A number of investment managers and brokers in Indonesia Stock Exchange (IDX) will use S21-Koscom Hub system to expedite and increase efficiency of buy and sell stock transactions. This new system is expected to increase frequency as well as transaction value in IDX.
IDX targets an average frequency of 300.000 transactions. Daily transaction value has reached IDR 6.5 trillion this year.
Didi Hariadi, President Director of Micro Piranti Computer, said the new system S21-Koscom Hub could facilitate buy and sell stock orders transaction from the investment manager to a number of brokers all at once. This is different from conventional trading online system that can only connect IM with one broker per transaction. “Stock transactions will be quicker and more efficient,” said Didi.
S21-Koscom Hub System was made by Micro Piranti Computer, in cooperation with Koscom, an IT services company where 76% of its shares is owned by Korea Stock Exchange. The system was developed by Koscom STP Hub and has been used by 175 managers and brokers in South Korea since 2004.
Fithri Hadi, Director of Operations Information Services in the Financial Services Authority (FSA), said the new system is expected to overcome the bottleneck in stock exchanges. “The infrastructure has been automated, therefore the business should not be manually operated so that the bottleneck may be resolved and transactions will be much more efficient,” said Fithri.
FSA encourages innovation in technology to lower the cost of financial transactions. Other effects from the use of this new system is the increase in the number of investors in the capital market from around 400.000-500,000 investors to 1 million investors. (*)
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