Sweeping Trading Overhaul Slashes Stock Floor to Rp 1, Unlocking Liquidity for Heavyweights Like GoTo

JAKARTA, Investortrust.id — The Indonesia Stock Exchange (IDX) is enacting a major structural reform to its trading mechanics, abolishing the rigid Rp 50 ($0.0031) price floor across regular and cash markets to allow shares to trade down to Rp 1 ($0.000063).

The move is designed to eliminate liquidity deadlocks for low-priced equities—including market heavyweights like Gojek Tokopedia (GoTo), the country’s largest tech conglomerate—where trading volume frequently dries up when valuations hover near historical regulatory baselines.

Artificially high floor prices have long distorted genuine price discovery, trapping foreign institutional capital in illiquid names or triggering contentious Full Call Auction (FCA) watchlists. By enabling free-floating price formation down to penny levels in continuous auctions, the exchange aims to align domestic trading infrastructure with global benchmarks like MSCI while unlocking substantial trading turnover.

Unlocking Frozen Market Liquidity

Speaking directly to investortrust.id on Thursday, IDX President Director Jeffrey Hendrik confirmed that exchange leadership is actively consulting key industry groups to finalize the rollout.

“To provide better liquidity access and enhance price discovery, we will remove the Rp 50 minimum price limit,” Hendrik stated during an interview on Thursday. “We held discussions on August 19 with the Association of Indonesian Securities Companies (APEI) and the Indonesian Investment Managers Association (AMII) to gather industry feedback, alongside consultations with global institutional investors.”

The bourse estimates that transitioning low-priced equities from periodic call auctions back into the continuous auction framework of the regular board could multiply daily trading value and transaction frequency by two to three times.

Overhauling Circuit Breakers and Watchlist Criteria

Alongside the floor removal, the exchange is recalibrating its auto-rejection circuit breakers to prevent excessive intraday volatility in micro-priced shares.

Under the new guidelines, stocks priced between Rp 1 and Rp 10 will adopt an auto-rejection lower limit (ARB) and upper limit (ARA) fixed at a nominal Rp 1 increment per day rather than a percentage band. Equities priced above Rp 10 will face a standard 15% lower limit, while upper limits remain tiered at 35% for shares priced from Rp 11 to Rp 200, 25% for Rp 201 to Rp 5,000, and 20% for stocks above Rp 5,000 ($0.31).

To align overall market architecture, the IDX will also remove existing Special Monitoring Board criteria that previously flagged shares with three-month average prices below Rp 51 or companies unable to regain the legacy Rp 50 threshold.

Brokerage member testing is scheduled for August 22 and August 29, with full commercial deployment targeted for September 7, 2026.