KPEI Collaborates with Other Financial Sector Institutions to Establish New Indonesian Money & Forex Clearing House
We are pleased to share that we have assisted PT Kliring Penjaminan Efek Indonesia (ID Clear) with the drafting of the shareholders agreement for the establishment of a new central counterparty clearing house (CCP) for the Indonesian money and foreign currency (forex) markets.
ID Clear is the Indonesian stock exchange’s central counterparty clearing house for securities.
The agreement to set up the new money and forex clearing house was signed on 12 August 2024 by ID Clear, the Indonesian Central Bank (BI), the Indonesia Stock Exchange, and eight major local banks—Mandiri, BRI, BNI, BCA, CIMB Niaga, Danamon, Maybank, and Permata.
The establishment of the clearing house marks a concrete step forward in the modernization and advancement of Indonesia’s money markets and aligns with the mandate set out in Law No. 4 of 2023 on the Financial Sector Development and Reinforcement, Bank Indonesia’s 2025 Money Market Development Blueprint (Blueprint Pengembangan Pasar Uang 2025), and the G20’s OTC Derivatives Market Reform commitment.
The clearing house, which is expected to be fully operational by the end of this year, will be continuously strengthened and aligned with global best practices. It is expected to accelerate the deepening of Indonesia’s financial markets, thus contributing to domestic economic growth and regional competitiveness.
The core ABNR team that advised on the project included partner Ms. Yanny M. Suryaretina, senior associate Mr. Novario Hutagalung, and associates Mr. Muhammad Irsan, Ms. Nesya Ashari, Ms. Marshel Miyata and Mr. Theodore Lukas.
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NEWS DETAIL
20 Aug 2024
KPEI Collaborates with Other Financial Sector Institutions to Establish New Indonesian Money & Forex Clearing House
We are pleased to share that we have assisted PT Kliring Penjaminan Efek Indonesia (ID Clear) with the drafting of the shareholders agreement for the establishment of a new central counterparty clearing house (CCP) for the Indonesian money and foreign currency (forex) markets.
ID Clear is the Indonesian stock exchange’s central counterparty clearing house for securities.
The agreement to set up the new money and forex clearing house was signed on 12 August 2024 by ID Clear, the Indonesian Central Bank (BI), the Indonesia Stock Exchange, and eight major local banks—Mandiri, BRI, BNI, BCA, CIMB Niaga, Danamon, Maybank, and Permata.
The establishment of the clearing house marks a concrete step forward in the modernization and advancement of Indonesia’s money markets and aligns with the mandate set out in Law No. 4 of 2023 on the Financial Sector Development and Reinforcement, Bank Indonesia’s 2025 Money Market Development Blueprint (Blueprint Pengembangan Pasar Uang 2025), and the G20’s OTC Derivatives Market Reform commitment.
The clearing house, which is expected to be fully operational by the end of this year, will be continuously strengthened and aligned with global best practices. It is expected to accelerate the deepening of Indonesia’s financial markets, thus contributing to domestic economic growth and regional competitiveness.
The core ABNR team that advised on the project included partner Ms. Yanny M. Suryaretina, senior associate Mr. Novario Hutagalung, and associates Mr. Muhammad Irsan, Ms. Nesya Ashari, Ms. Marshel Miyata and Mr. Theodore Lukas.