(Jakarta, 2nd) — Jeffrey Hendrik, the Development Director of the Indonesia Stock Exchange, has been appointed as Acting Chief Executive Officer of the Exchange and will represent the Exchange in meetings with executives of the index compilation agency MSCI.
Indonesia's Finance Minister Purba confirmed after a meeting on Saturday night (January 31) with Coordinating Minister for Economic Affairs Airlangga, Exchange representatives, representatives of the State Sovereign Wealth Fund Danantara, and the Financial Services Authority, that Jeffrey Hendrik has received the appointment and will meet with MSCI executives on Monday (February 2) to discuss recent issues faced by the Indonesian stock market.
Purba said: "They will resolve the issues according to internal procedures; the government will not intervene."
Jeffrey also attended Saturday night's meeting. He told reporters that despite the leadership transition, the Exchange's business will operate as normal, including day-to-day management decisions.
He said: "We are committed to building a world-class capital market in Indonesia. Not only do we want to lead in trading activity and market capitalization, but we also strive for excellence in transparency and governance."
He added that the Exchange has communicated with MSCI and has received their feedback. The Exchange is committed to promptly taking follow-up measures to enhance protection for both domestic and foreign investors.
Jeffrey is a seasoned capital markets expert. Before joining the Indonesia Stock Exchange, he led the major Indonesian securities firm Phintraco Sekuritas for over 20 years. Upon assuming the role of acting Chief Executive Officer, his top priority is to restore international investor confidence.
Last week, MSCI noted a lack of transparency in the ownership structure of the Indonesian market and warned of a possible market rating downgrade, which triggered turbulence in the Indonesian stock market and resulted in its largest drop in nearly 30 years. On January 30, Indonesia Stock Exchange CEO Iman announced his resignation to take responsibility for the intense market volatility.
Purba said: "They will resolve the issues according to internal procedures; the government will not intervene."
Jeffrey also attended Saturday night's meeting. He told reporters that despite the leadership transition, the Exchange's business will operate as normal, including day-to-day management decisions.
He said: "We are committed to building a world-class capital market in Indonesia. Not only do we want to lead in trading activity and market capitalization, but we also strive for excellence in transparency and governance."
He added that the Exchange has communicated with MSCI and has received their feedback. The Exchange is committed to promptly taking follow-up measures to enhance protection for both domestic and foreign investors.
Jeffrey is a seasoned capital markets expert. Before joining the Indonesia Stock Exchange, he led the major Indonesian securities firm Phintraco Sekuritas for over 20 years. Upon assuming the role of acting Chief Executive Officer, his top priority is to restore international investor confidence.
Last week, MSCI noted a lack of transparency in the ownership structure of the Indonesian market and warned of a possible market rating downgrade, which triggered turbulence in the Indonesian stock market and resulted in its largest drop in nearly 30 years. On January 30, Indonesia Stock Exchange CEO Iman announced his resignation to take responsibility for the intense market volatility.