Beruflich Dokumente
Kultur Dokumente
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
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
15
Arah kebijakan OJK 2017 – 2022:
🔑 Mengurangi tingkat ketimpangan
melalui penyediaan akses
keuangan.
🔑 Mengembangkan dan
melaksanakan pengawasan SJK
berbasis Teknologi Informasi;
16
CASE:
“Kegagalan IPO Garuda”
2011
IPO
2000
Restrukturisasi
1949
“Garuda
Indonesian
Airways”
IPO
Tanggal • 11 Februari 2011 Kode:
IPO GIAA
• 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