Refinitiv facilitates First Electronic Marketplace for Rupiah FX Trading in Indonesia

JAKARTA, July 7, 2021 Refinitiv, an LSEG business, today announced it has launched its leading global electronic trading Matching service in Indonesia, as the Southeast Asian nation focuses on further developing its financial market. The launch represents Indonesia’s first interbank electronic marketplace for the trading of Rupiah.

Refinitiv Matching is the leading industry solution that offers real-time credit screening, enhanced price discovery, concentrated liquidity and efficient execution for FX traders. This market leading Central Limit Order Book offers a new level of operation for FX traders. Refinitiv Matching is standardised and suited to the Indonesian local market conditions.

The upgraded version of Refinitiv Matching includes the integration of new features that meet emerging client and market demand. It offers users access to deeper liquidity pools, increases market participation, enhances price discovery and helps regulators maintain a fair and transparent marketplace. Refinitiv Matching will offer users in Indonesia the ability to explore liquidity sources, benchmark trades, and develop systematic FX trading strategies.

“Refinitiv has had a presence in Indonesia since 1984 and we are strongly committed to supporting an efficient, transparent and resilient financial marketplace within the country. We’re immensely proud to collaborate with Bank Indonesia (BI) and leading national banks to drive this key milestone in automating and digitizing FX trading workflows. The trust and active collaboration of the central bank and the banking community will contribute to a cost-effective and transparent interbank marketplace and is an important milestone in Bank Indonesia’s plan to build an advanced national money market in Indonesia,” said Alfred Lee, Managing Director, Data & Analytics, Asia Pacific at LSEG.

“Bank Indonesia welcomes market operators to contribute in developing the financial market in Indonesia, including Refinitiv as a pioneer with its Matching system. The availability of the matching system is in line with the Blueprint for Money Market Development 2025 that had been released last year. One of the key initiatives to embody the third vision of the blueprint is to strengthen financial market infrastructures. The launching of the matching trading system is expected to foster market development by increasing liquidity, efficiency and price transparency,” said Destry Damayanti, Senior Deputy Governor at BI.

She added: “Bank Indonesia believes that financial market development requires efficient, reliable and resilient financial market infrastructures. Therefore, as a more advanced trading system, Refinitiv has to ensure its operational and system resilience as well as to always comply with Bank Indonesia regulations with regard to market operator. This is needed to maintain trust from domestic financial market participants so that a fair, transparent, efficient and advanced financial market can be accomplished.”

“We are delighted to participate in the launch of Refinitiv Matching as a continuous step to enhance our treasury dealing capabilities and support Indonesia’s financial market development. The purpose of this initiative is to bring the market forward to be more efficient, transparent, and resilient. Lastly, this initiative is in line with our BNI RACE (Risk Culture, Agile, Collaboration and Execution Oriented) values to achieve our goal “Melompat Lebih Tinggi” (jump higher),” said Ibu Ikhwani Fauzana, Head of Global Markets at Bank Negara Indonesia.

“Refinitiv Matching will be a resourceful platform for Forex trading in BRI. We are fascinated by its standardisation to Indonesian local market conditions and new features that will encourage transparent, efficient, and cost-effective trading.  We’re greatly enthused by the launch of Refinitiv Matching as Indonesia’s first interbank electronic marketplace for the trading of Rupiah. The ability to explore liquidity sources, benchmark trades, and develop systematic FX trading strategies supports us in the deepening of FX Market,” said Pak Itang Rusdinar, Global Markets Group Head at Bank Rakyat Indonesia.

Pak Panji Irawan, Chairman of the Indonesia Foreign Exchange Market Committee and Director of Treasury and International Banking at Bank Mandiri also commented: “We are excited to start trading USDIDR through Refinitiv Matching. This will be the beginning of the evolution of the financial market in Indonesia towards an advanced, transparent and efficient market.”

AsiaBizToday