Indonesia launches CCP for money market and FX
02 October 2024 Indonesia
Image: alfin/stock.adobe.com
The Indonesia Clearing and Guarantee Corporation (IDClear) has launched a central counterparty (CCP) for money market and foreign exchange (PUVA).
It comes from a collaboration with Bank Indonesia, the Indonesia Stock Exchange, and eight shareholder banks.
The existence of a CCP will be a 鈥渘ew beginning鈥� for the settlement of transactions in the financial market that is safer and more efficient, says IDClear.
IDClear says it will accelerate efforts to deepen the financial market in Indonesia towards a modern and advanced national economy.
At a recent event in Indonesia, where the news was first announced, the Governor of Bank Indonesia Perry Warjiyo stated that IDClear has met the 22 Principles for Financial Market Infrastructures (PFMI), making it a Qualified CCP (QCCP).
Warjiyo says the establishment of the CCP PUVA is expected to enhance the efficiency and security of transaction settlements, thereby increasing the value of existing transactions.
With its role as CCP, IDClear says it is ready to provide clearing and assurance services that prioritise reliability in the provision of operational system infrastructure and risk management in transaction settlement
It comes from a collaboration with Bank Indonesia, the Indonesia Stock Exchange, and eight shareholder banks.
The existence of a CCP will be a 鈥渘ew beginning鈥� for the settlement of transactions in the financial market that is safer and more efficient, says IDClear.
IDClear says it will accelerate efforts to deepen the financial market in Indonesia towards a modern and advanced national economy.
At a recent event in Indonesia, where the news was first announced, the Governor of Bank Indonesia Perry Warjiyo stated that IDClear has met the 22 Principles for Financial Market Infrastructures (PFMI), making it a Qualified CCP (QCCP).
Warjiyo says the establishment of the CCP PUVA is expected to enhance the efficiency and security of transaction settlements, thereby increasing the value of existing transactions.
With its role as CCP, IDClear says it is ready to provide clearing and assurance services that prioritise reliability in the provision of operational system infrastructure and risk management in transaction settlement
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