Bappebti Grades Its Brokers, and 66 of 67 Get an A
Indonesia's regulator published its April–June 2026 broker rating on 12 August. The grades are real, and the register beneath them is better still — but the letter beside a company's name belongs to one onshore entity only.
Indonesia’s regulator grades every broker it licenses and publishes the result — an unusual instrument, and a narrower one than it looks. The April–June table went up on 12 August, and it is worth being exact about the territory it covers.
Bappebti published the periodic rating — penilaian berkala — for Triwulan II-2026 on 12 August 2026, in a release carrying the full grade annex. It cites Peraturan Bappebti No. 6 of 2023, amending the 2017 Sistem Perdagangan Alternatif rule, whose Article 34A(1) requires a ranking of SPA participants at least quarterly. Per the release, 67 active companies were assessed on performance — financial integrity, activity reporting, transaction supervision, AML/CFT — less deductions for complaints, sanctions and audit results, plus credit for adding liquidity.
The distribution, counted from the annex: 42 companies at A+++, 15 at A++, eight at A+, one at plain A (PT Maxco Futures) and one at B+++ (PT Mandiri Investindo Futures). Sixty-six of sixty-seven sit in the A band. That is a legend with almost no contour in it, and a reader hoping it will separate a sound broker from a poor one is asking more than it offers. The release names twelve companies as occupying the top five ranked positions: twelve firms sharing five positions, not a top-twelve list and not five winners.
What the grade scores is supervisory compliance — not pricing, not execution, not what becomes of a client’s account.
The register beneath it is the better document. Bappebti’s live list of licensed pialang berjangka returned 67 firms as of this writing, matching the assessed population, and it records former names: 28 of the 67 name a predecessor. PT Octa Investama Berjangka appears as d/h — dahulu, formerly — PT Multi Mulia Investama Berjangka, on SIUP 54/BAPPEBTI/SI/05/2013; PT Vantage Markets Futures as d/h PT VIG Group Futures, on SIUP 001/BAPPEBTI/SI/01/2025. A d/h chain dates nothing and explains nothing: whether a change of control sat behind the name is not a question this document answers. As with XTB’s local paperwork, look up the entity a brand publishes itself; the register records names, not control.
Which leaves the border that matters. An A+++ belongs to an Indonesian company, supervised by an Indonesian regulator, for the clients it onboards. It does not travel to the offshore entity that, in the common arrangement, onboards readers in Kuala Lumpur or Ho Chi Minh City and many in Jakarta — a different company under a different law, to which no grade here attaches. And the grade is measured on a company, while the loss is taken by the client: leverage decides how much of a balance a losing position consumes, and no supervisory letter is party to that.
These are the April–June 2026 grades, published 12 August 2026; next quarter’s table replaces them. Check the register yourself before relying on any of it.