SSE to introduce new system to boost trade
SSE to introduce new system to boost trade
JAKARTA (JP): The Surabaya Stock Exchange (SSE) will introduce
a new trading system today to boost trade.
SSE's president, Isakayoga, said yesterday the new trading
system, called continuous auction, would enable dealers to trade
directly through on-line computer terminals installed in
brokerage firms.
"Trade in the current system cannot be carried out
continuously. Under the existing periodical system, one also
needs a long time to have the latest information about trading
activities like share prices and buy and sale orders," he said.
Isakayoga said the new system would also enable investors to
directly place their orders through their brokerage companies'
computers.
The continuous auction system will be carried out through the
exchange's Surabaya Market Information and Automated Remote
Trading (S-MART) terminals.
The SSE has 93 S-MART terminals, 70 of which are installed in
brokerage firms' offices and the remainder in the SSE's
headquarters and its Jakarta branch office.
Isakayoga said the aim of the new facility was to increase and
improve trade on the SSE. "So far, market enthusiasm is very
small," he said.
Trade is categorically inactive as investors prefer to buy
stocks through the Jakarta Stock Exchange. Most companies listed
on the Surbaya stock market are also traded on the JSX.
Isakayoga said the introduction of the continuous auction
system was part of SSE's program to have scriptless trading by
the end the year in cooperation with the U.S. Nasdaq.
SSE has invested about Rp 1 billion (US$420.16) on the
project.
There are 118 companies listed on the SSE and most are also
listed on the JSX. Only a few listed on the SSE exclusively.
Siloam Gleneagles, a hospital firm affiliated to Lippo Group,
is currently offering shares for its listing exclusively on the
SSE.
He said the SSE expected more companies to list only on the
SSE.
"There will be five new single listing companies," he said but
did not say which companies they were. (09/nur)