National market infrastructure for Indonesian crypto
One price forthe 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.
A proposed market facility. Subject to bourse rulebook adoption and regulatory approval.
Every licensed Indonesian exchange, consolidated into one national order book.
Cleared onshore. Co-signed by the bourse, clearer, custodian and regulator.
Explore ↓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.
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.
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.
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.
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.
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.
Select a capability
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.
Stations
- I
Order
An order arrives that its home exchange cannot fully fill at the national price.
- II
Sequencer
One deterministic queue. Every order gets a number and a time, in the order it arrived.
- III
Route
Local book first, then a price-priority sweep across every book, then an auction for what is left.
- IV
Clear and custody
Settled onshore, in rupiah, through a licensed clearing house and custodian.
- V
Checkpoint
Each window is hash-chained and co-signed by four institutions before it is final.
Routing tiers
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.
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.
- 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.
Deploy software. Change your matching engine. Share customer data.
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.
- 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
Download a new app. Open a new account. Move money.
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.
- 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
Rely on a participant’s report. Wait for tomorrow’s file.
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.
- 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
Learn about a breach from a complaint. Depend on one operator’s database.
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.
Exchanges whose books filled the order, pro-rata to fills
Publishes the national price and runs the rulebook
Operates the router, the tape and the record
The exchange that sent the order, and keeps the customer
Supervisory levy, paid automatically
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.
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.
Rome kept its treasury in a temple, in public view, on the Forum.SATU keeps the national record the same way.
G. B. Piranesi, Veduta del Tempio detto della Concordia (the Temple of Saturn), Vedute di Roma, 1760 to 1778. The Metropolitan Museum of Art, CC0.
Two kinds of exchange. One reason to join.
Lend the depth you already hold.
Your book becomes part of the national price. Every rupiah routed to your book earns a share of the access fee on top of your trading fee, and flow you cannot fill goes to the market while the customer stays on your app.
The better of your provider and the whole market.
Keep your instant-buy experience. On every order, compare your provider’s quote with the national market and send the order the better way. Keep more commission, settle in rupiah at home, and trade through a structure designed so each sale is taxed once.
One connection, every exchange’s flow.
Quote into the national auction against a global reference price, settle onshore through a licensed clearing house and custodian, and reach every participating exchange instead of one.
Checked against the world, every second.
The national price is continuously compared with an independent global reference. A sudden move away pauses routing until the price returns inside the band or the bourse clears it. The rupiah market keeps its own price; the reference only guards it.
Twenty days, two of them yours.
SATU does the integration work. The exchange names two contacts, creates one key and countersigns one record.
- Day 0
Kick-off
A 30-minute call. You name one operations and one technical contact.
- Day 2
Recording
SATU records 24 hours of your public depth feed. You do nothing.
- Day 5
Certified
The adapter matches your book to 99.9% fidelity. You create one trade-only key, no withdrawal.
- Day 8
Sandbox
Order tests in your sandbox: fills, partial fills, rejects, rate limits.
- Day 19
Observe-only
SATU runs alongside your live book and routes nothing. Your dashboard is open.
- Day 20
Live
You countersign the certification record. Your book joins the national price.
No live order before fidelity passes. No routing before the record is countersigned.
From reference price to national market, in three steps.
Pilot
Two licensed exchanges on a read-only national price feed, under bourse sponsorship.
National price
All founding exchanges connected. One price published in every app.
Best execution
Orders filled from the whole market. Receipts on every trade.
Beyond one bourse
A second Indonesian bourse and offshore USD and USDT venues on the same engine.
Six words, defined once.
- INational price
- The best bid and best offer across every connected book, published by the bourse. Sometimes called the IBBO.
- IIResidual
- The part of an order an exchange cannot fill at the national price from its own book.
- IIIAccess fee
- The fee on a routed order, on top of the exchange’s own trading fee, split five ways on every trade.
- IVLender
- An exchange whose resting orders fill someone else’s residual. It earns 40% of the access fee.
- VOriginator
- The exchange that sent the order. It keeps the customer and a 15% rebate.
- VICheckpoint
- A window of the record, hash-chained and co-signed by the bourse, clearer, custodian and regulator.
Built to institutional standard. Ready for the bourse.
For bourses, licensed exchanges, regulators and clearing houses. See the live console and the technical, governance and commercial documentation.