ASIATODAY.ID, JAKARTA — Indonesia has entered a new chapter in financial-market deepening as the Indonesia Stock Exchange (IDX) officially launched the SPPA Repo (Repurchase Agreement through the Alternative Market System) along with the operational licensing for inter-market Electronic Trading Platform (ETP) providers.
This strategic milestone enhances Indonesia’s bond and money-market trading infrastructure, paving the way for a more modern, liquid, and transparent financial system.
The advancement was reinforced by Bank Indonesia’s approval of the SPPA operational license on November 28, 2025, complementing regulatory clearance from the Financial Services Authority (OJK). With both authorities granting full mandate, SPPA now becomes an officially recognized inter-market platform, as mandated by Indonesia’s Financial Sector Development and Strengthening Law (UUPPSK).
Repo Transactions Surge: Total US$38.5 Billion, Single-Day Peak US$1.4 Billion
Since its introduction to market participants in March 2025, the SPPA Repo feature has shown remarkable progress. As of late November 2025:
Total Repo transactions reached ≈ US$38.5 billion (IDR 642.1 trillion)
Average daily volume: ≈ US$204 million (IDR 3.4 trillion)
Inter-dealer market share: 28%
Highest single-day transaction (27 November 2025): ≈ US$1.4 billion (IDR 23.3 trillion)
These figures confirm that the SPPA Repo has become a key source of daily liquidity for Indonesian banks, involving 39 SPPA users — including 14 pilot banks consisting of regional development banks and commercial banks.
IDX: “SPPA Repo Is Becoming a Core Pillar of Indonesia’s Financial Stability”
IDX President Director Iman Rachman expressed appreciation for the strong collaboration between regulators and market participants.
“Through close synergy between regulators and market players, SPPA has made Repo trading more inclusive, enhanced price discovery, and streamlined the post-trade process. SPPA plays a vital role in deepening the bond and money markets, increasing secondary-market liquidity, and strengthening the stability of Indonesia’s financial system,” Iman stated, on Monday, December 1, 2025.
He emphasized that IDX is committed to developing a global-standard ecosystem for bond and money-market transactions, supported by improved transparency and efficiency.
Strengthened Through Multi-Regulator Support
The launch was attended by key stakeholders including OJK, Bank Indonesia, the Directorate General of Financing and Risk Management (DJPPR), the Directorate General of Treasury (DJPb), commercial banks, regional development banks, securities firms, and associations such as APUVINDO, HIMDASUN, and ASBANDA.
The initiative is expected to:
Accelerate financial-market deepening
Enhance liquidity across bond and money-market instruments
Improve transparency and pricing integrity
Expand participation from banks and financial institutions
Strengthen Indonesia’s overall financial-system resilience
Building a More Competitive Financial Market in Asia
The Grand Launching of SPPA Repo and the licensing of inter-market ETP providers mark a strategic leap toward a deeper, more reliable, and globally competitive financial-market ecosystem.
With stronger liquidity and clearer pricing, Indonesia is better positioned to attract investment and strengthen its role in regional financial integration.
Iman concluded:
“We are ready to position IDX as the central hub for secondary-market bond and money-market transactions. With strong collaboration across regulators and market participants, Indonesia is now entering a new era of deeper, more inclusive, and more modern financial markets.”
(AT Network)
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