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Financial Services:

Securities
Brokerage and
Investment Banking
Kelompok
1. Adrian
2. Iwan
3. Lutfi Patria Ihwan
4. Rahmat Kurniawan
5. Yessi
Introduction : Largest Firm so-called National Full-line
firms service both retail costumers and
1. Securities and investment corporate costumers divided into 3
subgroups
banking help net suppliers of  Commercial bank holding companies
funds transfer funds to net (Bank of America, Morgan Stanley, JP
users of funds Morgan)
2. Serve as broker  Specialize more in corporate business
and active in trading securities
intermediating between fund (Goldman Sachs, Salomon Brothers)
suppliers and users  Large investment banks (Lazard Ltd
and Greenhill & Co)
Securities and investment banking
activity areas : investment banking,
venture capital, market making, trading,
investing, cash management, mergers
and acquisitions, and other service
functions
1. Investment Banking
Underwriting and
Distributing new issue Private offering IB act as private
of debt and equity placement agent for a fee
New issue bisa Private placement : securities
primary (IPO) dan issue placed with one or few
juga secondary. large institutional investors.
Securities
Public offering securities
underwriting bisa
underwritten on a best efforts or a
melalui public offering firm commitment basis
dan private offering • BE : IB act as agents
• C : IB act as principal

Addition
• Underwriter in government
• Municipal
• Asset Backed Securities
2. Venture Capital
Kesulitan dari SME VC : a professionally Type of VC:
mendapat debt financing managed pool of money  Institutional VC Firms
dari CBs used to finance new and
often high-risk firms Business entities whos find and
CBs not willing/able to make fund the most promising new
VC provided to back untried
loans for new companies company and its manager in firms
with no assets and business return for an equity  Angel VC
history investments in the firm
SME turn to IB that make VC VC do not make outright Wealthy individual who make
investments to get capital loans equity investments
financing VC and PE often used
interchangeably What VC look?
VC : Identify new and
emerging technologies in  High return
which to place their money  Easy exit
PE : deal with existing Why?
companies which already VC firm provide equity funds to
proven in business field
new , unproven, and youg firms.
Contoh VC dan PE di Go-Jek
Market Making & Trading
3. Market Making 4. Trading

 Involver creating a Position Trading


secondary market in a an Pure Arbitrage
asset by a asecurities firm or Risk Arbitrage
investment bank Program Trading
Involve either agency or Stock Brokerage
principal transactions Electronic Brokerage
Investment & Cash Management
5. Investment 6. Cash Management

Involves managing : Investment bank offer bank deposit-


 Pools of Assets such as like Cash Management Accounts
(CMAs)
closed- and open-end
mutual funds A cash management account is an
Pension Funds account held with a financial
institution that allows you to manage
your cash transactions through one
portal.
A cash management account can help
you track the movement of your
money and allows you to see your
(cash) financial position at any
moment. In other words, it enables
you to monitor your cash flow.
Mergers & Acquisitions
7. Mergers & Acquisitions 8. Back-Office and Other Service Functions

Investment banks are involved Include :


in providing advice or assisting  Custody and Escrow Services
in mergers & acquisitions Clearence and Settlement Services
Resesarch and Other Advisory Services, ex :
Example : giving advice on divestitures and asset sales
Finding merging partners
Underwriting new securities
to be issued by the merged
firm
Assessing the value of the
target firm
 etc
1977 Abolition
1987-1991 Stock market 2008-2009 Raising
of fixed
crash. Sharp decline in stock oilprice and
commission
market trading volume Subprime mortage

2010
1995-2000 Dow Jones Recovered
and S&P indexes hit new
highs
1987-1990 Decline in
bond and equity
underwriting.
• Stock market crash
• Decline in mergers
and acquisitions
• Economic recession

1990-2001 Growing
domestic underwriting
activity

2002-2006 Recovery of
economy. Deep cuts in
expenses. Lower interest
expenses
2010-2011 Flash
2008-2009 Recovery. Interest expenses crash collapse of MF
fell. Improved trading volume Global Holdings
2002-2003 Interest 2006-2008 Financial crisis
expenses fell and suprime mortgage
2000-2001 Economy
slowdown and terrorist
attacks on WTC

1996-2000 Enhanced
trading profits and
growth in new issue
underwriting
🔑 OJK sebagai Regulator Sektor
Keuangan di Indonesia

🔑 Dasar Hukum: UU No. 21 Tahun 2011

🔑 Tugas dan Kewenangan OJK:


• Mengatur dan Mengawasi seluruh
kegiatan di sektor jasa keuangan
meliputi (perbankan, pasar modal,
dan sektor jasa keuangan non
bank)
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Mengatur &
Mengawasi
Bank Integrated Supervision
🔑 Agar kegiatan dalam sektor jasa keuangan
Mengatur & Mengawasi terselenggara secara teratur, adil, dan
Pasar Modal dan transparan
Industri Keuangan Non
Bank 🔑 Terbentuk sebagai respons atas
perkembangan sektor jasa keuangan
Terkait Pengawasan dan Pengaturan Jasa Keuangan Bank:
• Perizinan pendirian Bank, merger, konsolidasi, dan akuisisi bank;
• Pengaturan dan pengawasan mengenai kesehatan bank;
• Pengaturan dan pengawasan mengenai aspek kehati-hatian bank.

Terkait Pengaturan Lembaga Jasa Keuangan (Bank dan Non-Bank):


• Menetapkan peraturan dan keputusan OJK;
• Menetapkan peraturan mengenai tata cara penetapan perintah tertulis terhadap Lembaga Jasa
Keuangan dan pihak tertentu;
• Menetapkan peraturan mengenai tata cara pengenaan sanksi sesuai dengan ketentuan peraturan
perundang-undangan.

Terkait Pengawasan Lembaga Jasa Keuangan (Bank dan Non-Bank):


• Menetapkan kebijakan operasional pengawasan terhadap kegiatan jasa keuangan;
• Melakukan pengawasan, pemeriksaan, penyidikan, dan perlindungan konsumen;
• Memberikan dan atau mencabut: izin usaha, izin orang perseorangan, efektifnya pernyataan
pendaftaran, surat tanda terdaftar, dll.
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🔑 Contoh Kasus:

🔑 Untuk mendukung fungsi OJK sebagai


regulator, OJK dapat menetapkan peraturan
dan menjatuhkan sanksi terkait dengan
pelanggaran yang dilakukan sesuai dengan
perundang-undangan yang berlaku.

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Arah kebijakan OJK 2017 – 2022:
🔑 Mengurangi tingkat ketimpangan
melalui penyediaan akses
keuangan.

🔑 Mengembangkan dan
melaksanakan pengawasan SJK
berbasis Teknologi Informasi;

🔑 Revitalisasi pasar modal dalam


mendukung pembiayaan
pembangunan jangka Panjang;

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CASE:
“Kegagalan IPO Garuda”

2011
IPO
2000
Restrukturisasi

1949
“Garuda
Indonesian
Airways”
IPO
Tanggal • 11 Februari 2011 Kode:
IPO GIAA

Jumlah • 6.335.738.000 saham


Saham
Harga • Rp 750  Rp 620
Perdana • 17,33%
Underwriter

• PT Bahana
Penjamin Securities
Pelaksana • PT Danareksa
Emisi (Joint Sekuritas
Lead
Underwriters) • PT Mandiri
Sekuritas
Masalah
Dari 6,355 miliar saham, 3,008 miliar saham (47%)
atau setara dengan Rp 2,25 triliun di antaranya harus
diserap oleh para underwriter. (Full Commitment)
Penyelesaian
Tiap penjamin emisi menanggung sekitar Rp 743,77
miliar kerugian.
Latest Update
Referensi
• http://ekonomi.kompas.com/read/2011/02/14/0737
3295/IPO.Garuda.Dinilai.Telah.Gagal
• https://www.garuda-indonesia.com/id/id/corporate-
partners/company-profile/about/index.page?
• http://investasi.kontan.co.id/news/penjamin-ipo-
garuda-menanggung-rp-22-triliun-saham-yang-tak-
terserap-1

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