Bank Indonesia, in collaboration with the Indonesia Stock Exchange (IDX), the Indonesian Clearing and Guarantee Corporation (KPEI), and eight major banks, has agreed to develop a Central Counterparty (CCP) system for the money market and foreign exchange market. The banks involved include Mandiri, BRI, BNI, BCA, CIMB Niaga, Danamon, Maybank, and Permata, reports VOI.

Senior deputy governor of Bank Indonesia, Destry Damayanti, states that the formation of the CCP represents a significant collaboration between Bank Indonesia, the Financial Services Authority (OJK), self-regulatory organisations, and industry players. The initiative is seen as a key step towards modernising Indonesia’s financial markets.

Bank Indonesia has committed to being a shareholder in the CCP, aiming to bolster market confidence. The project also requires active involvement from the Indonesian Foreign Exchange and Money Market Association (APUVINDO).

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OJK commissioner Dian Ediana Rae expresses strong support for the CCP’s development, noting its importance for advancing derivative transactions in Indonesia. The OJK has permitted banks to invest in the CCP and mandated KPEI to expand its services to include CCP operations in the money and FX markets.

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KPEI’s role is expected to adhere to international standards, reinforced by its recognition from the European Securities and Markets Authority (ESMA). The CCP is anticipated to be fully operational by the end of 2024, with ongoing enhancements to align with global best practices.

The agreement was formalised with the signing of the Inter-Shareholder Agreement (PAPS).