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Indonesia Stock Exchange (IDX) has signed an agreement with OMX for replacement of its trading platform. The new platform acts to modernize IDX's trading operations, and also to integrate the systems used at Jakarta and Surabaya stock exchanges, which recently merged to form IDX.
OMX has signed an agreement with IDX to replace their existing trading platform with a fully integrated system that allows operation of all asset classes on a single platform. IDX's system replacement is part of its strategy to reinforce transaction capacity and speed at its exchange, as well as provide more efficient services and new instruments to its customers. In addition, the system from OMX acts to consolidate systems at Jakarta and Surabaya stock exchanges - which recently merged to form IDX - into one single platform.
With the new system, IDX can operate trading of all its financial products, including equities, derivatives, mutual funds and bonds, on a single platform. The system is scheduled to be operational end of 2008.
“From the tender process, we appointed OMX as the technology partner, as OMX was able to deliver the three criteria we requested in the tender; technical aspect, implementation risk, and price,” said Erry Firmansyah, President Director at IDX. “OMX itself provides technology to over 60 exchanges in 50 countries, and is well known for its long history as a world class system provider in the capital market industry.”
“We are both honored and excited to continue the partnership with IDX in this exciting venture,” said Markus Gerdien, President Market Technology at OMX. “Considering the significant growth potential of Indonesia's financial markets, the creation of IDX has a major impact in the ASEAN and South Asian marketplaces. The merger of two significant stock exchanges will create an increased demand in terms of trading efficiency, speed and volume, and we look forward to supporting IDX in meeting these challenges, preparing them for continued growth.”
