In line with ESMA's recognition of IDClear as a Third-Country Central Counterparty (TC-CCP) in the capital market sector, IDClear on September 30, 2024 has officially conducted business in the Money Market and Foreign Exchange Market (PUVA) sector after receiving a business license from Bank Indonesia (BI) as the regulator in Indonesian jurisdiction. IDClear is also recognized as a Qualifying Central Counterparty (QCCP) by Bank Indonesia, which confirms that the arrangements, procedures and mechanisms at IDClear are in accordance with global principles and standards.

IDClear clears several major products. In the early stages of implementation, the focus is on Domestic Non-Deliverable Forward (DNDF) instruments, followed by Repurchase Agreement (REPO). IDClear plans to expand the scope of cleared products gradually, considering transaction volume and market readiness.

The benefits of IDClear as QCCP obtained from Bank Indonesia, among others:

• Reduced capital charge
• Better risk management and more efficient margin management, reducing default risk and improving financial stability
• Legal certainty in transaction settlement
• Enhance the credibility of Indonesia's financial market