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
melalui tabungan
atau investasi lain
Pemasok Dana
Perorangan
Perusahaan
Pemerintah
Dana dipasokkan
melalui investasi
langsung
Lembaga Keuangan
Bank Komersial
Perusahaan Asuransi
dan Dana Pensiun
PerusahaanInvestasi
dll
Investasi dibuat
atas nama
pemasok
Pasar Keuangan
Pasar Uang
Pasar Modal
Bursa
Outer the Counter
Dana disediakan
melalui pinjaman,
penempatan, dsb
Pengguna Dana
Perorangan
Perusahaan
Pemerintah
Dana disediakan
malalui
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).
2
1
5
Equities, %
50
51
Bonds, %
5
7
16
18
16
76
77
77
5
8
18
42
51
8
12
16
29
87
25
70
44
Bank loans, %
55
48
58
ut
h
So
Th
ai
lan
d
Ko
re
a
na
Ch
i
IN
DO
NE
SI
A
an
Ja
p
Si
ng
ap
or
e
ala
ys
ia
M
an
Ta
iw
on
g
Ho
ng
k
Un
i
te
d
St
at
es
25
Sumber: Bank of International Settlement, International Monetary Funds, International Finance Corporation, International Federation of Stock Exchange (FIBV), World Bank
Sumber Dana
Internal
Sumber
Dana
Laba
Operasi
Jangka
Pendek
Bank
Utang
Jangka
Panjang
Eksternal
Ekuitas
Pasar
Uang
Permanen
Pasar
Modal
Go
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