JAKARTA - PT Kliring Penjaminan Efek Indonesia (KPEI) revealed the development of two strategic initiatives that are being developed, namely interbank triparty repurchase agreement (repo) services and integrated colateral management systems.
For information, Triparty Repo is a Repo transaction involving a third party. As a third party, KPEI provides the Triparty Repo system according to the specified standards.
Meanwhile, the Repurchase Agreement (Repo) is an securities selling transaction followed by an agreement to buy back the effect with a predetermined period of time, with this facility, KPEI helps repo transactions in terms of collateral management, margin management, transaction monitoring and completion, as well as revenue calculation and reimbursement of dividends or bond interest.
President Director of PT Kliring Penjaminan Efek Indonesia (KPEI), Iding Pardi explained that the repurchase agreement transaction is an inter-market instrument that is under the supervision of the Financial Services Authority (OJK) and Bank Indonesia (BI).
He conveyed that KPEI acts as a triparty agent for government bond repo transactions.
"So this repo transaction is under the supervision of OJK and Bank Indonesia is always the same. So our permission from KPEI is permission to go to OJK and to BI which is to become a tripartite agency for recovery bond transactions," he said at the 48-Year Press Conference. Reactivated Capital Market, Monday, August 11.
He said that his party had obtained permission from the OJK in April 2025 to provide services as a triparty agent. In addition, we have also obtained a similar permit from Bank Indonesia.
"In terms of the system, we have carried out industrial testing of system connection tests from the perpetrators to the completion system at Bank Indonesia," he explained.
Iding added that currently, KPEI is waiting for final approval from the coordination forum and completing the preparation of further regulations based on recommendations from Bank Indonesia.
"Hopefully this year we can line up for triparty agent repo because once the regulations are already there is only one more end-to-end test from the perpetrator to KPEI and to Bank Indonesia," he said.
In addition to the triparty repo, he said that KPEI is also developing integrated colateral management services that include various markets and instruments.
Iding said that currently, the management of the colateral system is still separate between products such as stocks, derivatives, government bonds, bilateral repots, and SLB.
According to Iding, the development of this system has started since the end of 2023 and has now been gradually active for various types of instruments.
Iding added that services started from the bilateral money market, continued to the bilateral triparty repo, CCP repo, and will later include share transactions.
"So the first bilateral time, for the foreign product money market, then bilateral for the colateral repo triparty, then later for the CCP repo, then for stocks, finally this colateral will also be developed for stock transactions which will later be integrated," he explained.
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Iding added that in the future, this system is expected to unite colateral in an integrated system so that market players, both securities and banking companies, can transact in various markets without the need to manage the colateral separately.
"So the hope is that this is indeed much more efficient for the perpetrators because the colateral is one, so they want transactions anywhere, want to be in stocks, want to be derivative of the stock exchange, derivative of the position, want to market money, want to repo, yes, the colateral one. Because one actor can transact various markets and various instruments," he said.
Furthermore, he said that currently it is being studied the application of the universal banking concept, where banking institutions can transact in the money market and capital market simultaneously.
"It's still under study, now the hope is that the market will also become more liquid, more efficient with the universal banking as an addition," he said.
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