Transactions on SPPA Surge 461% in 2025, Reaching Rp1.382 Trillion
The performance of the Alternative Market Organiser System (SPPA) has shown a positive trend throughout 2025. The Indonesia Stock Exchange (BEI) recorded transaction values on the platform reaching Rp1.382.1 trillion, an increase of 461.6% year-on-year (yoy).
BEI’s Director of Transaction Supervision and Compliance, Kristian Sihar Manullang, stated that this increase was driven by growing trading activities and fundraising through the issuance of Debt Securities and Sukuk (EBUS). He noted that Repurchase Agreement (Repo) transactions contributed more than half of the total SPPA volume.
“The increase in transaction volume was due to the implementation of Repurchase Agreement (Repo) transactions on 10 March 2025 on SPPA, with a total transaction value of Rp751.6 trillion,” said Kristian, quoted from Antara on Monday, 13 April 2026.
The Repo feature was officially launched on 10 March 2025 to enhance the efficiency and transparency of transactions in the secondary market. In the first three months since its launch, the feature recorded a transaction value of Rp100.85 trillion.
In addition to Repo, outright transactions or the buying and selling of debt securities also recorded a significant surge. BEI noted that outright transaction values increased by 196.2% annually to Rp630.5 trillion throughout 2025.
Currently, SPPA accommodates trading of debt securities for 39 institutions, consisting of commercial banks, regional development banks, and securities companies. Fourteen active users utilise the Repo facility.
In terms of composition, the inter-dealer market showed a Repo transaction share of 28%. Meanwhile, outright contributed 23%.
BEI continues to strengthen the SPPA system by providing various transaction mechanisms, from order books to bilateral over-the-counter (OTC). This step positions SPPA as a platform with an increasingly comprehensive matching system, particularly for OTC instruments.
Previously, SPPA had been operational since November 2020 as a debt securities trading platform, before being bolstered with the addition of the Repo feature in 2025.
“Since its launch in 2025, trading activities and fundraising through EBUS issuance on SPPA have continued to increase year-on-year,” said Kristian.