PT Bursa Efek Indonesia telah menyelenggarakan kegiatan SPPA Award 2024 sebagai bentuk apresiasi bagi institusi pengguna jasa yang aktif di Sistem Penyelenggara Pasar Alternatif (SPPA) dan berkontribusi dalam meningkatkan likuiditas pasar alternatif. Penghargaan diberikan berdasarkan total nilai transaksi pada SPPA di sepanjang 2024, dengan kategori utama Most Active Bank, Most Active Securities Firm, dan Best Market Maker. Berikutnya, Kategori Rising Star Of The Year, Most Engaged Dealer.
Sejak diluncurkan pertama kali pada November 2020, sebagai platform elektronik perdagangan surat utang di pasar sekunder Indonesia, Sistem Penyelenggara Pasar Alternatif terus menunjukan hasil yang sangat baik. Nilai transaksi di sepanjang tahun 2024 tercatat mencapai Rp246,1 triliun dengan perolehan market share sebesar 16% terhadap seluruh transaksi domestic inter-dealer di Indonesia. Dan, dengan komitmen untuk terus menghadirkan ekosistem pasar surat utang Indonesia yang efisien, PT Bursa Efek Indonesia melakukan berbagai upaya untuk memastikan SPPA dapat memberikan manfaat yang maksimal bagi industri. BEI juga berharap, penghargaan ini dapat mendorong partisipasi lebih besar dari pengguna jasa dalam meningkatkan likuiditas pasar alternatif melalui SPPA.
Sejak diluncurkan pertama kali pada November 2020, sebagai platform elektronik perdagangan surat utang di pasar sekunder Indonesia, Sistem Penyelenggara Pasar Alternatif terus menunjukan hasil yang sangat baik. Nilai transaksi di sepanjang tahun 2024 tercatat mencapai Rp246,1 triliun dengan perolehan market share sebesar 16% terhadap seluruh transaksi domestic inter-dealer di Indonesia. Dan, dengan komitmen untuk terus menghadirkan ekosistem pasar surat utang Indonesia yang efisien, PT Bursa Efek Indonesia melakukan berbagai upaya untuk memastikan SPPA dapat memberikan manfaat yang maksimal bagi industri. BEI juga berharap, penghargaan ini dapat mendorong partisipasi lebih besar dari pengguna jasa dalam meningkatkan likuiditas pasar alternatif melalui SPPA.
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00:00In the next episode
00:22Hello viewers, how are you today?
00:24Live from IDX Channel Jakarta studio
00:26I am Prasetyo Wibowo
00:28Welcome to Market Review
00:30A program that discusses the issues that are the driving force of the economy in Indonesia
00:33You can watch our live streaming at idxchannel.com
00:37And let's start the market review
00:50PT Bursa Efek Indonesia has launched a system to support the 2024 SPPA Awards
00:57The 2024 SPPA Awards are a form of appreciation for active service users
01:03And contribute to increase the liquidity of the alternative market
01:13PT Bursa Efek Indonesia has launched the SPPA Awards 2024
01:18As a form of appreciation for active service users in the alternative market or SPPA system
01:24And contribute to increase the liquidity of the alternative market
01:29The award is given based on the total transaction value of the SPPA throughout 2024
01:34With the main categories of Most Active Bank, Most Active Securities Firm, and Best Market Maker
01:41The next category is Rising Star of the Year, Most Engaged Dealer
01:45Since it was launched for the first time in November 2020
01:48As a platform for electronic credit card trading in the secondary market of Indonesia
01:52The alternative market support system continues to show very good results
01:57The transaction value throughout 2024 is recorded at 246.1 trillion rupiah
02:03With 16% market share acquisition for all domestic inter-dealer transactions in Indonesia
02:09And with a commitment to continue to provide an efficient Indonesian credit card market ecosystem
02:13PT Bursa Efek Indonesia is doing various efforts to ensure that the SPPA can provide maximum benefits to the industry
02:20Bursa Efek Indonesia also hopes that this award can encourage greater participation from service users
02:25In increasing the liquidity of the alternative market through SPPA
02:29Jakarta, IDX Channel coverage team
02:37Yes, viewers, to discuss our interesting topic today
02:40IDX SPPA Awards 2024 is here with me in the IDX Channel studio
02:46With Mr. Wiryanto, Head of Capital Market Division of PT Bank Pan Indonesia TBK
02:51Hello Mr. Wir, how are you?
02:53Good morning, thank you Mr. Pras
02:55Thank you Mr. Wiryanto, thank you for your time
02:58And here is Mr. Virza Rizky Putra, Head of Business Development Division of Bursa Efek Indonesia
03:05Hello Mr. Virza, how are you?
03:06Good morning, Mr. Pras
03:07Good morning, thank you for your time
03:09Before discussing further, let's go to Mr. Wiryanto first
03:12Regarding the development of credit card transactions in the secondary market, how is it now?
03:18Good morning, thank you for the opportunity for me to discuss
03:23Regarding the development of credit card transactions in the secondary market, especially for national credit cards or national credit cards
03:32I think it's very good, especially if we compare it to 5-10 years ago
03:40If we look at 5-10 years ago, for the SBN market, the transaction was still around 10 or less than 10 trillion per day
03:49But until today, for conventional SBN, it has reached around 20-30 trillion per day
04:01The same goes for Sariah, it used to be around 500-600 billion per day
04:09But until today, I think the transaction has reached around 2-3 trillion per day
04:14So the volume is already quite good, especially with the SPPA by BEI
04:20I think it's very good, because it prepares a platform that is a very good choice for us as players in the market
04:31Mr. Firjaranta, what is the role of the SPPA in the trading of secondary credit cards in Indonesia?
04:36As an OJK regulation on the trading of alternative markets, currently the stock market is one of the trading markets
04:45It is an alternative to be able to trade the transaction of the credit card market in the secondary market
04:50We from SPPA certainly provide trading platforms that are best practices
04:54According to global best practices, the trading mechanism is quite varied
04:59There are order books, those who want to OTC can still do it, and there are also RFQs
05:03At least there are three benefits that can be obtained to make a fixed income transaction by the SPPA
05:10The first is that the trading mechanism is very best practices
05:14Starting from OTC to the order book trading mechanism such as Exchange Traded
05:19The second is to provide quotation media for security banks acting as primary dealers
05:26To be able to provide quotations for the benchmark series and also the SBSN benchmark series
05:32And the third is the most important, certainly, and this is also one of the features expected by all banks
05:38Is the post-trade feature
05:41So when there is a transaction of credit card, then the entire post-trade process of the SPPA
05:46The report to the OJK, the report to the Ministry of Finance, and other reports are handled by the SPPA
05:54So we hope that with the SPPA, the entire fixed income trading mechanism will be efficient and straight through processing
06:00That's it, efficient means simpler
06:05We will stop for a while, later we will discuss more about the role of the Indonesian Stock Exchange itself
06:10To improve the SPPA itself in the future
06:12And Mr. Mirsa, make sure you are still with us
06:24Thank you, you are still joining us in Market Review
06:27We will continue the discussion with Mr. Wiryanto, Head of the Capital Market Division of PT Bank PAN Indonesia TBK
06:33And also Mr. Firza Rizki Putra, Head of the Business Development Division of Bursa Efek Indonesia
06:39Mr. Firza, if we talk about the role of the Indonesian Stock Exchange to develop the SPPA in the future, what is it like?
06:49Yes, the vision and mission of the Indonesian Stock Exchange for the SPPA
06:52We want to make the SPPA as the central of the credit card trading ecosystem in Indonesia
06:58Just yesterday, on March 10, Monday, we have launched the repo feature on the SPPA transaction
07:06So the SPPA not only accommodates cash outtrade on credit card trading
07:11But the credit cards obtained, especially state credit cards, can also be used to do repo and also reverse repo
07:18With the repo in the SPPA market, it must be very interesting
07:23Not only banks and securities, but there are other parties that we can invite, such as regional development banks
07:29So we expand the access from financing and also funding on Sun and also utilization on cash obtained through the repo and reverse repo mechanism
07:42Just like the fixed income cash outtrade on the SPPA, the repo transaction on the SPPA is also the same
07:49The features are straight through processing from pre-trade, post-trade, and also the mechanism of trading
07:54So all the trading and our vision and mission is to make everything more efficient and seamless from start to finish
08:03So more and more people will join the SPPA with the repo feature and also the cash outtrade on the SPPA
08:11So the trend will show more growth, right?
08:14That's right, Mr. Pras. If we look at the fixed income transaction, both repo and cash outtrade
08:20Last year, it was around Rp. 11,000 to Rp. 12,000 trillion per year
08:26And the proportion of repo and fixed income is around 60%-40%
08:3160% cash outtrade, 40% repo
08:35Where last year, even though our inter-dealer market share was 16%, as big as Rp. 246 trillion
08:40But if we look at the population or the pool, it's very big, Rp. 12,000 trillion
08:44So there's still a lot of room for improvement
08:47And with this efficiency, I hope banks, regional development banks, and also the security sector can benefit and increase the transaction in the SPPA
08:54Wow, the BPDS has started to contribute in the SPPA itself
08:59Mr. Wir, how do you use the SPPA itself to see the trading of debt letters?
09:06Is it really optimal? Or is there still room for further improvement that can be developed?
09:12Thank you, sir.
09:14If we look at the daily transaction, in the past, we only used the bi-lateral, chat, or telephone
09:26Or through money brokers
09:29But with the SPPA, we have the opportunity to do direct transactions
09:35And at the same time, by increasing the price, we can get the quotations from several counter-parties
09:42So it's very helpful
09:45For example, if we ask for a fixed rate of Rp. 75,000
09:50If we use the bi-lateral, it's only one counter-party
09:53But with the SPPA, it's different
09:55There can be several counter-parties to increase the price
10:00It's called RFQ
10:03The RFQ feature is very useful for us
10:07So if our traders want to look for goods in the market,
10:12If it's a bit difficult, we can use the RFQ feature
10:16And coincidentally, in the SPPA evaluation yesterday, one of our dealers also received an award as the best RFQ trader
10:24Which was received by Mr. Anin
10:27In addition, there are also additional features
10:31Especially the post-trade feature
10:35Which is very useful for us as practitioners
10:38Especially in terms of operation
10:41So after the trade, it can be connected directly
10:45To make a report for the CTP
10:50CTP PLTE
10:52So it's very convenient, we don't have to input manually anymore
10:55It's automatic, right?
10:57Correct
10:58So it really helps
10:59Usually, we have to report the transaction one by one
11:03And there are a lot of fields
11:05But if we use this platform, it's very convenient
11:08Okay, that's it
11:09It's very efficient
11:12It's interesting if we talk about the SPPA Award itself
11:16What is the background and purpose of Bursa Efek Indonesia in implementing the SPPA Award program?
11:24Of course, the SPPA Award is a form of appreciation from Bursa Efek Indonesia
11:28To the security banks that have trusted SPPA as a media platform
11:32To carry out the transaction of fixed income secondary market
11:36So how was our performance last year
11:39Where our market share grew from 9% to 16% for the inter-dealer
11:44And also the transaction grew from 139 trillion to 246 trillion
11:49We couldn't have reached that stage without the help of the banks, security, and also the parties that joined as members
11:58And also the SPPA service users
12:01Therefore, we aim to give appreciation in the form of SPPA Award 2024
12:07There are several categories that we categorize and also we compete for transactions in SPPA
12:17There are several categories
12:18The first is the most active banks and most active securities firms
12:22With the criteria of the largest total transaction value
12:25Which is done in SPPA
12:27And the winner of the most active banks is one of them, of course, Bank Pan Indonesia
12:32For the category of most active banks and most active securities
12:35Won by Barry and Alexa Securities
12:38The second is the best market maker
12:40For banks or securities that continue to do market making quotations in the form of order book
12:47For the winner of the best market maker is won by Citibank
12:52The third is the rising star of the year
12:54Which uses the most SPPA compared to the previous year
12:59So the use and utilization of SPPA is more for the category of banks and also securities
13:07The winner is Bank Syariah Indonesia
13:09For the category of rising star of the bank
13:11And also the rising star of the year for the category of securities is Mandiri Securities
13:16And the last is the most engaged dealer
13:19We evaluate how the composition of OTC transactions and also SPPA
13:25Which uses SPPA as the preferred trading platform compared to OTC
13:31The winner is Bank Negara Indonesia
13:35And the securities is Trimegah Securities Indonesia
13:38Of course, these categories are to motivate banks and securities to continue to use SPPA
13:46And also the second, we want to give appreciation
13:49Because to move forward together to develop this debt market
13:53We, Bursa Efek Indonesia, can't do it alone
13:56Therefore, we want to do synergy together
13:59And collaborate with banks and securities
14:02And also regional development banks
14:05To continue to develop the debt market, the money market in Indonesia
14:09Yes, it means that besides being able to give appreciation
14:12On the one hand, it will be more to move forward our secondary market
14:16With the value of assets and assets like this
14:18That's right, Mr. President
14:20I hope that with appreciation
14:22We collaborate and synergize together
14:25Not only to stimulate and increase liquidity in the debt market
14:29But also we want to form a better pricing
14:33Because as Mr. Wir said earlier
14:36That all the mechanisms are there
14:38There is an order book, there is a request for quotations
14:41There is also an OTC market there
14:43So hopefully, the price performance will be better
14:46More efficient
14:47And also with the quotation media by primary dealers
14:50Hopefully, the prices achieved will also be better
14:53And can increase the potential return for banks
14:58Regional development banks and also securities by using SPPA
15:01Okay, who is interested in implementing the IDX SPPA World Program?
15:05For you, Mr. President
15:06We will discuss it in the next segment
15:07We will take a break for a while, Mr. Wir
15:08And we will be right back after the break
15:12NEXT SEGMENT
15:21You are still watching Market Review
15:23And still talking with Mr. Wir Yando
15:25Head of the Capital Markets Division of PT Bank Indonesia TBK
15:28Then there is Mr. Firza Rizki Putra
15:31Head of the Business Development Division of Bursa Effect Indonesia
15:34Mr. Wir, earlier we discussed about
15:37What we can review
15:39What is interesting from the implementation of this SPPA World Program
15:42From you, Mr. President
15:43Then, what strategies have been prepared so far
15:46Then finally can be appreciated
15:48What is the next step after the appreciation?
15:52Thank you, Mr. President
15:53Let's start with the second question
15:57For a special strategy, I think
16:00There is no real special strategy
16:02But indeed, because the system is already good enough
16:05And accommodates our needs
16:07Especially lately, there are a lot of developments
16:09Such as post-trade and so on
16:11For example, if there is a transaction change
16:14It is very easy and very easy to be accommodated by SPPA
16:19Especially to change the transaction
16:23In the past, it was still manual and difficult
16:26It took a long time
16:27Because the needs are indeed easy
16:29We use it and it is very useful
16:32To speed up the process to the back
16:36To the settlement or to the middle office or back office
16:40So indirectly
16:43The users are encouraged to continue using this application
16:48Compared to manual transactions like before
16:52It still requires manual reporting
16:55So I hope in the future SPPA
16:59Can develop other features
17:01Maybe add more instruments
17:04In addition to SBN, there are also active ones
17:06Which are issued by Bank Indonesia
17:09Like SRBI, maybe in the future
17:12We hope it can also enter there
17:16So, if we talk about the strategy
17:18There is no special one
17:19Then how after the appreciation
17:21Is this expected?
17:22There was a two-way communication earlier
17:24With the Indonesian FEC
17:25So what was wanted earlier?
17:27Innovation, then adapting to the current development
17:30Like the SPPA itself
17:32To become something expected
17:34So at first there was nothing special
17:37But after receiving the appreciation
17:39It's normal if traders are in the bank or security
17:44Or maybe in the development of the area
17:47So it's more motivated
17:49Because there is also, in addition to the institution category
17:52There is also a reward for the personal category
17:56Or the direct trader
17:58So indirectly
18:00They want to show
18:02Especially facilitated by the FEC
18:04Yes, the impression of the bank itself
18:07After receiving the appreciation
18:09There were two, right?
18:10The individual and then the corporation
18:12Yes, we are especially proud
18:16Our management is very grateful
18:18For the appreciation given by the FEC
18:21This continues with the previous appreciation
18:23Which we received from the finance department
18:25As one of the best primary dealers
18:28Both for the SBN and the SPSN market
18:31And it was appreciated especially by BI
18:34It's right, last year was a good year for the mining bank
18:39Well, Mr. Virja
18:40It was expected that there would be an adaptation
18:42Which was done related to this system
18:44To accommodate the desire
18:46New innovations, what will be added
18:48Do you see how the future
18:50As expected from the market players
18:51Can it also be absorbed by the Indonesian FEC?
18:54Yes, of course
18:55We always coordinate and synergize
18:58With the regional development banks
19:01And also security
19:02Including associations
19:05Such as Himdasun and also Apuvindo
19:07In developing this SPPA
19:09So our big hope is indeed
19:11The SPPA developed is the result
19:14Input from all parties
19:17Which is combined as SPPA users
19:19So it is a common platform
19:21Owned together and used together
19:23Because our vision is indeed
19:25Want to increase efficiency
19:27For all service users
19:29From banks, regional development banks and security
19:31So that it is more comfortable
19:32Transaction of debt letters and money markets in this SPPA
19:36What innovations have been prepared
19:38Or half developed
19:40So that it can accommodate again
19:42The desire of friends of special capital players
19:45In the secondary market
19:46Yes, at this time, yesterday we were just launching
19:49Monday, March 10, 2025
19:51Which is Repo
19:53Which uses underlying soon
19:55After that maybe we will
19:57Coordinate with Bank Indonesia
19:59To also make SPPA as a media quotation
20:02On Repo trading
20:05And also Repo reverse
20:06That's for sure the first
20:07And we will continue to discuss
20:09With market players
20:10Certainly to increase the use of SPPA
20:14It is also not impossible
20:15From Mr. Wir
20:16To possibly include SRBI
20:19Which is one of the instruments that can be traded in SPPA
20:22So that it is more complete
20:23Not just national debt letters
20:26Or also SBSN
20:28Government bills, SPN, SPNS
20:30Corporate bonds
20:32The media quotation is also there
20:34Including Repo and Repo reverse
20:36And why not if we also add SRBI
20:39So that all instruments traded by the same party
20:42Banks, BPD and also security
20:44Can be accommodated by SPPA
20:46Yes, Mr. Wir
20:47If there are more and more features
20:49Then the investment instruments in SPPA itself
20:51Do you think this will be very profitable?
20:54Will it be something that promises
20:57For companies like Bank Pandian itself in the future?
20:59Yes, if we are in the treasury
21:02With many features provided by SPPA
21:06Of course, sir, in the future
21:08It will be more
21:09Moreover, with the support of Adfund and Expand
21:11Development of features on the SPPA platform
21:16Yes, it will definitely help us a lot
21:18Both in the front office, middle office and back office
21:21So in the future, if everything gets better
21:25There will definitely be more people using this platform
21:28Finally, Mr. Firdaus
21:29Your optimism for the future
21:30Related to SPPA
21:31With continuous development
21:33What is this innovation like?
21:35We are very optimistic about the transaction of SPPA
21:38Because with Repo
21:40We can definitely attract new parties
21:42Like maybe the regional development bank
21:44Which we haven't been able to afford before
21:46And also with Repo
21:49The more features
21:51Not only cash outright
21:52But it can also utilize the funds that have already been purchased
21:55As outlaterals
21:56Or maybe idle cash
21:58From the side of asset and liability management
22:01Can be used to utilize returns
22:04Last year we generated 246.1 trillion
22:08And market share 16%
22:10This year our expectation is a minimum of 200 trillion
22:13With a market share of approximately 16% to 20%
22:18That's the transaction of the secondary market
22:19Which continues to show a positive trend in the future
22:21It's such a pity that the time is limited
22:22Mr. Firdaus, thank you very much
22:23For the information and updates
22:25That have been delivered to the audience
22:26Mr. Wir, thank you very much
22:27Thank you
22:28For being here today on IDXNL
22:30And audience, don't run away from your place
22:32Because right now we will be back
22:34With another interesting topic
22:35Related to waiting for transparency
22:37State finance report in 2025
22:40Market Review will be back soon
22:43IDXNL