Tinjauan Yuridis terhadap Kebijakan Trading Halt sebagai Upaya Stabilitas Pasar Modal di Indonesia

Abstract

The capital market plays a strategic role as a means of raising long-term funds, making it vulnerable to global economic fluctuations and investor perceptions. To maintain stability, the Indonesia Stock Exchange implements a temporary trading halt policy, which is a suspension of all trading activities when the Composite Stock Price Index experiences a sharp decline in a short period of time. This article examines the legal basis, procedures, and juridical implications of the temporary trading halt policy, particularly in the case of April 8, 2025, when the Composite Stock Price Index dropped by eight percent and trading was halted for thirty minutes. The research uses a normative juridical method with statutory, conceptual, and case approaches. The findings indicate that the authority of the Indonesia Stock Exchange is based on Law Number 8 of 1995 concerning Capital Markets and internal regulations established in its capacity as a Self-Regulatory Organization, further reinforced by directives from the Financial Services Authority. This policy is implemented through the Jakarta Automated Trading System, with clearly defined technical procedures for each level of decline in the Composite Stock Price Index. Although the temporary trading halt policy aims to calm the market and prevent panic selling, it also raises questions regarding accountability, transparency, and legal protection for investors. This article highlights the importance of a strong legal framework to ensure that the policy can be legally justified and effectively maintain trust and stability in the national capital market.