Indonesia Stock Exchange

What Indonesia Stock Exchange does

Indonesia Stock Exchange (IDX), legally PT Bursa Efek Indonesia, is Indonesia's sole licensed stock exchange and Southeast Asia's largest by market capitalization. Established in 1977 via the merger of the Jakarta and Surabaya exchanges and headquartered in Jakarta, IDX operates a regulated market infrastructure platform providing electronic trading, clearing, settlement, and depository services for equity securities (957 listed companies as of June 2026), corporate bonds and sukuk (71 bonds from 43 issuers raising Rp76.09 trillion in the referenced period), derivative products (with 369% year-on-year volume growth), ETFs, and a developing carbon exchange. Its technology is augmented by integrations with KSEI for central securities depository and SGX for cross-border depository receipts.

IDX generates revenue through three principal streams: listing fees from IPOs and ongoing listings (one-time and recurring), transaction fees from trading activity across equities, bonds, sukuk, and derivatives, and market data services (subscription/recurring) provided to data vendors and international index partners. As of October 2025, IDX serves approximately 18.6 million registered investors (including 7.7 million stock investors, with 3.7 million new sign-ups in 2025), of which domestic investors hold 62.19% of market assets. Distribution occurs through a licensed brokerage firm network plus direct corporate listings.

The exchange is mid-transition following a January 2026 market crisis triggered by MSCI's warning of potential downgrade from emerging to frontier market status over transparency concerns, which wiped out approximately $80 billion in market value. Leadership turnover followed (Iman Rachman's resignation, Jeffrey Hendrik's appointment for 2026-2030) along with emergency reforms including doubling the minimum free float requirement from 7.5% to 15% and lowering shareholder disclosure thresholds from 5% to 1%. Law No. 4 of 2026, ratified June 2026, enables demutualization allowing Ministry of Finance, Bank Indonesia, and the Danantara sovereign wealth fund to take IDX equity stakes, with a stated ambition to reach the top 10 global exchanges by 2029 through product expansion (gold ETFs, indices jointly developed with S&P Dow Jones), partnerships, and ambitious targets of 1,200 listed companies and Rp30,000 trillion market capitalization.

Name

Indonesia Stock Exchange

Legal name

PT Indonesia Stock Exchange

Website

https://heylink.me

Company type

Private

Founded year

1977

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Indonesia Stock Exchange (PT Bursa Efek Indonesia) is Indonesia's sole licensed stock exchange and Southeast Asia's largest by market capitalization, providing electronic trading, clearing, settlement, and depository services for 957 listed companies and 18.6 million registered investors across equities, bonds, sukuk, and derivatives.

Ownership category

akta.pro rank

Product category

Securities Exchange and Capital Markets Infrastructure

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (52321)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Regional / Local Stock Exchanges (FSAFAAAG)

akta.pro secondary industry

Transaction Reporting & Trade Surveillance Controls (MiFID/MiFIR, CAT, EMIR, SFTR) (FSAFAKAD)

Keywords

• Securities exchange operations
• Equity trading platform
• Capital market infrastructure
• IPO listing services
• Derivatives and bonds

Headquarters

HQ city

Kedoya Selatan

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Listing Fees: Fees charged to companies for initial public offerings and continued listing on the exchange, with tiered requirements based on market capitalization
2. Transaction Fees: Fees generated from trading activity on the exchange, including equity transactions, bond issuances, and derivative products. Indonesia recorded 71 bonds issued by 43 issuers raising Rp76.09 trillion and 4 companies completing rights issues worth Rp3.89 trillion
3. Market Data Services: Revenue from providing market data, indices, and benchmark information to market participants and international data providers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Indonesia Stock Exchange (PT Bursa Efek Indonesia) operates the regulated marketplace infrastructure for trading equity securities, corporate bonds, sukuk, exchange-traded funds, and derivative products in Indonesia. It provides listing services for initial and secondary public offerings, electronic trading platforms, index products, clearing, settlement, and depository services in cooperation with KSEI, serving listed companies, institutional and retail investors, and licensed brokerage firms.

Product overview

The Indonesia Stock Exchange (IDX) operates as a unified platform providing equity trading, debt issuance, and derivative services. The core offering includes the equity trading platform with multiple indexes (IHSG, LQ45, IDX30, IDX80), supported by IPO listing services and bond/sukuk issuance facilities. IDX has expanded into ETF products, derivatives (structured warrants), carbon exchange, short selling, and repurchase agreements. In November 2025, IDX partnered with S&P Dow Jones to launch ESG, dividend, and sharia-based indices. Gold ETF products targeted for Q2 2026 represent the latest product expansion. The exchange also provides market transparency services including free float monitoring and beneficial ownership disclosure.

Differentiator

Problem solved

Functional benefit

Products and services

• Equity Trading Platform

Quantifiable outcome

• Market capitalization target of 30,000 trillion rupiah by 2029 (from 13,555 trillion rupiah)
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core.

• Ministry of Creative Economy (Indonesia)coreStrategic or Co-development Partner · 9 June 2026Collaboration announced June 9, 2026 aimed at opening capital market access for creative economy firms. The ministry emphasizes broader funding and investment channels for the sector which invested Rp183 trillion (US$10.1 billion) in 2025 with 27.4 million workers. Joint initiatives include Go Public Workshop roadshow and KreatIPO coaching clinics.
• S&P Dow Jones IndicescoreStrategic or Co-development Partner · 3 November 2025Joint launch of three new stock indices (ESG-based, dividend-based, and sharia-based) in Jakarta on November 3, 2025. The collaboration enables IDX-branded indices to be licensed internationally for use in exchange-traded funds, mutual funds, and structured warrants, with Indonesia's derivative market AUM surging from 1.4% in 2016 to 20.1% as of September 2025.
• Singapore Exchange Limited (SGX)coreTechnology or Integration · 16 October 2025Launched depository receipt linkage between Indonesia Stock Exchange and Singapore Exchange involving blue-chip underlyings. The initiative aims to facilitate cross-border trading and investment, enabling international investors to access Indonesian stocks through Singapore's market infrastructure while enhancing liquidity and capital flows between the two exchanges.
• KSEI (Indonesian Central Securities Depository)coreTechnology or IntegrationKSEI provides central securities depository services essential for IDX trading operations, handling share ownership registration, clearing, and settlement processes.
• OJK (Financial Services Authority)coreStrategic or Co-development PartnerIndonesian financial regulator overseeing IDX operations and implementing capital market reforms including 15% free float requirements, 1% shareholder disclosure thresholds, and ongoing market integrity measures.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Japan Exchange Group: JPX operates the Tokyo Stock Exchange and is a broad incumbent Asian exchange comparable to IDX in listing services, derivatives (OSE), and clearing infrastructure — providing a benchmark for IDX's top-10 global ranking aspiration and product diversification playbook.
• ASX (Australian Securities Exchange): ASX is a demutualized, vertically integrated exchange operator in the Asia-Pacific region. It is a broad incumbent benchmark for IDX's own demutualization path, multi-asset product strategy, and recurring fee structure tied to listings, trading, and market data.
• Hong Kong Exchanges and Clearing: HKEX is a major regional exchange operator with integrated trading, clearing, and depository services closely analogous to IDX's structure, and a comparable reference for international index partnerships, ETF/derivative product licensing, and Chinese/regional capital flow positioning.
• Bombay Stock Exchange / National Stock Exchange of India: NSE is Asia's largest emerging-market exchange and a broad incumbent analog: large retail investor base, demutualized structure, aggressive derivatives growth, and comparable transition from member-owned to publicly listed model that IDX is now pursuing under Law No. 4 of 2026.
• Korea Exchange: KRX operates Korea's integrated exchange and is a broad incumbent peer — both are MSCI Emerging Markets constituents with comparable equity + derivatives + depository integration, and similar product expansion into ESG/sustainability indices and ETFs.

Direct peers

• Ho Chi Minh Stock Exchange: HOSE is Vietnam's primary stock exchange and a fellow ASEAN emerging-market venue with comparable regulatory reform pressures (free float, market transparency) and competing for MSCI reclassification status, making it a structurally analogous peer to IDX.
• The Stock Exchange of Thailand: SET is Thailand's primary stock exchange and a direct comparable: an ASEAN emerging market venue competing with IDX for institutional capital allocation, derivative product launches (TFEX), and MSCI Emerging Markets inclusion positioning.
• Singapore Exchange: Singapore Exchange is the closest regional peer to IDX — both are Southeast Asian exchanges with multi-asset trading (equities, derivatives, fixed income). SGX is IDX's explicit infrastructure partner via the cross-border depository receipt linkage and competes directly for regional listings and capital flows.
• Philippine Stock Exchange: PSE operates the Philippine equities market and is a direct regional peer to IDX — both are mid-sized ASEAN emerging-market exchanges targeting similar investor bases and competing for foreign institutional allocations within the MSCI ASEAN universe.
• Bursa Malaysia: Bursa Malaysia operates the Malaysian stock exchange, a direct regional SEA competitor to IDX for primary listings, secondary trading volume, and Shariah-compliant product distribution across ASEAN investors. Comparable in scale, regulatory framework, and Islamic finance offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/IDX_BEI

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indonesia Stock Exchange