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Ayu Permatasari Erlangga Nurdianto Prayitno Susanto Sanindia Septia Siska Juliana


Definition of capital market

Capital market is an activity associated with the public offering and trading of securities, public companies relating to the issuance of securities, as well as the institutions and professions related to the effect.

Capital Markets acted as a liaison between investors by companies or government institutions through trade through long-term instruments such as bonds, stocks.

Stock arbitrage
arbitrage is a transaction that tries to take advantage of the opportunity or the difference in price for an asset that is traded on two different markets

all assets theoretically should have the same price even though traded in different markets. so if there is mispricing or differences in prices in two markets, arbitrage players will buy the asset market are cheap and sell it on the market are more expensive.

For the example : telkom ADR traded in us $6/ADR in the currency exchange Rp. 10.000/ us $, valuation in rupiah is Rp.3.000 (because of 1 ADR telkom is equal to 20 telkoms stock, so that the calculation is US$6 x Rp10.000/US$/20). IF at the same time, the price of TLKM in BEJ is Rp 3000 then, there will be no arbitragion. But if suddenly Rupiah currency strengthened to level Rp 9.500/US$, then there will be an opportunity to take a profit.

we have analyzed that if one country with a high level of economics growth having a crisis, then the other related country that have a relation of investment and trading of stock, will have the more negative effect in their economic system. Example 1: US have the decreasing of the currencies, and then the IHSG is also decreasing, for the other country that already buy the stock will be loss the capital that their invested to US through the stock.

Example 2: 11th september 2001 in attact of terorism IHSG of amreica are fallen down and also influence to IHSG in Jakarta, Indonesia of IHSG more fallen down.

According to Article 33 Verse 3

We argue that progress and advancement in todays capital market industry is contradict with to the Indonesias basic economic principle which is based on Pancasila ideology of socialism (see our 45 Constitution Chapter 33 verse 3), because the contents of article 33 verse 3 is : The earth and water and its inherent wealth controlled by the state and used for the greatest welfare of the people.

Pasal 33 Ayat 3 UUD 1945

bumi dan air dan kekayaan yang terkandung di dalamnya dikuasai oleh negara dan dipergunakan untuk sebesar-besar kemakmuran rakyat

Contents of that article mean that everything about the natural resource including water and its othher resource belong to or are in the territory NKRI mean controlled, regulated, managed, and distributed by the state or government agencies with all the managers for use for prosperity or welfare of the whole people of Indonesia.

Example :

Freeport (Freeport-Mcmoran 90.64%)

Wilmart International Group (Singapore) 85.000 Ha Hindoli-Cargil (AS) 63.455 Ha

More than 50% owned by foreign 90% of gains owned by foreign