Refinitiv Launches FX Matching in Indonesia

LSEG’s Refinitiv has launched Matching platform in Indonesia, as the Southeast Asian nation focuses on further developing its financial markets. The launch represents Indonesia’s first interbank electronic marketplace for the trading of rupiah.

Refinitiv says Matching is standardised and suited to the Indonesian local market conditions as the upgraded version of the platform includes the integration of new features that meet emerging client and market demand and offer users in Indonesia the ability to explore liquidity sources, benchmark trades, and develop systematic FX trading strategies.

“Refinitiv has had a presence in Indonesia since 1984 and we are strongly committed to supporting an efficient, transparent and resilient financial marketplace within the country,” says Alfred Lee, managing director, data and analytics, Asia Pacific at LSEG. “We’re immensely proud to collaborate with Bank Indonesia (BI) and leading national banks to drive this key milestone in automating and digitising FX trading workflows. The trust and active collaboration of the central bank and the banking community will contribute to a cost-effective and transparent interbank marketplace and is an important milestone in Bank Indonesia’s plan to build an advanced national money market in Indonesia.”

The launch has also been officially welcomed by the local central bank. “Bank Indonesia welcomes market operators to contribute in developing the financial market in Indonesia, including Refinitiv as a pioneer with its Matching system,” says Destry Damayanti, senior deputy governor at BI. “The availability of the Matching system is in line with the Blueprint for Money Market Development 2025 that was released last year. One of the key initiatives to embody the third vision of the blueprint is to strengthen financial market infrastructures. The launching of the Matching trading system is expected to foster market development by increasing liquidity, efficiency and price transparency.

“Bank Indonesia believes that financial market development requires efficient, reliable and resilient financial market infrastructures,” she continues. “Therefore, as a more advanced trading system, Refinitiv has to ensure its operational and system resilience as well as to always comply with Bank Indonesia regulations with regard to market operator. This is needed to maintain trust from domestic financial market participants so that a fair, transparent, efficient and advanced financial market can be accomplished.”

Pak Panji Irawan, chairman of the Indonesia Foreign Exchange Market Committee and director of treasury and international banking at Bank Mandiri, adds, “This will be the beginning of the evolution of the financial market in Indonesia towards an advanced, transparent and efficient market.”