Industri Jasa Keuangan: Perusahaan Sekuritas dan Bank Investasi

Presentasi berjudul: "Industri Jasa Keuangan: Perusahaan Sekuritas dan Bank Investasi"— Transcript presentasi:

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 dipasokkan melalui investasi langsung Dana disediakan malalui penawaran umum, dsb

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 Sumber Dana Sumber Dana Internal Eksternal Utang Ekuitas Laba Operasi
Pasar Uang Bank Jangka Pendek Utang Jangka Panjang Pasar Modal Go Public Eksternal Ekuitas 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 PELAKU FUNGSI
Bursa Efek, LKP, LPP, Reksa Dana, Perusahaan Efek, Penasihat Investasi Izin Usaha Bank Kustodian Persetujuan Wali Amanat, Pofesi Penunjang Pasar Modal Pendaftaran Wakil Penjamin Emisi Efek, Wakil Perantara Pedagang Efek, Wakil Manajer Investasi Izin usaha Emiten & Perusahaan Publik Pernyataan Pendaftaran

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10 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

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

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

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

14 Kecenderungan Decline in trading volume and brokerage commissions
Decline in underwriting activities Recovery in activity and profitability

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

16 Neraca Key assets: Key liabilities:
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

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

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