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"Saat ini pasar valas berkembang dengan pesat. Pasar valas yang scbelumnya didominasi olch pasar interbank (interbank market), kini mcnjadi semakin ramai dengan berkcmbangnya pasar valas ritel. Hal ini ditandai oleh munculnya broker valas lokal mau pun internasional. Didukung oleh perkembangan teknologi informasi dan komunikasi, perdagangan galas menjadi semakin mudah dan cepat. Trader dapat dengan mudah bertransaksi melalui interact. PDA, telepon seluler, fax, dan media komunikasi Iainnya.Banyak broker menawarkan fasilitas khusus umiak menarik minat trader dan talon trader, mulai dari platform perdagangan yang cepat dan mudah dengan Iayanan yang kontinu (24 jam) sampai dengan biaya spread yang murah. Salah satu fasilitas yang menarik lainya adalah kapabilitas automatic trading system. Automatic Trading System adalah fasilitas yang niemungkinan trader memprogram strategi perdagangannya agar transaksi perdagangann dapat dilakukan secara otomatis tanpa atau setidak-tidaknya mengurangi campur tangan trader.Tujuan penulisan karya akhir ini adalah :- Memperkenalkan kemampuan automatic trading .system dalam melakukan perdagangan secara kontinu, akurat, dan konsislen.- MEmberikan guide line pembangunan automatic trading system- Memberikan contoh implemenlasi automatic trading system sederhana menggunakan indikalor moving average. hollinger hand, dan MACD beserta uji coba dan analisisnya.Berdasarkan basil uji coba dan analisis dapat disimpulkan bahwa automatic trading system dapat melakukan perdagangan secara kontinu, akurat, dan konsislen. Proses monitor berlangsung selama 24 jam sehari dan siriyal beli dan jual yang muncul tereksekusi dengan akurat secara real lime dan konsistcn.Pemilihan indikator yang digunakan dalam menerapkan strategi perdagangan sangat mempengaruhi tingkat proiitabilitas sistem. Strategi perdagangan yang kompleks cenderung mengungguli strategi perdagangan yang lebih sederhana. Hal ini terlihat pada basil uji coba di mana strategi perdagangan yang menggunakan indikator MACI) mengungguli strategi perdagangan yang menggunakan hollinger hand dan moving average dalam menghasilkan return investasi.

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Forex market is booming nowadays. Forex market, which was previously dominated by interbank market, has become more crowded with the booming of retail market. Forex trading is becoming easier and faster, supported by the development of information and communication technology. Traders can easily execute transaction using interne', P)11, fixed and mobile phone, fax, and other communication devices.

A lot of forex brokers offer special facilities to attract traders, ranging from easy and fast trading platform with 24 hours services to low cost spread. One of the interesting facilities is automatic trading system capability. The automatic trading system is a facility that allows traders to program their trading strategies in order to automate all their transactions or at least to reduce traders' intervention.

The purposes of this research are the following:

- To introduce automatic trading system capability in order to perform continuous, accurate, and consistent trading.

- To provide the guideline in the development process of automatic trading system.

- To provide examples of implementation of simple automatic trading systems using moving average, Hollinger hand, and MAC) technical indicators as well as its test.

Result and analysis.

Based on the test result and analysis, automatic trading system has the capability to perform continuous, accurate, and consistent trading. The monitoring process runs 24 hours a day and the trading signals are executed accurately and consistently in a real time manner. Technical indicator selection that is applied in trading strategies affects system profitability.

Complex trading strategies tends to be better than the simples ones. It is shown on the test result that trading strategy using MACD indicator provide better result than trading strategies using Bollinger band and moving average."

"Gadai merupakan salah satu hak jaminan yang memberikan kepada kreditur pelunasan yang mendahulu dari para kreditur lainnya. Gadai hanya diletakkan atas benda bergerak. Saham adalah benda bergerak dan oleh karenanya Saham dapat dijadikan jaminan oleh pemiliknya dalam suatu bentuk Gadai Sahara. Bukti kepemilikan Sahara diwujudkan dalam bentuk fisik berupa surat atau sertifikat Saham, yang disebut warkat, namun dalam perkembangannya bukti kepemilikan Saham ini diwujudkan bukan lagi hanya dalam bentuk warkat saja, melainkan sudah dalam bentuk data elektronik, yang diberlakukan dalam sistem Perdagangan Tanpa Warkat (scripless trading). Adanya sistem ini dengan sendirinya mengakibatkan prosedur dalam peletakan Gadai atas Saham mengalami perubahan. Menurut hukum perdata, penyerahan Saham yang digadaikan dilakukan dengan menyerahkan warkat Saham dalam penguasaan penerima Gadai, sedangkan dalam Perdagangan Tanpa Warkat penguasaan warkat secara fisik oleh penerima gadai bukanlah merupakan suatu keharusan. Salah satu cara yang dilakukan adalah dengan mengajukan permohonan pencatatan Gadai atas saham kepada KSEI dan selanjutnya pihak KSEI akan berperan sebagai pihak yang melakukan pencatatan atas Gadai Saham serta menerima penguasaan atas Saham yang dijadikan obyek Gadai tersebut, yaitu dengan cara memblokir Saham yang dijadikan jaminan sehingga tidak dapat ditarik atau dipindahbukukan selama dalam status Gadai. Landasan hukum terkait Gadai Saham ini adalah konsep penitipan kolektif yang termuat dalam bab VII bagian kedua UUPM dan peraturan PT Kustodian Sentral Efek Indonesia No. KEP-012/DIR/KSEI/0806 Tentang Jasa Kustodian Sentral, serta termuat pula dalam Surat Edaran PT Kustodian Sentral Indonesia No. KSEI-0101/DIR/0101 perihal Pencatatan Agunan Efek.

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Pledge of shares is one of the security rights, that gave the creditor priority in debt settlement among other creditors. Pledge is only charge on moveable object. Shares are moveable object; therefore shares can be used by its owner as security object, in form of Pledge of shares. Ownership of shares can be authenticated physically by a letter or certificate of shares, mention as "warkat". Nevertheless, this authenticity, in progress, not only shown by warkat, but also by the form of electronic data, that happened in Scripless Trading System. The presence of the Scripless Trading System has made pledge of shares some alteration. According to civil law, shares, as the object of pledge, must be transferred by giving the warkat in authority of the creditor (pledgee), but in Scripless Trading this mechanism is not a necessity. Pledge of shares in Scripless Trading System can be done, in on way, by making an application on recording of pledged shares to KSEI. KSEI, after receive the application, act as a party who record the pledged shares and also have the authority on the pledged shares (pledgee) by blocking it during the tenor of the pledge. The shares cannot be withdrawn or transferred during the tenor of the pledge. Pledge of shares in Scripless Trading System base on collective custodian concept as shown in Chapter VII part two Capital Market Act and regulated in PT Kustodian Sentral Efek Indonesia, Regulation Number KEP-012/DIRIKSEI/0805 regarding Central Custodian Services and in Circulate Letter of PT Kustodian Sentral Efek Indonesia Number KSEI 0101IDIR/0101 regarding Recording of Pledged Shares."

"The rapid development of information technology has been totally changed a conventional trading system. With convention trading system is meant that papers and signature are important substances and uses as authentic proven of a trading transaction, whilst in the case of electronic commerce is meant that documents and massages sent by electronic mail or website are used as legal basis as authentic proven of a trading transaction. Therefore, electronic information in the e-com became an important substance of legal ground of trading transaction. The Information and Electronic Transaction Law No. 11 year 2008 declares that electronic information and/or electronic document and/or the print-out of electronic information have become a valid avident for legal proven. The question is how to know technically that the documents of electronic information are proven as authentic document in the legal point of view. There are at least five eminent requisites for proving electronic document such as, authenticity, integrity, reliability, secrecy, and genuiness/originality of the electronic information."

"In this Digital Economics era, capital market interests not only to investor to acquire profit from stock buying/selling activity but also to go public company as a cheaper financial source for business development. The excellent price of stock, stability, and accessibility make capital market become more interesting. An improvement in future national economic condition affected the growth of capital market and to anticipate this growth stock exchange has prepared Remote Trading concept.

Remote Trading is a facility that enables broker to do stock transaction directly to the stock trading system. Stock exchange abroad has been successfully implemented this advance concept. As an addition, an integration of remote trading with the Internet/Electronic Commerce will generate an advantageous result.

However, the proposal of remote trading implementation in Indonesia that was initiated by the stock exchange has gave rise to pro-contra due to its advantage and drawback. In the mean time, the stock exchange has already prepared the feasibility study, investment, consultant, and even has pointed out the tender winner for remote trading development. The soft launching for remote trading itself was planned on June 2001. Because of point of view of brokers, who is also the stockholders, the implementation of remote trading was postponed indeterminately.

This seminar is a research proposal for remote trading system that started with literature study, discussion, data collection followed by analysis and concluded in recommendation for correct remote trading implementation strategy for Indonesian capital market."

"Urgensi dari hilirisasi komoditas tambang mineral khususnya nikel dimulai saat diundangkannya UU No. 4 Tahun 2009 tentang Pertambangan Mineral dan Batubara yang telah diubah terakhir dengan UU No. 11 Tahun 2020 tentang Cipta Kerja, yang memiliki misi untuk mendorong terjadinya peralihan pengelolaan mineral, yaitu dari hulu ke hilir. Akibatnya, Pemerintah mendorong adanya percepatan pembangunan smelter dalam memfasilitasi hilirisasi nikel. Namun, yang menjadi permasalahan yaitu pada praktik tata niaga nikel masih terdapat perusahaan smelter yang melakukan transaksi bijih nikel di bawah Harga Patokan Mineral (HPM) Logam akibat dari selisih perbedaan hitungan kadar nikel yang dilakukan oleh perusahaan surveyor. Permasalahan tersebut diduga muncul akibat dari penunjukan langsung satu perusahaan surveyor, PT Anindya Wiraputra Konsult (Anindya), untuk perusahaan-perusahaan smelter di Kawasan Indonesia Morowali Industrial Park (IMIP). Maka, penulis membahas fenomena tersebut dengan tujuan untuk memberi pengetahuan kepada masyarakat terhadap adanya potensi praktik diskriminasi yang dilarang oleh UU No. 5 Tahun 1999 tentang Larangan Praktek Monopoli dan Persaingan Usaha Tidak Sehat pada penunjukan Anindya sebagai surveyor untuk perusahaan-perusahaan smelter di IMIP. Dalam menganalisis kasus tersebut, penulis menggunakan penelitian deskriptif analitis dengan pendekatan kualitatif, di mana penulis menjabarkan kasus penunjukan Anindya sebagai surveyor, kemudian menganalisisnya berdasarkan ketentuan hukum persaingan usaha melalui unsur-unsur Pasal 19 huruf d UU No. 5 Tahun 1999, serta memberikan saran berupa rekomendasi agar dibuatnya pengaturan pedoman serta lembaga pengawasan pengadaan barang dan/atau jasa oleh perusahaan swasta. Hasil dari penelitian oleh penulis adalah terpenuhi dan terbukti adanya praktik diskriminasi sesuai Pasal 19 huruf d UU No. 5 Tahun 1999 terhadap penunjukan Anindya sebagai surveyor di kawasan IMIP.

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The urgency of downstream mineral mining commodities, especially nickel, began with the enactment of Law no. 4 of 2009 on Mineral and Coal Mining, which was last amended by Law no. 11 of 2020 on Job Creation, which has a mission to encourage a shift in mineral management, namely from upstream to downstream. As a result, the Government encourages the acceleration of smelter construction in facilitating nickel downstream. However, the problem is that in the practice of nickel trading, there are still smelter companies that carry out nickel ore transactions below the Metal Mineral Reference Price (HPM) due to differences in the calculation of nickel levels carried out by surveyor companies. The problem is suspected to have arisen because of the direct appointment of a surveyor company, PT Anindya Wiraputra Konsult (Anindya), for smelter companies in the Indonesian Morowali Industrial Park (IMIP). Therefore, the author discusses this phenomenon with the aim of providing knowledge to the public about the potential for discriminatory practices that are prohibited by Law no. 5 of 1999 concerning the Prohibition of Monopolistic Practices and Unfair Business Competition on the appointment of Anindya as a surveyor for smelter companies at IMIP. In analyzing the case, the author uses analytical descriptive research with a qualitative approach, in which the author describes the case of Anindya's appointment as a surveyor, then analyzes it based on the provisions of business competition law through the elements of Article 19 letter d of Law no. 5 of 1999, as well as providing suggestions in the form of recommendations for the establishment of guidelines and supervisory agencies for the procurement of goods and/or services by private companies. The results of the research by the author are fulfilled and proven there is discriminatory practices in accordance with Article 19 letter d of Law no. 5 of 1999 on the appointment of Anindya as a surveyor in the IMIP area."

"Tesis ini mengkaji kesesuaian Carbon Border Adjustment Mechanism (CBAM) Uni Eropa dengan aturan Organisasi Perdagangan Dunia (WTO), dengan fokus pada Perjanjian Technical Barriers to Trade (TBT). CBAM adalah kebijakan UE yang mengenakan biaya karbon pada impor untuk menyelaraskan dengan Sistem Perdagangan Emisi (ETS) dan mencegah kebocoran karbon. Penelitian ini menyelidiki apakah CBAM melanggar ketentuan WTO, khususnya mengenai non-diskriminasi dan menyeimbangkan perdagangan dengan kebijakan lingkungan. Studi ini menguraikan ambisi iklim UE dan penerapan ETS, menyoroti tantangan kebocoran karbon yang mungkin menyebabkan industri pindah ke wilayah dengan peraturan lingkungan yang lemah. CBAM bertujuan untuk mengenakan biaya karbon pada impor barang tertentu, memastikan kesetaraan dengan produk dalam negeri berdasarkan ETS.Analisis hukum berpusat pada tiga bidang Perjanjian TBT: non-diskriminasi terhadap barang impor (Pasal 2.1), perlunya pembatasan perdagangan (Pasal 2.2), dan penyelarasan dengan standar internasional (Pasal 2.4). Tesis ini berargumen bahwa meskipun CBAM berupaya mencegah kebocoran karbon dan mendorong perlindungan lingkungan, CBAM juga harus menghindari hambatan perdagangan yang tidak dapat dibenarkan. Penelitian ini juga mempertimbangkan perspektif mitra dagang UE, khususnya negara-negara berkembang, yang mungkin menganggap CBAM bersifat diskriminatif dan proteksionis. Potensi dampak terhadap perdagangan internasional dan tantangan kepatuhan bagi eksportir juga dibahas. Tesis ini menggarisbawahi perlunya menyeimbangkan tujuan lingkungan hidup dengan praktik perdagangan yang adil dan menyerukan kerja sama internasional untuk menyelaraskan mekanisme penetapan harga karbon.Sebagai kesimpulan, tesis ini merekomendasikan untuk memastikan CBAM selaras dengan peraturan WTO sekaligus berkontribusi secara efektif terhadap tujuan iklim global. Ia menganjurkan dialog dan negosiasi yang berkelanjutan untuk mengatasi kekhawatiran negara-negara yang terkena dampak dan mengembangkan sistem penetapan harga karbon global yang adil dan efektif. Penelitian ini berkontribusi pada wacana yang lebih luas tentang pengintegrasian kebijakan lingkungan dengan peraturan perdagangan internasional.

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This thesis examines the compatibility of the European Union's Carbon Border Adjustment Mechanism (CBAM) with World Trade Organization (WTO) rules, focusing on the Technical Barriers to Trade (TBT) Agreement. CBAM is an EU policy imposing carbon costs on imports to align with its Emissions Trading System (ETS) and prevent carbon leakage. The research investigates whether CBAM violates WTO provisions, particularly regarding non-discrimination and balancing trade with environmental policies. The study outlines the EU's climate ambitions and ETS implementation, highlighting carbon leakage challenges where industries might relocate to regions with lax environmental regulations. CBAM aims to impose carbon costs on imports of specific goods, ensuring parity with domestic products under ETS.

The legal analysis centers on three TBT Agreement areas: non-discrimination against imported goods (Article 2.1), the necessity of trade restrictions (Article 2.2), and alignment with international standards (Article 2.4). The thesis argues that while CBAM seeks to prevent carbon leakage and promote environmental protection, it must avoid creating unjustifiable trade barriers. The research also considers the perspectives of EU trading partners, especially developing countries, which may perceive CBAM as discriminatory and protectionist. The potential impacts on international trade and compliance challenges for exporters are discussed. The thesis underscores the need to balance environmental goals with fair trade practices and calls for international cooperation to harmonize carbon pricing mechanisms.

In conclusion, the thesis recommends ensuring CBAM aligns with WTO rules while effectively contributing to global climate goals. It advocates for ongoing dialogue and negotiation to address affected countries' concerns and develop a fair, effective global carbon pricing system. This research contributes to the broader discourse on integrating environmental policies with international trade regulations."