INCREASINGLY, the Indonesian bourse is growing as a strong competitor to the banking industry in public funding. Last year it raised no less than Rp44 trillion in public funds. Of this amount, nearly Rp17 trillion went to the pockets of new issuers, Rp25.5 trillion to 23 old issuers in rights issues and the remainder in the form of warrants.

Compared with the previous year, the amount of funds raised in 2007 was fantastic. The bourse raised only