Indonesia Stock Loan Glossary
The vocabulary of IDX-listed share-backed financing — markets, instruments, custody, loan terms, liquidity, and disclosure — defined plainly, for shareholders and their advisers.
In short
This glossary defines the terms that recur in an Indonesia stock loan, from the markets a share trades on through to the rules that govern disclosure. It covers the IDX markets and boards (including auto-rejection and suspension), the instrument itself (pledge, repo, and the akta gadai saham), custody and collateral through KSEI, C-BEST, the securities sub-account, RDN, and AKSes, the commercial loan terms such as LTV, tenor, and recourse, the liquidity and risk factors that shape pricing, and the regulation and disclosure framework under OJK (RUPS, HMETD, the Positive Investment List, and PPh). Each term carries its own link, so it can be cited individually. For choosing between routes to cash, see liquidity options compared.
Markets & boards
IDXBursa Efek Indonesia
Indonesia's securities exchange (the Indonesia Stock Exchange / Bursa Efek Indonesia), home to the country's listed companies.
Main BoardPapan Utama
The IDX board for larger, more established companies meeting higher listing requirements.
Development BoardPapan Pengembangan
The IDX board for smaller and growth companies, alongside the Acceleration Board for early-stage issuers.
LQ45 / IDX30Benchmark indices
Indices of the 45 / 30 most liquid large-capitalisation IDX stocks.
IDX CompositeIHSG
The headline index of all listed shares on the Indonesia Stock Exchange (Indeks Harga Saham Gabungan).
Negotiated MarketPasar Negosiasi
The IDX market segment where privately-negotiated block trades are crossed away from the regular order book. See block trades.
Foreign ownership limitFOL
A cap on how much of a company non-Indonesian investors may hold, applying in certain sectors (e.g. banking, media) under the Positive Investment List (Presidential Regulation No. 10/2021).
Auto-rejectionARA / ARB
IDX daily price limits that automatically reject orders beyond a set percentage move up (Auto Rejection Atas, ARA) or down (Auto Rejection Bawah, ARB) from the reference price — constraining how fast a share can move in a single session.
SuspensionSuspensi
A temporary halt in trading of a listed share imposed by the IDX, for example pending disclosure or on unusual price movement; it interrupts the ability to value or realise the collateral.
The instrument
Stock loan / Share-backed financingPinjaman saham
A loan secured by pledging listed shares; the borrower keeps ownership and upside and recovers the shares on repayment. See how stock loans work.
Securities-backed lendingSBL
The broader category of lending against securities.
Block trade / CrossingTransaksi blok
A large, privately-negotiated share transaction executed off the central order book and reported to the IDX. See block trades.
PledgeGadai saham
The lender's security interest over the shares: the borrower opens an account with the designated custodian, over which the lender takes security, where the collateral shares are held, with beneficial ownership preserved, enabling enforcement on default.
Fiducia securityJaminan fidusia
A form of Indonesian security interest over movable assets that may feature in structuring collateral, registered under the Fiducia Law.
Deed of share pledgeAkta gadai saham
The Indonesian legal instrument that creates the pledge over the shares, documenting the lender's security interest; often executed as a notarial deed.
RepoRepo saham
A repurchase arrangement in which legal ownership of shares transfers to the counterparty for a term against cash, with an agreement to buy them back at a set price; unlike a pledge (gadai saham), title moves away during the term. See liquidity options compared.
Custody & collateral
KSEIKustodian Sentral Efek Indonesia
The Indonesian Central Securities Depository, which holds and settles Indonesian securities in scripless, book-entry form.
C-BESTCentral Depository & Book Entry Settlement
KSEI's electronic system where IDX-listed securities are held and transferred in book-entry form.
KPEIKliring Penjaminan Efek Indonesia
The Indonesian Clearing and Guarantee Corporation, which clears and guarantees exchange transactions.
SIDSingle Investor Identification
A unique investor identification number at KSEI that links an investor to their securities sub-account.
CustodianBank Kustodian
A licensed bank or institution that holds securities and operates sub-accounts for investors at KSEI.
Securities sub-accountSub Rekening Efek · SRE
An investor's individual securities account held at KSEI under a custodian's main account and linked to the investor's SID — where a specific holder's IDX shares are recorded.
RDNRekening Dana Nasabah
An investor's segregated cash account at a bank, used for settlement of securities transactions and linked to the securities sub-account at KSEI.
AKSesAcuan Kepemilikan Sekuritas
KSEI's investor-facing facility that lets a holder view the securities and balances recorded in their sub-account, supporting transparency over pledged collateral.
T+2 settlementSiklus penyelesaian
HaircutCollateral discount
The discount applied to a share's market value when sizing the loan against it.
Collateral top-up / Margin callPermintaan jaminan tambahan
A demand to add collateral or repay part of the loan if the share price falls below an agreed level.
Loan terms
LTVLoan-to-Value
The loan amount as a percentage of the pledged shares' market value.
TenorLoan term
The length of the loan, commonly 12–36 months.
RecourseLender's remedy
Whether the lender can pursue the borrower's other assets for a shortfall. Non-recourse: limited to the shares. Full-recourse: borrower personally liable. Limited-recourse: in between.
Interest servicingPembayaran bunga
Paying interest periodically versus rolling it into the loan balance.
Liquidity & risk
Free floatSaham beredar publik
The share of a company's stock available for public trading, excluding locked-in strategic holdings.
ADTVAverage Daily Trading Value
The average value traded per day; a key liquidity input to LTV.
VolatilityVolatilitas
How much a share's price fluctuates; higher volatility means a more conservative LTV.
ConcentrationPosition size
The size of a single position relative to the stock's float and daily volume.
Regulation & disclosure
OJKOtoritas Jasa Keuangan
The Financial Services Authority, Indonesia's regulator for the financial sector, including the capital markets.
Capital Market LawUU No. 8 / 1995
The principal statute governing Indonesian securities markets, as amended (including by UU No. 4 of 2023, the P2SK Law).
5% / 0.5% reportingPOJK No. 3/POJK.04/2021
The OJK rule requiring holders of 5% or more of a listed company, and subsequent changes in that holding, to be reported.
Mandatory tender offerPOJK No. 9/POJK.04/2018
The takeover rule that can require a buyer who acquires control of a listed company (broadly more than 50% of voting shares) to make a tender offer for the remaining shares.
Positive Investment ListDaftar Positif Investasi
The framework under Presidential Regulation No. 10/2021 that sets which sectors are open to foreign investment and any applicable ownership caps, determining the foreign-ownership limit on a given counter.
RUPSRapat Umum Pemegang Saham
The general meeting of shareholders of an Indonesian company, where voting rights are exercised; a pledge is typically structured so the borrower keeps the vote.
Rights issueHMETD
Hak Memesan Efek Terlebih Dahulu — the pre-emptive right of existing shareholders to subscribe to new shares in a rights issue; its treatment while shares are pledged is set in the documentation.
Income taxPPh · Pajak Penghasilan
Indonesian income tax. A sale of listed shares on the exchange is subject to a final tax on the transaction value, and dividends and interest carry their own withholding; a pledge is not itself a disposal. Tax treatment is a matter for your tax adviser.
From terminology to terms.
If a term here describes your situation, a senior principal can take it further. Confidential, no obligation.