SPPA Transaction Value Surges 461.6%, BRI Danareksa Sekuritas Becomes the Most Active Securities Firm in 2025
Trading in bonds on the secondary market recorded a significant surge throughout 2025, in line with the increased utilisation of market infrastructure provided by the regulator.
The value of transactions through the Alternative Market Organiser System (SPPA) reached Rp1,382 trillion, representing a 461.6% growth compared to the previous year.
This increase was accompanied by growth in the Average Daily Transaction Value (ADTV), with government and corporate bonds rising by 12% and 74% respectively compared to 2024.
The surge reflects increasingly active participation from market players, particularly institutions, as well as a shift towards more transparent and efficient transaction mechanisms.
This condition is supported by rising needs for liquidity management, portfolio diversification strategies, and a wider variety of bond instruments with competitive risk profiles and returns.
This has driven the frequency and volume of transactions in the secondary market to continue growing.
Fundamentally, Indonesia’s bond market also demonstrates solid resilience.
The outstanding value of Government Securities (SBN) has surpassed Rp6,400 trillion, while bond and sukuk issuance activities throughout 2025 remained stable with total emissions exceeding Rp160 trillion.
This affirms the strategic role of the bond market as a source of financing as well as a primary investment instrument in the domestic financial market.
Along with the increasing activity, the role of trading intermediaries becomes increasingly crucial in ensuring smooth transactions among market players.
The SPPA, developed by the Indonesia Stock Exchange, is now increasingly becoming the main channel for inter-institutional bond transactions, with more transparent and efficient price formation processes.
In response to these dynamics, BRI Danareksa Sekuritas (BRIDS) achieved outstanding performance in its fixed income business throughout 2025, and received the award as the Most Active Securities Firm for fixed income transactions at the SPPA Awards 2025 organised by the Indonesia Stock Exchange (BEI).
This award was given to the securities company with the largest total value of matched transactions, encompassing all transaction mechanisms and instruments, including bond and REPO transactions.
Previously, in 2024, BRIDS also received awards as the Most Active RFO Trader and Most Active Securities Firm, further strengthening the company’s track record in this industry.
Acting President Director of BRIDS, Fifi Virgantria, stated that this achievement reflects the company’s increasingly strong role in supporting national bond market liquidity.
“The surge in SPPA activity shows that market players are increasingly relying on more transparent and efficient transaction mechanisms. BRIDS sees this as an opportunity to continue strengthening our role in deepening the domestic bond market,” said Fifi, in a written statement on Friday (17/4).
Throughout 2025, BRIDS recorded government bond transaction values of Rp275 trillion and corporate bonds of Rp49 trillion.
This performance further solidifies BRIDS’s position as one of the leading bond service providers in Indonesia’s capital market.
Looking ahead, BRIDS sees strong potential for bond transaction growth to remain robust, in line with increasing financing needs and fixed income-based investment strategies amid market dynamics and interest rates.
The company will continue to strengthen its business capabilities and distribution network to optimise its role in facilitating the bond market transactions in Indonesia.