JSE's door is open to foreigners. The Indonesian Parallel Exchange (BPI) began operating and is managed by the Money and Securities Trading Union (PPUE) in 1988 with its organization consisting of brokers and dealers. In addition, in the same year, the Government issued the December 88 Package (PAKDES 88) which made it easier for companies to go public and several other policies that were positive for capital market growth. The Surabaya Stock Exchange (BES) began operating in 1989 and is managed by a privately owned Limited Liability Company, namely the Surabaya Stock Exchange. On 12 July 1992, which has been designated as the Anniversary of the JSE, the JSE officially became a private company (privatization). BAPEPAM changed to Capital Market Supervisory Agency (formerly; Capital Market Implementing Agency). One year later on 21 December 1993, PT Pemeringkat Efek Indonesia (PEFINDO) was established. On 22 May 1995, the Jakarta Stock Exchange launched a trading Automated System which was implemented using the JATS (Jakarta Automated Trading Systems) computer system. In the same year on 10 November, the Government of Indonesia issued Act Number 8 of 1995 on Capital Markets. This law came into effect in January 1996. The Indonesia Parallel Exchange was then merged with the Surabaya Stock Exchange. Then one year later, 6 August 1996, the Indonesian Clearing and Guarantee Corporation (KPEI) was established. This was followed by the establishment of the Indonesian Central Securities Depository (KSEI) the following year, 23 December 1997. Reformation Era The scripless trading system in 2000 was applied to the Indonesian capital market, and in 2002 the JSX began to apply the remote trading system. ). In the same year, the change of transaction from T+4 to T+3 was completed. In 2004, the Stock Exchange released Stock Options. On 30 November 2007, the Surabaya Stock Exchange (BES) and the Jakarta Stock Exchange (JSX) were finally merged and changed their names to the Indonesia Stock Exchange (IDX). After the birth of the IDX, a trading suspension was enforced in 2008 and the Indonesian Stock Price Appraiser (PHEI) was formed in 2009. In addition, in 2009, the Indonesia Stock Exchange changed the old trading system (JATS) and launched a new trading system used by the Indonesian Stock Exchange. IDX until now, namely JATS-NextG. Several other bodies were also established to increase trading activities, such as the establishment of PT Indonesian Capital Market Electronic Library (ICaMEL) in August 2011. The