BROKERS’ PRINCIPALNESS ACTIVITIES ON THE INDONESIA STOCK EXCHANGE  

Oleh:

Purnama, Chandra

Jenis: Article from Journal - ilmiah nasional - terakreditasi DIKTI
Dalam koleksi: Jurnal Keuangan dan Perbankan: Journal of Finance dan Banking vol. 12 no. 1 (Jun. 2010), page 1-22.
Topik: Market Manipulation; Principal; Intermediary; Speculator; Pumpand- Dump

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ12.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

This paper attempts to reveal the principalness activities of securities companies (brokers) on the Indonesia Stock Exchange (IDX) for the entire period of 2007. The principalness activities are identified through revealing unusual trading patterns by brokers who act more as a principal rather than as an intermediary. Starting by scanning the transactions over the observation period to distinguish principal trades–a broker trades a stock for its own-behalf–from intermediary trades, where the broker trades for its client, this paper attempts to profile the brokers trading activities and separating brokers running principal activities from those running intermediary activities. Then, a table (matrix) is derived showing the values of principalness degree (PRIN) at broker-stock level. Using historical trade data for the entire 2007, this study shows that (1) unusual principal trading pattern exists in Indonesia Stock Exchange (IDX); (2) Indonesia Stock Exchange is a principal market, and (3) that more than half of these brokers trade as principals.

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