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2010-07-07

Circular Letter of Bank Indonesia No. 15/32/DPM concerning the Sixth Amendment of Bank Indonesia Circular Letter No. 12/18/DPM regarding Open Market Operations

Bank Indonesia issued Circular Letter No. 15/32/DPM to amend regulations governing Open Market Operations, specifically introducing new mechanisms and limitations for Bank Indonesia Certificates of Deposits (SDBI). The amendment restricts SDBI transactions to inter-bank transfers, mandates early redemption for non-bank holders, and establishes written warnings and payment obligations as sanctions for settlement failures or secondary market violations. Additionally, the document extends the permissible period for foreign currency Term Deposits to 12 months, adjusts settlement timelines, and reclassifies swap transactions with Bank Indonesia as pass-through derivative positions.

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Sumber Data Legal Information Division, Department of Legal Affairs

8/27/2013 9:40 AM

Judul Circular Letter of Bank Indonesia No. 15/32/DPM concerning the Sixth Amendment of Bank Indonesia Circular Letter No. 12/18/DPM dated 7 July 2010 regarding Open Market Operations (OPT)

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Regulation

Circular Letter of Bank Indonesia No. 15/32/DPM concerning the Sixth Amendment of Bank Indonesia Circular Letter No. 12/18/DPM dated 7 July 2010 regarding Open Market Operations (OPT)

Effective

27 August 2013

This Amendment of Bank Indonesia Circular Letter among others includes:

Additional transaction mechanism of Bank Indonesia Certificates of Deposits (SDBI);

Additional regulation on limitation of SDBI transactions in secondary market;

Additional regulation on sanction imposition for violation of SDBI transaction limitation in secondary market;

Improvement of transaction period of foreign currency Term Deposit, time limit of foreign currency Term Deposit settlement and additional regulation that swap transaction is considered as a pass on Bank derivative transaction with Bank related parties.

Issuance of SDBI

SDBI is securities in rupiah currency issued by Bank Indonesia as an acknowledgement of short term debts that can be traded only inter banks.

Issued through auction mechanisms with fixed rate tender or variable rate tender

that can be conducted on business days determined by Bank Indonesia, between 08.00 am to 04.00 pm.

OPT participants may submit bids through BI-SSSS directly or through Intermediary Agencies.

Bank Indonesia will announce result of auction winner through BI-SSSS, LHBU System and/or other facilities both individually to auction winner and globally to all auction participants.

Settlement shall be conducted no later than T+1, in which auction winner is obligated to have adequate balance checking account for making settlement.

Limitation of SDBI Transactions in Secondary Market

Banks are forbidden to transfer and make transaction of SDBI with parties other than Banks, however SDBI transactions can be done with Bank Indonesia among others through the transactions of OPT repo and lending facility.

In the event SDBI is owned by parties other than Banks, Bank Indonesia will conduct early redemption upon the referred SDBI.

Sub-Registries are obliged to administer SDBI owned by their clients by complying with the referred regulation.

Sanction related to SDBI :

Sanction for failure in making settlement of SDBI issuance

Shall be imposed to Banks

In the form of written warning, obligation to pay and suspension to participate in OPT activities for five consecutive business days in the event the Bank fail to make 3 (three) times settlements within 6 (six) months.

Sanction on violation of SDBI transaction limitation in secondary market

Imposed to Banks and Sub-Registries (as administrators of securities on behalf of individuals).

In the form of written warning and obligation to pay.

Period of foreign currency Term Deposit amended from the initial 7, 14 and 28 days to 1 day to 12 months.

Settlement of foreign currency Term Deposit amended from the initial 2 (two) business days after the date of transaction to no longer than 2 (two) business days after the transaction date.

Swap transaction conducted by Banks with Bank Indonesia shall be considered a pass

on of Bank derivative transaction position with the Bank related parties.

This Circular Letter of Bank Indonesia comes into force on 27 August 2013.

Lampiran Attachments

Lampiran 1 Circular Letter of Bank Indonesia No. 15/32/DPM

Lampiran 2 Appendix

Lampiran 3 FAQ - Circular Letter of Bank Indonesia No. 15/32/DPM

Lampiran 4

Lampiran 5

Lampiran 6

Lampiran 7

Lampiran 8

Lampiran 9

Lampiran 10

Kontak Contact

Kontak Contact Center - BICARA, Phone : 500 131

Halaman ini terakhir diperbarui 1/27/2021 9:15 PM

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