be evaluated for exit from the FCA.