I.Price
One national price
Every exchange’s displayed depth is combined into a single national best bid and offer, published by the bourse and shown in every participating app.
The national tape · Issue no. 1Pilot editionFiled from Jakarta
One price for the whole archipelago.
SATU consolidates every licensed Indonesian exchange into one national order book. One price, best execution in under 100 ms, cleared onshore and co-signed by the bourse, clearer, custodian and regulator.
SATU, at a glance
- Latency
- < 100 ms
- National price
- 1
- Co-signers
- 4
- Retail changes
- 0
- Connect an exchange
- 20 days
- Fee split
- 40 / 20 / 20 / 15 / 5
§ I · The problemActa Diurna · p. 2
Same asset. Same country. A different price on every app you open.
Each licensed exchange runs its own isolated order book. A retail trader on a thinner book pays far more for the same trade, and never sees it. The book below is a live simulation of what one consolidated national tape looks like.
SATU tape · BTC/IDR · consolidated-
Offers
Bids
National spread-
Cost on the local book alone
-
average impact; last fills far worse
Cost through SATU, all in
-
price impact plus access fee
The same order that costs 1% on the deepest book can cost 5 to 10% on a thin one. The exchange cannot fix it alone. SATU fills the residual from the whole market at the national price.
§ II · What SATU doesActa Diurna · p. 3
Three capabilities. One national market.
SATU sits between the exchanges and the bourse. It replaces no exchange, and no retail trader ever touches it directly.
II.Execution
Best execution, everywhere
When an exchange cannot fill an order at the national price from its own book, SATU fills the rest from the other exchanges, in under 100 milliseconds. The trader sees one fill and one receipt.
III.Record
A record nobody can edit
Every routed order, fill and fee is hash-chained, then co-signed each window by the bourse, clearer, custodian and regulator. No single party, SATU included, can rewrite it. No blockchain.
§ III · The path of one orderActa Diurna · p. 4
Five stations, under 100 milliseconds.
Every order that leaves an exchange takes the same road. Nothing skips a station and nothing reaches a book without a place on the record.
- Station I
Order
An order arrives that its home exchange cannot fully fill at the national price.
- Station II
Sequencer
One deterministic queue. Every order gets a number and a time, in the order it arrived.
- Station III
Route
Local book first, then a price-priority sweep across every book, then an auction for what is left.
- Station IV
Clear and custody
Settled onshore, in rupiah, through a licensed clearing house and custodian.
- Station V
Checkpoint
Each window is hash-chained and co-signed by four institutions before it is final.
Three tiers of execution
The local book
The exchange fills what it can at the national price. Its customer, its volume, its fee.
The national sweep
The residual sweeps every book in price order. Ties split by time and by size, so no single exchange takes everything.
The sealed auction
Large residuals go to a sealed-bid auction among liquidity providers, checked against the reference price.
§ IV · Who it servesActa Diurna · p. 5
Everyone gains. Nobody changes how they work.
Earn on the depth you hold. Keep the customers you serve.
Flow that reaches your book is your volume and your fee, plus an access fee on top. Flow you cannot fill goes to the national market and the customer stays on your app.
What you get
- A new revenue line on liquidity you already hold: 40% of the access fee, pro-rata to fills
- A 15% rebate on every order you route out, and the customer stays yours
- A fair allocation rule: no single exchange takes everything
- Connection in twenty days. SATU does the work.
The national price, on the app you already use.
You keep your exchange, your account and your habits. The only thing that changes is the fill, and a receipt that shows what you saved.
What you get
- The same national price on every participating app
- Large orders filled at that price, from the whole market
- A receipt per trade showing the national price and your fill
- Your assets stay where they are today
Supervision before the trade, not after.
The bourse publishes the national price, sees every routed order before it executes and holds the kill switch on every exchange and pair.
What you get
- The national best price as your official reference price
- Pre-trade visibility and a rule that protects retail from worse fills
- Halt any exchange or pair, instantly
- Replay any order, any time, as evidence
Real-time oversight, funded by the market.
The regulator co-signs the record, sees every alert as it happens, holds direct halt authority and receives a supervisory levy paid automatically.
What you get
- Live alerts on market abuse across every exchange
- A signing key on the record and a view of every console
- Approval over the rules and the fees
- One withholding per sale, onshore, reconciled to the record
§ V · The economicsActa Diurna · p. 6
One access fee. Split five ways, automatically.
Every routed order carries an access fee on top of the exchange’s own trading fee. It is divided the same way on every trade, and the largest share goes to the exchanges lending the depth.
| No. | Party | Share |
|---|---|---|
| 01 | LendersExchanges whose books filled the order, pro-rata to fills | 40% |
| 02 | BoursePublishes the national price and runs the rulebook | 20% |
| 03 | SATUOperates the router, the tape and the record | 20% |
| 04 | OriginatorThe exchange that sent the order, and keeps the customer | 15% |
| 05 | RegulatorSupervisory levy, paid automatically | 5% |
| Every access fee | 100% |
Access fee waterfall · lenders 40% · bourse 20% · SATU 20% · originating exchange 15% · regulator 5%
§ VI · By the numbersActa Diurna · p. 7
Figures we are willing to print.
Every number on this page comes from the design of the facility, not from a forecast.
< 100ms
Best execution, local book to national sweep
From an exchange that cannot fill, to a fill from the whole market.
- 1
- National price, shown in every participating app
- 4
- Institutions co-sign the record: bourse, clearer, custodian, regulator
- 0
- New apps, accounts or migrations for retail
- 20
- Working days to connect an exchange, two of them the exchange’s
- 40%
- Of every access fee goes to the exchanges lending the depth
§ VII · The cost of a wide spreadActa Diurna · p. 8
A wide bid and offer does not just overcharge retail. It deletes trades.
Every basis point above the national price overcharges the traders who trade anyway, and stops the ones who would have. The first is a transfer. The second is deadweight loss, value nobody collects.
Overpaid by traders who still tradeLost trades (deadweight loss)Thin book todayWith SATU
250900
Deadweight loss recovered
-
trades that come back, per year
Overpayment avoided
-
kept by retail instead of lost to slippage
New volume
-
trades that did not exist
New exchange fee revenue
-
at 0.2% average, on new volume
Illustrative. Demand for trading falls with cost. Volume calibrated to Rp 100 tn a year on thin books at today’s cost; SATU all-in cost 220 bps. The rectangle is money retail loses today on trades they still make. The triangle is trades that never happen.
