The Bank Indonesia – Scripless Securities Settlement System (BI-SSSS) is
infrastructure for administrating transactions and securities
electronically. (Board of Governors Regulation (PADG) No. 20/4/PADG/2018)
BI-SSSS is a means of administrating securities electronically online
between the Participants, Operator and Bank Indonesia – Real Time Gross
Settlement (BI-RTGS) system.
BI-SSSS integrates Bank Indonesia's transaction system and the
securities administration system, including the following activities:
- Open market operations (OMO)
- BI funding facilities for banks
- Government securities (SBN) transactions for and on behalf of the
Government.
Securities administration activities include settlement, ownership
registration and coupon payments. Transaction and administration activities
are performed within an integrated online system between Bank Indonesia and
the market participants. In addition, BI-SSSS is also an information system
between the BI-SSSS participants and operator, as well as a settlement
system and an administration system for securities.
Securities settlement through BI-SSSS is seamless with the BI-RTGS
settlement system, thus facilitating real-time Delivery Versus Payment (DVP)
settlement for BI-SSSS participants and minimising the settlement risk.
BI-SSSS participants include the following:
- Bank Indonesia
- Ministry of Finance
- Banks
- Depository and Settlement Institutions
- Securities Companies; and
- Other institutions approved by Bank Indonesia, including:
- Bank Indonesia
- Transaction participants, namely Bank Indonesia, banks, money
market brokers and securities companies as well as other
institutions approved by Bank Indonesia, such as the Deposit
Insurance Corporation (LPS).
- Transaction participants and securities account holders, namely
Bank Indonesia, banks and sub-registries.
BI-SSSS development refers to international standards, namely the
Principles for Financial Market Infrastructures (PFMI) issued by the
Committee on Payments and Market Infrastructures (CPMI), Recommendations for
Securities Settlement Systems issued by the Committee on Payments and
Settlement Systems (CPSS) and the International Organisation of Securities
Commissions (IOSCO). Bank Indonesia regularly refines and develops BI-SSSS
applications to accommodate the needs of the financial markets and relevant
stakeholders (Ministry of Finance as SBN issuer), as well as to ensure
compliance to international best practices and prevailing standards.
