Muhammad Rifqi Syauqi, Dedi Budiman Hakim, Hendro Sasongko
Competition of brokerageindustry in Indonesia is getting harderwith advancesin information technology, such as online trading. It is goodfor investors because the stock transactions can be done anywhere and anytime with a low cost. On the other hand, securities company (broker) requires a large capital to provide an online trading systemand offer a competitivetransaction fee. This study estimates the amount of working capital that must be met by a broker in Indonesia in order to compete with the other. The result is the low working capital led to low competitiveness. Broker with a large-scale company has a higher competitiveness compared to a small one. Therefore, the minimum requirements Net Adjusted Working Capital (NAWC) should be increased from Rp 25 billion to Rp 100 billion. Increasing in working capital is expected to encourage brokers more competitive and able to outperform the regional capital market players.