KEBIJAKAN PENGEMBANGAN INFRASTRUKTUR PASAR MODAL NURHAIDA Kepala Biro Transaksi dan Lembaga Efek Badan Pengawas Pasar Modal dan Lembaga Keuangan 1
AGENDA 1 Latar Belakang 1. 2. Strategic Management Office / Project Management Office 3 Single Investor Identity Number 3. Single Investor Identity Number 4. Integrated Data Warehouse 5. Straight Trough Processing 6. Kegiatan Penunjang Lainnya
Latar Belakang ¾ Tuntutan ppengembangan g g seiringg dengan g perkembangan pasar lokal dan internasional
¾ Mencegah tidak terkonsolidasinya program program pengembangan pasar yang dilakukan oleh SRO dan Bapepam‐LK
¾ Upaya efisiensi penggunaan resources yang ada ¾ Upaya untuk meminimalisir perbaikan dan adjustment sistem dan bisnis proses yang berulang‐ulang g g
Strategic Management Office / P j M Project Management Office Offi ¶ Penetapan kebijakan strategis terkait pengembangan infrastruktur Pasar Modal
¶ Konsolidasi K lid i dan d koordinasi k di i setiap ti pengembangan b infrastruktur Pasar Modal
¶ Mengelola dan menyelesaikan pengembangan infrastruktur Pasar Modal dengan pendekatan project team
¶ Dipimpin oleh Ketua Bapepam dan beranggotakan setiap unit kerja yang terkait dalam Bapepam‐LK, Bursa Efek, LKP, dan LPP Efek, LKP, dan
Project Execution Strategy :The Governance Structure Consolidated Market Wide Project Strategy , Vision and Policy Direction
Common Vision & Communication &C i i Channel
Strategic Management Office
Project Management Office Project Management Office
Project Manager Project 1
Macro Development Strategy •Capital Market Master Plan •Regional Integration Issues
Market Development Committee
Consolidated Market Wide Project Management
Project Manager Project 2
Detail Project Management Activity by Individual Project Manager
PROJECT NAME Single Investor ID and Enhancement of Disclosure Infra for Single Investor ID Infra for Single Investor ID Execution Phase for Single ID Analysis of Dormant Account Regulatory Support Client Asset Separation Investor Area Enhancement of Disclosures by End Client Market Education Programs Straight Through Processing, Risk Management Risk Engine Development Integration with Front Office ‐‐ validator System Roll Out and Testing with Market Participant Supporting STP Project Implementation of Trading ID into Front Office Trading System Clearing by SID and Security and Continous 30Min Cycles Program Funding by KPEI with Payment Banks Integration with Participant BO (Pilot Roll Out) Information Warehouse Project Vision Discovery Phase Logical and Physical Phase Other S pporting Information and Monitoring Projects Other Supporting Information and Monitoring Projects MKBD Reporting DFOP Reporting Enhancement PRPM Reform Strategy PAPE Industry Analysis New Clearing Feasibility Analysis Investor Protection Fund Feasibility Analysis SRO Reform: Direct Account at KSEI for KPEI/BEI
Q409
Q110
Q210 Q310 Q410 Q111 Q211 Q311 Q411
SINGLE INVESTOR IDENTIFICATION NUMBER sistem identitas tunggal bagi tiap investor pasar modal. memudahkan otoritas pasar modal melakukan pengawasan atas t segala l transaksi t k i efek f k yang dilakukan dil k k investor. penggunaan awal sudah diterapkan dalam Investor Area akan digunakan dalam proses perdagangan mulai dari pembukaan rekening, pemesan dan perdagangan, serta penyelesaian
FORMAT INVESTOR ID YANG DIGUNAKAN DALAM INVESTOR AREA INVESTOR AREA Format Single Investor‐ID terdiri dari 13 digit yang terdiri dari : Status Investor :
Client Trading‐ID
D : Domestic, F : Foreign.
1
2
3
Tipe Investor : ID: Nasabah Perorangan, SC: Perusahaan Efek, MF M t al F nd MF: Mutual Fund, PF: Pension Fund, CP: Corporate, IB: Institution Bank, IS: Insurance, FD: Foundation, OT: Others. h (Mengikuti tipe investor yang diterapkan oleh BI).
4
5
6
7
8
Tgl. & Bln. : Tanggal dan Bulan lahir Tanggal dan Bulan Pendirian Format : DDMM
9 10
11
12
13
Project Undertaken, progressing on Schedule, requires fine tuning prior to full scale scale, some will require Policy Decision Project Completed Completed, awaiting implementation
Project in Initial Concept State
Micro Objective
Macro Objective
Intermediate/Major dependent Project
Building Initial Template for Investor Data Requirement
Define Scope of Investors to be covered
Policy Decision & Regulation on Dormant Account
Regulatory Support on SID and Investor Area Implementation
Client Asset Separation Security Client Asset Separation Security Monitoring of HSE Vs Client
Collateral and SLB Account at Client Level
Client Asset Separation Fund Business Specification with Payment Banks of Client Fund Monitoring, Discussion with Regulators on Policy Approach
Move into Full Scale Full Scale Implementation of SID
Move into Full Scale Monitoring of f Client Asset
Enrichment of Investor Area
Move into Full Scale Implementation of Funds Information
Non Payment Banks Cash Position Reporting By PE’s
Investor Protection Fund
STRA AIGHT THRU PROCESSSING PROJEECT & INFORMATION WAR REHOUSE
SID‐Initial
Investor Area Education
INTEGRATED DATA WAREHOUSE INTEGRATED DATA WAREHOUSE pentingnya informasi yang kredible dan reliable, bagi investor untuk melakukan transaksi efek dan juga bagi regulator untuk melakukan pengawasan terhadap semua pelaku pasar. perlu adanya infrastruktur informasi pasar modal untuk memastikan informasi yang diperoleh kredible dan reliable, maka li bl k pengembangan b i f t kt informasi infrastruktur i f i perlu dilakukan dengan memanfaatkan teknologi informasi. akan dikembangkan sistem informasi yang komprehensif dan terintegrasi (data warehouse) antara Bapepam dan LK serta SRO. LK serta SRO
General Environment Information Perspective PE Legal Contract Client
Customer Information
Transaction M Margins i
Trade Confirmation
Account Statement Investor A Area
Trading System PE Back B k Offi Office & Accounting System PE
Margin (incl SS) p Report To BEI
Outright Repo/SLB Derivatives
DFOP Report T KSEI To Repo report to BEI SLB info in KPEI
Other Information PLTE Validation System
Portfolio Information From KSEI
KSEI
Portfolio Information From PE
MKBD
Financial Report
Monthly Activity Report
Define Base Requirement Comprehensive Analysis of Information Monitoring Requirement from SRO& Bapepam
Define Data Model Requirement
Enhancement of Source Data
Reforms on DFOP, MKBD, Short Sell, Margin Repo etc Margin, Repo etc
Improve Information Quality
C ll ti Collection and Aggregation dA ti Begin Consolidating Data and Build Visualization and Analytics
Enhance Business Process Pre‐Emptive Monitoring of PE’s Risk
Improve Market Surveillance
Data Driven Policy
Construction of Data Warehouse
Data Driven Operation & Operation & Policy Making Activity
Reform PRPM And Enhance And Enhance Reach Utilizing Technology
INFOR RMATION D DRIVEN ORG GANISAION N
Identification and Enhancement of Source Data
STRAIGHT TROUGH PROCESSING o adanya tuntutan pasar untuk meningkatkan kapasitas dan efisiensi sistem perdagangan. perdagangan
o semakin berkembangnya perdagangan secara online
( (online trading) g) perlu didukungg oleh p p peningkatan g infrastruktur sistem perdagangan Efek yang mampu melakukan eksekusi pesanan dan penyelesaian transaksi secara cepat dan efisien.
o maka
akan dilakukan pengembangan sistem perdagangan Efek yang terintegrasi dari pesanan sampai dengan penyelesaian (Straight Through Processing/STP), Processing/STP) yang dilakukan secara otomatis dan meminimalkan proses manual.
Straight Trough Processing…
o akan
meningkatkan efisiensi biaya dan mempercepat siklus proses perdagangan dan penyelesaian transaksi efek, juga mampu mengurangi risiko operasional yang mungkin timbul akibat adanya intervensi proses manual sejak terjadinya pesanan hingga proses penyelesaian.
o akan dimulai dengan lebih meningkatkan integrasi
sistem Bursa Efek, LKP dan LPP yang sudah ada saat ini ,yaitu sistem pesanan dan perdagangan (JATS Next‐G), proses kliring, penjaminan dan managemen risiko (E‐Clears), dan proses penyelesaian dan sentral kustodian (C (C‐BEST). BEST).
Penggunaan SID dalam SID dalam STP Investor ID
Client
Single Investor ID/SID
Sub Account 1
3
4
5
6
7
8
9
10
11
12
13
14
4
1 PE AB StockBroker PE Non AB Bank Kustodian
2 K
2
Investor ID
8
9
10
11
12
13
8
9
10
8
Sub Account
3
Master Investor ID
K
S P
Investor ID
E
Investor ID
9
E I I
Sub Account
5 Settl. A/C
Sub Account
7 Settl. A/C
6 Coll. A/C
Coll. A/C
B U R S A E F E K
11
Investor ID
12
13
15
Transactional Infrastructure & Information Infrastructure Enhancement Front Office – Back Office PE Integration
Implementation of Trading ID Trading ID Investor Area Information
Client Registration Administration
• Membership stratification by Capital and Risk Integrated & Multiproduct Trading System.
Payment System Integration
Surveillance Enhancement
Order
Validation
Matching S T P
• Client Level Clearing/Settlement. • Collateral Management at Client Level
Confirmation/ Clearing Affirmation
Settlement
Monitoring & Surveillance (Information Warehouse) Implementation of ‘Master Client ID’ Enhancement of Disclosure
Risk Management System Enhancement Pre‐Order Validation Central Clearing to Sec Firms Pre‐Order Validation Sec Firms to Client
Electronic allocation, confirmation/ affirmation
Integration Sec Firms with SRO System
1
Intra Day Funding Program
Continuous 30 Minutes Clearing Cycle
Development of Clearing Logic at Client Level
Enhancement of Risk Management h f k Development of New Risk Engine and Monitoring Framework g
Prepare Environment Environment towards Full Fledge STP
Greater Risk Greater Risk Monitoring Capabilities and Capital Management
Development of Pre‐Deal Limit Management
Pre‐ emptive Action
System Integration Build Risk Validator into the Current Trade Flow
Usage of SID Into Trading System
Development of Integration Framework/Messaging with Participants Back Office
Reduce Reduce Redundant & Manual Process and Improve Turn Around Time Time
MA ARKET WIDE STRAIGHTT THRU PRO OCESSING PROJECT
STP‐Business Process Reengineering
KEGIATAN PENUNJANG LAINNYA KEGIATAN PENUNJANG LAINNYA • Kegiatan g yyang terkait g erat dan diperlukan/penting p /p g dalam pengembangan infrastruktur Pasar Modal Indonesia • Kegiatan penunjang mencakup: Penyusunan Pedoman Akuntansi Perusahaan Efek (PAPE) Pelaporan Modal Kerja Bersih Disesuaikan (MKBD) Pengembangan Pelaporan Delivery Free of Payment (DFoP) Reformasi Pusat Referensi Pasar Modal (PRPM) Analisis Kinerja Perusahaan Efek Partisipasi Kliring dengan Skema Baru Partisipasi Penjaminan dengan Skema Baru dan Kebijakan Pre‐ emptive Action – Pembentukan Dana Perlindungan Dana Perlindungan Pemodal – Pembukaan Rekening BEI dan KPEI di KSEI
– – – – – – –
Industry Restructuring Analysis Comprehensive Analysis of PE from Business, Technology, Distribution Channel
Greater Understanding of Industry of Industry Issues and Prepare Policy Strategy
Risk Capital MKBD Reform Policy
Reforms on Minimum Regulatory Standards on AB: Business and Technology (V D 3 V D 4 V D 5) (V.D.3,V.D.4, V.D.5)
Propose New Strategies for Market Stratification & Reform Membership M b hi Minimum Standards for AB’s
Potential P t ti l Introduction of New Clearing Scheme
Potential Potential Inclusion of Custodian Institution as Clearing Agent
New Guarantee Scheme
Investor Protection Fund
Improve Standards of Market Intermediaries
Create A Vibrant Industry and Improve Channel
MARK KET REFORM M
Regulatory Reform
T i Terima K ih Kasih
