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Indonesia stock exchange contracts Nasdaq for tech overhaul

Indonesia stock exchange contracts Nasdaq for tech overhaulThe Indonesia Stock Exchange (IDX) has extended its partnership with Nasdaq to revamp its core technology. The latest development will see IDX upgrade its core trading platform by installing the latest version of Nasdaq’s matching engine. In addition, the partnership between Nasdaq and IDX will also cover market surveillance. The technology overhaul is in line with an edict from the OJK, Indonesia’s Financial Services Authority, to develop a “robust, stable and sustainable capital market that can support the ongoing development of the Indonesian economy”. The upgrade also follows what has been a period of rapid growth for the trading venue. Trading volumes have increased by 65% since 2019 while the total number of investors trading on its exchange has grown by over 400% to 12.6 million. “With this trading system and technology infrastructure upgrade, we envisage becoming more competitive and staying attractive for both domestic and international investors,” said Surandar, director of information technology and risk management at IDX. “We believe this partnership will speed up the modernization advancement of the Indonesia capital market while supporting sustainable economic growth.” © 2024 funds global asia

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