AxeTrading expands exchange business with launch of IDX ETP in Indonesia

Indonesia is one of the largest EM bond markets in the region, valued at around $220 billion.


Today, the Indonesia Stock Exchange (IDX) launched their Electronic Trading Platform (ETP) for secondary market trading of bonds and sukuk using AxeTrading’s AxeChange technology. The ETP is named Alternative Market Operator System (SPPA).

Indonesia is one of the largest EM bond markets in the region, valued at around USD 220 BN equivalent. To date, 18 of the 20 Primary Dealers for Government Bonds (SUN) have become SPPA users, along with a further three Indonesian bond market players who can start using SPPA as a bond and sukuk trading platform.

AxeTrading was chosen by IDX as the on-going technology partner for the platform, through a strict selection process over other global prospective partners, for its over 10 years of experience in electronic trading and its expertise in the fixed income market.

AxeChange is the software to power execution venues for fixed income products and enables the trading of government, corporate, sukuk and retail bonds across reserve and local currencies. To increase the size and number of market participants, drive interest from new debt issuers and to better meet growing local funding requirements, exchanges have to innovate their bond trading offering and effectively embrace both voice and electronic trading.

“SPPA has been designed in such a way as to accommodate the needs of the bond and sukuk market players in Indonesia, with the hope of increasing liquidity and efficiency of the Indonesian bond and sukuk market,” said IDX Business Development Director Hasan Fawzi. “IDX is collaborating with global bond trading solution provider, AxeTrading, to develop SPPA so that the system we are developing is a system that is applicable according to best practices and is user-friendly,” he concluded.

Ralf Henke, Chief Executive Officer of AxeTrading, said “We are proud and delighted to be working with the Indonesia Stock Exchange as their technology partner to deliver this significant step in the development of the Indonesian bond and sukuk market using our AxeChange technology. Our AxeTrader Quoting and Execution Management System is the best gateway to this new trading platform. It gives dealers the tools they need to boost their trading with automated workflows to help them trade better and faster than ever before. AxeTrader gives seamless support for both voice trading and access to electronic trading in the Indonesia, Asian and global markets”.

AxeTrading does not compete with trading venues, but partners with them to deliver an efficient, effective and modern fixed income trading experience that enhances and develops their local bond markets to meet their commercial objectives and those set by governments, financial authorities, and bond market associations.

Working with International Finance Corporation, part of the World Bank Group, as a strategic partner, AxeTrading continues to accelerate the evolution of fixed income markets by delivering advanced technology for dealers and trading venues to broaden participation, which provides liquidity and market transparency.

The recently upgraded AxeTrader Quoting and Execution Management System (QEMS), interacts seamlessly across over 23 execution venues, including the new IDX ETP, and connects to 11 leading market data sources to provide fixed income dealers with market aggregation and trading workflows in a single desktop.

Read this next

Digital Assets

Point72 invests $77.5 million in Bitcoin, Morgan Stanley holds $269.9 million

Point72, the $34 billion hedge fund owned by billionaire and New York Mets owner Steven Cohen, held $77.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) at the end of the first quarter, according to a recent filing.

Digital Assets

Binance claims Nigerian officials sought $150 million bribe

A Nigerian court has ruled that Tigran Gambaryan, a Binance executive detained on charges of tax evasion and money laundering, can stand trial on behalf of the world’s largest cryptocurrency exchange.

Digital Assets

Kraken reviews Tether listing in Europe ahead of MiCA adoption

Cryptocurrency exchange Kraken is “actively reviewing” whether to delist the stablecoin Tether (USDT) from its European platform, according to a report by Bloomberg.


Discover How MoonBag Coin Presale Stacks Up Against Dogecoin & Litecoin

Discover how the MoonBag Coin presale compares to Dogecoin and Litecoin, with unique features, a robust presale structure, and new opportunities in 2024.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Policy, USD, May 17 ,2024

Overall, both the Federal Reserve’s policy and the US dollar’s outlook are shrouded in some degree of uncertainty.

Market News, Tech and Fundamental, Technical Analysis

Ethereum Technical Analysis Report 17 May, 2024

Ethereum cryptocurrency can be expected to rise further toward the next resistance level 3200.00, which is the top of the previous impulse wave i.

Digital Assets

Hong Kong adopts digital yuan payments through Chinese banks

Hong Kong has launched a pilot program enabling digital yuan payments through major Chinese banks, marking the first instance of China’s digital currency project being deployed outside the mainland.

Retail FX

Saxo Bank increases client assets five-fold to $116 billion

Copenhagen-based broker Saxo Bank has achieved a major milestone, surpassing $116 billion (DKK 800 billion) in client assets.

Inside View

ISDA says US Basel III “endgame” to heighten market risk capital

ISDA further explained that, by requiring banks to hold additional capital that is misaligned with levels of risk, the proposal would significantly reduce capital market access for US end users and businesses, restrict the ability of businesses to hedge exposures to changes in commodity prices, and increase the cost of everyday consumer goods, including food and gasoline.