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Friday, June 11, 2010

Bapepam-LK: Indonesia still not ready for ASEAN Linkage

BI / exchange
11/06/2010
Irvin Avriano A.

Bapepam-LK: Indonesia still not ready for ASEAN Linkage

JAKARTA: The Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) states the market are not ready to merge into ASEAN Linkage along with five other member states.

Chairman of Bapepam-LK Fuad Ahmad Rahmany said Indonesia's participation can only be ascertained when the market participants and the Indonesian capital market authority has been able to compete with other countries.

He namely other members are Malaysia, Philippine, Vietnam, Thailand, and Singapore.

"We and our [securities companies] are not able to [compete with foreign securities companies], so we still think back to join [with ASEAN Linkage]. If it give benefit to Indonesia in the short and long term, then we joined," he told the press today.

ASEAN Linkage is the cooperation ties with the capital market authority in Southeast Asia a region countries that can facilitate to trading securities and stocks in each of its members to transact directly.

He said he had submitted a request to the ASEAN Linkage member countries to assess the participation of the Indonesian capital market was delayed until 2013. However, he said, the current capital market regulator has not yet confirmed its participation at the time it was submitted.

"At that time I said 'maybe later on in 2013', but it was also just a possibility."

According to him, one of the reasons is the desire to create a global capital market participants at ease and establish operations in the country. In addition, he said, Indonesia's bargaining position are a large country and has a greater market potential compared to other countries.

Last year, Indonesia invited all of the member of ASEAN capital market community. It give a straight statement and answer from the local capital market players that the country haven't ready and won't join the linkage in a short time.

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