Legal Implications of Full Call Auction Stock Trading Mechanisms for Retail Investors in Indonesia

Bariq Raditya Rasendriya, Aurora Jillena Meliala

Abstract


This research analyzes the legal implications of the Full Call Auction (FCA) mechanism in the Indonesian capital market for retail investors, focusing on aspects of legal protection and the risks involved. The FCA policy, regulated through BEI Decision No. Kep-00076/BEI/06-2024, aims to enhance liquidity and transparency of stock prices. However, its implementation raises concerns regarding the lack of transparency in transaction data, potential market manipulation, and retail investor losses. The relevant legal basis includes Law No. 8 of 1995 on the Capital Market, Law No. 4 of 2023 on Strengthening the Financial Sector (UUP2SK), and POJK No. 3/POJK.04/2021 on Capital Market Activities. Through a normative juridical approach, this research finds that the FCA mechanism can pose market, emotional, and technical risks, especially for retail investors who have limited access to complete information. Compared to Singapore, which has strict oversight through randomized closing and SMARTS technology, the FCA policy in Indonesia requires improvements in transparency and law enforcement. Research recommendations include enhancing investor education, strengthening capital market infrastructure, and fostering synergy between regulators and market participants to create fair and sustainable policies. This is important to ensure investor protection while also supporting the modernization of Indonesia's capital market.

Keywords


Legal Implications, Capital Market, Full Call Auction, Retail Investors

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DOI: https://doi.org/10.24815/sklj.v8i3.43093

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