Industri Jasa Keuangan:

Perusahaan Sekuritas dan

Bank Investasi
Budi Purwanto
PENGANTAR
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

Sistem dan Lembaga
Keuangan
Dana dipasokkan Lembaga Keuangan Dana disediakan
melalui tabungan Bank Komersial melalui pinjaman,
atau investasi lain Perusahaan Asuransi penempatan, dsb
dan Dana Pensiun
PerusahaanInvestasi
Pemasok Dana dll Pengguna Dana
Perorangan Perorangan
Investasi dibuat
Perusahaan Perusahaan
atas nama
Pemerintah pemasok Pemerintah

Pasar Keuangan
Pasar Uang
Pasar Modal
Dana dipasokkan Bursa Dana disediakan
melalui investasi Outer the Counter malalui
langsung penawaran umum,
dsb
 Struktur Pendanaan
Sektor Swasta
Awal dari Sebuah Krisis : sekitar 70% lebih sumber
pendanaan sektor swasta di negara berkembang
bergantung pada pendanaan perbankan (1997).
5 1 2 5 7 5
12 8
16 8
18
Equities, % 16 16
42 18
50 51
51 29

Bonds, % 87
25 76 77 77
70
55 58
44 48

Bank loans, % 25
ia

an

A
g

d
na
e
es

an
on

re

lan
or
ys

SI
p
at

iw

Ko
Ch
ap

NE
Ja
k

ala
St

ai
Ta
ng

ng

Th
DO

h
M
d

Ho

ut
te

Si

IN

So
i
Un

Sumber: Bank of International Settlement, International Monetary Funds, International Finance Corporation, International Federation of Stock Exchange (FIBV), World Bank
 Sumber Dana
Laba
Internal Operasi
Pasar
Jangka Uang
Pendek
Sumber Bank
Utang
Dana
Jangka
Panjang Pasar
Eksternal Modal
Go
Ekuitas Permanen Public
 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
Pelaku di Pasar Modal
 Bursa Efek, Perusahaan Efek, Penasihat
Investasi
 Bank Kustodian
 Wali Amanat, Pofesi Penunjang Pasar
Modal
 Wakil Penjamin Emisi Efek, Wakil
Perantara Pedagang Efek, Wakil Manajer
Investasi
 Emiten & Perusahaan Publik
PERUSAHAAN SEKURITAS
DAN BANK INVESTASI
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
Kegiatan Usaha

 Underwrite securities.
 Going public

 Market making.
 [Indonesia tidak]

 Advising.
 M&A, restructurings
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
Kegiatan Kunci

 Cash management
 Assisting with mergers and
acquisitions
 Back-office and service functions.
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
Kecenderungan

 Decline in trading volume and brokerage

commissions

 Decline in underwriting activities

 Recovery in activity and profitability

Kecenderungan

 Increases in holdings of fixed-income

trading
 greater interest rate and sovereign risk
exposure
 Pretax profits soared
 curtailed by economic slowdown
Regulasi

 Primary regulator: Bapepam-LK.

 Day-to-day trading practices regulated by

the BEI.
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.
LAMPIRAN