Jakarta. The Indonesia Stock Exchange (IDX) has faced mounting criticism regarding its full call auction (FCA) policy, which investors argue is not conducive to a stable trading environment. Since the implementation of FCA, the Jakarta Composite Index has experienced volatility, dropping below the critical 7,000 level.

In response, IDX Director of Corporate Valuation, I Gede Nyoman Yetna, said that the exchange is awaiting feedback from its members and stakeholders concerning the FCA policy.

"Every policy we issue from IDX is for the benefit of stakeholders and the market. We always conduct reviews and remain open to feedback. However, each review requires time to ensure we understand what changes are necessary," Nyoman said when interviewed by reporters at the IDX in Jakarta on Monday, June 10.

When asked about the timeline for re-evaluating the FCA policy, Nyoman did not provide a specific answer but indicated that the exchange needs more time to assess market responses and stakeholder feedback.

"We need to gather information and feedback from our stakeholders, just as we did when formulating this policy. Adjustments will not be made immediately. The most important thing is to receive feedback to analyze what improvements can make the market better," Nyoman concluded.

In mid-May, the IDX peaked at 7,300. However, since the implementation of the FCA policy, the index has gradually declined, reaching a level of 6,900 today.

The IDX initiated the second phase of its FCA policy on March 25, aiming to bolster investor protection. However, this move has unexpectedly stirred more controversy than support.

A notable instance of this controversy revolves around Barito Renewables Energy (BREN). Following its inclusion in the Financial Times Stock Exchange (FTSE) Global Equity Index, BREN's surging stock triggered its placement on the IDX’s Special Monitoring Board (SMB), subjecting it to FCA regulations, on May 29. According to the FCA policy, BREN now undergoes periodic auctions in five daily sessions for 30 days. Consequently, its shares have plunged by 40 percent since entering the SMB, causing Barito Renewables to lose its position as the market's largest company by capitalization.

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