Surabaya Stock Exchange

The Surabaya Stock Exchange, commonly abbreviated SSX and known in Indonesian as Bursa Efek Surabaya (BES), was a securities exchange based in Surabaya, Indonesia. Its history had two distinct phases. The first exchange in Surabaya was established during the Dutch colonial period in 1925, but it closed in early 1939 amid the disruption associated with the approach of the Second World War. The institution later resumed operations in the context of Indonesia's efforts to rebuild and expand its capital-market infrastructure. The modern Surabaya Stock Exchange officially reopened on 16 June 1989 under Indonesian Ministry of Finance Decree No. 654/KMK.010/1989. At reopening, it had 36 shareholders. Its establishment formed part of the government's broader program to develop Indonesia's capital markets and promote economic growth in the eastern region of the country. By providing a formal venue for trading securities, the exchange complemented the Jakarta-based market and gave Indonesia a second principal securities-market center. SSX handled several categories of financial instruments. These included equities, government bonds, corporate bonds, and derivatives. The derivatives range cited for the exchange included Japan Futures, LQ45 Futures, and Mini LQ45 Futures. Its product mix therefore extended beyond ordinary share trading and included fixed-income and futures instruments. On 22 July 1995, the Surabaya Stock Exchange merged with the Indonesian Parallel Stock Exchange (IPSX). The transaction reduced the number of principal securities exchanges operating in Indonesia to two. SSX continued as one of the country's recognized exchanges for the following years, alongside the Jakarta Stock Exchange. The exchange ceased to exist as an independent institution on 30 October 2007, when it was officially merged with the Jakarta Stock Exchange. The combined organization became the Indonesia Stock Exchange (IDX), creating a single national stock exchange for Indonesia. The Jakarta Futures Exchange remained a separate futures-market institution. Accordingly, the Surabaya Stock Exchange is now a historical Indonesian financial-market brand rather than an active exchange, although its institutional legacy forms part of the development of Indonesia's modern integrated capital-market system.

The first Surabaya securities exchange was opened in 1925 during the Dutch colonial era. It closed in early 1939 as international tensions and the approaching Second World War disrupted economic and financial institutions. The exchange later returned as part of Indonesia's post-independence effort to build a stronger and more geographically distributed capital market. The modern Surabaya Stock Exchange officially commenced operations on 16 June 1989. Its reopening was authorized by Indonesian Ministry of Finance Decree No. 654/KMK.010/1989, and the exchange began with 36 shareholders. The government viewed the institution as a means of supporting capital-market development and encouraging economic expansion in eastern Indonesia. Surabaya's position as a major commercial center made it a natural base for a regional securities market. SSX offered trading in equities, government bonds, and corporate bonds. It also supported derivatives activity, including Japan Futures, LQ45 Futures, and Mini LQ45 Futures. These products gave the exchange a role in both conventional securities trading and the development of Indonesia's organized futures and derivatives markets. On 22 July 1995, SSX merged with the Indonesian Parallel Stock Exchange. Following that combination, Indonesia had two primary securities exchanges. SSX remained in operation alongside the Jakarta Stock Exchange until the national market was consolidated. The final institutional change occurred on 30 October 2007, when the Surabaya Stock Exchange was officially merged with the Jakarta Stock Exchange. The resulting organization was named the Indonesia Stock Exchange (IDX), which became Indonesia's single integrated stock exchange. The Jakarta Futures Exchange continued separately. SSX therefore became defunct as an independent exchange, but its history is part of the institutional evolution that produced Indonesia's present national securities-market structure.

• 2007

  Formation of Indonesia Stock Exchange

  [1]Surabaya Stock Exchangeen.wikipedia.org

  SSX and the Jakarta Stock Exchange were merged on 30 October to create the Indonesia Stock Exchange.

• 1995

  Merger with Indonesian Parallel Stock Exchange

  [1]Surabaya Stock Exchangeen.wikipedia.org

  SSX merged with the Indonesian Parallel Stock Exchange on 22 July.

• 1989

  Modern Surabaya Stock Exchange begins operations

  [1]Surabaya Stock Exchangeen.wikipedia.org

  SSX officially reopened on 16 June under Ministry of Finance Decree No. 654/KMK.010/1989, with 36 shareholders.

• 1939

  Original exchange closes

  [1]Surabaya Stock Exchangeen.wikipedia.org

  The original Surabaya exchange closed in early 1939 amid the international disruption preceding the Second World War.

• 1925

  Original Surabaya exchange opens

  [1]Surabaya Stock Exchangeen.wikipedia.org

  A securities exchange was established in Surabaya during the Dutch colonial period.

A regional Indonesian securities exchange established to support capital-market development and economic activity in the eastern part of Indonesia.

• Cash securities

  Equities

  SSX provided a formal marketplace for trading shares and other equity securities as part of Indonesia's developing capital-market infrastructure.

• Fixed income

  Government and corporate bonds

  The exchange supported trading in government bonds and corporate bonds, broadening its role beyond equity transactions and providing organized access to fixed-income instruments.

• Derivatives

  Futures and derivatives

  SSX's derivatives products included Japan Futures, LQ45 Futures, and Mini LQ45 Futures. These instruments represented the exchange's participation in Indonesia's organized futures and derivatives market.

• 2007

  Merger with Jakarta Stock ExchangeM&A

  Background

  Indonesia moved toward a unified national securities exchange rather than maintaining separate principal exchanges.

  Action taken

  On 30 October 2007, SSX was officially merged with the Jakarta Stock Exchange.

  Aftermath

  The combined organization became the Indonesia Stock Exchange, and SSX ceased to operate as an independent exchange.

  Source

• 1995

  Merger with Indonesian Parallel Stock ExchangeM&A

  Background

  Indonesia's securities-market structure was being consolidated, and SSX was one of the principal exchanges operating in the country.

  Action taken

  SSX merged with the Indonesian Parallel Stock Exchange on 22 July 1995.

  Aftermath

  The merger left two primary securities exchanges operating in Indonesia.

  Source

• 2007

  Surabaya Stock Exchange merges with Jakarta Stock Exchange to form Indonesia Stock Exchange[1]Surabaya Stock Exchangeen.wikipedia.org

  M&A

  On 30 October 2007, SSX was combined with the Jakarta Stock Exchange, creating the Indonesia Stock Exchange as Indonesia's single national securities exchange.

• 1995

  Surabaya Stock Exchange merges with Indonesian Parallel Stock Exchange[1]Surabaya Stock Exchangeen.wikipedia.org

  M&A

  SSX merged with the Indonesian Parallel Stock Exchange on 22 July 1995, leaving two principal securities exchanges operating in Indonesia.

• 1989

  Surabaya Stock Exchange officially reopens under Indonesian capital-market program[1]Surabaya Stock Exchangeen.wikipedia.org

  Other

  The modern Surabaya Stock Exchange began operations on 16 June 1989 under Ministry of Finance Decree No. 654/KMK.010/1989, initially with 36 shareholders.

1. 1Surabaya Stock Exchangeen.wikipedia.org