The Indonesia Stock Exchange (IDX) is set to launch its Investor Area system, with real-time access to investors' balance sheets by July: Most securities houses will be ready then.
IDX president director Erry Firmansyah said on Monday that 100 securities firms had confirmed they would be ready for the new system, leaving only 19 companies that were not yet in ready to match its technical requirements. It aims to promote more transparency in securities transactions in the market.
"This should not fail because of the small number *of securities companies which* are not yet ready. We expect to start operating the new system in the next one or two months," Erry said.
The number of securities firms covered by the IDX system has now grown to 119.
The IDX has delayed the launching of the new on-line system several times.
Initial technical problems and adequate time needed to integrate regulatory organizations like the KPEI (the Indonesian Stock Market Clearing House), and the KSEI (the Indonesia Central Securities Depository) helped explain the delays in starting up the new system since February.
Furthermore, lack of promotion and poor disssemination of information about the system helped lead to some unpreparedness on the part of participating securities houses, said to be one of the main reasons for the delay in starting the new system.
So far the investment cost needed to get the new IT system off the ground has not been disclosed.
The stock market authorities have introduced the Investor Area system into the dialogue with its clients since last January, after an embezzlement scandal involving one of the largest securities firms in Indonesia, PT Sarijaya Permana Sekuritas raised questions and led to increased media scrutiny.
Sarijaya president commissioner Herman Ramli had earlier allegedly missappropriated Rp 240 billion (US$23.28 million) of client's funds.
Sarijaya was suspended from trading since Jan. 6 and Herman was arrested and detained by the police in December, but Sarijaya customers are still in the dark about the future of their cash deposits and whether or not they can recover them.
The stock market society welcomes the new IT system as it will protect investors from fraud by insiders within securities companies and will help avoid another Sarijaya saga in the future.
Under the new system, investors get direct on-line access to check the balance of their assets.
Currently, investors who want to monitor their portfolio and assets should first ask permission from their brokers to do so.
IDX director for equity trading MS Sembiring said under the new system, investors would be given a single password so as to be able to access all type of transactions.
Currently, investors have different passwords for each type of investment, be it securities or bonds.
IDX president director Erry Firmansyah said on Monday that 100 securities firms had confirmed they would be ready for the new system, leaving only 19 companies that were not yet in ready to match its technical requirements. It aims to promote more transparency in securities transactions in the market.
"This should not fail because of the small number *of securities companies which* are not yet ready. We expect to start operating the new system in the next one or two months," Erry said.
The number of securities firms covered by the IDX system has now grown to 119.
The IDX has delayed the launching of the new on-line system several times.
Initial technical problems and adequate time needed to integrate regulatory organizations like the KPEI (the Indonesian Stock Market Clearing House), and the KSEI (the Indonesia Central Securities Depository) helped explain the delays in starting up the new system since February.
Furthermore, lack of promotion and poor disssemination of information about the system helped lead to some unpreparedness on the part of participating securities houses, said to be one of the main reasons for the delay in starting the new system.
So far the investment cost needed to get the new IT system off the ground has not been disclosed.
The stock market authorities have introduced the Investor Area system into the dialogue with its clients since last January, after an embezzlement scandal involving one of the largest securities firms in Indonesia, PT Sarijaya Permana Sekuritas raised questions and led to increased media scrutiny.
Sarijaya president commissioner Herman Ramli had earlier allegedly missappropriated Rp 240 billion (US$23.28 million) of client's funds.
Sarijaya was suspended from trading since Jan. 6 and Herman was arrested and detained by the police in December, but Sarijaya customers are still in the dark about the future of their cash deposits and whether or not they can recover them.
The stock market society welcomes the new IT system as it will protect investors from fraud by insiders within securities companies and will help avoid another Sarijaya saga in the future.
Under the new system, investors get direct on-line access to check the balance of their assets.
Currently, investors who want to monitor their portfolio and assets should first ask permission from their brokers to do so.
IDX director for equity trading MS Sembiring said under the new system, investors would be given a single password so as to be able to access all type of transactions.
Currently, investors have different passwords for each type of investment, be it securities or bonds.
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