SPPA Officially Becomes Platform for Primary Dealer Quotation in Money and Forex Markets

Jakarta (ANTARA) - PT Indonesia Stock Exchange (BEI) has once again recorded an important milestone to support the development of the money and foreign exchange (PUVA) trading ecosystem in Indonesia. The Alternative Market Organiser System (SPPA) can now officially be used by primary PUVA dealers as a platform to submit repo quotation obligations in the secondary market from 1 April 2026. Acting CEO of BEI Jeffrey Hendrik, in an official statement in Jakarta on Friday, said that through synergy and collaboration from all stakeholders, SPPA makes repo trading more inclusive, provides good price discovery, and increases post-trade process efficiency for repo trading. “The use of SPPA as the official platform for submitting repo quotation obligations in the secondary market shows that SPPA can be an efficient platform for primary PUVA dealers, both to increase liquidity and achieve better price discovery in the secondary market,” said Jeffrey. Jeffrey hopes that all primary PUVA dealers can take advantage of the benefits and ease of fulfilling quotation obligations as well as repo transactions available on SPPA. “We will continue to collaborate with regulators, associations, and market participants to realise a better financial market ecosystem in Indonesia, increase liquidity, and encourage the deepening of Indonesia’s financial market,” said Jeffrey. This milestone was achieved after successfully obtaining operational approval as an inter-market electronic trading platform (ETP) provider from Bank Indonesia (BI) on 28 November 2025. Thus, SPPA becomes the only trading platform in Indonesia that can serve the submission of primary PUVA dealer quotation obligations for repo transactions, as well as primary dealer quotations for government bonds and primary dealer quotations for government sharia securities. “The Repo feature on SPPA has been introduced to market participants since March 2025 and has received a positive response,” said Jeffrey. Since its implementation, repo transactions on SPPA have shown good performance with a transaction value achievement of Rp751.6 trillion in 2025, or 27 percent of the interdealer market share. Up to the first quarter of 2026, repo transaction performance has again shown achievements with a total transaction value of Rp215 trillion or equivalent to an interdealer market share of 36 percent. Of the 21 primary PUVA dealers designated by BI, 13 of them have already become SPPA service users and are actively conducting government bond repo transactions on SPPA. Jeffrey explained that the role of SPPA as a platform that can be used by primary PUVA dealers to submit repo quotation obligations is an important part of the strategic agenda to strengthen the money market in Indonesia. “With increasingly deep liquidity and better price transparency, SPPA is expected to further enhance market efficiency for both banking and facilitate monitoring processes for regulators,” said Jeffrey.