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Rabu, Mei 15, 2024

KPEI Sets New Mechanism and Procedures for Settlements of Listed Company Corporate Actions on Single Stock Futures

Following the introduction of Rule No. III-2 as the Appendix to Decree of the Board of Directors of PT Kliring Penjaminan Efek Indonesia ("KPEI") No. KEP-012/DIR/KPEI/0324 on the Clearing and Guarantee of Futures Contract Transaction Settlements ("Rule III-2"), the Board of Directors of KPEI has decided to introduce an applicable mechanism and procedures for the settlement of listed companies’ corporate actions on single stock futures ("Corporate Actions") through the issuance of Circular No. SE-006/DIR/KPEI/0524 ("Circular 6/2024"), which has been in force since 3 May 2024.
Pursuant to Circular 6/2024, the aforementioned Corporate Actions comprise the following three specific actions: 1) Pre-emptive rights (Hak Memesan Efek Terlebih Dahulu/HMETD); 2) Stock splits; and 3) Reverse stock splits. It should be noted that KPEI is authorized to make adjustments to open positions and single stock futures contract basic prices (in the event that any Corporate Actions may impact the theoretical price of the underlying shares) and/or funds that derive from odd contracts (in the event that any Corporate Actions result in odd contracts).
In terms of the mechanism and procedures for the settlement of the above Corporate Actions, Circular 6/2024 states that KPEI may make adjustments to the amounts of contracts and settlement prices for any Corporate Actions that relate to underlying shares. In this regard, KPEI should secure the theoretical prices of such shares from PT Bursa Efek Indonesia (BEI).
Ultimately, as open positions should be adjusted based on adjustment factors related to the relevant Corporate Actions during post-securities derivative contract cum-dates, Circular 6/2024 states that adjustments of a contract’s position and prices should take the following aspects into account: 1) Adjustment factors (e.g. theoretical/closing price or initial/new rations); 2) New contract prices; 3) New open positions; and 4) Multipliers.

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Following the introduction of Rule No. III-2 as the Appendix to Decree of the Board of Directors of PT Kliring Penjaminan Efek Indonesia ("KPEI") No. KEP-012/DIR/KPEI/0324 on the Clearing and Guarantee of Futures Contract Transaction Settlements ("Rule III-2"), the Board of Directors of KPEI has decided to introduce an applicable mechanism and procedures for the settlement of listed companies’ corporate actions on single stock futures ("Corporate Actions") through the issuance of Circular No. SE-006/DIR/KPEI/0524 ("Circular 6/2024"), which has been in force since 3 May 2024.
Pursuant to Circular 6/2024, the aforementioned Corporate Actions comprise the following three specific actions: 1) Pre-emptive rights (Hak Memesan Efek Terlebih Dahulu/HMETD); 2) Stock splits; and 3) Reverse stock splits. It should be noted that KPEI is authorized to make adjustments to open positions and single stock futures contract basic prices (in the event that any Corporate Actions may impact the theoretical price of the underlying shares) and/or funds that derive from odd contracts (in the event that any Corporate Actions result in odd contracts).
In terms of the mechanism and procedures for the settlement of the above Corporate Actions, Circular 6/2024 states that KPEI may make adjustments to the amounts of contracts and settlement prices for any Corporate Actions that relate to underlying shares. In this regard, KPEI should secure the theoretical prices of such shares from PT Bursa Efek Indonesia (BEI).
Ultimately, as open positions should be adjusted based on adjustment factors related to the relevant Corporate Actions during post-securities derivative contract cum-dates, Circular 6/2024 states that adjustments of a contract’s position and prices should take the following aspects into account: 1) Adjustment factors (e.g. theoretical/closing price or initial/new rations); 2) New contract prices; 3) New open positions; and 4) Multipliers.

......

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Peraturan Konsolidasi
Premium Stories
Monthly Law Review (MLR)
Indonesian Law Digest (ILD)

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