<![CDATA[The Special Monitoring Board (Papan Pemantauan Khusus/PPK) is a policy implemented by the Indonesia Stock Exchange to control price volatility and enhance trading quality for high-risk stocks through the call auction mechanism. This study compares stock volatility and liquidity before and after the implementation of PPK Phase I (Hybrid Call Auction) and PPK Phase II (Full Call Auction). This study employs a quantitative, comparative approach using stocks listed on the PPK during the 2023–2025 period. Secondary data, including stock prices, trading volume, and transaction value, are analyzed using the Wilcoxon Signed-Rank Test. The results indicate significant differences in stock volatility and liquidity following the implementation of the Special Monitoring Board. A greater reduction in volatility is observed during PPK Phase II, indicating the effectiveness of the full-auction mechanism in suppressing stock price fluctuations. However, in terms of liquidity, PPK Phase I tends to be followed by an improvement in market liquidity, whereas PPK Phase II shows a short-term decline in liquidity. The findings indicate a trade-off between price stability and efficiency in the implementation of the Full Call Auction mechanism in the Indonesian capital market.]]>
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