A stock exchange is a place where buyers and sellers meet to trade shares under fixed rules. For Indonesian investors, the three names that come up most are IDX (Bursa Efek Indonesia, or BEI) in Jakarta and NYSE and Nasdaq in New York.

They differ in trading hours, currency, trading unit, and price rules, so your choice of exchange shapes how you trade and what risks you face. This article compares the three and helps you choose by your goal.

Key Takeaways

• IDX is the exchange for Indonesian company shares. Trading is in rupiah, the unit is the lot (1 lot = 100 shares), and settlement is T+2.
• NYSE and Nasdaq are US stock exchanges. Both use US dollars, share the same trading hours, and settle T+1 since May 28, 2024.
• The difference between NYSE and Nasdaq lies mainly in the type of companies listed and the system. Nasdaq is fully electronic and hosts many technology companies.
• The S&P 500 and Dow Jones are not exchanges. They are indices of stocks from US exchanges.
• US stocks trade at night in WIB, and your result in rupiah is also affected by the exchange rate.

Three Exchanges in One Table

Hours, rules, and price limits can change. Check the official sources at the end of the article.

IDX: The Home Market for Indonesian Companies

IDX is where Indonesian company shares are traded. Its main index is IHSG, and there are sub-indices such as LQ45 and IDX30 for the most liquid stocks. A few features worth knowing:

• Lot size. One lot is 100 shares. If a stock costs IDR 5,000 per share, one lot needs about IDR 500,000 before transaction fees.
• Daily price limits. IDX uses upper and lower limits (ARA and ARB) so prices do not swing wildly in one day. The size differs by price tier, and IDX has announced phased adjustments starting in late September 2026. Check IDX announcements for the figures in force when you trade.
• Trading halts. There is a trading halt mechanism if IHSG falls sharply in one day.
• Sessioned trading. There is an opening session, two main sessions, and a closing session. The Friday midday break is longer.
• No currency risk. You buy and receive dividends in rupiah.

If you are new to IDX, how to start trading stocks from your phone is a good starting point.

NYSE: The Oldest and Largest Exchange, With a Hybrid System

NYSE (New York Stock Exchange) is known for listing many long-established companies and global giants, such as major banks and global consumer brands. It uses a hybrid model: electronic trading, with designated participants who help maintain liquidity in each stock.

Nasdaq: The Electronic Exchange Tied to Technology

Nasdaq operates fully electronically and lists many technology companies, for example Apple, Microsoft, and Nvidia. That is why the Nasdaq-100 index is often treated as a mirror of the tech sector, and a product that tracks it is covered in the QQQ ETF article. But Nasdaq is not exclusively tech. It also lists healthcare, consumer, and other companies.

NYSE and Nasdaq are not opposites. Both are US exchanges, both use dollars, and both trade at the same hours. For most retail investors in Indonesia, the difference shows up in the type of companies listed, not in how you buy.

Is the S&P 500 or Dow Jones an Exchange Too? No

This is a common mix-up. The S&P 500 and the Dow Jones are indices: groups of selected stocks whose combined movement is calculated. The stocks inside can be listed on NYSE or Nasdaq. You do not buy on the S&P 500. You buy stocks or ETFs that track the index.

The Differences You Will Feel Most When Trading

1. Trading hours. US stocks trade at night in WIB. If you do not want to stay up, use limit orders and set the price you want. For hours and holidays, see US market hours in WIB.

2. Currency and exchange rate. US stocks are priced in dollars, so your result in rupiah is also affected by the exchange rate. Hypothetical example: a share priced at US$150 with an exchange rate of IDR 16,000 equals IDR 2,400,000 per share. If the price stays at US$150 but the rate rises to IDR 17,000, the value becomes IDR 2,550,000, up about 6.25% from the exchange rate alone. The reverse also applies. For the conversion math, see how much is 100 dollars in rupiah.

3. Trading unit. On IDX you buy by the lot (100 shares). In the US you can buy single shares, and many brokers offer fractional shares, so your starting capital can be smaller.

4. Settlement. IDX uses T+2 and US exchanges use T+1. This affects when shares and cash actually change hands, and the dividend schedule.

5. Price movement limits. IDX has ARA and ARB. US exchanges do not have the same daily percentage limits, but they have trading halts for individual stocks and for the whole market during sharp declines. That means a US stock can move further in one day.

6. Holidays. IDX and US exchanges have different holiday calendars. US exchanges can be closed while IDX is open, and vice versa.

Which One to Choose? A Simple Framework by Goal

You do not have to pick one exchange forever. Many investors combine both, depending on their goals and risk tolerance.

How to Access US Stocks From Indonesia

There are several routes, each with different terms, fees, and risks: through a securities firm or broker with access to US exchanges, through ETFs (see ETF investing in Indonesia), or through tokenized stocks. Tokenized stocks are designed to track the price of a US stock and can be traded on a digital asset platform, but they are not the same as buying the stock directly on the exchange. Read the comparison of xStocks and conventional stocks and US stock tokens vs regular stocks for the differences.

Whichever route you take, first check the provider's license, fees, the rights you get as an owner, and how the asset is held.

Common Mistakes

• Treating an index as an exchange. The S&P 500 and Dow Jones are not exchanges.
• Assuming every Nasdaq stock is a tech stock. The mix is more diverse.
• Forgetting the exchange rate. A gain in dollars can be eroded if the rupiah strengthens.
• Ignoring hours and liquidity. Orders outside regular hours can face wider gaps between bid and ask prices.
• Applying IDX rules to US exchanges. Lots, ARA and ARB, and T+2 are IDX rules, not global rules.

Follow Nasdaq Stocks on Mobee

If you are curious how US stocks move compared with IDX stocks, Mobee offers US stock and ETF tokens quoted in rupiah, so prices are easy to compare with local stocks. Examples are tokens that track Nasdaq stocks such as Apple (AAPLX), Microsoft (MSFTON), and NVIDIA (NVDAX), plus ETFs such as the S&P 500 (SPYX) and Nasdaq-100 (QQQX). Tokens are designed to track US exchange prices and are not direct share ownership, carry no shareholder voting rights, and may trade at different hours than the home exchange, so check each product's terms before you buy. Mobee is operated by PT CTXG Indonesia Berkarya, which is licensed and supervised by OJK. Install the Mobee app to see the prices.

Conclusion

IDX, NYSE, and Nasdaq are all stock exchanges, but they differ in trading hours, currency, trading unit, settlement, and price limits. IDX suits local businesses in rupiah, while NYSE and Nasdaq open access to global companies with currency risk and night hours. The S&P 500 and Dow Jones are indices, not exchanges. Choose by your goal and risk tolerance, and check the latest rules at official sources before you trade. To get started, read the beginner's guide to stock investing and US stock trading strategies.

Frequently Asked Questions

What is a stock exchange?

A place where buyers and sellers meet to trade shares under fixed rules. Examples are IDX in Jakarta and NYSE and Nasdaq in New York.

What is the difference between IDX, NYSE, and Nasdaq?

IDX trades Indonesian company shares in rupiah, in lots of 100 shares, with T+2 settlement. NYSE and Nasdaq are US exchanges with dollars, the same trading hours, and T+1 settlement. NYSE lists many long-established companies, while Nasdaq is fully electronic and hosts many technology companies.

Are the S&P 500 and Dow Jones exchanges?

No. They are indices of stocks from US exchanges. You buy stocks or ETFs that track the index, not the index itself.

What time do US stock exchanges open in WIB?

Regular hours are 9:30 a.m. to 4:00 p.m. New York time, or about 20:30 to 03:00 WIB during US daylight saving time and 21:30 to 04:00 WIB otherwise. Check the official schedule and holidays before you trade.

Do US exchanges have ARA and ARB limits too?

No daily percentage limits like IDX's ARA and ARB. US exchanges have trading halts for individual stocks and for the whole market during sharp declines, so prices can move further in a day.

Do you have to buy US stocks in lots?

No. The 100-share lot is an IDX rule. On US exchanges you can buy single shares, and many brokers offer fractional shares. Check your provider's terms.

Disclaimer

This article is for education only and is not investment advice. Rules, trading hours, and price limits are as of October 28, 2026 and can change. Exchange rate examples are hypothetical. Asset values can rise or fall. Tokenized stocks are not the same as owning shares directly, and crypto assets are high risk. Do your own research before making decisions. Mobee is operated by PT CTXG Indonesia Berkarya, which is licensed and supervised by the Indonesian Financial Services Authority (OJK).