Stock Trading Mechanism

1. Trading Process in the Stock Exchange

2. Trading Process

The trading of Securities in the Stock Exchange is conducted using the Jakarta Automatic Trading System (JATS) facility. Trading of Securities in the Stock Exchange can only be conducted by Stock Exchange Members (AB) who are also members of the Clearing House of the Indonesian Stock Exchange (KPEI). Stock Exchange Members are responsible for all transactions carried out in the Stock Exchange, both for their own interests and for the interests of their clients.

3. Trading Hours

Securities trading in the Regular Market, Cash Market and Negotiation Market are conducted during trading hours every exchange day according to JATS time.

Regular Market Trading Hours

Trading time	Pre-opening	Session I	Session II	Pre-closing	Random Closing	Post Closing
Monday to Friday	08.45.00 to. 08.59.00	09.00.00 to. 11.30.00	13.30.00 to. 14.49.59	14.50.00 to. 15.00.00	14.58.00 to. 15.00.00	15.01.00 to. 15.15.00

Cash Market Trading Hours

Trading time	Session I
Monday to Friday	09.00.00 to. 11.30.00

Negotiated Market Trading Hourssiasi

Trading time	Session I	Session II
Monday to Friday	09.00.00 to. 11.30.00	13.30.00 to. 15.30.00

Trading in the Regular Market and Cash Market must be in trading units (round lots) of securities or multiples thereof, namely 500 (five hundred) securities. Meanwhile trading in the Negotiation Market does not use trading units.

4. Terms of Price Change (Fraction)

Price Fraction Scale	Price Fraction	Maximum Change*
<200,00	Rp1,00	Rp10,00
Rp200,00 < Rp500,00	Rp2,00	Rp20,00
Rp500,00 < Rp2.000,00	Rp5,00	Rp50,00
Rp2.000,00 < Rp5.000,00	Rp10,00	Rp100,00
>= Rp5.000,00	Rp25,00	Rp250,00

The maximum fractions and levels of price changes above are valid for one full Exchange Day and are adjusted on the following Exchange Day if the Closing Price is in a different price range. The maximum price change level can be done as long as it does not exceed the auto rejection percentage limit.

Mechanism of Derivative Trading

1. Stock Option Contracts

Main Share Requirements
- Listed on the Exchange for at least 12 months
- Transactions in the last 12 months show:
  - Transaction frequency per month >= 2,000
  - Intraday volatility > 0.5%
  - Share price > IDR 500,-
  - Market capitalization > IDR 500 billion
General Provisions
- Execution of trading using the JOTS facility.
- Can only be done by exchange stock member who has become AK KPEI Stock Option
- Exchange stock member must first deposit collateral (KPEI Regulations)
- Exchange stock member is required to open a Stock Option account for each customer
- Exchange stock member is subject to mandatory suspension:
  - Perform Offsetting Transactions
  - Transferring the open position to another exchange stock member in accordance with KPEI regulations
  - Exchange stock member suspended can exercise on the same Exchange Day as the suspension is imposedensi
Trading Hours

Derivative Trading Hours - Futures Contracts

Monday to Friday Session I 09:30:00 - 11:30:00 JATS Time

Session II 13:30:00 - 15:00:00 JATS Time

For series contracts that expire, trading will end in session II at 15:00:00 JATS time.

Derivative Trading Hours - Option Contracts

Monday to Friday Session I 09:30:00 - 11:30:00 JATS Time

Session II 13:30:00 - 15:00:00 JATS Time

For series contracts that expire, trading will end in session II at 15:00:00 JOTS time.
Weighted Moving Average (WMA)
- WMA is published every 15 minutes using the previous 30 minutes transaction data
- WMA publishing schedule:
  
  Monday to Thursday Session I 10:00 - 12:00 JOTS Time
  
  Session II 13:45 - 16:00 JOTS Time
  
  Friday Session I 10:00 - 11:30 JOTS Time
  
  Session II 14:15 - 16:00 JOTS Time
Customer Orders
- Every order must be recorded in the marketing department including the type of transaction (Short/Long), and the status of the order position (open/close)
- Order form: Open Short, Open Long, Close Short, Close Long
- Trading Units & Premium Fractions
- Trading Unit 1 KOS = 10,000 Stock Options
- Premium Fraction IDR 1,-

2. Index Futures Contracts

Parent Share Requirements
- Listed on the Exchange for at least 3 months
- Transaction activity in the regular market, namely value, volume and frequency of transactions
- Number of trading days in the regular market
- Market capitalization at a given time period
- Apart from considering the liquidity criteria and market capitalization mentioned above, the company's financial condition and growth prospects will also be considered
General Provisions
- Execution of trading using the FATS facility
- Continuous Auction trading
- Matching using Price & Time Priority
- Using Initial Margin (Initial Margin) to guarantee transactions
Trading Hours

Monday to Thursday Session I 09:15 - 12:00 FATS Time

Session II 13:30 - 16:15 FATS Time

Friday Session I 09:15 - 11:30 FATS Time

Session II 14:00 - 16:15 FATS Time
Customer Orders
- Exchange Members can only carry out KBIE opening and trading orders for customers who already have KBIE accounts
- The KBIE Account must contain the customer's rights and obligations with the Exchange Member, including the customer's obligation to provide Initial Margin
- Orders that can be executed at the Exchange by Exchange Members are only limited orders (limit orders), namely orders executed by Exchange Members up to the price limit set by their customers
- Every instruction on selling and or buying orders must be recorded in the marketing department which contains data on time and order number, customer identity, customer account number, order quantity, KBIE name (or code), KBIE price, type of transaction (Short/Long ), and order position status (Open/Close), before entering FATS
- Forms of orders in KBIE trading on the Exchange consist of:
  - Order Short yaitu terdiri dari Open Short dan Close Short;
  - Order Long yaitu terdiri dari Open Long dan Close Long;
- Exchange Members are not allowed to make transactions outside the Exchange either in the interests of customers or their own interests in KBIE

Bond and Sukuk Trading Mechanism

The trading of bonds (corporate and state) and sukuk through the Exchange is conducted using the Fixed Income Trading System (FITS). FITS system users are Securities Companies that are already Exchange Members (AB) and also KPEI Clearing Members. In transaction activities through FITS, AB is responsible for all transactions both for the benefit of customers and for their own interests.

1. Trading Hours

Outright Regular Market

Is a trading mechanism through an anonymous continuous auction with a price formation method based on price and time priority. Completion of trade transactions in this market is carried out on T+2.
Negotiation Market

Is a facility that allows exchange stock member to report the results of transaction agreements that have occurred with fellow exchange stock memberor with other parties. Completion of trade transactions in this market is carried out in accordance with the agreement between the buyer and the seller.

Trading hours using the FITS system are:

Day Session I Session II

Monday to Thursday 09.30 - 12.00 WIB 13.30 - 16.00 WIB

Friday 09.30 - 11.30 WIB 14.00 - 16.00 WIB

2. Transaction Settlement Process

Market Segment	Transaction Completion Time
Regular Market	2nd Exchange Day after the transaction (T+2)
Cash Market	-
Negotiated Market	Based on an agreement between the seller and the buyer

3. Bonds & Sukuk Transaction Fees on the Indonesia Stock Exchange

Exchange stock member is required to pay transaction fees calculated based on the following calculation:

	Transaction, Clearing and Settlement Fees	VAT 11%*
Nominal Value	≤Rp500.000.000 > Rp500.000.000 - Rp10.000.000.000	>Rp10.000.000.000
Guarantee Fund	Rp20.000 0,0050%	11% of Fees
Negotiation Market	Rp35.000 0,0075%	11% of Fees

Stock Option Transactions

Settlement of stock option transactions is conducted on the next exchange day after the transaction (T+1).
Securities Index Futures Contract Transactions
- Daily Settlement Price (DSP)
  - Calculated from an average of 12 prices, consisting of 6 Index Securities prices on the underlying market and 6 KBIE prices on the Exchange obtained from prices in the last 60 minutes of trading on the underlying market and on the regular futures market
  - Prices for 1, 3, 5, 7, 9 and 11 use the latest Securities Index in the underlying market
  - Prices for 2, 4, 6, 8, 10 and 12 use the latest KBIE prices on the Exchange
  - If no transactions occur until 15.20 WIB, then the DSP calculation uses the previous price. If a transaction occurs between 15.20 - 15.35 WIB, the last transaction before 15.35 WIB will be used as the calculation of the DSP and thus for taking the price in the following hours.
  - If there is no transaction on the exchange day, the DSP calculation uses the average underlying price from 15.30 WIB to 16.00 WIB, a total of 6 underlying prices.
- Final Settlement Price (FSP)
  
  Calculated based on the average price of the Securities Index in the last 30 minutes on the last trading day in the underlying market by taking the Securities Index every 5 minutes to get 6 index numbers.
- Settlement of KBEI is conducted in cash by handing over an amount of money which is the difference between the KBIE price that is still open and the settlement price, both the price due to the transfer or closing of the contract or the price determined by KPEI.

4. Completion Process of Bond and Sukuk Trading Transactions on the Exchange

Market Segment	Transaction Settlement
Reguler Outright	2nd Exchange Day after the transaction (T+2)
Negotiated	Based on the agreement between the seller and the buyer

Debt Securities and Sukuk Trading Hours Through FITS

Monday to Friday	Session I 09:00:00 - 11:30:00 FITS time
	Session II 13:30:00 - 15:00:00 FITS time

Debt Securities and Sukuk Trading Hours Through the Alternative Market Operator System (SPPA)

Monday to Friday

09:00:00 - 15:00:00 SPPA time

Securities Transaction Reporting Through the Securities Transaction Report Recipient System (PLTE)

Monday to Friday

09:30:00 - 15:30:00 PLTE Time

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