SPPA Transaction Value Surges 461.6%, BRIDS Becomes Most Active Securities Firm in 2025
Jakarta, 15 April 2026 – Bond trading in the secondary market recorded a significant surge throughout 2025, driven by the increasing utilization of market infrastructure provided by regulators. Transaction value through the Alternative Trading System (SPPA) reached IDR 1,382 trillion, representing a 461.6% increase compared to the previous year.
This growth was accompanied by an increase in the Average Daily Transaction Value (RNTH), with government and corporate bonds rising by 12% and 74% year-on-year, respectively. This surge reflects more active participation from market players, particularly institutional investors, as well as a shift toward more transparent and efficient trading mechanisms.
The trend is further supported by growing liquidity management needs, portfolio diversification strategies, and a wider range of bond instruments offering competitive risk-return profiles. These factors have continued to drive both the frequency and volume of transactions in the secondary market.
Fundamentally, Indonesia’s bond market remains resilient. The outstanding value of government securities (SBN) has exceeded IDR 6,400 trillion, while bond and sukuk issuance throughout 2025 remained strong, with total issuance surpassing IDR 160 trillion. This underscores the strategic role of the bond market as both a key funding source and a primary investment instrument in the domestic financial market.
Amid rising activity, the role of intermediaries has become increasingly critical in ensuring seamless transactions among market participants. The SPPA, developed by the Indonesia Stock Exchange (IDX), is now emerging as a key channel for inter-institutional bond transactions, offering more transparent and efficient price discovery.
In response to these dynamics, BRI Danareksa Sekuritas (BRIDS) delivered strong performance in its fixed income business throughout 2025 and was awarded Most Active Securities Firm for Fixed Income Transactions at the SPPA Awards 2025, organized by the Indonesia Stock Exchange (IDX).
This award is granted to the securities firm with the highest total matched transaction value, covering all transaction mechanisms and instruments, including bond and repo transactions. Previously, in 2024, BRIDS also received the Most Active RFO Trader and Most Active Securities Firm awards, further strengthening its track record in the industry.
Acting President Director of BRIDS, Fifi Virgantria, stated that this achievement reflects the company’s increasingly significant role in supporting liquidity in Indonesia’s bond market.
“The surge in SPPA activity indicates that market participants are increasingly relying on more transparent and efficient trading mechanisms. BRIDS sees this as a momentum to further strengthen our role in deepening the domestic bond market,” said Fifi.
Throughout 2025, BRIDS recorded government bond transactions totaling IDR 275 trillion and corporate bond transactions of IDR 49 trillion. This performance further reinforces BRIDS’ position as one of the leading bond service providers in Indonesia’s capital market.
Looking ahead, BRIDS expects bond transaction growth to remain strong, driven by increasing financing needs and the continued relevance of fixed income investment strategies amid market and interest rate dynamics. The company will continue to strengthen its business capabilities and distribution network to optimize its role in facilitating bond market transactions in Indonesia.