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Industri Jasa Keuangan: Perusahaan Sekuritas dan Bank Investasi

Industri Jasa Keuangan: Perusahaan Sekuritas dan Bank Investasi. Budi Purwanto. Bank-based Economy Consequences. When a country’s financial system relies heavily on banks, systematic vulnerabilities increase “ This leads one to wonder how severe East Asia’s problems

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Industri Jasa Keuangan: Perusahaan Sekuritas dan Bank Investasi

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  1. Industri Jasa Keuangan: Perusahaan Sekuritas dan Bank Investasi Budi Purwanto

  2. Bank-based Economy Consequences When a country’s financial system relies heavily on banks, systematic vulnerabilities increase “ This leads one to wonder how severe East Asia’s problems would have been during the past eighteen months had those economies not relied so heavily on banks as their means of financial intermediation. Had a functioning capital market existed, the outcome might well have been far more benign. “ Alan Greenspan, “ Lessons from the Global Crisis “, 1999

  3. Sistem dan Lembaga Keuangan Dana dipasokkan melalui tabungan atau investasi lain • Lembaga Keuangan • Bank Komersial • Perusahaan Asuransi dan Dana Pensiun • PerusahaanInvestasi • dll Dana disediakan melalui pinjaman, penempatan, dsb • Pemasok Dana • Perorangan • Perusahaan • Pemerintah • Pengguna Dana • Perorangan • Perusahaan • Pemerintah Investasi dibuat atas nama pemasok • Pasar Keuangan • Pasar Uang • Pasar Modal • Bursa • Outer the Counter Dana disediakan malalui penawaran umum, dsb Dana dipasokkan melalui investasi langsung

  4. Struktur Pendanaan Sektor Swasta Awal dari Sebuah Krisis : sekitar 70% lebih sumber pendanaan sektor swasta di negara berkembang bergantung pada pendanaan perbankan (1997). Equities, % Bonds, % Bank loans, % Sumber: Bank of International Settlement, International Monetary Funds, International Finance Corporation, International Federation of Stock Exchange (FIBV), World Bank

  5. Utang Ekuitas Sumber Dana Sumber Dana Internal Laba Operasi Pasar Uang Bank Jangka Pendek Jangka Panjang Pasar Modal Go Public Eksternal Permanen

  6. Kesempatan Berinvestasi • Pasar Modal • Saham dan obligasi • Diterbitkan oleh emiten melalui bank investasi • Diperdagangkan melalui perusahaan-perusahaan sekuritas • Reksa Dana • Diversifikasi investasi melalui pemaketan aset keuangan • Dikelola oleh Manajer Investasi yang profesional • Dana investasi yang dibutuhkan relative kecil • Pemegang unit penyertaan dapat melakukan penjualan kembali kepada MI

  7. Pelaku Pasar Modal

  8. Pokok Bahasan • Activities of securities firms and investment banks • Size, structure and composition • Balance sheets and recent trends • Regulation of securities firms and investment banks • Global issues

  9. Kegiatan Usaha • Underwrite securities. • Going public • Market making. • [Indonesia tidak] • Advising. • M&A, restructurings

  10. Kegiatan Kunci • Investing • Investment banking • Activities related to underwriting and distributing new issues of debt and equity. • Market making • Trading • Position trading, pure arbitrage, risk arbitrage, program trading

  11. Kegiatan Kunci • Cash management • Assisting with mergers and acquisitions • Back-office and service functions.

  12. Kecenderungan • Decline in trading volume and brokerage commissions • Decline in underwriting activities • Recovery in activity and profitability

  13. Kecenderungan • Increases in holdings of fixed-income trading • greater interest rate and sovereign risk exposure • Pretax profits soared • curtailed by economic slowdown

  14. Neraca • Key assets: • Long positions in securities and commodities. • Reverse repurchase agreements. • Key liabilities: • Repurchase agreements major source of funds. • Securities and commodities sold short. • Broker call loans from banks • Capital levels much lower than levels in banks

  15. Regulasi • Primary regulator: Bapepam-LK. • Day-to-day trading practices regulated by the BEI.

  16. Kepustakaan • Siamat, Dahlan. 2004. Manajemen Lembaga Keuangan. Lembaga Penerbit Fakultas Ekonomi Universitas Indonesia. • Saunders, A., Cornett M.M. 2006. Financial Institution Management. McGraw-Hill International. • Kasmir. 2002. Manajemen Perbankan. Jakarta: Divisi Buku Perguruan Tinggi PT RajaGrafindo Persada. • Kuncoro, M & Suhardjono. 2002. Manajemen Perbankan: Teori dan Aplikasi. BPFE Yogyakarta. • Riyadi, S. 2004. Banking Assets Liability Management. Penerbitan FE-UI • Gandapradja, P. 2004. Dasar dan Prinsip Pengawasan Bank. Penerbit PT Gramedia Utama.

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