"If the local, we are not afraid. We saw the local securities instead squashed by the presence of foreign securities," said Edgar Ekaputra with explicit expression.

Sentences with a serious tone said President Director of PT Danareksa (Persero) to emphasize the answer when I asked antarsekuritas competition in the domestic capital market today.

We met on the sidelines of the 2010 Finance Asia Country Awards where PT Danareksa Sekuritas won three awards securities of the best parts of Indonesia, while PT Recapital won one award from the magazine.

Edgar did not dismiss the fact the current competition is so tight antarsekuritas compared with 5 years ago for example. Red thread, he said, foreign securities began to grab local market share.

Throughout the last 3 years, according to Bloomberg data, a number of names of foreign securities pushed in the list of 20 major bond underwriters rupiah. Although it is always occupied the top three major local securities.

CIMB for example, has always been a 'challenger' to be reckoned with by the local players in the last 3 years. The Malaysian Securities even enter the top five list.

In 2008, CIMB was ranked the 4th from the top list of the 20 securities in the country with a share of 6.3% and the collateral value of Rp1, 05 trillion. Position it just below Mandiri Securities, Danareksa Sekuritas and Indo Premier Securities.

In this year, Bloomberg put CIMB in position 6 with a large share of which soared to 6.4% due to successful underwriting Rp1, 63 trillion, below the five other local players.

However, there are also foreign securities that is struggling to capture market share. DBS Holdings Ltd. for example, this year only at No. 11 with nine emission worth Rp633 billion and berpangsa only 2.5%.

Achievement of Singapore-based securities are still below last year's results, in which DBS is able reach the last eight of the 10 underwriting with a value of Rp1, 14 trillion and 3.2% berpangsa market.

HSBC Bank Plc also appeared ciamik to get a lot of clients. This year, according to Bloomberg data bank headquartered in Hong Kong will also gain the trust of the 10 emissions with a value of Rp808, 33 billion.

Lunge kick the rather convincing foreign securities such fears inevitably bear fruit for the leadership of local securities. Is it a sign of deterioration of local security?

Change clothes

Edgar assess the penetration of foreign securities must be addressed with a slightly different style than usual. The mindset of market liberalism still running but little protection force was not hurt.

Edgar adds substantial capital strength of foreign securities to make a lot of local human resources are moved and 'undress'.

As if mengamini Edgar, Managing Director of Danareksa Sekuritas Marciano Herman assess the government must take a stance against the local securities business continuity, especially those owned by the government.

"There should be a new strategy and firmness so that the support of a strong government will make the local securities market continued leadership," he said.

Now the onslaught against local securities also increasingly heavy. As is known, foreign securities firms such as Goldman Sachs and Religare Enterprise Limited interested become a member on the Indonesian bourse.

Several other foreign securities, the Daiwa Securities, Commonwealth Securities and Morgan Stanley Asia Indonesia, even a step further gain permission to establish security in the Indonesian Capital Market Supervisory Agency and Financial Institution Supervisory Agency (Bapepam-LK).

President Director of PT Kresna Graha Sekurindo Michael Steven judge a little protection will be beneficial to maintain the competitiveness of local securities firms to become more competitive.

He pointed out that China requires foreign securities companies who want to become a member of the local bourse took a local company to establish a joint venture.

In addition, the ownership of foreign companies are limited to maximum 33%.

On the other hand, in the words of the Director of Indonesia Stock Exchange (IDX) Ito Warsito, playing great interest in foreign securities in Indonesia show Indonesian economic fundamentals are relatively good and Indonesian stock markets are very skittish.

However, I also agree with the comments Yanuar Rizky, Aspiration Indonesian capital market observers Research Institute (Air Core) recently, which assesses the authorities also need to look at the broader aspect.

However, not only local securities that need to be empowered, especially the interests of local investors is also important that individuals are protected.