JAKARTA - In order to continue strategic initiatives to strengthen the capital market and money market in Indonesia, PT Bursa Efek Indonesia (BEI) again recorded an important achievement in supporting the development of the trading ecosystem of the Money and Foreign Currency Market (PUVA).
After obtaining the Operational Permit as an Intermarket Electronic Trading Platform (ETP) Provider from Bank Indonesia (BI) on November 28, 2025, the Alternative Market Operator System (SPPA) is now officially used by PUVA Primary Dealers as a means of delivering the Repo Quote Obligation in the Secondary Market since April 1, 2026.
Thus, SPPA becomes the only trading platform in Indonesia that facilitates the delivery of the quota obligation of the PUVA Main Dealer for Repo transactions, as well as the quota of the Main Dealer of Government Bonds and State Islamic Securities.
The Repo feature on SPPA has been introduced to market participants since March 2025 and has received a positive response. Since its implementation, the performance of Repo transactions on SPPA has shown solid results with a total transaction value of IDR 751.6 trillion throughout 2025, equivalent to 27 percent of the interdealer market share.
Entering the first quarter of 2026, this performance continued to increase with a total transaction of IDR 215 trillion or around 36 percent of the interdealer market share, and from the 21 PUVA Main Dealers appointed by BI, as many as 13 institutions have become users of SPPA and actively conducting debt securities repo transactions through the platform.
Acting President Director of the Indonesia Stock Exchange Jeffrey Hendrik said that with the synergy and collaboration of all stakeholders, the SPPA makes Repo trading more inclusive, provides good price discovery, and increases the efficiency of the post-trade process of Repo trading.
"The use of SPPA as an official platform to convey the Repo Quotation Obligation in the Secondary Market shows that SPPA can be an efficient platform for PUVA Primary Dealers, both to increase liquidity and to achieve better price discovery in the Secondary Market," he said in a statement, Friday, April 10.
Jeffrey said his party hopes that all PUVA Main Dealers can take advantage of the advantages and ease of implementation of the Quota Obligation and Repo transactions available in SPPA.
"We will continue to collaborate with regulators, associations, and market participants to realize a better Indonesian financial market ecosystem, increase liquidity, and encourage the deepening of the Indonesian financial market", concluded Jeffrey.
Meanwhile, the role of SPPA as a platform that can be used by PUVA Main Dealers in conveying the Repo Quotation Obligation is an important part of the strategic agenda to strengthen the Money Market in Indonesia.
With deeper liquidity and better price transparency, SPPA is expected to further increase market efficiency for both banks and also facilitate the monitoring process for regulators.
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