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1999 Annual Report: Stock
Exchange As a further step in the preparation of scripless trading planned to be implemented in 2000, Bapepam authorized the JSX to issue rules on general requirements for scripless trading in the regular market, the immediate market, the cash market, and in the negotiated market. Besides issuing new rules, the JSX with the approval of Bapepam completed 8 Stock trading rules, including General Stipulations on Stock Trading, Client Orders, Trading Suspensions, Commissions, Exchange Transaction Fees, and Sanctions. In further action on rights issues rules, the SSX issued a Circular letter on rights issue implementation to the Issuers and Exchange-members. The provisions included the rights trading date, trading units, and trading boards. As further step in bond market development, SSX participants frequently used the Over The Counter–Fixed Income Service (OTC-FIS) to obtain quotations and report bond trading. To supervise trading, Bapepam increased the direct involvement of SROs so that Bapepam functions become more effective. In order to clarify rules on prohibited transactions, Bapepam issued rules regarding permitted Securities Transaction for insiders. The rules provide that Securities transactions may be made between insiders of issuers or public companies as long as they have the same information and the transactions are made outside the exchange. In addition, insiders may make a transaction with other persons, provided the insiders have previously disclosed all available material information to the other persons. Another measure to increase market efficiency is a study of the merger of the 2 exchanges, JSX and SSX. The decision on the merger depends entirely on the shareholders of the two exchanges. 
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