IDX Enforces Non-Cancellation Window Starting Dec 15

JAKARTA, Investortrust.id — The Indonesia Stock Exchange enforces a non-cancellation period on Friday, Dec 15, 2025 in Jakarta to restrict order changes during pre-opening and pre-closing sessions as part of efforts to strengthen market orderliness, align with global practices, and improve price discovery, a move expected to enhance trading efficiency.

The Indonesia Stock Exchange said the rule prevented existing orders from being amended or withdrawn within a specific time window, while allowing investors to submit new buy or sell orders.

IDX Director of Development Jeffrey Hendrik said the restriction applied for between two and seven minutes during pre-opening and pre-closing sessions.

"Between two and seven minutes in the pre-opening and pre-closing sessions, there will be a setting where withdrawals and amendments cannot be made," Jeffrey said during a virtual capital market media briefing on Friday, Dec 12, 2025.

He said the mechanism was designed to ensure fair, orderly, and efficient trading while strengthening the quality of the price formation process.

"With the implementation of this non-cancellation period, we expect a more reasonable price formation and more optimal use of the market order feature by investors," he said.

The exchange noted that similar non-cancellation periods had long been implemented by global exchanges such as Singapore Exchange, Hong Kong Stock Exchange, and the Shanghai Stock Exchange.

IDX said the policy was introduced to harmonize domestic trading standards with international market practices.

Throughout 2025, the exchange conducted policy development, outreach to brokerage members, and seven trial runs of the non-cancellation mechanism from August through early December.

Under IDX Board of Directors Decree No. Kep-00003/BEI/04-2025 on Equity Securities Trading Rules, effective April 8, 2025, the non-cancellation periods are formally regulated.

During the pre-opening session from 08:56:00 to 08:59:59 until the matching point, brokerage members are not allowed to amend sell or buy orders.

From 08:56:00 to 08:57:59, brokerage members are prohibited from both amending and canceling orders.

During the pre-closing session from 15:56:00 to 16:01:59 until the matching point, order amendments are also prohibited.

From 15:56:00 to 15:59:59, brokerage members are barred from both amending and canceling sell or buy orders.