Rp 20.000,-
get gain From gold
Content
Well Done
SIGI
3
Foreword Mempertaruhkan Nyawa
ekitar tahun 1990-an, SIGI berkesempatan melongok sebuah tambang emas ilegal di sekitar wilayah Wonosari, Jawa Tengah, kurang lebih 1,5 jam dari Yogyakarta. Menurut istilah yang sering dipakai adalah PETI (pertambangan emas tanpa izin) Gold Mine Without Permission.
Mendekati lokasi, berbagai macam bau menyergap hidung. Campuran antara bau belerang,uap air raksa. Hawa ‘ tidak sehat’ segera muncul. Apalagi memandang situasi lokasi yang begitu menyedihkan, galian tidak teratur, berlumpur, tidak teratur. Beberapa orang yang ingin mengadu nasib tampak mengais lumpur untuk mencari butiran halus emas yang terkandung di dalamnya.
demi emas
Rp 20.000,-
Sebuah lubang gelap berbentuk kotak dengan lebar sekitar 80 cm menjadi pintu masuk gua tempat para penggali mencari “ urat emas” di dasar bumi. Lampu penerangan 5 watt berjajar setiap 10 meter. Selang yang mengalirkan udara ke dalam gua tumpang tindih tidak beraturan.
GET GAIN FROM GOLD
4
SIGI
SIGI mencoba masuk, setengah merunduk, setengah merangkak, berusaha mencari tahu apa saja yang dilakukan oleh para petambang PETI tersebut. Baru melangkah kurang lebih 10 meter, berbagai macam ketakutan dan kekhawatiran menyergap pikiran. Bagaimana jika tiba-tiba gua yang dikerjakan serampangan tersebut runtuh? Apakah ada orang yang peduli untuk menolong dan menyelamatkan nyawa kita? Padahal konon, kedalaman gua tersebut mencapai 60 meter dan setiap hari
Foreword terus bertambah dan bertambah. Demi emas, nyawa dipertaruhkan.
mud, and people who busied themselves to look for tiny gold powders.
Belum lagi, berdasarkan beberapa dokter muda yang praktek di puskesmas ing sekitar pertambangan, umumnya para petambang ‘ mati muda’ karena hawa tidak sehat, terutama racun yang timbul dari air raksa yang digunakan untuk proses amalgamasi serbuk emas menjadi butiran emas. Demikianlah sedikit gambaran betapa emas begitu hebat daya tariknya.
One big square black hole with 80 cm width was the main entrance for the diggers to search the “ gold vein” in the bottom of the earth. One sixty watt light bulb every 10 meters were the only lighting in the depth of 60 meters with long hollow cylinder air hoses that piling up on one another.
Berbicara tentang emas, komoditi emas, jelas tidak akan ada habisnya. Emas Global Fresh Commodity. Kemana pun Anda pergi, emas adalah benda berharga yang seketika mampu ditukar dengan uang. Sulit mencari padanan bagaimana emas begitu mudah ditransaksikan di mana pun di seluruh jagat negeri. Saat ini, komoditi emas menjadi sorotan pasar global karena nilainya yang menembus rekor demi rekor baru. Sangat fantastis. Tidak heran, kajian mengenai emas menjadi begitu menarik. Sesuai dengan bahasan SIGI Futures & Options, “ Get Gain From Gold” . Selamat membaca. ■
Circa 1990, SIGI got a chance to observe one illegal gold mine in the region of Wonosari in Central Java, 90 minutes’ drive from Yogyakarta. The current terminology used for this kind of illegal mining is PETI (Pertambangan Emas Tanpa Izin), Gold Mine Without Authorization. As we drew near, the air reeked with unpleasant odors; a mixture of sulphur and vapor of quicksilver and what not. We could immediately smell the unhygienic weather conditions. The more we looked around the locations, the more we witnessed the miserable circumstances: the disorderliness of the digging, the
Eager to know their activities, SIGI had to move slowly, half crawling, half creeping, along the ground, and felt anxiety about the possible of landslide. What if the erratically made cave collapsed unexpectedly? When this happened, who would take care for the wounded, who would save their life? Sadly, the cave is incessantly deepened relentlessly/ Obviously, the risk become greater and greater, day in, day out. According to fresh graduate doctors practicing in the environment of the illegal mine, more often than not the miners die at young age of unhygienic air, particularly caused by the poisonous quicksilver used in the process of amalgamation from the gold powder to gold particles. This portrays how great is the magnetism of gold. Obviously, there would be an endless talk about gold, gold commodity, Global Gold Fresh Commodity. Where ever you go, gold is the primary valuables that is recognized and valued everywhere in the world. Actually, gold commodity has became the global market’ s main interest due to its fantastic price’ s record. No wonder if studies about gold attracted so many people. For that reason, the present SIGI FUTURES & Options provides you with the interesting topic, Get Gain From Gold. Enjoy the read. ■
SIGI
5
Content SIGI
SELECTIvE INvESTMENT GUIDELINES IN INDONESIA
Futures & Options Magazine
8: opportunIty
chief editor jh. wisaksono vice editor in chief p. priyanto assistant editor b. sony l. hakim lead economist b. allan p. robert r. kelsey (london base) sr. dowling (perth base) photographer m. pambudi cs. nugroho designer r. purnama wires & reporter h. laurentius senior advisor sahala s. r. rahatmi business director n. anggraeni marketing manager dh. wang publisher: RTGS SHIELD Grand Wijaya Center Blok C/37 2nd floor Jl. Wijaya II Jakarta 12160 Phone: +62 21 7224977 Hotline: +62 87877866788 email: rtgs@live.com www.rtgs-shield.com www.sigi.asia
Get Gain From Gold Sejarah mengenai emas telah begitu panjang. Setidaknya di sebuah artefak Balkan yang berusia lebih dari 4,000 tahun sebelum Masehi disebutkan secara spesifik mengenai emas. Artinya, emas telah mendapat “ tempat khusus� di hati masyarakat begitu lama. Ketertarikan manusia terhadap sedemikian rupa sehingga istilahistilah positif dikaitkan dengan emas. Golden Years untuk menerangkan tahun kejayaan.
22: MaCro
New Normal
printing:
Ref Grafika Jl. Menteng Wadas Timur No 75 Manggarai, Jakarta 12970 (isi di luar tanggung jawab percetakan) This magazine in dedicated to Mr Heru Priyo Sasongko 1958 - 2010
6
SIGI
Content 26: MarKetInG
elama tiga tahun terakhir ini, dalam setiap seminar di acara penghargaan Top Brand Award,
Mengasah Radar Marketer
saya memberikan contoh mengenai tren berbagai merek. Bagi
marketer yang mereknya sedang tergelincir, haruslah waspada.
32: IntervIew
i
Megain Wijaya
ndonesia Adalah Raksasa Tidur Untuk Pasar Komoditi
44: KnowledGe
OPTION psi, dalam dunia pasar modal, adalah suatu hak yang didasarkan pada suatu perjanjian untuk membeli atau menjual suatu komoditi, surat berharga keuangan, atau suatu mata uang asing pada suatu tingkat harga yang telah disetujui (ditetapkan di muka) pada setiap waktu dalam masa tiga bulan kontrak.
Partners
JFX
English with attitude
SIGI
7
opportunIty
Get Gain From Gold ejarah mengenai emas telah begitu panjang.
tahun kejayaan.
Setidaknya di sebuah artefak Balkan yang berusia lebih dari 4,000 tahun sebelum Masehi
Emas adalah unsur kimia dalam tabel periodik yang
disebutkan secara spesifik mengenai emas.
memiliki simbol Au (bahasa Latin: 'aurum') dan
Artinya, emas telah mendapat “ tempat
univalen) yang lembek, mengkilap, kuning, berat,
Ketertarikan manusia terhadap sedemikian
"malleable", dan "ductile". Emas tidak bereaksi de-
rupa sehingga istilah-istilah positif dikaitkan
ngan zat kimia lainnya tapi terserang oleh klorin, fluo-
dengan emas. Golden Years untuk menerangkan
8
nomor atom 79. Sebuah logam transisi (trivalen dan
khusus� di hati masyarakat begitu lama.
SIGI
rin dan aqua regia. Logam ini banyak terdapat di
opportunIty nugget emas atau serbuk di bebatuan dan di deposit alluvial dan salah satu logam coinage. Kode ISOnya adalah XAU. Emas melebur dalam bentuk cair pada suhu sekitar 1000 derajat celcius. Emas merupakan logam yang bersifat lunak dan mudah ditempa, kekerasannya berkisar antara 2,5 – 3 (skala Mohs), serta berat jenisnya tergantung pada jenis dan kandungan logam lain yang berpadu dengannya. Mineral pembawa emas biasanya berasosiasi dengan mineral ikutan (gangue minerals). Mineral ikutan tersebut umumnya kuarsa, karbonat, turmalin, flourpar, dan sejumlah kecil mineral non logam. Mineral pembawa emas juga berasosiasi dengan endapan sulfida yang telah teroksidasi. Mineral pembawa emas terdiri dari emas nativ, elektrum, emas telurida, sejumlah paduan dan senyawa emas dengan unsurunsur belerang, antimon, dan selenium. Elektrum sebenarnya jenis lain dari emas nativ, hanya kandungan perak di dalamnya >20%. Emas terbentuk dari proses magmatisme atau pengkonsentrasian di permukaan. Beberapa endapan terbentuk karena proses metasomatisme kontak dan larutan hidrotermal, sedangkan pengkonsentrasian secara mekanis menghasilkan endapan letakan (placer). Emas digunakan sebagai standar keuangan di banyak negara dan juga digunakan sebagai perhiasan, dan elektronik. Penggunaan emas dalam bidang moneter dan keuangan berdasarkan nilai moneter absolut dari emas itu sendiri terhadap berbagai mata uang di seluruh dunia, meskipun secara resmi di bursa komoditas dunia, harga emas dicantumkan dalam mata uang dolar Amerika. Bentuk penggunaan emas dalam bidang moneter lazimnya berupa bulion atau batangan emas dalam berbagai satuan berat gram sampai kilogram. Konon, sejak emas dipersepsikan begitu berharga, setidaknya hingga saat ini penambang telah memproduksi total 161 ribu ton
Harga Emas Sejak tahun 1970-2010 1970 Jan 1975 Jan 1980 Jan 1985 Jan 1990 Jan 1995 Jan 2000 Jan 2005 Jan 2008 March 13 March 14 March 17 March 18 Oktober 24 2009 Jan Sept 8 November 9 December 2 2010 Jan 1 Feb 1 March 1 April 1 May 4 May 7 May 10 May 11 May 12 May 13 May 14
Price 34.94 175.00 559,50 305,50 399,00 380,90 282,05 427,75 995,00 1003,50 1011,25 1006,75 712,50 874,50 1000,75 1106,75 1212,50 1121,50 1086,50 1114,00 1123,50 1185,00 1202,25 1196,50 1222,50 1237,50 1237,50 1236,50
emas (setara 5,175 miliar troy ounces/oz).
SIGI
9
opportunIty
Proyeksi harga emas:
10
SIGI
opportunIty
Dalam beberapa bulan terakhir komoditi emas demikian menyedot perhatian pasar global. Harga emas yang setiap kali menembus rekor demi rekor baru tentu saja sangat menarik investor. Apalagi cukup banyak alasan investor global memilih emas, yaitu kondisi makroekonomi global yang masih belum layak dianggap stabil. Memilih komoditi emas sebagai
sertifikat emas, tabungan emas, ■ reksadana dengan underlying perusahaan pertambangan emas, ■ maupun kontrak berjangka komoditi emas. ■ ■
Kelebihan & Kekurangan Emas
sasaran investasi tentu menjadi opsi yang dianggap lebih terjamin.
Emas nilainya cenderung stabil dan dianggap tak punya efek inflasi (zero inflation effect). Sangat jarang
Mencermati proyeksi harga emas yang dilakukan oleh
sekali harga emas turun. Emas juga dapat digunakan
Financial Forecasts Center US yang menyebutkan
untuk koleksi dan perhiasan.
harga akan mendekati nilai $1.300 per troy ounce hingga bulan Juli tahun ini, maka masih ada peluang
Emas bagus pula untuk diversifikasi. Misal Anda
meraih keuntungan.
sudah berinvestasi di saham, obligasi, reksadana, properti, atau lainnya; membeli emas bisa jadi alter-
Investasi dalam komoditi emas dapat menggunakan
natif yang bagus. Keuntungan lainnya, harga
beberapa variasi: ■ emas batangan (lantakan), ■ koin emas,
emas dipatok dalam USD. Kalau terjadi peningkatan nilai USD, Anda dapat dua keuntungan sekaligus, yaitu dari kenaikan dollar dan kenaikan harga emas itu
SIGI
11
opportunIty
sendiri. Namun, bila terjadi sebaliknya, hal ini bisa
kurang baik, walau dibungkus protective cover,
jadi pedang bermata dua.
memungkinkan terjadinya oksidasi dan perubahan warna.
Bila dibandingkan dengan berinvestasi langsung di mata uang USD, emas lebih menguntungkan. Di
variasi Media Emas
Indonesia, money changer relatif rewel. Mereka menghargai murah mata uang keluaran lama atau
Bentuk emas bermacam-macam. Yang paling umum
mata uang yang terlipat. Belum lagi ada risiko nomer
adalah batangan (gold bar) menyerupai batubata
seri palsu. Akibatnya, menyimpan mata uang USD
dengan kadar 22 karat (95%) atau 24 karat (99%).
harus selalu diperbarui. Berbeda dengan emas yang
Jenis ini dipandang yang paling baik karena di mana-
bisa dibeli dan didiamkan saja beberapa lama.
pun dan kapanpun Anda jual, harganya selalu mengikuti harga internasional yang berlaku.
Kekurangannya terutama pada segi storage dan han-
dling. Menyimpan “ hard asset” seperti emas relatif
Selain itu ada juga emas berbentuk koin. Nilai dan
beresiko dan mahal. Selain itu, apabila penyimpanan
kadarnya sama dengan emas batangan namun konon
English made
easy
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12
SIGI
opportunIty jumlahnya terbatas dan sulit dijumpai di pasaran. Ada
atau kartu debit. Namun lebih praktis bila pembayaran
koin yang harganya sampai lebih dari Rp 50
dilakukan sebelumnya (setelah konfirmasi harga)
milyar karena ada variabel sejarah, kepemilikan, dan
dengan melakukan transfer terlebih dahulu baru
mungkin kejadian penting saat koin tersebut dilun-
kemudian Anda bawa slip transfer untuk ditukar
curkan. Selain itu, kalau Anda ingin membeli koin
dengan emas.
emas, ada baiknya untuk memilih produsen ternama seperti Maples, Krands, atau Eagles. Mereka adalah
Bisa juga beli di Antam unit Pengolahan dan
produsen aset berkualitas dunia dan produknya dimi-
Pemurnian Logam, Pembelian sekecil 1 gram juga
nati kolektor internasional.
bisa dilayani. Mirip membeli pulsa ponsel, ada beberapa nominal yang tersedia. Yang jelas, makin berat
Ada juga emas yang berbentuk perhiasan. Namun
emas yang kita beli, biasanya harga per gram menjadi
perhiasan kurang tepat untuk
lebih murah karena ada
berinvestasi. Pertama, ada
biaya pembuatan. Biaya
biaya pembuatan perhiasan
pembuatan emas batangan
yang membuat harga yang
100 gram lebih murah dari-
harus dibayar menjadi lebih
pada batangan 50 gram.
tinggi. Kedua, perhiasan sifat-
Tidak ada biaya lain-lain.
nya subyektif, tergantung selera
Pembelian dalam jumlah
individu. Sangat mungkin Anda
banyak bisa diantar meng-
membelinya dengan mahal
gunakan pihak ketiga
namun ketika dijual harganya
(Securicor).
jatuh karena modelnya tak lagi up to date. Pedagang di
Ada pula yang mengatakan
toko emas juga harus menang-
bahwa emas buatan luar
gung ketidakaslian dan penu-
(misal Swiss/Credit Suise)
runan kadar emas karena
cenderung dihargai lebih
harus dilebur kembali.
tinggi. Konon katanya berat emas buatan luar cenderung lebih banyak daripada yang tertulis dalam
Membeli dan Menjual Emas
cetakan. Kalau tertarik, Anda bisa beli langsung (cash
& carry) atau pesan jarak jauh/melalui agen penjual. Secara umum, Anda bisa membeli di toko emas atau
Ada pula yang menyarankan untuk beli via eBay kare-
Pegadaian (biasanya stok tidak banyak).
na banyak penjual/kolektor yang bagus dan murah.
Terkadang, money changer yang agak bonafid juga
Namun biasanya ada tambahan delivery
melayani. Untuk tren emas, bisa dilihat di situs Kitco.
charge dan insurance charge. Sementara pajak
Selain itu bisa dicek juga di situs Gold Price atau UBS
biasanya tidak ada (atau sudah include ke harga yang
Golduntuk melihat perkembangan harga terkini.
dibayar).
Pembayaran biasanya bisa dengan tunai, transfer,
English made
easy
IELTS IEL TS Preparation Class | Business English | General English
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SIGI
13
opportunIty
Yang jelas, selalu teliti sertifikat (berupa kertas kecil
Gold is a chemical element with the symbol
berhologram) dan kuitansi, lalu cocokkan dengan fisik
Au (from Latin: aurum, "shining dawn") and
emas yang dibeli. Umumnya ada kode seperti 9999
an atomic number of 79. It has been a highly
atau 24 karat, nomer seri dan berat logam dengan
sought-after precious metal for coinage, jewelry, and
cetakan tenggelam, dan logo pembuatnya. â–
other arts since the beginning of recorded history. The metal occurs as nuggets or grains in rocks, in veins and in alluvial deposits. Gold is dense, soft, shiny and the most malleable and ductile pure metal known.
14
SIGI
opportunIty Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Gold is one of the coinage metals and has served as a symbol of wealth and a store of value throughout history. Gold standards have provided a basis for monetary policies. It also has been linked to a variety of symbolisms and ideologies. A total of 161,000 tonnes of gold have been mined in human history, as of 2009. This is roughly equivalent to 5.175 billion troy ounces or, in terms of volume, about 8,333 cubic meters. Although primarily used as a store of value, gold has many modern industrial uses including dentistry and electronics. Gold has traditionally found use because of its good resistance to oxidative corrosion and excellent quality as a conductor of electricity. Chemically, gold is a transition metal and can form trivalent and univalent cations in solutions. Compared with other metals, pure gold is chemically least reactive, but it is attacked by aqua regia (a mixture of acids), forming chloroauric acid, but not by the individual acids, and by alkaline solutions of cyanide. Gold dissolves in mercury, forming amalgam alloys, but does not react with it. Gold is insoluble in nitric acid, which dissolves silver and base metals. This property is exploited in the gold refining technique known as "inquartation and parting". Nitric acid has long been used to confirm the presence of gold in items, and this is the origin of the colloquial term "acid test", referring to a gold standard test for genuine value. Gold is the most malleable and ductile of all metals; a single gram can be beaten into a sheet of 1 square meter, or an ounce into 300 square feet. Gold leaf can be beaten thin enough to become translucent. The
transmitted light appears greenish blue, because gold strongly reflects yellow and red. Such semi-transparent sheets also strongly reflect infrared light, making them useful as infrared (radiant heat) shields in visors of heat-resistant suits, and in sun-visors for spacesuits.
Monetary exchange Gold has been widely used throughout the world as a vehicle for monetary exchange, either by issuance and recognition of gold coins or other bare metal quantities, or through gold-convertible paper instruments by establishing gold standards in which the total value of issued money is represented in a store of gold reserves.
SIGI
15
opportunIty However, the amount of gold in the world is finite and production has not grown in relation to the world's economies. Today, gold mining output is declining. With the sharp growth of economies in the 20th century, and increasing foreign exchange, the world's gold reserves and their trading market have become a small fraction of all markets and fixed exchange rates of currencies to gold became unsustainable. At the beginning of World War I the warring nations moved to a fractional gold standard, inflating their currencies to finance the war effort. After World War II gold was replaced by a system of convertible currency following the Bretton Woods system. Gold standards and the direct convertibility of currencies to gold have been abandoned by world governments, being replaced by fiat currency in their stead. Switzerland was the last country to tie its currency to gold; it backed 40% of its value until the Swiss joined the International Monetary Fund in 1999. Pure gold is too soft for day-to-day monetary use and is typically hardened by alloying with copper, silver or other base metals. The gold content of alloys is measured in carats (k). Pure gold is designated as 24k. Gold coins intended for circulation from 1526 into the 1930s were typically a standard 22k alloy called crown gold, for hardness. Many holders of gold store it in form of bullion coins or bars as a hedge against inflation or other economic disruptions. However, some economists do not believe gold serves as a hedge against inflation or currency depreciation. The ISO 4217 currency code of gold is XAU. Modern bullion coins for investment or collector purposes do not require good mechanical wear proper-
16
SIGI
opportunIty ties; they are typically fine gold at 24k, although the
cranberry glass. In photography, gold toners are used
American Gold Eagle, the British gold sovereign, and
to shift the color of silver bromide black and white
the South African Krugerrand continue to be minted in
prints towards brown or blue tones, or to increase
22k metal in historical tradition. The special issue
their stability. Used on sepia-toned prints, gold toners
Canadian Gold Maple Leaf coin contains the highest
produce red tones. Kodak published formulas for sev-
purity gold of any bullion coin, at 99.999% or 0.99999,
eral types of gold toners, which use gold as the chlo-
while the popular issue Canadian Gold Maple Leaf coin
ride.
has a purity of 99.99%. Several other 99.99% pure gold coins are available. The Australian Gold Kangaroos
As gold is a good reflector of electromagnetic radiation
was first coined in 1986 as the Australian Gold Nugget.
such as infrared and visible light as well as radio
Its kangaroo theme appeared in 1989. In addition,
waves, it is used for the protective coatings on many
there are several coins of the Australian Lunar
artificial satellites, in infrared protective faceplates in
Calendar series, and the Austrian Philharmonic. In
thermal protection suits and astronauts' helmets and
2006, the United States Mint began production of the
in electronic warfare planes like the EA-6B Prowler.
American Buffalo gold bullion coin with a purity of 99.99%.
Gold is used as the reflective layer on some high-end CDs.
Industry Automobiles may use gold for heat dissipation. Gold solder is used for joining the components of gold
McLaren uses gold foil in the engine compartment of
jewelry by high-temperature hard soldering or brazing.
its F1 model.
If the work is to be of hallmarking quality, gold solder must match the carat weight of the work, and alloy
Gold can be manufactured so thin that it appears
formulas are manufactured in most industry-standard
transparent. It is used in some aircraft cockpit win-
carat weights to color match yellow and white gold.
dows for de-icing or anti-icing by passing electricity
Gold solder is usually made in at least three melting-
through it. The heat produced by the resistance of the
point ranges referred to as Easy, Medium and Hard. By
gold is enough to deter ice from forming.
using the hard, high-melting point solder first, followed by solders with progressively lower melting
Electronics
points, goldsmiths can assemble complex items with several separate soldered joints.
The concentration of free electrons in gold metal is
Gold can be made into thread and used in embroidery.
ty, and has been used for electrical wiring in some
5.90Ă—1022 cm−3. Gold is highly conductive to electriciGold is ductile and malleable, meaning it can be drawn
high-energy applications (silver is even more conduc-
into very thin wire and can be beaten into very thin
tive per volume, but gold has the advantage of corro-
sheets known as gold leaf. Gold produces a deep,
sion resistance). For example, gold electrical wires
intense red color when used as a coloring agent in
were used during some of the Manhattan Project's
SIGI
17
opportunIty atomic experiments, but large high current silver
Besides sliding electrical contacts, gold is also used
wires were used in the calutron isotope separator
in electrical contacts because of its resistance to cor-
magnets in the project.
rosion, electrical conductivity, ductility and lack of toxicity. Switch contacts are generally subjected to more
Though gold is attacked by free chlorine, its good con-
intense corrosion stress than are sliding contacts.
ductivity and general resistance to oxidation and cor-
Fine gold wires are used to connect semiconductor
rosion in other environments (including resistance to
devices to their packages through a process known as
non-chlorinated acids) has led to its widespread
wire bonding.
industrial use in the electronic era as a thin layer coating electrical connectors of all kinds, thereby ensuring good connection. For example, gold is used in the connectors of the more expensive electronics cables, such as
Gold has been known and used by artisans since the Chalcolithic. Gold artifacts in the Balkans appear from the 4th millennium BC, such as that found in the varna Necropolis. Gold artifacts such as the golden hats and the Nebra disk appeared in Central Europe from the 2nd millennium BC Bronze Age.
audio, video and USB cables. The benefit of using
Egyptian hieroglyphs from as early as 2600 BC describe gold, which king Tushratta of the Mitanni
gold over other
claimed was "more plentiful than dirt" in Egypt. Egypt
connector met-
and especially Nubia had the resources to make them
als such as tin in
major gold-producing areas for much of history. The
these applica-
earliest known map is known as the Turin Papyrus
tions is highly
Map and shows the plan of a gold mine in Nubia
debated. Gold
together with indications of the local geology. The
connectors are
primitive working methods are described by Strabo
often criticized
and included fire-setting. Large mines also were pres-
by audio-visual
ent across the Red Sea in what is now Saudi Arabia.
experts as unnecessary for most consumers and seen as simply a marketing ploy. However, the use of
The legend of the golden fleece may refer to the use of fleeces to trap gold dust from placer deposits in the ancient world. Gold is mentioned frequently in the Old
gold in other applications in electronic sliding contacts
Testament, starting with Genesis 2:11 (at Havilah) and
in highly humid or corrosive atmospheres, and in use
is included with the gifts of the magi in the first chap-
for contacts with a very high failure cost (certain com-
ters of Matthew New Testament. The Book of
puters, communications equipment, spacecraft, jet
Revelation 21:21 describes the city of New Jerusalem
aircraft engines) remains very common.
as having streets "made of pure gold, clear as crystal". The south-east corner of the Black Sea was
18
SIGI
opportunIty
famed for its gold. Exploitation is said to date from the
old world for its large amounts of gold. Mansa Musa,
time of Midas, and this gold was important in the
ruler of the empire (1312– 1337) became famous
establishment of what is probably the world's earliest
throughout the old world for his great hajj to Mecca in
coinage in Lydia around 610 BC. From the 6th or 5th
1324. When he passed through Cairo in July 1324, he
century BC, the Chu (state) circulated the Ying Yuan,
was reportedly accompanied by a camel train that
one kind of square gold coin.
included thousands of people and nearly a hundred camels. He gave away so much gold that it depressed
The Romans developed new methods for extracting
the price in Egypt for over a decade. A contemporary
gold on a large scale using hydraulic mining methods,
Arab historian remarked:
especially in Spain from 25 BC onwards and in Romania from 150 AD onwards. One of their largest
“ Gold was at a high price in Egypt until they came in
mines was at Las Medulas in LeĂł n (Spain), where
that year. The mithqal did not go below 25 dirhams and
seven long aqueducts enabled them to sluice most of
was generally above, but from that time its value fell
a large alluvial deposit. The mines at Ro ia Montan
and it cheapened in price and has remained cheap till
in Transylvania were also very large, and until very
now. The mithqal does not exceed 22 dirhams or less.
recently, still mined by opencast methods. They also
This has been the state of affairs for about twelve
exploited smaller deposits in Britain, such as placer
years until this day by reason of the large amount of
and hard-rock deposits at Dolaucothi. The various
gold which they brought into Egypt and spent there [...]
methods they used are well described by Pliny the Elder in his encyclopedia Naturalis Historia written
Like other precious metals, gold is measured by troy
towards the end of the first century AD.
weight and by grams. When it is alloyed with other metals the term carat or karat is used to indicate the
The Mali Empire in Africa was famed throughout the
amount of gold present, with 24 carats being pure gold
SIGI
19
opportunIty
and lower ratings proportionally less. The purity of a
weight of gold was given the name of a unit of curren-
gold bar or coin can also be expressed as a decimal
cy. For a long period, the United States government
figure ranging from 0 to 1, known as the millesimal
set the value of the US dollar so that one troy ounce
fineness, such as 0.995 being very pure.
was equal to $20.67 ($664.56/kg), but in 1934 the dollar was devalued to $35.00 per troy ounce
The price of gold is determined through trading in the
($1125.27/kg). By 1961, it was becoming hard to main-
gold and derivatives markets, but a procedure known
tain this price, and a pool of US and European banks
as the Gold Fixing in London, originating in September
agreed to manipulate the market to prevent further
1919, provides a daily benchmark price to the industry.
currency devaluation against increased gold demand.
The afternoon fixing was introduced in 1968 to provide a price when US markets are open.
Gold has been highly valued in many societies throughout the ages. In keeping with this it has often
Historically gold coinage was widely used as currency;
had a strongly positive symbolic meaning closely con-
When paper money was introduced, it typically was a
nected to the values held in the highest esteem in the
receipt redeemable for gold coin or bullion. In an eco-
society in question. Gold may symbolize power,
nomic system known as the gold standard, a certain
strength, wealth, warmth, happiness, love, hope, opti-
BAPPEBTI KEMENTERIAN PERDAGANGAN RPUBLIK INDONESIA
20
SIGI
Badan Pengawas Perdagangan Berjangka Kementerian Perdagangan Republika Indonesia
opportunIty mism, intelligence, justice, balance, perfection, summer, harvest and the sun.
instructed to cover the Mercy Seat of the Ark of the Covenant with pure gold. In Christian art the halos of Christ, Mary and the Christian saints are golden.
Great human achievements are frequently rewarded with gold, in the form of gold medals, golden trophies
Medieval kings were inaugurated under the signs of
and other decorations. Winners of athletic events and
sacred oil and a golden crown, the latter symbolizing
other graded competitions are usually awarded a gold
the eternal shining light of heaven and thus a
medal (e.g., the Olympic Games). Many awards such
Christian king's divinely inspired authority. Wedding
as the Nobel Prize are made from gold as well. Other
rings have long been made of gold. It is long lasting
award statues and prizes are depicted in gold or are
and unaffected by the passage of time and may aid in
gold plated (such as the Academy Awards, the Golden
the ring symbolism of eternal vows before god and/or
Globe Awards, the Emmy Awards, the Palme d'Or, and
the sun and moon and the perfection the marriage
the British Academy Film Awards).
signifies. In Orthodox Christianity, the wedded couple is adorned with a golden crown during the ceremony,
Aristotle in his ethics used gold symbolism when
an amalgamation of symbolic rites.
referring to what is now commonly known as the "golden mean". Similarly, gold is associated with per-
In popular culture gold holds many connotations but
fect or divine principles, such as in the case of Phi,
is most generally connected to terms such as good or
which is sometimes called the "golden ratio".
great, such as in the phrases: "has a heart of gold", "that's golden!", "golden moment", "then you're gold-
Gold represents great value. Respected people are
en!" and "golden boy". Gold also still holds its place
treated with the most valued rule, the "golden rule". A
as a symbol of wealth and through that, in many soci-
company may give its most valued customers "gold
eties, success. â–
cards" or make them "gold members". We value moments of peace and therefore we say: "silence is golden". In Greek mythology there was the "golden fleece". Gold is further associated with the wisdom of aging and fruition. The fiftieth wedding anniversary is golden. Our precious latter years are sometimes considered "golden years". The height of a civilization is referred to as a "golden age". In Christianity gold has sometimes been associated with the extremities of utmost evil and the greatest sanctity. In the Book of Exodus, the Golden Calf is a symbol of idolatry. In the Book of Genesis, Abraham was said to be rich in gold and silver, and Moses was
BAPPEBTI
Badan Pengawas Perdagangan Berjangka Kementerian Perdagangan Republika Indonesia
KEMENTERIAN PERDAGANGAN RPUBLIK INDONESIA
SIGI
21
MaCro
New Normal
i 22
SIGI
nvestasi apa yang paling menjanjikan untuk
butkan harga saham yang direpresentasikan
tahun ini? Apakah pengalaman membeli saham
dalam indeks akan cenderung turun jika
pada awal tahun 2009 yang kemudian meroket
dibandingkan lonjakan dahsyat tahun 2009,
naik sepanjang tahun tersebut akan berulang
tetapi penurunan tersebut sifatnya cukup lam-
kembali? Atau bersiap melakukan berbagai
bat, sehingga membuat investor masih memiliki
langkah antisipasi untuk menghadapi koreksi
cukup banyak waktu untuk mengatur strategi
demi koreksi yang tidak berkesudahan?
jual-beli demi tetap memperoleh keuntungan
Jawaban bagi keduanya adalah: Tidak.
secara nyata. Yang pasti, jangan terjebak
Memang cukup banyak pakar yang menye-
memang berjaya pada tahun lalu. Saat ini pilih-
dengan saham-saham berkwalitas rendah yang
MaCro
lah saham dari korporasi yang setidaknya memiliki
terhadap saham, obligasi dan komoditi, sebaiknya lebih
kredibilitas tinggi.
selektif. Artinya, menentukan pilihan investasi yang memiliki risiko paling minim. Untuk saham, obligasi
Pasar atau kondisi makroekonomi global saat ini
dan komoditi, yang harus dianalisa adalah kredibilitas
menurut kacamat Pacific Investment Management Co.
korporasi serta jenis komoditi. Pada kondisi yang
(Pimco) diistilahkan sebagai kondisi “ New Normal” .
kurang menentu seperti saat ini, pilihan obligasi –
Sebuah kondisi yang agaknya sulit ditebak, mem-
surat utang negara – adalah yang paling aman.
bingungkan, dalam persepsi dimana seluruh dunia
Sementara untuk saham, mengutamakan blue chips
baru saja sedikit pulih dari gempuran dahsyat krisis
adalah yang paling bijaksana. Sementara komoditi
finansial. Sebagaimana telah ditebak, proses pemu-
primer global, sebagaimana proyeksi banyak orang,
lihan tidak akan berjalan cukup cepat, terutama di
tahun ini akan cenderung meningkat harganya. ■
negara-negara industri maju. Terbukti dengan terseok-seoknya kawasan Uni Eropa. Mata uang Euro
What are the best investments for 2010?
yang melemah begitu signifikan adalah sekedar bukti
Should you buy the stocks and mutual funds
bahwa masih banyak masalah yang mendera dunia.
that did the best in 2009, in the hope that
Tetapi setidaknya, kondisi sudah lumayan stabil:
they will keep on climbing? Or should you sell in
“ New Normal” .
preparation for the inevitable correction? The answer to both questions is no. Many financial experts do
Dalam era “ New Normal” saat ini, pilihan investor
expect a stock market slowdown or correction in 2010,
SIGI
23
MaCro but it’ s unlikely that you will be able to time your
sumer demand will boost revenues. “ The average
selling and buying to take advantage of the market
age of cars on the road is 9 years. Pretty soon those
moves. Instead, build a balanced portfolio, and make
cars will need to be replaced,” he says.
sure you have exposure to high-quality growth stocks that have stable earnings, high dividends and low
Stocks
debt. Whatever you do, beware the temptation to look to 2009’ s winners — low-quality stocks and bonds —
Whether you’ re a full-fledged “ new normal”
as the best investments for 2010.
believer or not, U.S. blue chips are likely to offer exceptional opportunities in 2010. As MoneyWatch edi-
The market outlook with perhaps the most currency
tor-in-chief Eric Schurenberg recently pointed out,
right now is the “ new normal,” a term coined by
GMO chairman Jeremy Grantham calls high-quality
Pacific Investment Management Co. (Pimco). It calls
stocks with stable cash flows and low debt levels the
for weak global economic growth as the world
“ only free lunch” in the market now. You can buy a
deleverages and governments re-regulate. If the
mutual fund that specializes in such companies, such
model since the great bull market began in 1982
as the Jensen Portfolio (JENSX), or you can hedge
assumed falling interest rates, rising asset prices, and
your bet by owning a low-cost index fund such as The
nominal GDP growth of nearly 6 percent, Gross’ s
vanguard Total Stock Market Index Fund (vTSMX). As
“ new normal” anticipates U.S. GDP mired in the 1
the name implies, you capture the returns of the total
to 2 percent range and a sluggish stock market that
market, but since it’ s top-heavy with the largest,
reflects that slow growth. As a result, PIMCO is rec-
most-stable companies, you’ ll still benefit if they do
ommending investors cut their stock exposure from
indeed outperform.
the typical 60 percent to between 30 and 54 percent; half of that, he believes, should come from outside the
You can combine high-quality U.S. stocks and foreign
U.S. Mauro Guillen, a professor of international man-
exposure by owning U.S.-based multinationals that
agement at The Wharton School at the University of
generate much of their profits overseas. To do this,
Pennsylvania concurs. “ If you believe the stock mar-
you can take the index route, owning an ETF such as
ket tends to grow as much as GDP, right now the U.S.
the iShares S&P 100 Index (OEF). The Jensen Portfolio
market doesn’ t look too good for the next five to 10
offers similar exposure. Jensen co-manager Robert
years,” he says.
McIver has noticed a migration towards such stocks in his fund, due to a weaker dollar and changing corpo-
To be sure, there’ s always another side to the trade.
rate strategies. “ The percentage of our companies’
“ Some of what I hear about the ‘ new normal’
foreign revenues has grown from 33 percent two years
seems like utter nonsense,” says James Swanson,
ago to 50 percent today,” says McIver.
chief investment strategist of MFS Investment
24
Management, a mutual fund firm. He believes compa-
If the slow-growth thesis proves accurate, high-quality
nies are in a “ Never-Never Land sweet spot” with
dividend-paying stocks should do well in 2010, after
rising profits and low inflation, and that pent-up con-
lagging in 2009. “ One of the underappreciated les-
SIGI
MaCro
sons of equity investing is the value of compounded
Protected bonds, such as iShares Barclays TIPS Bond
income from dividends,” says Swanson. “ In the
ETF (TIP). To help your portfolio benefit from a falling
stock market, 50 percent of investors’
dollar, consider a foreign-bond ETF such as iShares
returns have
come from [compounded] dividends historically.” Two
S&P/Citi 1-3 Years International Treasury Bond ETF
ways to buy a basket of dividend-paying stocks:
(ISHG), which purchases foreign government bonds
vanguard Equity Income Fund (vEIPX), with a 2.52 per-
exclusively.
cent yield, and SPDR S&P Dividend ETF (SDY), with a 4.02 percent dividend yield.
Commodities
Bonds
Inflation may be low now, but if the global economy continues to strengthen in 2010, it’ s likely to start
Interest rates on U.S. government bonds are at historic
heading up. Since commodities tend to rise as the
lows, which suggests they have nowhere to go but up.
value of a buck falls, you may want to keep 5 to 10
As a result, bond investors should stick with high-
percent of your portfolio in commodities.
quality, short maturity bonds or funds that hold them.
MoneyWatch’ s primer on commodity investing can
They won’ t gain as much as long-term bonds if rates
help you do this wisely. Two ideas: the PowerShares
fall even farther, but they’ ll lose a lot less if rates
DB Commodity Index ETF (DBC) and the Credit Suisse
climb. Consider vanguard Short Term Bond Index
Commodity Return Strategy Fund (CRSOX). Both track
(vBISX), which owns a mix of government and corpo-
commodity futures indexes that reflect actual com-
rate bonds and has beaten 90 percent of its peers over
modity prices, rather than investing in stocks of com-
the past 15 years.
modity producers or distributors. Historically, commodity futures have been a better way to diversify,
If you prefer to own nothing but U.S. government
since movements in commodity stocks tend to be
bonds, buy an ETF that holds Treasury Inflation-
more correlated with the broad stock market.
■
SIGI
25
MarKetInG
Phone 021-4514151 www.frontiermarketingclub.com 26
SIGI
MarKetInG
Mengasah Radar Marketer elama tiga tahun terakhir ini, dalam setiap seminar di acara penghargaan Top Brand Award, saya memberikan contoh mengenai tren berbagai merek. Bagi marketer yang mereknya sedang tergelincir, haruslah waspada. Salah satu contoh yang sering saya sebutkan adalah pertarungan antara kecap ABC dan kecap Bango. Di tahun 2007, TBI dari kecap ABC dan kecap Bango adalah 49,1 persen dan 39,1 persen. Kemudian di tahun 2008, 48,5 persen dan 40,6 persen. Kemudian, di tahun 2009, TBI untuk kedua merek ini menjadi 47,9 persen dan 41,3 persen. Bagi saya, ini sudah merupakan sebuah sinyal waspada untuk kecap ABC. Nyatanya, di tahun 2010 ini, kecap Bango kemudian berhasil mengukuhkan diri di puncak Top Brand dengan indeks sebesar 47 persen, atau unggul dari kecap ABC yang memiliki indeks 39,8 persen. Berkali-kali saya juga mengingatkan akan posisi Khong Guan untuk kategori biskuit. Di tahun 2007, 2008, dan 2009, TBI untuk merek ini adalah 17,6 persen, 12,7
Phone 021-4514151 www.frontiermarketingclub.com
SIGI
27
MarKetInG
persen, dan 12,3 persen. Merek ini seharusnya memerlukan repositioning lebih radikal. Karena tidak terlihat banyak perubahan, maka di tahun 2010 ini, TBI untuk merek ini adalah 10,8 persen. Untuk kategori pembiayaan roda empat, ACC memang masih unggul di tahun 2008. Pada tahun 2009, keunggulan ACC mulai menipis yaitu TBI-nya turun dari 35,9 persen menjadi 33,3 persen. Akhirnya, tren kemudian terjadi dan kemudian posisinya menduduki tempat kedua, walau masih masuk dalam kategori Top Brand. Seharusnya, ACC lebih agresif. Beberapa posisi market leader yang tidak akan gampang di masa mendatang adalah Nu Green Tea yang dibayangi oleh Sosro Green Tea dari kategori minuman teh hijau, Extra Joss yang dibayangi oleh Kuku Bima, Diapet yang akan dibayangi oleh Entrostop, multivitamin Hemaviton yang akan dibayangi ketat oleh Enervon C,
Phone 021-4514151 www.frontiermarketingclub.com 28
SIGI
MarKetInG
Laurier akan ditempel ketat oleh Charm, Adidas akan dibayangi oleh Nike, Baygon ditempel oleh HIT, Garuda Indonesia terlihat mulai terbayangi oleh Lion. Para pemimpin dalam ekuitas merek ini, di tahun 2010 dan selanjutnya, haruslah meningkatkan kewaspadaan. Merek-merek seperti Frutang, vicks Formula 44, BNI Taplus, Cat Dulux, Kartu Kredit Citibank, dan Nokia, membutuhkan penyegaran, baik melalui inovasi produk baru maupun strategi posi-
tioning-nya. Merek-merek seperti Kopi ABC, Kacang Dua Kelinci, Bodrex, Pond’ s, Polytron, Tabungan Britama, Toyota Avanza, Shell Helix, Yamaha vixion, dan Prudential telah menunjukkan grafik yang baik. Strategi mereka di masa lalu dapat dikatakan sangat baik. Bila pesaing tidak melakukan perubahan, mereka akan dapat memperbaiki posisinya.
Phone 021-4514151 www.frontiermarketingclub.com
SIGI
29
MarKetInG
Akselerasi Perubahan Perubahan posisi merek yang jelas akan jauh lebih cepat dibandingkan dengan masa lalu. Bila Anda masuk dalam industri di mana teknologi memainkan peranan penting dalam menciptakan sebuah produk, atau teknologi digital sudah menjadi bagian dari komunikasi, maka kewaspadaan Anda sebagai marketer haruslah berlipat ganda. Kita melihat bagaimana Speedy hanya membutuhkan waktu kurang dari tiga tahun untuk menjadi Top Brand. Blackberry adalah merek ponsel yang banyak menjadi pembicaraan. Memang nilai TBI di tahun 2010 masih terlihat kecil. Maklum, survei ini dilakukan untuk responden yang mewakili populasi dari A hingga kelas sosial E. Demikian pula, karena jumlah ponsel di pasar Indonesia yang sudah mencapai lebih dari 150 juta, maka 1 juta Blackberry yang terjual masih terlihat kecil. Tetapi saya yakin, TBI Blackberry di tahun depan akan meloncat drastis. Semuanya ini menunjukkan bahwa perusahaan haruslah semakin meningkatkan kemampuan para marketernya untuk terus kreatif dan inovatif dalam menjaga maupun membangun ekuitas mereknya. Terdapat korelasi yang kuat antara perusahaan yang memiliki tim marketer yang andal dengan kekuatan dari merek-merek yang mereka tangani. Mereka piawai dalam memformulasikan strategi membangun mereknya. Mudah-mudahan, hasil survei yang dipublikasikan oleh Majalah Marketing ini memberi kontribusi bagi para marketer untuk menjadi brand strategist yang lebih andal.
Phone 021-4514151 www.frontiermarketingclub.com 30
SIGI
MarKetInG Perusahaan-perusahaan Indonesia membutuhkan lebih banyak marketer yang berperan sebagai strategic thinker. Inilah yang saya rasakan, gap yang terjadi di perusahaan. Cukup banyak tim marketing yang mampu menjalankan aktivitas dan program pemasaran, tetapi sungguh sedikit yang dapat berperan sebagai strategic thinker atau sebagai brand
strategist dalam konteks pembangunan ekuitas merek. Bagaimana Marketer dapat Menjadi Strategic Thinker dalam Mengembangkan Mereknya?
Pertama, seorang pemikir haruslah mempunyai input yang baik. Data dan informasi yang tersedia dari hasil survei ini dapat menjadi input yang baik. Semua data dan tren ini dapat menjadi stimulator yang baik bagi marketer untuk mulai berpikir. Kedua, seorang pemikir strategi yang baik haruslah memiliki volume yang besar dalam berpikir, atau intensitas yang tinggi untuk memikirkan sesuatu. Mereka terus bertanya, mengapa merek saya turun atau naik? apa penyebabnya? Strategi manakah yang sudah baik dan manakah yang salah? kesemuanya ini, membuat marketer terbiasa untuk berpikir semakin mendalam dan sekaligus memperluas horizon pemikiran.
Ketiga, marketer haruslah selalu ingin berpikir untuk mencari ide yang besar. Berpikir untuk mencari ide yang besar adalah sebuah proses yang dapat dilatih. Untuk mencari ide besar, marketer perlu memperhatikan tren, melakukan eksplorasi, dan berupaya untuk mengubah eksplorasi dengan strategistrategi yang radikal. Sekali lagi, saya berharap bahwa hasil survei TBI menjadi input dan stimulator yang efektif, sepadan dengan komitmen kami dalam melakukan riset ini secara periodik. â–
Handi Irawan D Chairman Frontier Consulting Group
Phone 021-4514151 www.frontiermarketingclub.com
SIGI
31
IntervIew
i
Megain Wijaya
ndonesia Adalah Raksasa Tidur Untuk Pasar Komoditi
32
SIGI
m
m
IntervIew egain Wijaya, pria muda kelahiran Surabaya
30
Desember
1981,
barangkali adalah salah seorang yang menyebut 24 jam untuk sehari adalah tidak cukup. Menjadi Direktur Utama PT Bursa Komoditi
dan Derivatif
Indonesia (BKDI) atau yang lebih akrab dengan sebutan Indonesia Commodity and Derivatives Exchange (ICDX) membuatnya begitu sibuk.
Mencuri waktu untuk wawancara langsung, jelas merupakan kesempatan yang cukup langka. Bukan saja karena kesibukannya, tetapi juga mobilitasnya yang begitu tinggi, sebentar di Jakarta kemudian sekejap keliling Indonesia, bahkan juga ke berbagai negara lain berkaitan dengan kesibukannya membangun ICDX. Megain Wijaya, a young entrepreneur born in Surabaya on the 30th of December 1981,
SIGI: Sibuk sekali nih?
is probably one person who says that 24 hours for a day is not enough. Being the President Director of
Megain Wijaya:
PT BURSA KOMODITI DAN DERIvATIv INDONESIA
Yaa ... baru saja pulang dari Singapore, untuk ketemu
(BKDI) or the Indonesian Commodity and Derivatives
rekanan-rekanan demi menyiapkan produk baru ICDX,
Exchange (ICDX) has turned him into a very busy
yaitu peluncuran CPO (crude palm oil). Aku harus kete-
person. Appropriating time for a direct interview is
mu Asian Agri, Golden Agri, dan banyak lagi… setelah
definitely a rare opportunity, not only because of his
Gold, memang ICDX akan meluncurkan CPO. Kenapa
agility but also due to his high mobility. He is some-
CPO? Karena sebenarnya Indonesia itu seharusnya
times in Jakarta but without notice, he could be
menjadi yang nomor satu di CPO, bukan saja sekedar
touring Indonesia and even going overseas with
produksinya, tetapi juga bagaimana membentuk harga
regard to developing the ICDX. Following are
CPO di pasar internasional.
excerpts of the interview:
SIGI:
SIGI:
Bukannya CPO sudah ditangani Bursa Berjangka
You seem to be very busy.
Jakarta (BBJ)? Megain Wijaya: Yes ... I just returned from Singapore to meet with
SIGI
33
IntervIew
Megain Wijaya:
colleagues in preparing a new product for ICDX, which is
Beda ...sangat berbeda. Nanti yang ditangani ICDX
CPO (crude palm oil). I have to meet with Asian AGRI,
adalah futures dari CPO, tentu saja dengan berba-
Golden AGRI, and many more corporations dealing with
gai macam transaksi yang mengikutinya. Kalau
CPO. After gold, ICDX will launch CPO. Why CPO?
BBJ punya fisik, maka ICDX punya futuresnya. Ini
Because actually, Indonesia should be the number one
jelas berbeda.
in CPO, not only in production, but also in creating and developing prices in the international markets.
SIGI: Kalau di negara lain, bursa berusaha merger,
SIGI:
tetapi di Indonesia malah muncul bursa baru?
Isn’ t the Jakarta Futures Exchange (JFX) already handling CPO?
Megain Wijaya:
34
Keputusan merger atau bergabung, itu kebijakan
Megain Wijaya:
atau strategi bisnis dari masing-masing perusa-
This is different … very different. ICDX will handle the
haan atau korporasi. Sementara munculnya dua
futures of the CPO, and of course with other related
SIGI
IntervIew transactions. JFX deals with the physical commodity of bursa yang bergerak di bidang komoditi di Indonesia,
CPO while ICDX deals with the futures. This is definitely
sebenarnya menurut saya sangat positif. Persaingan
different.
yang sehat akan menjadikan para kompetitor semakin profesional dan yang nantinya merasakan imbas posi-
SIGI:
tifnya adalah konsumen bahkan pasar.
In other countries, the exchange houses tend to merge, but in Indonesia, new exchange houses are established?
SIGI: Setelah Gold dan CPO, apa lagi yang akan dikem-
Megain Wijaya:
bangkan ICDX?
The decision to merge is a policy or business strategy of the respective corporations. Meanwhile, the establish-
Megain Wijaya:
ment of two commodity exchange houses in Indonesia in
Sebenarnya ada banyak keinginan dan cita-cita untuk
my opinion is a positive development. A sound competi-
mengembangkan berbagai macam produk lagi. Tetapi
tion will create professional competitors and those who
untuk sementara, ICDX fokus dulu ke Gold dan CPO,
will experience the impact are the consumers, and more
setelah produk-produk ini mapan dan perkembangannya
so the market.
sesuai dengan target, maka baru nanti ICDX berpikir untuk mengembangkan produk yang lain.
SIGI: After gold and CPO, what other products will ICDX fur-
SIGI:
ther develop?
Dalam SIGI edisi 9, secara kebetulan kami mengangkat topik, “ Get Gain From Gold” . Ada cerita sedikit
Megain Wijaya:
mengenai gold?
Actually there are many desires and aspirations to
Megain Wijaya:
ICDX will focus on gold and CPO, and after these prod-
ICDX masuk pasar dengan produk gold, sebab produk ini
ucts are well established and their developments are
telah begitu dikenal. Istilahnya, Gold adalah global fresh
within targets as planned, ICDX will then start to plan for
commodity. Emas itu sudah begitu populer dimana-
the development of other products.
develop various other products. But in the meantime,
mana, di seluruh dunia. Semua orang juga tahu apa itu emas dan potensi dari emas itu sendiri. Apalagi saat ini,
SIGI:
sebagaimana kita semua tahu, harga emas di pasar
In the 9th edition of SIGI, we incidentally raised an arti-
dunia begitu menawan, sangat menarik untuk ikut ber-
cle on “ Get Gain From Gold” . Do you have something
main dan mendapatkan keuntungan di sana. Memang
to say on gold?
tetap saja semua juga ada siklusnya, sekarang naik, lalu nanti suatu kali turun. Tetapi alasan ICDX memilih pro-
Megain Wijaya:
duk gold, lebih karena itu yang paling siap digarap oleh
ICDX entered the market with gold as its first product,
ICDX.
because this product is widely known to the public. Gold is a global fresh commodity. It is very popular every-
SIGI
35
IntervIew SIGI:
where around the world. Everyone knows what gold is at
Ada sedikit komentar mengenai bursa komoditi
the potential it has to offer. Especially at present, as we
yang agaknya kurang populer di Indonesia?
all know, the price of gold in the world market is so attractive, so appealing to join as a market player to gain
Megain Wijaya:
profits from there. But any commodity, however, has its
Menurut saya, ini lebih karena persepsi saja. Kalau
own cycle. It sometimes goes up, and later it declines.
di Indonesia, main saham itu sepertinya masyara-
But the reason why ICDX decided on gold was mainly
kat sudah biasa, karena memang hampir semua
because it was a commodity well prepared to be devel-
kalangan mampu bicara (sedikit-banyak) tentang
oped by ICDX.
saham, tentang perusahaan yang listing di bursa, tentang kejadian-kejadian terkait pergerakan
SIGI:
saham yang memang banyak diulas di media.
Could you comment on the commodity exchange, which
Padahal di luar negeri, bursa komoditi seringkali
is apparently not so popular in Indonesia?
lebih populer. Artinya, persoalannya adalah masalah persepsi masyarakat saja. Belum terbangun
Megain Wijaya:
pengetahuan yang jelas mengenai bursa
In my opinion, this is a question of perception. In
komoditi.
Indonesia, investing or playing in the stock market is not
SIGI:
everybody (more or less) is able to communicate regard-
something new to the community, because mostly Bagaimana mempopulerkan bursa komoditi di
ing shares, company listings in the stock exchange,
Indonesia, ada saran?
events related to stock movements, etc. that are apparently frequently discussed in the media. Meanwhile over-
Megain Wijaya:
seas, the commodities exchange is frequently more pop-
Itu tugas yang melibatkan banyak pihak.
ular. This means that the problem is only a question of
Membutuhkan waktu untuk memberikan informasi
community perception. The knowledge regarding com-
yang lebih lengkap dan lebih menarik kepada
modities exchange has not yet been fully developed.
masyarakat supaya melihat potensi positif di bursa komoditi. Potensi komoditi di Indonesia itu luar
SIGI:
biasa besar.
How would you promote or enhance the community’ s awareness regarding commodities exchange in
SIGI:
Indonesia? Any suggestions?
Apa maksud Anda? Megain Wijaya:
36
Megain Wijaya:
That is the duty and responsibility involving many individ-
Bayangkan saja, nama-nama bursa komoditi
uals and institutions. It takes time to provide information
terkenal, misalnya LIFFE, CBOT, CME. Di bursa
that is more complete and attractive to the community,
London (LIFFE) itu bisa memasarkan dan menjadi
so that they are able to better understand the positive
SIGI
IntervIew potentials of the commodities exchange, which is exceptionally high. SIGI: What do you mean? Megain Wijaya: Just imagine the names of the well-known commodities exchanges such as LIFFE, CBOT, and CME. The LIFFE in London can market and become a reference for world prices of various commodities such as cocoa. Meanwhile, the cacao plant from where the cocoa is produced originates from other countries, including Indonesia. Why is that possible? It is because of the strong foundations on which the exchanges were established. Producers referensi harga pasar dunia untuk komoditi coklat,
are in need of product management, and that is
padahal coklatnya berasal dari negara lain, termasuk
one of the reasons for the existence of the ICDX. In
dari Indonesia. Mengapa bisa begitu, karena underlying
doing so, it can support the many commodities
yang kuat dari bursa-bursa tersebut. Produsen itu need
Indonesia has to offer. Therefore, I have the confi-
produce management, dan ICDX berdiri untuk itu.
dence in stating that Indonesia is a sleeping giant
Dengan begitu banyak produk komoditi di Indonesia
in terms of commodity potential, such as sugar,
yang bisa diangkat, maka saya berani bilang, Indonesia
coffee, cacao, tin, coal, etc.
itu raksasa tidur dalam hal potensi komoditi. Banyak yang bisa digarap; gula, kopi, kakao, timah, batu bara.
SIGI: Does this mean that you are optimistic of the future
SIGI:
of ICDX?
Artinya, Anda cukup optimistis dengan masa depan ICDX?
Megain Wijaya: If I were not optimistic or confident that it can
Megain Wijaya:
develop, the ICDX would not have been established.
Kalau tidak optimistis atau percaya bahwa mampu ber-
The future is very favorable. I know for certain
kembang, tentu ICDX tidak akan berdiri. Gambaran ke
regarding the trend of gold transactions through
depan sangat bagus. Yang paling saya tahu, adalah trend
ICDX. The pattern of increase can definitely be seen
transaksi emas melalui ICDX ini. Pola peningkatan
as positive. ICDX is also confident that CPO will
sudah terlihat, itu artinya positif. ICDX juga yakin, pola
experience the same trend.
yang sama akan terjadi dengan CPO.
SIGI
37
IntervIew
38
Profil Megain Wijaya:
A Profile of Megain Wijaya
Saat pertama kali Megain Wijaya tampil memimpin
When Megain Wijaya first took control of ICDX, many
ICDX, banyak kalangan yang berpikir, posisi terse-
people were of the impression that his position was pos-
but diraih karena peran besar sang ayah Fenny
sible because of his father, Fenny Wijaya, who is the
Wijaya yang duduk sebagai Komisaris Utama ICDX.
President Commissioner of ICDX. Apparently, after
Ternyata, setelah lebih mengenalnya, Megain
becoming more acquainted with him, Megain Wijaya
Wijaya merupakan sosok yang kurang lebih benar-
turned out to be someone who is knowledgeable and
benar menguasai masalah bisnis. Lulus dari
really understands business. He graduated summa cum
Seattle University bidang Finance & Accounting
laude in Finance & Accounting from the Seattle
dengan predikat Summa Cum Laude. Dan
University, and before returning to Indonesia, he took the
sebelum kembali ke tanah air, sempat berkiprah
opportunity to hold an exclusive position in a Wealth
dengan jabatan yang lumayan bergengsi di sebuah
Management firm in the US.Â
SIGI
IntervIew
perusahaan yang bergerak di bidang Wealth Management di Amerika Serikat. Â
Dukungan Pemerintah: Meskipun cukup mengejutkan berbagai kalangan dengan berdirinya bursa baru, yaitu ICDX mendampingi Bursa Berjangka Jakarta (BBJ) atau Jakarta Futures Exchange (JFX), tetapi alasan yang paling logis adalah bahwa memberikan pilihan dua bursa kepada masyarakat adalah hal yang positif. Juga dengan menghadirkan dua bursa, maka akan terjadi kompetisi yang diharapkan menghasilkan persaingan yang sehat dan
Government Support Although various circles were overwhelmed by the establishment of ICDX as a new commodity exchange operating in conjunction with BBJ or the Jakarta Futures Exchange, the most logical justification was that by providing a choice or alternative of two exchanges to the community creates a positive condition. Also, the resultant competition is expected to be healthy and will compel the two exchanges to become more professional and become more responsive in seizing market poten-
SIGI
39
IntervIew
tial, for the sake of further developing the Indonesian memacu dua bursa tersebut semakin profesional
commodities market, an aspiration worthy of praise.
dan cepat tanggap meraih potensi pasar demi mengembangkan bursa komoditi di tanah air.
Deddy Saleh, Chairman of the BAPPEBTI, on many occa-
Sebuah harapan yang patut mendapat apresiasi.
sions said, “ Now, Indonesia has two future commodity exchanges, and this is thus the beginning of a large step
Deddy Saleh, Ketua Bappebti, pada banyak kesem-
40
in the history of the futures trading industry in
patan menyatakan: “ Kini di Indonesia ada dua
Indonesia” . His expectations are that the Indonesian
bursa berjangka komoditi. Dan ini adalah awal dari
primary commodities are able to become their own
sejarah besar perjalanan industri perdagangan
hosts in their own country of origin, and that the market
berjangka di Indonesia. Harapannya, komoditi pri-
and prices are created locally. Indonesia possesses a
mer unggulan Indonesia dapat menjadi tuan
large potential in commodity trading. Because we have
rumah di negerinya sendiri, pasar dan harga ter-
available several commodities that are traded in the
cipta di dalam negeri. Indonesia memiliki peluang
international markets, Indonesia can become a country
SIGI
IntervIew
besar dalam perdagangan komoditi. Karena kita memi-
of reference for a number of primary commodities
liki sejumlah komoditi yang diperdagangkan di pasar
such as CPO, cacao, coffee, and others. Take Brazil
internasional. Indonesia bisa menjadi negara acuan
for example. In this country, future contracts for
harga sejumlah komoditi primer, seperti CPO, kakao,
coffee are traded in lots of 800 kilograms per lot.
kopi dan lainnya. Kita ambil contoh brazil. di negara ini,
They have succeeded in trading millions of lots of
kontrak berjangka kopi diperdagangkan 1 lot dalam
Brazilian coffee per day. We should be able to fol-
hitungan kwintal, sekitar 800 kg. mereka berhasil,
low this example and work together to develop the
transaksi harian kopi Brazil kemudian mencapai jutaan
commodities exchange so that foreign investors can
lot. Kita seharusnya bisa melihat contoh ini, dan
purchase more of our products. If foreign investors
bersama-sama membangun bursa, sehingga investor
start to trade in our commodities, most certainly
asing juga bisa membeli produk kita. Kalau investor
those who traded only in financial futures will start
asing saja bertransaksi terhadap komoditi kita, pasti
to move to trading in commodity futures.
pelaku pasar yang tadinya hanya bertransaksi kontrak keuangan akan berpindah ke kontrak komoditi.
BKDI’ s or ICDX’ s initial target is to place Indonesia as a reference for the Asian commodity
SIGI
41
IntervIew Target awal BKDI akan menempatkan Indonesia sebagai referensi harga komoditi untuk pasar Asia. Kehadiran BKDI akan mendorong perusahaanperusahaan dalam negeri untuk bertransaksi di Bursa Berjangka dalam negeri. Pada awalnya BKDI fokus pada perdagangan komoditi emas dan CPO. Namun ke depan, BKDI akan mengembangkan komoditas perdagangannya ke dalam tiga kelompok besar komoditi primer. Pertama, kelompok soft agri yang terdiri dari produk CPO, kopi dan kakao; kedua, kelompok logam yaitu emas dan timah dan ketiga, kelompok energi yaitu batubara dan minyak mentah (crude oil). Pihak BKDI menyiapkan kemudahan dan perlindungan kepada anggota melalui kerjasama dengan PT Identrust Security International (ISI) yang merupakan Lembaga Kliring Berjangka. ISI menggunakan sistem Pre-Trade Margin yang didesain untuk memberikan kepastian dan keamanan tertinggi bagi pihak pembeli maupun penjual. ISI akan bertindak sebagai lembaga penjamin dan penyelesaian transaksi. Menteri Perdagangan (Mendag) Mari Elka Pangestu berharap kehadiran BKDI dapat lebih menggiatkan industri bursa berjangka di Indonesia. ” Adanya BKDI ini akan meningkatkan kinerja bursa berjangka di Indonesia,khususnya sebagai pelindung nilai bagi para pelaku pasar yang rentan terhadap gejolak harga komoditas. Dengan adanya BKDI dapat mendorong Indonesia menjadi basis referensi harga komoditas dunia. Saya meminta kepada BKDI memiliki komitmen tinggi untuk memperdagangkan kontrakkontrak berjangka komoditas primer Indonesia yang merupakan komoditas unggulan Indonesia di pasar. internasional” . ■
42
SIGI
IntervIew market. The presence of ICDX will support local corporations to trade in the local futures exchange. Initially, ICDX focused on gold and CPO. But in the future, it will develop the commodities into three major groups of primary commodities. The first group is the soft agri, consisting of CPO, coffee, and cacao; the second group (metals) will comprise of gold and tin; and third, the energy group will consist of coal and crude oil. ICDX has established and prepared facilities and safety precautions for its members in cooperation with PT IDENTRUST Security International (ISI), which is a Futures Clearing Institution. ISI utilizes a Pre-Trade Margin System designed to provide assurance and utmost security for buyers as well as sellers. ISI will act as the underwriter and transaction settlement institution. Minister of Trade MARI ELKA PANGESTU expects that the existence of ICDX will enhance the future trading industry in Indonesia. “ The presence of ICDX will improve the performance of the futures market in Indonesia, in particular to protect the values of market players who are vulnerable to sudden changes in commodity prices. The presence of ICDX is thus expected to also support Indonesia to become a reference base for world commodity prices. I ask that ICDX maintain a high commitment in the trade of future contracts of Indonesian primary commodities, which are also Indonesia’ s superior commodities in the international markets” .
■
SIGI
43
KnowledGe
OPTION psi, dalam dunia pasar modal, adalah suatu hak yang didasarkan pada suatu perjanjian untuk membeli atau menjual suatu komoditi, surat berharga keuangan, atau suatu mata uang asing pada suatu tingkat harga yang telah disetujui (ditetapkan di muka) pada setiap waktu dalam masa tiga bulan kontrak. Opsi dapat digunakan untuk meminimalisasi risiko dan sekaligus memaksimalkan keuntungan dengan daya ungkit (leverage) yang lebih besar.
Opsi beli: Opsi beli, atau yang lebih dikenal dengan istilah call option, adalah suatu hak untuk membeli sebuah asset pada harga kesepakatan (strike price) dan dalam jangka waktu tertentu yang disepakati— baik pada akhir masa jatuh tempo ataupun di antara tenggang waktu masa sebelum jatuh tempo. Pada opsi beli ini terdapat 2 pihak yang disebut :
●
Pembeli opsi beli atau biasa disebut call option buyer atau juga long call
●
Penjual opsi beli atau biasa juga disebut call option seller atau juga short call
BAPPEBTI KEMENTERIAN PERDAGANGAN RPUBLIK INDONESIA
44
SIGI
Badan Pengawas Perdagangan Berjangka Kementerian Perdagangan Republika Indonesia
KnowledGe
Opsi jual: Opsi jual, atau yang lebih dikenal dengan istilah put option, adalah suatu hak untuk menjual sebuah asset pada harga kesepakatan (strike price) dan dalam jangka waktu tertentu yang disepakati— baik pada akhir masa jatuh tempo ataupun diantara tenggang waktu masa sebelum jatuh tempo. Pada opsi jual ini juga terdapat 2 pihak yang disebut :
â—?
Pembeli opsi jual atau biasa disebut put option buyer atau juga long put
â—?
Penjual opsi beli atau biasa juga disebut put option seller atau juga short put
Instrumen ini disebut opsi oleh karena perjanjian ini memberikan "hak" kepada pemegang opsi untuk menentukan apakah akan melaksanakan atau tidak (atau biasa disebut exercise) opsi yang dipegangnya, yaitu hak membeli (pada opsi beli) atau hak menjual (pada opsi jual)dan pihak yang menjual opsi atau yang biasa disebut "penerbit opsi" "wajib" untuk memenuhi hak opsi dari pemegang opsi tersebut sesuai dengan ketentuan yang disepakati.
BAPPEBTI
Badan Pengawas Perdagangan Berjangka Kementerian Perdagangan Republika Indonesia
KEMENTERIAN PERDAGANGAN RPUBLIK INDONESIA
SIGI
45
KnowledGe
Nilai kontrak opsi Kontrak opsi adalah mempertemukan antara suatu perkiraan harga dari pihak penjual ( penerbit opsi) dan pihak pembeli (pemegang opsi). Pada opsi beli (call option): In-the-money = harga kesepakatan (strike price) kurang dari harga saham pada saat transaksi. At-the-money = harga kesepakatan sama dengan harga saham pada saat transaksi. Out-of-the-money = harga kesepakatan lebih besar dari harga saham pada saat transaksi. Pada opsi jual (put option): In-the-money = harga kesepakatan lebih besar dari harga saham pada saat transaksi At-the-money = harga kesepakatan sama dengan harga saham pada saat transaksi Out-of-the-money = harga kesepakatan (strike price) kurang dari harga saham pada saat transaksi Near-the-money yaitu istilah yang digunakan baik pada opsi beli maupun opsi jual, untuk suatu harga kesepakatan yang mendekati harga nyata (harga aset acuan). Nilai premium opsi adalah terdiri dari 2 macam nilai yaitu :
46
SIGI
KnowledGe Nilai intrisik : yang merupakan suatu nilai nyata dari premi sebuah opsi pada yang merupakan selisih antara harga kesepakatan dan harga aset acuan ( misalnya saham XXX harga saham pada saat ini adalah Rp. 1.000 dan harga kesepakatan (strike price) adalah Rp. 1.100,maka nilai intrisiknya adalah Rp. 100). Suatu opsi yang mempunyai nilai intrisik ini disebut in-the-money. Nilai intrisik pada opsi beli adalah harga saham dikurangi harga kesepakatan Nilai intrisik pada opsi jual adalah harga kesepakatan dikurangi harga saham Jika selisinya adalah negatif maka nilai intrisik dianggal nol ( dan ini disebut out-of-the-money) Nilai waktu atau time value yaitu harga yang bersedia dibayar oleh pembeli opsi dengan berdasarkan pada prediksi pembeli atas kemungkinan dari pergerakan harga aset acuan kearah yang menguntungkan pembeli opsi ( suatu nilai yang melebihi harga kesepakatan). Nilai waktu ini didapatkan dari pengurangan atas premi sebuah opsi dengan nilai intrisiknya. Nilai waktu ini berhubungan langsung dengan sisa waktu yang dimiliki oleh suatu opsi sebelum tanggal jatuh temponya.
Harga premi opsi Faktor harga premi dari suatu opsi dipengaruhi oleh berbagai faktor termasuk suplai dan permintaan pasar dimana opsi tersebut diperdagangkan sama seperti halnya harga saham. Sesuatu yang terjadi pada seluruh pasar investasi dan ekonomi global adalah merupakan dua faktor yang berpengaruh besar terhadap harga opsi. Instrumen yang digunakan sebagai acuan serta bagaimana tindak-tanduknya pada saat ini adalah merupakan faktor yang spesifik. Faktor gejolak harga juga merupakan suatu faktor yang penting dimana investor akan berusaha untuk memperkirakan pergerakan suatu opsi dalam in-the-money
SIGI
47
KnowledGe
Jenis opsi Pada dasarnya jenis opsi terdiri sebagai berikut : Opsi yang diperdagangkan di bursa atau biasa juga disebut listed options adalah merupakan suatu bentuk perdagangan derivatif. Opsi yang diperdagangkan di bursa ini memiliki suatu kontrak yang baku dan penyelesaiannya adalah melalui lembaga kliring dimana kepatuhan pelaksanaan kontrak dijamin oleh bursa. Oleh karena kontrak yang digunakan adalah baku maka harga yang akurat dari suatu opsi seringkali dapat diketahui.
48
SIGI
KnowledGe
yang terlibat tersebut. Pada umumnya, terdapat seku●
Opsi yang diperdagangkan di bursa ini meliputi:
rangnya satu pihak yang merupakan pemodal yang
●
Opsi saham
kuat.
●
Opsi komodit
Opsi yang seringkali diperdagangkan pada perdagan-
●
Opsi obligasi dan opsi suku bunga lainnya
gan diluar bursa (OTC) ini adalah:
●
Opsi indeks saham
●
Opsi suku bunga
●
Opsi kontrak berjangka
●
Opsi valuta asing
●
Opsi swap atau biasa disebut swaptions
●
Opsi saham karyawan (Employee stock options) yang
Over-the-counter, atau opsi OTC adalah opsi yang diperdagangkan antara dua pihak yanpa didaftarkan di
diterbitkan oleh perusahaan kepada karyawannya
bursa. Opsi OTC ini tidak terlarang dan bentuknya dis-
sebagai suatu kompensasi atau bonus.
esuaikan dengan kebutuhan bisnis antara dua pihak
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49
KnowledGe
Gaya opsi Dilihat dari cara pelaksanaan sebuah opsi maka terdapat empat gaya yang dikenal saat ini yaitu : ●
Opsi Eropa : yaitu suatu kontrak opsi yang hanya bisa di laksanakan pada hari terakhir saat tanggal jatuh tempo masa berlakunya opsi tersebut.
●
Opsi Amerika : yaitu suatu kontrak opsi yang bisa dilaksanakan kapan saja didalam masa berlakunya kontrak opsi.
●
Opsi Bermuda : yaitu suatu kontrak opsi yang dapat dilaksanakan pada saat tanggal jatuh tempo ataupun sebelum jatuh tempo. Ini merupakan kombinasi dari opsi Eropa dan opsi Amerika.
●
Opsi bersyarat atau biasa juga disebut barrier option yaitu suatu opsi yang mensyaratkan keharusan dicapainya suatu harga tertentu pada aset acuan sebelum pelaksanaan opsi dapat dilakukan. ■
50
SIGI
KnowledGe
In finance, an option is a contract between a
ment, such as a futures contract.
buyer and a seller that gives the buyer of the
The theoretical value of an option is evaluated accord-
option the right, but not the obligation, to buy
ing to several models. These models, which are devel-
or to sell a specified asset (underlying) on or before
oped by quantitative analysts, attempt to predict how
the option's expiration time, at an agreed price, the
the value of an option changes in response to chang-
strike price.
ing conditions. Hence, the risks associated with granti-
In return for granting the option, the seller collects a
ng, owning, or trading options may be quantified and
payment (the premium) from the buyer. Granting the
managed with a greater degree of precision, perhaps,
option is also referred to as "selling" or "writing" the
than with some other investments. Exchange-traded
option.
options form an important class of options which have
â—?
â—?
A call option gives the buyer of the option the right
standardized contract features and trade on public
but not the obligation to buy the underlying at the
exchanges, facilitating trading among independent
strike price.
parties. Over-the-counter options are traded between
A put option gives the buyer of the option the right
private parties, often well-capitalized institutions that
but not the obligation to sell the underlying at the
have negotiated separate trading and clearing
strike price.
arrangements with each other.
If the buyer chooses to exercise this right, the seller is
Another important class of options, particularly in the
obliged to sell or buy the asset at the agreed price.
U.S., are employee stock options, which are awarded
The buyer may choose not to exercise the right and let
by a company to their employees as a form of incentive
it expire. The underlying asset can be a piece of prop-
compensation. Other types of options exist in many
erty, a security (stock or bond), or a derivative instru-
financial contracts, for example real estate options are
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51
KnowledGe
often used to assemble large parcels of land, and prepayment options are usually included in mortgage loans. However, many of the valuation and risk management principles apply across all financial options.
Contract specifications Every financial option is a contract between the two counterparties with the terms of the option specified in a term sheet. Option contracts may be quite complicated; however, at minimum, they usually contain the following specifications: whether the option holder has the right to buy (a call option) or the right to sell (a put option) the quantity and class of the underlying asset(s) (e.g. 100 shares of XYZ Co. B stock) the strike price, also known as the exercise price, which is the price at which the underlying transaction will occur upon exercise the expiration date, or expiry, which is the last date the option can be exercised the settlement terms, for instance whether the writer must deliver the actual asset on exercise, or may simply tender the equivalent cash amount the terms by which the option is quoted in the market to convert the quoted price into the actual premium-– the total amount paid by the holder to the writer of the option.
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KnowledGe Types of options The primary types of financial options are: Exchange traded options (also called "listed options") are a class of exchange traded derivatives. Exchange traded options have standardized contracts, and are settled through a clearing house with fulfillment guaranteed by the credit of the exchange. Since the contracts are standardized, accurate pricing models are often available. Exchange traded options include: ●
stock options,
●
commodity options,
●
bond options and other interest rate options
●
stock market index options or, simply, index options and options on futures contracts
Over-the-counter options (OTC options, also called "dealer options") are traded between two private parties, and are not listed on an exchange. The terms of an OTC option are unrestricted and may be individually tailored to meet any business need. In general, at least one of the counterparties to an OTC option is a well-capitalized institution.
●
Option types commonly traded over the counter include:
●
interest rate options
●
currency cross rate options, and
●
options on swaps or swaptions.
●
Employee stock options are issued by a company to its employees as compensation.
The value of an option can be estimated using a variety of quantitative techniques based on the concept of risk neutral pricing and using stochastic calculus. The most
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53
KnowledGe basic model is the Black-Scholes model. More
bonds are convertible into common stock at the
sophisticated models are used to model the volatility
buyer's option, or may be called (bought back) at
smile. These models are implemented using a variety
specified prices at the issuer's option. Mortgage bor-
of numerical techniques. In general, standard option
rowers have long had the option to repay the loan
valuation models depend on the following factors:
early, which corresponds to a callable bond option.
The current market price of the underlying security,
In London, puts and "refusals" (calls) first became
the strike price of the option, particularly in relation to
well-known trading instruments in the 1690s during
the current market price of the underlier (in the
the reign of William and Mary.
money vs. out of the money),
Privileges were options sold over the counter in nine-
the cost of holding a position in the underlying securi-
teenth century America, with both puts and calls on
ty, including interest and dividends,
shares offered by specialized dealers. Their exercise
the time to expiration together with any restrictions on
price was fixed at a rounded-off market price on the
when exercise may occur, and
day or week that the option was bought, and the expiry
an estimate of the future volatility of the underlying
date was generally three months after purchase. They
security's price over the life of the option.
were not traded in secondary markets.
More advanced models can require additional factors,
Supposedly the first option buyer in the world was the
such as an estimate of how volatility changes over
ancient Greek mathematician and philosopher Thales.
time and for various underlying price levels, or the
On a certain occasion, it was predicted that the sea-
dynamics of stochastic interest rates.
son's olive harvest would be larger than usual, and
The following are some of the principal valuation tech-
during the off-season he acquired the right to use a
niques used in practice to evaluate option contracts.
number of olive presses the following spring. When spring came and the olive harvest was larger than
Historical uses of options
expected he exercised his options and then rented the
Contracts similar to options are believed to have been
'option'. ■
presses out at much higher price than he paid for his used since ancient times. In the real estate market, call options have long been used to assemble large parcels of land from separate owners, e.g. a developer pays for the right to buy several adjacent plots, but is not obligated to buy these plots and might not unless he can buy all the plots in the entire parcel. Film or theatrical producers often buy the right — but not the obligation — to dramatize a specific book or script. Lines of credit give the potential borrower the right — but not the obligation — to borrow within a specified time period. Many choices, or embedded options, have traditionally been included in bond contracts. For example many
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