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andidates that will lead the Indonesia Stock Exchange (IDX) should possess high competence and have a strong vision to strengthen the stock market ahead of the regional economic integration, according to the Financial Services Authority (OJK).

Nurhaida, the OJK commissioner for capital market supervision, said the financial regulator was in the process of recruiting a new management team for the IDX.

'€œOur concern now is how these candidates will bring in more companies to get listed in the bourse, attract more investors and introduce more products,'€ Nurhaida said on Wednesday.

'€œAlso, one more important point is that they know we will soon enter into regional economic integration. [They must know] how to prepare the stock market for it,'€ she added.

The IDX is expected to have a new management team, a board of directors, at an extraordinary general shareholders meeting scheduled for June 25. The new board of directors that will run the stock market for three years will replace the current board led by president director Ito Warsito, whose team will soon conclude two three-year terms.

The OJK is slated to perform a series of fit and proper tests for the prospective members of the board of directors from May 1 to June 3. The agency will announce the results on June 18.

Candidates are expected to submit their names and their teams by April 30 at the latest and only those who have received support from at least 10 stock market members '€” brokers listed in the stock exchange '€” with combined transactions the reached 10 percent of total transactions in the bourse in the last 12 months are eligible to join the selection. Currently, there are 115 brokers in the bourse.

Five contenders and their teams have expressed their intentions to compete in the selection process during an event organized by the Indonesian Securities Companies Association (APEI) on Tuesday. The event was designed to facilitate the potential candidates'€™ attempts to gain votes for their candidacies.

Among the potential candidates for the president director position are incumbent IDX director for trading and membership Samsul Hidayat, Mandiri Sekuritas president director Abiprayadi Riyanto and local rating agency Pemeringkat Efek Indonesia (Pefindo) president director Ronald T. Andi Kasim.

Two other candidates come from listed toll road companies: state-run Jasa Marga finance director Reynaldi Hermansjah and Citra Marga Nusaphala Persada president director Tito Sulistio.