1 TRADING SYSTEM IN CAPITAL MARKET M. Arif Budiman, MFin, MSi. - презентация

1 1 TRADING SYSTEM IN CAPITAL MARKET M. Arif Budiman, MFin, MSi.

2 2 Apakah CAPITAL MARKET dan SISTEM PERDAGANGAN itu? Pemodal/Investor yang dana Perusahaan yang membutuhkan modal Sekuritas/Efek Dana Sistem Perdagangan

3 3 Process Chain in Securities Trading Apakah TRADING SYSTEM IN CAPITAL MARKET

4 4 SECURITIES TRANSACTION Over the Counter A contract between securities firm and other Person, or among institutions/Person regardless the SXs regulations SX Transaction A contract made by SXs member (based on SXs regulations) related to selling/ buying, lending/borrowing, and other contracts on securities. Negotiations, gifts, free of payment transactions securities transaction on SX

5 5 A stock exchange, (formerly a securities exchange) is a corporation or mutual organization which provides "trading" facilities for stock brokers and traders, to trade stocks and other securities.corporation mutual organizationstock brokers tradersstocks securities To be able to trade a security on a certain stock exchange, it has to be listed there. Trade on an exchange is by members only. Bursa Efek (Stock Exchanges)

6 6 Open outcry is the name of a method of communication between professionals on a stock exchange or futures exchange which involves shouting and the use of hand signals to transfer information primarily about buy and sell orders.stock exchangefutures exchange hand signals The part of the trading floor where this takes place is called a pit.trading floor

7 7 Bursa Efek (Stock Exchanges) In an electronic financial markets, algorithmic trading or automated trading, also known as algo trading, black- box trading, or robo trading, is the use of computer programs for entering trading orders with the computer algorithm deciding on certain aspects of the order such as the timing, price, or even the final quantity of the order.electronic financial marketsorders

8 Galeri Dealer 5 Konf Order Sales Nasabah Contracting 1 Nasabah Order 2 Sales Order 3 Dealer Order 6 Konf Order 7 Konf Order (Proses akhir bulan) 9 Kirim perubahan RTH Kirim Account & Portfolio statement Proses akhir hari (end of day process) Auto Fax 12b Pengiriman Konfirmasi Transaksi 12a Auto Auto Fax Computerised Trading Floor System 4. Floor Trader Entry Order Floor Trading System 8 Data Feed PERUSAHAAN EFEK BURSA EFEK

9 9 Remote Trading (Floorless) Remote Trading System adalah sistem perdagangan jarak jauh yang dapat dilakukan oleh Anggota Bursa dari kantor Anggota Bursa masing-masing dimana setiap order langsung dikirim ke sistem perdagangan Bursa Efek tanpa perlu memasukkan order melalui lantai bursa.

10 Galeri (SC Side) Sales Sales Entry Order Konf Order Kirim Account & Portfolio statement Pengiriman Konfirmasi Transaksi SX RT System (SX Side) Auto Fax 6b Auto Auto Fax Nasabah Order 5 Kirim perubahan RTH Remote Trading PERUSAHAAN EFEK SC RT System (SC Side)

11 Investor Entry Order Konf Order Pengiriman Konfirmasi Transaksi SX RT System (SX Side) Auto Fax 6b Auto Auto Fax Nasabah Order 5 Kirim perubahan RTH On-line Trading (Expanded remote trading) PERUSAHAAN EFEK SC RT System (SC Side)

12 12 Stock Exchange Transaction (Equity) SELL ORDER (T+0) BUY ORDER (T+0) REPORT (T+3) TRANSACTION DETAILS (T+0) INPUT ORDER (T+1 - 2) INPUT ORDER (T+1 - 2) SECURITIES AND FUNDS (T+3) SECURITIES AND FUNDS (T+3) INPUT ORDER (T+1 - 2) INPUT ORDER (T+1 - 2) ACCOUNT STATEMENT (T+3) T+3 Stock Exchange Stock Exchange Clearing House Clearing House Buying Broker Buying Broker Selling Broker Selling Broker Central Custody Central Custody

13 13 Stock Exchange Settlement (Equity) stock cash stock cash Clearing House Account Delivery Account Sub Account L&B Account Collateral Account Receive Account Sub Account L&B Account Collateral Account Delivery Account Selling brokerBuying broker Payment Bank alignment Central Custody Clearing House synchronization Broker Own Account Broker Own Account Based on instruction from Clearing House

14 14 Over The Counter (OTC) Over-the-counter (OTC) trading is to trade financial instruments such as stocks, bonds, commodities or derivatives directly between two parties. It is contrasted with exchange trading, which occurs via facilities constructed for the purpose of trading (i.e., exchanges), such as futures exchanges or stock exchanges.trade financial instrumentsstocksbonds commoditiesderivativesexchange trading futures exchangesstock exchanges In general, the reason for which a stock is traded over-the-counter is usually because the company is small, making it unable to meet exchange listing requirements. Also known as "unlisted stock", these securities are traded by broker- dealers who negotiate directly with one another over computer networks and by phone

15 15 Over The Counter Transaction- Indonesia KSEI AB 1. DVP INSTRUCTION 2. RVP INSTRUCTION 3. MATCHING PROCESS XZ 4. RFOP INSTRUCTION 3. DFOP INSTRUCTION Brokers / Cust. Banks Brokers / Cust. Banks A Brokers / Cust. Banks Brokers / Cust. Banks B Brokers / Cust. Banks Brokers / Cust. Banks Z Brokers / Cust. Banks Brokers / Cust. Banks X

16 Government bonds and Sukuk RI Equities (stocks), ETFs, derivatives, and bonds Equities, Corporate bonds and Sukuk Settlement securities leg Clearing Trading Settlement cash leg OTC trading Stock Exchange (IDX) OTC trading C-BEST (KSEI) BI-SSSS (Bank Indonesia) RTGS (Bank Indonesia) Clearing / CCP (KPEI) Realignment at six times a day Pre matching module Netted tradesTrade for Trade Government bonds only Payment banks (Mandiri, BCA, CIMB, Permata) DVP MEKANISME TRANSAKSI EFEK DI INDONESIA

17 17 Electronic Communication Networks (ECN) as an Alternative Trading Systems (ATS) An electronic communication network (ECN) is the term used in financial circles for a type of computer system that facilitates trading of financial products outside of stock exchanges.stock exchanges The primary products that are traded on ECNs are stocks and currencies. ECNs came into existence in 1998 when the SEC authorized their creation.stocks currenciesSEC ECNs increase competition among trading firms by lowering transaction costs, giving clients full access to their order books, and offering order matching outside of traditional exchange hours. ATS is an electronic trading system that automatically macth buy and sell orders of its users at specified prices, put the orders on its system so that other users can see them (without disclosing their identity) dan then automatically match compatible orders for execution

18 18 Wacana Alternative Trading Systems ( ATS)

19 19 Contoh:

20 20 Changing Landscape

21 21 Securities Value Chain

22 22 Restructuring

23 23 IMPLICATIONS Straight Through Processing – STP Stock Exchange Linkages Global Custody

24 24 Straight Through Processing - STP An initiative used by SXs optimize the speed at which transactions are processed. This is performed by allowing information that has been electronically entered to be transferred from one party to another in the settlement process without manually re- entering the same pieces of information repeatedly over the entire sequence of events STP represents a major shift from present-day T+3 trading to same-day settlement

25 25 Straight Through Processing - STP

26 26 Straight Through Processing - STP

27 27 Stock Exchange Linkages (EURONEXT ) A cross-border European stock exchanges, originally created in 2000 from the merger of the Amsterdam, Brussels and Paris stock exchanges. In 2001 and 2002, respectively, Euronext acquired the London International Financial Futures and Options Exchange (LIFFE) and the Portuguese stock exchange, Bolsa de Valores de Lisboa e Porto (BVLP), in order to become one of the world's largest exchanges. On April 4, 2007, Euronext completed their agreed merger with the NYSE Group, resulting in the formation of NYSE Euronext.

28 CSD1 28 CB1 OTC RVP DVP CB1b $ $$ CB1aINV $$ BR1 SE $ CSD2 CB2 OTC RVP DVP $ BR2 SE CB2aINV $$ CB2b $ GLOBAL CUSTODY

29 Order Flow in Stock Trading 29

30 30 OTCSX Evolutionary Stages

31 31 INDONESIAN BOND MARKET

32 32 PENGEMBANGAN PASAR OBLIGASI PASAR OBLIGASI YANG TERATUR, WAJAR DAN EFISIEN Primary Dealer ETP Price discove ry 32

33 33 PRICE DISCOVERY MECHANISM (1) 33 Peraturan X.M.3: Pelaporan Transaksi Obligasi Tujuan Integrasi sistem pelaporan Cikal bakal pembentukan transparansi harga (price discovery) Isi Pelapor: Partisipan Waktu lapor: 30 menit setelah transaksi Jenis transaksi yang wajib dilaporkan: jual beli, repo, dll Hal-hal yang perlu dilaporkan Informasi yang dipublikasi: harga, yield, volume, dll

34 34 KERANGKA PELAPORAN PLTE BAPEPAM-LK Partisipan Vendor-Informasi Publik Pengawasan Publikasi Distribusi Data BANK PE Own Trade Pihak Lain BK Pelaporan BI & KSEI Sub Registry (BI S4) Surat Penunjukan konsolidasi Order dan Intruksi

35 35 PLTE Partisipan Investor PERDAGANGANPERDAGANGAN SETELMENSETELMEN DTO Info Setelmen Hasil Konsolidasi Info Transaksi Input KonfirmasiBAPEPAM-LK ALUR PELAPORAN (2 Sisi)

36 36 PLTE Partisipan Investor PERDAGANGANPERDAGANGAN SETELMENSETELMEN Input Info Transaksi Info Setelment Hasil Konsolidasi DTOBAPEPAM-LK ALUR PELAPORAN (1 Sisi)

37 37 Stock Exchange Transaction & Settlement (Bonds)

38 38 DATA & INFORMASI DI PLTE Yang Wajib Dilaporkan Nama dan Seri Obligasi Penjual/pemilik awal Pembeli/pemilik akhir Jenis rekening Harga transaksi Yield Volume Nilai transaksi Waktu transaksi Jenis transaksi Tanggal setelmen Nama Kustodian Identitas partisipan Repo/SLB Rate Informasi Publik Nama dan Seri Obligasi Harga transaksi Yield Volume Nilai transaksi Jenis transaksi Tanggal setelmen Repo/SLB Rate 38

39 39 PRICE DISCOVERY MECHANISM (2) 39 Peraturan V.C.3: LPHE (BPA) Tujuan Menciptakan landasan hukum pembentuk lembaga valuasi yang kredibel dan independen Mendorong terciptanya price discovery Meningkatkan likuiditas transaksi Isi Tata cara pendirian dan perizinan Modal dan pemegang saham Fungsi: penetapan harga wajar EBU dan Sukuk Kewajiban LPHE, al: memiliki rencana bisnis dan promosi pasar

40 40 TERIMA KASIH