Fidessa Lines up for Chi-X Australia Launch and Multi-Market Trading

Fidessa group plc, provider of high-performance trading, investment management and information solutions for the world’s financial community, has announced September 13 that it has successfully passed the vendor certification testing with new Australian equity trading venue, Chi-X. Fidessa is now set to provide full support to the local and international trading community by providing them with intelligent access to the multiple trading platforms that will emerge in Australia later this year.

Fidessa recently signed a deal with the Australian Securities Exchange (ASX) to provide the software and technology infrastructure for ASX Best, a multi-market trading application that allows smart order routing between venues. ASX Best will enable participants to meet their best execution obligations in the new multi-market trading environment by enabling the routing of orders to all lit and dark trading venues. The international trading community wanting to access Australia will also benefit from this development.

Fidessa’s global trading community consists of more than 27,000 users across 950 buy-side and sell-side firms to whom it supplies a selection of powerful trading, market data and analysis systems that range from simple direct market access workstations through to smart workflow, algorithmic trading engines, and internal matching solutions. These products and services are based upon providing a simple, consolidated view of liquidity spread across multiple venues and allow firms to harmonize their order management and trading workflow within the more complicated market structures that now exist.

“We are pleased that Fidessa is working so closely with our trading participants as Australia opens equities trading to new entrants,” commented Jason Keady, Director Markets & Operations, Chi-X Australia. “Chi-X has collaborated successfully with Fidessa through our ventures around the world and we look forward to enjoying a similarly supportive and committed relationship with the firm in Australia.”

Fidessa delivers its solutions in the US, Canada, Europe, Asia and Japan and has incorporated smart multi-market workflow in many of these markets as they have adopted new regulatory structures. The company is now set to bring this experience to the Australian marketplace. “Fidessa is now widely recognised as one of the leading suppliers of trading technology across these regions,” said Steve Grob, Director of Group Strategy for Fidessa. “And we are now able to bring this experience to Australia and build on the relationships with domestic firms that we have established in recent years. We are encouraged by the contracts that we have already won as market participants rethink their technology in light of the impending market structure changes. Chi-X Global has become a trusted partner of Fidessa around the world and we look forward to working closely with its Australian team.”

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AKSes untuk Kenyamanan Investasi di Pasar Modal

Malang, 25 September 2013 - Hari ini (25/9), PT Kustodian Sentral Efek Indonesia (KSEI) menyelenggarakan rangkaian kegiatan sosialisasi di kota Malang. Rangkaian kegiatan sosialisasi ini dimulai gathering bersama media di kota Malang dan ditutup dengan edukasi mengenai pasar modal di Universitas Muhammadiyah Malang. Fokus kegiatan sosialisasi ini adalah untuk memperkenalkan kembali sarana yang disediakan KSEI bagi investor pasar modal untuk memantau aktifitas investasinya secara mandiri yaitu fasilitas AKSes (Acuan Kepemilikan Sekuritas). Kepala Divisi Penelitian dan Pengembangan Usaha KSEI, Syafruddin, menekankan pentingnya penggunaan AKSes oleh investor pasar modal Indonesia. "Sebagai sarana transparansi informasi dan perlindungan investor, AKSes telah diimplementasikan oleh KSEI sejak tahun 2009. Kesadaran dan peran investor untuk secara aktif melakukan monitoring aktivitas investasinya di pasar modal dengan menggunakan fasilitas AKSes adalah sangat penting. Dengan monitoring secara aktif dan mandiri oleh investor, kita berharap terjadinya penyalahgunaan aset investasi milik investor oleh pihak yang tidak bertanggung jawab dapat ditekan. Secara industri, kita juga berharap pasar modal kita menjadi lebih bergairah dan menarik bagi investor lokal, karena semua aktivitas menjadi transparan sehingga investor dapat merasa lebih nyaman berinvestasi di pasar modal". Demikian disampaikan Syafruddin dalam pemaparannya saat workshop wartawan. Syafruddin menyayangkan fakta bahwa hingga saat ini masih banyak investor yang belum sadar pentingnya fasilitas AKSes. "Baru sebagian kecil investor, yaitu sekitar 13% saja yang sudah memanfaatkan fasilitas AKSes. Dalam berbagai kesempatan, banyak investor belum tergerak untuk memanfaatkan fasilitas AKSes karena merasa sudah sepenuhnya percaya dengan broker atau Perusahaan Sekuritas tempatnya menjadi nasabah. Tentunya ini sangat mengkhawatirkan, karena kita tidak menginginkan terjadi lagi kasus-kasus penyalahgunaan aset investasi nasabah seperti yang pernah terjadi di masa lalu. Kita juga tidak ingin investor kita baru menyadari manfaat fasilitas AKSes ini ketika sudah terlanjur mengalami kerugian karena ulah oknum yang tidak bertanggungjawab", paparnya. Berdasarkan data per tanggal 23 September 2013, dari 302.964 total jumlah investor pasar modal Indonesia, baru 39.693 yang memanfaatkan fasilitas AKSes. Melihat jumlah yang masih jauh dari harapan tersebut, tentunya KSEI akan terus berupaya dan tidak henti menghimbau kepada investor untuk login, salah satunya melalui sosialisasi. Selain dilaksanakan di Malang, KSEI melaksanakan rangkaian sosialisasi serupa di Surabaya, Pekanbaru, Semarang, Makassar dan YogYakarta. Upaya untuk meningkatkan jumlah investor yang melakukan login ke AKSes juga dilakukan dengan terus melakukan pengembangan aplikasinya. Zylvia Thirda, Kepala Unit Komunikasi Perusahaan KSEI menjelaskan hingga saat ini telah dilakukan berbagai pengembangan Kartu AKSes oleh KSEI. Selain pengembangan aplikasi AKSes Mobile yang tersedia untuk berbagai perangkat smart devices keluaran RIM-Blackberry, Android dan Apple. Berbagai fitur informasi tambahan seperti status transaksi yang dilakukan di Bursa Efek Indonesia dan perhitungan penyelesaian hak dan kewajiban transaksi juga dapat dilihat melalui fasilitas AKSes. Demikian juga dalam kaitan dengan penerapaan ketentuan mengenai pembukaan Rekening Dana Nasabah (RDN), investor secara mudah dapat memonitor keberadaan dana miliknya yang tersimpan dalam RDN Selain bertemu dengan media dan sosialisasi di kampus, KSEI juga menyelenggarakan kegiatan sosialisasi bagi Perusahaan Efek yang berdomisili di Malang. Dalam sosialisasi ini disampaikan pengembangan terkini layanan jasa KSEI yakni penyediaan modul pembukaan Sub Rekening Efek atau Dana dan pembuatan Single Investor Identification (SID) yang terintegrasi proses pembuatan SID dapat dipersingkat agar investor pasar modal dapat lebih cepat melakukan transaksi di pasar modal.(KSEI)

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PENTINGNYA PEMBENAHAN BASIS DATA NASABAH

Jakarta, 21 Januari 2014 - Sesuai dengan Undang-undang Nomor 8 Tahun 1995 Tentang Pasar Modal, sebagai Lembaga Penyimpanan dan Penyelesaian (LPP), PT Kustodian Sentral Efek Indonesia (KSEI) didirikan dengan tujuan untuk menyediakan jasa Kustodian sentral dan penyelesaian transaksi yang teratur, wajar, dan efisien. Terkait hal tersebut, KSEI mengadakan kegiatan sosialisasi dengan tema Layanan Jasa Baru KSEI yang di tujukan bagi Perusahaan Efek (PE) dan Bank Kustodian (BK) bertempat di Ballroom Pacific Place. Sosialisasi ini merupakan tindak lanjut atas kegiatan Forum Group Discussion tentang Unclaimed Assets, telah diterbitkannya Peraturan KSEI Nomor V-D tentang Instruksi Pemindahbukuan Efek Tanpa Pembayaran (Free Of Payment) dan telah diimplementasikannya modul Static Data Investor pada akhir tahun 2013. Acara dibuka oleh sambutan Margeret M. Tang selaku Direktur KSEI. Dalam sambutannya disampaikan bahwa sosialisasi ini bertujuan agar PE dan BK bisa mendapatkan informasi terbaru mengenai layanan jasa KSEI, terutama mengenai penanganan Unclaimed Assets yang hingga kini masih tercatat di KSEI. Unclaimed Assets adalah adanya aset nasabah PE dan BK yang tidak terurus karena nasabah tidak bisa dihubungi lagi atau Emitennya sudah delisting dan tidak ada pihak yang mewakili Emiten. "Penanganan Unclaimed Assets terutama untuk nasabah yang tidak bisa dihubungi lagi harus segera dibuatkan solusinya, akan diperlakukan bagaimana asset tersebut kedepannya sehingga jelas statusnya. Terkait dengan pengkinian data nasabah, sudah tentu hal ini menjadi perhatian bersama demi untuk menciptakan pasar modal yang lebih teratur, wajar dan efisien" demikian disampaikan Margeret. Penjelasan lebih lanjut mengenai Unclaimed Asset disampaikan oleh Gusrinaldi Akhyar selaku Kepala Divisi Jasa Kustodian KSEI. Berdasarkan catatan di KSEI per 12 November 2013 terdapat dana nasabah yang tidak bisa dihubungi sebesar lebih kurang Rp 62 Miliar dari Sub Rekening Efek yang memiliki Single Investor Identification (SID) namun tidak memiliki Rekening Dana Nasabah (RDN) dan sebesar lebih kurang Rp 34 Miliar dari Sub Rekening Efek yang tidak memiliki SID. Untuk data Emiten yang delisting dan perubahan tidak jelas/tidak dapat dihubungi terdapat 38 Efek yang melibatkan sekitar 13.000 Sub Rekening Efek. Untuk Dana hal ini akan berdampak dana tidak dapat dipergunakan dan adanya beban administratif bagi pihak-pihak terkait, sedangkan untuk Efek akan berdampak Efek tidak dapat ditransaksikan dan tidak bisa dikonversikan ke dalam bentuk warkat. Pada kesempatannya Gusrinaldi menyampaikan, "Untuk menangani Unclaimed Assets diperlukan adanya solusi jangka panjang dan jangka pendek yang akan diambil melalui langkah-langkah yang akan ditetapkan bersama Otoritas Jasa Keuangan (OJK), salah satunya akan dibuat working group terlebih dulu untuk membahas hal ini. Kami akan melakukan inventarisasi perkiraan aset, membuat analisa dan mengali informasi melalui penyebaran kuesioner kepada PE dan BK yang akan kami gunakan sebagai acuan pembuatan solusi penanganan Unclaimed Assets". Pembahasan mengenai penggunaan instruksi penyelesaian Free Of Payment (FOP) format baru disampaikan oleh Dharma Setyadi selaku pejabat sementara Kepala Divisi Penyelesaian dan Pengawasan KSEI. Dharma menyampaikan bahwa sejak tahun 2010 hingga saat ini alasan apa yang menyebabkan PE dan BK menggunakan transaksi FOP tidak terkontrol dengan teratur. "Kami akan menyempurnakan lagi sistem untuk FOP ini sehingga dapat diketahui dengan jelas alasan PE dan BK menggunakan instruksi FOP, hal ini dilakukan agar transaksi FOP dapat lebih teratur dan terkontrol dengan baik penggunaannya" ungkapnya. Latar belakang dan tujuan penyempuranaan instruksi FOP ini sesuai dengan prinsip untuk keterbukaan informasi atas underlying transaction sesuai dengan Peraturan KSEI nomor V-D. Hal ini juga telah mendapat persetujuan dari OJK yang dituangkan melalui surat nomor S-487/PM.2/2013 yang diterbitkan tanggal 11 Desember 2013 tentang instruksi Fee Of Payment (FOP) format baru. Dijelaskan lebih lanjut oleh Dharma, khusus untuk Perusahaan Efek akan ada nomor referensi konfirmasi transaksi atau trading reference yang harus diisi dengan format khusus apabila akan digunakan untuk kepentingan transaksi bursa sehingga transaksi bursa yang dilakukan dapat lebih transparan. "Akan ada 16 digit nomor trading reference dimana 2 digit pertama adalah merupakan kode dari PE" tambah Dharma. Selanjutnya agenda mengenai pengkinian data nasabah atau modul Static Data Investor (SDI) yang telah terimplementasi di C-BEST sejak tanggal 27 Desember 2013 dijelaskan oleh Dian Kurniasarie selaku pejabat sementara Kepala Divisi Penelitian dan Pengembangan Usaha KSEI. Penerapan modul ini dilengkapi dengan pengembangan sistem back office Perusahaan Efek yang diharapkan aktivitas pengelolaan rekening seperti pembukaan Sub Rekening Efek, pengkinian data nasabah, pembekuan rekening dan penutupan rekening akan lebih efisien. Ketentuan ini tertera dalam Peraturan OJK (d/h Bapepam-LK) No.V.D.10 tentang prinsip mengenal nasabah dan Peraturan OJK (d/h Bapepam-LK) No.V.D.3 tentang Pengendalian Internal Perusahaan Efek yang melakukan kegiatan usaha sebagai Perantara Pedagang Efek (butir 7.b.2). Dian berharap pengkinian data menggunakan modul SDI sudah dapat diberlakukan secara konsisten oleh PE dan BK pada 2 April 2014. "PE dan BK dapat menggunakan fungsi modify investor atau dengan upload static data untuk melengkapi dan melakukan pengkinian data nasabah yang telah ada di C-BEST" paparnya. Lebih lanjut Dian mengatakan bahwa pembenahan serta pengkinian data nasabah dengan modul SDI adalah hal yang sangat vital dan merupakan penunjang bagi pengembangan infrastruktur pasar modal yang merupakan proyek bersama OJK serta SRO melalui penerapan Straight Through Processing di pasar modal Indonesia. Sosialisasi ditutup oleh Direktur Utama KSEI, Heri Sunaryadi, yang menyampaikan bahwa penanganan unclaimed assets, penyempurnaan instruksi FOP dan pengkinian data nasabah yang dilakukan KSEI tidak lain bertujuan agar kegiatan dipasar modal dapat berjalan secara teratur, wajar dan efisien sehingga investor dapat dengan nyaman berinvestasi di pasar modal.(KSEI)

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Cikal Bakal Pembentukan Database Investor Pasar Modal

Jakarta, 10 Februari 2014 - Memasuki awal tahun 2014, PT Kustodian Sentral Efek Indonesia (KSEI) telah bersiap melakukan serangkaian pengembangan, baik secara internal maupun pengembangan terkait infrastruktur pasar modal Indonesia. Sebelumnya, pada 27 Desember 2013, KSEI telah mengimplementasikan salah satu tahapan pengembangan yang sangat penting yakni modul Static Data Investor (SDI). "Mengapa pengembangan ini kami anggap sangat penting? Karena implementasi modul SDI menjadi titik tolak pembentukan database investor pasar modal Indonesia, termasuk juga pengkinian datanya," Demikian diungkapkan Heri Sunaryadi saat ditemui pada kegiatan diskusi bersama wartawan pasar modal Indonesia di kantor KSEI (10/2). Melalui modul SDI, Pemegang Rekening KSEI, yakni Perusahaan Efek dan Bank Kustodian, dapat memperbaharui sendiri data nasabahnya apabila ada perubahan. Heri menegaskan, proses ini sangat penting dan membutuhkan kerja sama dari Pemegang Rekening KSEI. Dengan data yang senantiasa terkini dan valid maka dapat dibangun database investor pasar modal yang secara lengkap dapat memberikan informasi demografi: jenis kelamin, wilayah, pekerjaan, dan informasi lainnya. Pengelolaan data investor yang semakin baik tersebut tentunya akan menyempurnakan implementasi Identitas Tunggal Pemodal (Single Investor Identification/SID) di pasar modal Indonesia, serta sejalan dengan proyek pengembangan data warehouse pasar modal Indonesia. Ke depannya, database investor tersebut lebih jauh dapat dijadikan sebagai acuan bagi pengembangan pasar modal ataupun kebijakan yang berhubungan dengan investor. Sesuai dengan ketentuan yang tertera dalam Peraturan Otoritas Jasa Keuangan (d/h Bapepam-LK) No.V.D.10 tentang prinsip mengenal nasabah, regulator pasar modal Indonesia menginginkan bahwa para pelaku di industri pasar modal dapat melindungi investornya melalui prinsip Know Your Client (KYC). Implementasi modul SDI merupakan salah satu komitmen KSEI dalam membantu Pemegang Rekening agar dapat memenuhi ketentuan dalam peraturan tersebut dengan lebih mudah dan efisien. Selain pengembangan di sistem C-BEST, KSEI juga membantu pengembangan sistem back office milik Pemegang Rekening KSEI, sehingga proses pencatatan data nasabah saat pembukaan rekening Efek serta pengkinian datanya dapat diintegrasikan dengan modul SDI Terkait perlindungan kepada imvestor, pada tahun 2014 ini KSEI juga masih menaruh perhatian besar pada pengembangan Fasilitas AKSes (Acuan Kepemilikan Sekuritas). Sejak diimplementasikan sekitar 4 tahun yang lalu, fasilitas ini memang mengalami beberapa pengembangan yang cukup signifikan. Hal tersebut diakui oleh Heri. "Pengembangan Fasilitas AKSes ini terus kami lakukan secara berkesinambungan, karena KSEI ingin memberikan akses semudah mungkin agar investor dapat memantau portofolio Efek dan dananya melalui Fasilitas AKSes. Namun kalau kita perhatikan walau fasilitas ini sebenarnya cukup ideal dan sudah disediakan secara gratis ternyata penggunanya baru sekitar 13%?. Ini tentunya juga menjadi perhatian khusus KSEI," lanjut Heri. Berdasarkan survei yang dilakukan KSEI pada kuartal IV tahun lalu, ditemukan bahwa kendala terkait Fasilitas AKSes, antara lain cara penggunaannya yang dinilai terlalu rumit. Untuk itu, di tahun 2014 KSEI tengah memulai penjajakan co-branding Fasilitas AKSes dengan Anjungan Tunai Mandiri (ATM) bank. Pada tahap awal, penjajakan dilakukan dengan salah satu bank yang saat ini telah bekerjasama dengan KSEI sebagai Bank Pembayaran. "Latar belakang dari ide co-branding ini adalah karena hampir semua orang telah memiliki ATM dan biasanya penggunaan ATM dilakukan secara berkala untuk melakukan transaksi perbankan. Nomor PIN ATM pun biasanya orang akan ingat di luar kepala. Jadi, idenya adalah investor dapat login ke Fasilitas AKSes sambil melakukan aktivitas lain terkait dengan menggunakan fasiltas yang telah umum digunakan di perbankan. Apabila nanti pengembangan ini diimplementasikan, investor semakin mudah memantau portofolio Efek dan dananya," ungkap Heri. Hasil survei Fasilitas AKSes tersebut juga digunakan KSEI sebagai acuan pelaksanaan kegiatan sosialisasi dan edukasi Fasilitas AKSes. Tahun ini salah satu strategi komunikasi yang akan dilakukan adalah melalui kerja sama dengan Perusahaan Efek, karena sekitar 70% investor yang disurvei mengetahui informasi tentang Fasilitas AKSes dari Perusahaan Efeknya. Sosialisasi dan edukasi Fasilitas AKSes pun masih menjadi agenda rutin KSEI karena membantu penyampaian informasi mengenai manfaat Fasilitas AKSes kepada investor. Pada kesempatan tersebut, Heri juga mengemukakan beberapa pengembangan lain yang menjadi fokus KSEI di tahun 2014, salah satunya pengembangan sistem utama KSEI yakni C-BEST Next Generation (Next-G). Tahun ini, pengembangan C-BEST Next-G telah mencapai tahap pemilihan vendor pengembang dan desain studi. Pengembangan C-BEST Next-G ditargetkan telah selesai pada tahun 2015. PT Kustodian Sentral Efek Indonesia

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Indonesia’s stock market more attractive than global

Indonesia’s stock market more attractive than global:

“Investors consider Indonesia`s stock market to be more attractive than the global bourses so that the Jakarta joint share price index continues to go up which indicates continued stock buying activity.”

Jakarta – Worries about worsening global economic conditions were having a negative impacts on the New York and regional stock markets but the price index of the Indonesian Stock Exchange (BEI) strengthened 0.56 percent, stock market observer Ifan Kurniawan said here on Wednesday.

Ifan Kurniawan who is an analyst of PT First Asia Capital said the buying actions by market players were relatively small as they during the past few days they had been consolidating themselves.

The Indonesian Stock Exchange (BEI) index had earlier dropped to nearly 3,600 points as market players worried about the unstable global economy, he said.

The relatively-small increase of the index was because the agents were still confident with the fundamental factor of the Indonesian economy which is ameliorating and the inflation rate was under five percent.

“We are optimistic that the inflation rate in August reaches 0.93 percent making Bank Indonesia (BI, the central bank) maintain the referred interest rate (BI rate) at 6.75 percent,” he said.

According to him, Bank of Indoensia (BI)I rate until the end of the year was expected to remain on the position of 6.7 percent to make the national economy keep growing.

Bank of Indonesia (BI) will maintain the referred interest rate till the end of this year at the level of 6.75 percent, he said.

The US economy is also growing better after the US service index in August reached 53.3 from earlier 52.7 over the expectation from the analyst who predicted it only reached 51.

So, Europe is a negative market that gave pressure to the BEI index so as to drop 300 points, although it slightly grew, he said.

Ifan said the Indonesian economy till the end of this year would still grow in accordance with the market expectation which reached 6.7 percent.

“We are optimistic that the Indonesian economy still grows as it is supported by the consumption sector, foreign investment and exports,” he added.

Moreover, he said, the Indonesian exports to Europe and the US accounted only for 30 percent while the rest 70 percent to the Asian market.

Source: ANTARA News – September 7 2011

Photo: ANTARA News

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ConvergEx Group Enhances Darkest for Access to Virtually All European and Asian Dark Liquidity

ConvergEx Group, a leading technology company, announced September 7 that it has enhanced Darkest, its global liquidity-seeking algorithm, so that users can now simultaneously access the vast majority of the dark liquidity spread throughout Europe and Asia – all with a single order.

“Liquidity in Europe and Asia continues to be dispersed among an increasing number of market centers and volumes in dark venues have grown to record levels. While customers seeking this liquidity have more pools to choose from, efficiently accessing all of them remains difficult,” said William Capuzzi, president of ConvergEx’s global execution business. “Darkest is the solution to this challenge.”

Darkest’s proprietary methodology allows users to quickly source almost all of Europe and Asia’s dark liquidity with minimal information leakage. Its Multi-Dimensional Sensitivity Profile continuously monitors all dark venues accessed to determine how aggressively to expose orders. And as executions occur, it automatically rebalances between venues based upon execution quality. ConvergEx offers transparency as to where orders are executed with real-time notifications and end-of-day reports.

“Being able to access such a vast swath of global liquidity in one ticket means our customers no longer have to break out orders themselves or pay multiple ticket charges,” said Kish Desai, head of EMEA Sales for ConvergEx’s global execution business. “Darkest gives our customers unprecedented ease of access to liquidity and saves them time and money.”

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Components of Investment Risk

The risk/reward relationship is likely the most fundamental concept of finance. But “risk” is such a vague term that I think it can be helpful to break it down into more tangible components.

Time as a Component of Risk

When it comes to money, time is a key ingredient. It can take an otherwise very risky investment and make it significantly less risky–possibly even conservative.

For example, a friend of mine is buying a condo in Manhattan. While prices have come down recently, they are still astronomically high. My buddy is worried about buying this condo because he fears that prices might drop. If he does buy the condo, the reward is pride of ownership and (possibly) a good long-term investment. But the risk that he’s thinking about is the risk of overpaying for his pad.

Why is he thinking about that?

He’s completely forgotten about the element of time. He’s not going to sell his condo this year or next. He’s not going to fund his down payment by going into credit card debt. He’s got the cash just sitting there. And the odds are, he’ll hold on to that place for the next 20 years. It doesn’t matter what the price of the condo does over the next few years because that will have no impact on him.

When you think about risk and reward, don’t forget about time. Consider your risk over your intended or likely time frame.

Probability of Loss

The next component of risk is probability. Yes, it’s important to understand what a bad outcome might look like, but in order to make a good decision, we have to be mindful of the chances of something catastrophic happening.

Think about driving your car. There is always the possibility of getting into a terrible accident when you get into an automobile. But the odds of a catastrophic accident are so remote that most people don’t have a problem getting into a car and driving downtown.

Investments are no different. When you make an investment, there are always risks. You can take steps to reduce those risks, but you can never eliminate them. Because risk exists, does that mean you shouldn’t take action? It may…if the probability of that bad outcome is significant. But if the probability is very low, you (usually) shouldn’t let it stop you.

Magnitude of Loss

The final component of risk is magnitude. The odds of something happening might be very low, but the magnitude of the consequence might be so great that you still can’t take the chance.

Consider robbing a bank: Even if you have what appears to be the perfect plan, it’s a bad move. The idea of going to jail is so repulsive that it makes the proposition a non-starter. In this case, the magnitude of the consequence is so high that it almost doesn’t matter that the odds of experiencing that negative outcome are low.

Similarly, even if you have a “sure thing” investment, it’s still important to diversify. If you put everything into one ostensibly low-risk investment and that one-in-a-million bad outcome occurs, your life savings will be history, and you won’t have enough money to retire.

When considering magnitude of risk, rather than thinking in terms of dollars, it can be helpful to think in terms of impact. For example, Bill Gates can lose $10,000, and it won’t impact him at all. He can still live on any island he likes. You might also be able to lose $10,000 without it having a huge impact on your life. But somebody struggling with debt can’t afford that risk. Such a loss would be a game-changer and, therefore, not an acceptable proposition.

In summary, when investing, you need to understand what you are risking, how likely that risk is to appear, and how the magnitude and probability of that risk change over time.

About the author: Neal Frankle is a Certified Financial Planner in Los Angeles and runs Wealth Pilgrim.com–a personal finance blog for people interested in making smart decisions about their money.

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Should You Own Stocks in Retirement?

Historically, stocks have earned significantly higher returns than less volatile investments like bonds, cash, and CDs. And that makes sense–their higher volatility should be compensated in the form of higher expected returns.

What I find particularly interesting is that, despite the additional expected return that stocks get you, they don’t really allow you to (safely) increase your retirement spending by very much–at least not in the early part of retirement.

“Safe” Withdrawal Rates

The withdrawal rate figure most often suggested for a 30-year retirement using a typical stock/bond portfolio is 4%. That 4% withdrawal rate isn’t exactly bulletproof though. For example, as researcher Wade Pfau recently explained, while the 4% rule has worked reasonably well in the U.S., it’s had significantly worse results in other developed economies:

“In the years since 1926 and for a 50/50 asset allocation, the 4% rule would have failed retirees in 10 of the 17 developed countries more than 25% of the time. Remarkably, the 4% rule would have failed more than 70% of the time in Spain and Italy.”

In contrast, consider a hypothetical, very low-risk portfolio (consisting primarily of TIPS, with some short-term Treasuries and CDs thrown in the mix). If that portfolio can earn a zero percent real return every year (that is, it matches inflation but never surpasses it), it would safely fund a 3.33% inflation-adjusted withdrawal rate over 30 years (because 100% ÷ 30 years = 3.33%).

That’s only 0.66% lower than the not-entirely-safe 4% withdrawal rate from a portfolio that allocates a significant amount to stocks.

What About Annuitizing?

If we throw a lifetime annuity into the mix of the low-risk portfolio, the gap gets even smaller. Based on Vanguard’s quote provider, even with today’s low interest rates, a married couple (both age 65) could get a single premium immediate lifetime annuity (with inflation adjustments and a 100% payout for the surviving spouse) with a payout of 4.25%.

If we assume half the portfolio is allocated to such an annuity and half is allocated to the other low-risk investments discussed above, that would allow for a withdrawal rate of 3.79% (the average of 4.25% and 3.33%). That’s pretty darned close to 4%, and we haven’t allocated a dime to stocks or other high-risk investments.

So Why Would Anyone Own Stocks in Retirement?

While allocating a part of your retirement portfolio to stocks doesn’t dramatically increase the amount you can spend each year at the beginning of retirement, it does get you two things:

1. The possibility of higher spending in the later stages of retirement, and


2. The possibility of leaving a big pile of money to your heirs.

For example, with a significant portion of your portfolio allocated to stocks, you might find that after 15 years of retirement, your portfolio has actually grown in inflation-adjusted value to twice its original size (something that just wouldn’t happen with a portfolio comprised exclusively of super-low-risk investments).

At that point, with 15 fewer years remaining and a larger portfolio than you started with, you can probably safely increase the rate at which you’re spending. Alternatively, you could keep your rate of spending the same in order to leave a large inheritance to your kids or other loved ones.

In other words, the compensation for taking on risk by including stocks in your retirement portfolio isn’t that you automatically get to spend a great deal more from the outset of retirement. The compensation is that you might get to spend a great deal more during the later stages of retirement.

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2011 Public Relations Society of America Best in Maryland winners

Around 70 public relations professionals from across Maryland gathered Tuesday evening for an annual celebrating the top campaigns of the year.

The Maryland Chapter of the Public Relations Society of America presented more than 30 awards in categories ranging from crisis communications and nonprofit work to new professional of the year and online work.

The event was held at the 1840s Ballroom in downtown Baltimore.

Here is the list of winners:

Best in show:

Catholic Relief Services for The Haiti Earthquake: Catholic Relief Services Responds to a Major Disaster

Best representation of theme:

Baltimore Gas and Electric for BGE Smart Energy Savers Program Marketing

Lifetime achievement award:

Jacqueline Lampell, deputy director of communications and Marketing, Maryland Department of Housing & Community Development

New professional of the year:

Eleni Polites, senior account executive, Weber Shandwick Baltimore

Print collateral:

Best In Maryland:...

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Why Upcoming Reforms Are No Reason to Postpone Buying Health Insurance

If you’re like most Americans, you’ve been keeping at least one eye on the endless back-and-forth over health insurance reform that’s been going on for months in the halls of Congress. If you listen to the way the politicians and pundits are talking lately it can seem as if the upcoming legislation will make so many changes that any health insurance you have right now might be something totally different once the proposed regulations make it past the president’s desk. Combine that with recent controversial rises in premiums among certain health insurers— with no real guarantee that it won’t happen again next year— and (superficially) it can seem as though a “wait-and-see” approach to shopping for health insurance might be the most prudent one. To counter this misconception, here are a few of the reasons why waiting isn’t a good idea:

• It’s moving at the speed of Congress. While the current bill has been in the works for months— and some kind of health reform has been waiting in the wings for decades— it’s still got an enormous amount of political ground to cover before it crosses the president’s desk. While it’s possible that this bill, in one form or another, is going to pass in the next few weeks, bear in mind that this was also


• Many states, as well as many insurers, currently require a fixed duration of continuous coverage before certain benefits take effect. The specifics can vary state by state and from insurer to insurer, but acquiring some degree of health coverage as early as possible will almost always provide major advantages down the road, even after any of the proposed reforms take effect.


• Any impending changes will affect current policy-holders as well as those who are not yet covered. Most of the proposed reforms will require insurers to re-vamp their current “basic” policies to provide more comprehensive coverage, so getting even a barebones health plan now may well get you a foot in the door for much better health coverage later on. On the flip-side, assuming that the upcoming reforms somehow make things worse for current policy-holders, it will still be much easier to cancel an existing policy— or switch from one to another— than to obtain one from a standing start.


• Life happens. By definition, none of us can know for certain whether something unexpected might come up in the near future and give even the most healthy individual a need for urgent medical attention. Even if one assumes that sweeping health insurance reforms are due to land next week, it can make all the difference to have coverage now to provide relief from an unforeseen calamity.

While the tension and uncertainty induced by the unfolding debates over health insurance reform can be considerable, there’s no reason to let these things cloud your judgment or create needless risk.

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Healthy Marketing?

The FTC’s recent announcement condemning the indoor tanning industry for deceptive advertising tactics plainly illustrates an important consideration for anyone who has or seeks health insurance: your personal habits can have a profound influence on your health risk factors, and therefore your health insurance costs. In its complaint, the FTC takes special care to point out that frequent, long-term exposure to intense ultraviolet radiation (such as that generated by the lamps in tanning booths) can increase cancer risk and inflict serious damage to the eyes. More disturbingly, the report also accuses indoor tanning companies of deliberately misleading the public through its advertising, portraying their services as a healthier alternative to natural sunlight.

This announcement came just on the heels of another, reported by the FTC less than three weeks earlier, describing a federal court’s recent judgment against the manufacturers of a few “herbal” weight-loss products. The court ordered Bronson Partners, LLC to pay almost two million dollars in punitive damages for misleading claims about the efficacy of products like “Bio-Slim Patch” and “Chinese Diet Tea.” While such findings can be helpful in putting fraudsters out of commission and directing consumers away from fraudulent products, it’s important to note that for every company that is duly reprimanded there are often several that escape correction.

Underlying these events is one simple and enduring principle: when it comes to important matters like your health, you should never take advertising at face value. Generally speaking, one should be wary of any product or treatment that claims to be a “natural” or “herbal” equivalent to an existing prescription drug, and particularly skeptical of those that suggest possible benefits which conventional medications can’t currently replicate. The vast majority of these products eventually turn out to be expensive placebos, in the best case; in rare situations, they could even inflict serious and lasting harm. As long as you’re willing to use some skepticism, however, you should be able to see through most deceptive marketing tactics that surround such products.

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Annuities with Guaranteed Income

The size of pension payments

As a rule, the size of your pension payments is calculated when you choose to start the income phase of your annuity (i.e. when you're done investing in it). From that point on, your pension payments are guaranteed in amount but not guaranteed in duration, since the pension lasts only as long as you survive.

Several alternative payout options exist (see below), which grant the owner partial or complete guarantee over the duration of the annuity's pension.

The standard annuity structure does not fix the size of your pension payments until the start of the income phase. In other words, the size of your income payments is not guaranteed at the creation of the annuity but becomes guaranteed later.

Alternative payout options

As a rule, the duration of the income stream is not fixed; it lasts for as long as you continue to live, however long or brief. It is possible to guarantee or partially guarantee the duration of your income stream, however. To completely guarantee the duration, use a period certain annuity. To guarantee a minimum duration at least, use a life annuity with a period certain option.

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Lowongan Kerja Indonesia Stock Exchange

Indonesia Stock Exchange (IDX) is a Self Regulatory Organization (SRO),which acts as a facilitator in the development of capital markets in Indonesia, with a vision To be a Competitive Stock Exchange with World-Class Credibility.

In order to support business operations and development of the capital markets in Indonesia, we are looking for professionals who are competent and interested in developing themselves in the field of capital markets for the position:

Head of Capital Market Information Center work location Pontianak

Provide capital markets information to stakeholder in specified area by conducting public education events, maintain good relationship with all stakeholders (government, business alliances, universities, investors, potential investors, public companies), and supervise all operational office in the area.

Requirements

• Candidate must possess at least a Bachelor's Degree in Business Studies/Administration/Management, Economics, Finance/Accountancy/Banking or equivalent
  
• Required skill(s): Capital market, communication (presentation skill).
  
• Required language(s): English
  
• At least 2 year(s) of working experience in the related field is required for this position.
  
• Preferably Senior Staffs specializing in Finance - Corporate Finance/Investment /Merchant Banking or equivalent. Job role in Funds Management/Investment or Investor Relations.
  
• 1 Full-Time positions available.
• simply send your CV to HR Division PT Bursa Efek Indonesia (Indonesia Stock Exchange)
  

at email address below. Email attachment not larger than 200 kb. Please put the position code in the subject of your mail/email.

Email

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Lowongan BUMN Bank Syariah Mandiri 2011

Corporate values ​​that uphold the humanity and integrity has been firmly entrenched in all beings Bank Syariah Mandiri (BSM) since its establishment.

BSM presence since 1999, is actually a blessing as well as post-wisdom of economic and monetary crisis of 1997-1998. As known, the economic and monetary crisis since July 1997, followed by multi-dimensional crisis, including the national political stage, has raised a variety of very great negative impact on all life aspects of society, not least the business world. In these conditions, the national banking industry is dominated by conventional banks have a tremendous crisis. The government finally took action to restructure and recapitalize some banks in Indonesia.

One of the conventional banks, PT Bank Susila Bakti (BSB), which is owned by the Employee Welfare Foundation (YKP) PT Bank Dagang Negara and PT Crown of Achievement is also affected by the crisis. BSB trying to get out of this situation by making efforts to merge with some other banks as well as inviting foreign investors.

At the same time, the government merged (merge), four banks (Bank Dagang Negara, Bank Bumi Daya, Bank Exim, and Bapindo) into one new bank known as PT Bank Mandiri (Persero) on July 31, 1999. Merger policy is also placing and setting of PT Bank Mandiri (Persero) Tbk. as the new majority owner of BSB.

Islamic Banking Development Team considers that the application of the Act is the right moment to do the conversion of PT Bank Susila Bakti from conventional banks to Islamic banks. Therefore, Islamic Banking Development Team immediately prepare the system and its infrastructure, so that the BSB business activity changed from a conventional bank into a bank that operates under Islamic principles in the name of PT Bank Syariah Mandiri, as stated in Deed: Sutjipto, SH, No. 23 dated 8 September 1999.

PT Bank Syariah Mandiri attend, perform and grow as a bank that is able to combine idealism business with spiritual values, which underlie its operations. Harmony between the idealism of business and spiritual values ​​that is the one of the benefits of Bank Syariah Mandiri in Indonesia work in banking. BSM present to build Indonesia together towards a better Indonesia.

PT Bank Syariah Mandiri comes as the bank that combines idealism with the business of spiritual values that underlie its operations. Harmony between the ideals of business and spiritual values that is the one of the benefits of PT Bank Syariah Mandiri as an alternative to banking services in Indonesia.

We need a proactive person who loves working with people or support others to succeed. Who proud of the work and the results of their work, and have the integrity, accuracy and self-actualization. Bank Syariah Mandiri invites professionals to fill the position:


Marketing Manager (MM) work location Cilacap
Account Officer (AO) work location Cilacap
Officer Gadai (OG) work location Cilacap
Pelaksana Marketing Support (PMS) work location Cilacap
Teller (TL) work location Cilacap
Back Office (BO) work location Cilacap
Administrasi Pembiayaan (ADM) work location Cilacap
Sumber Daya Insani (SDI) work location Cilacap



Requirements

• Male/ female, maximum 27 years old for fresh graduated


• Possesses Bachelor (S1) degree from state/ private university


• Attractive


• Not married prefered (TL, BO, ADM, SDI)


• Sound mind and bodyPossesses extensive relations


• Able to work individually or in a team


• Honest, hardworker and likes the challenges


• Experienced in banking or financial industry (MM, AO, OG, PMS)


• Preferably possesses good sports and art skills


• Computer literate

Should you interested please send your application letter, CV, photograph, copy of diploma and contact number to:

Click Here!!!!!!!

Bagian Sumber Daya Insani

PT. Bank Syariah Mandiri Cabang Cilacap

Jl. A. Yani No. 97 Cilacap

Telp. (0282) 531015. State the position code on left top of envelope.

No later than June 27, 2011.

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Lowongan Teller Staff Bank BNI 2011

Established since 1946, BNI is formerly known as Bank Negara Indonesia, is the first bank founded and owned by the Government of Indonesia. Bank Negara Indonesia began to circulate the first official payment instrument issued by the Government of Indonesia, the ORI or Oeang Republic of Indonesia, on the eve of October 30, 1946, just a few months since its formation.

Until now, that date is celebrated as the Day of National Finance, while the establishment day which falls on July 5, defined as the Day of National Bank.

Following the appointment of De Javsche Bank which is inherited from the Dutch Government as the Central Bank in 1949, the Government limit the role of Bank Negara Indonesia as a circulation bank or central bank. Bank Negara Indonesia and designated as a development bank, and then granted the right to act as a foreign exchange bank, with direct access to foreign transactions.

In connection with the capital increase in 1955, the status of Bank Negara Indonesia turned into state-owned commercial banks. These changes underlie better service and a lever for the national business sector.

In line with the decision to use the founding year as part of corporate identity, name of Bank Negara Indonesia 1946 from late 1968. This change makes the Bank Negara Indonesia, better known as 'BNI 46'. The use of nicknames that are easier to remember - 'Bank BNI' - set along with the change of corporate identity in 1988.

In 1992, BNI's legal status and name changed to PT Bank Negara Indonesia (Persero), while the decision to become a public company realized through an IPO in the stock market in 1996.

BNI's ability to adapt to changes and advances in environmental, socio-cultural and technological corporate identity is reflected through continuous improvement over time. This also confirms the dedication and commitment to improving the quality of BNI's performance on an ongoing basis.



In 2004, an updated corporate identity began to be used to describe the prospects for a better future, after the success of wading difficult times. The term 'Bank BNI' shortened to 'BNI', while the year of establishment - '46 '- used in the company's logo to reinforce the pride as the first national bank who was born in the era of the Unitary Republic of Indonesia.

Departing from the spirit of struggle that is rooted in its history, BNI is committed to providing the best service for the country, and always be the pride of the country.

Initially referred to by its unabbreviated name of Bank Negara Indonesia when it was established in 1946, BNI is the first bank formed and owned by the Indonesian Government. In keeping with the spirit of the heroic national struggle that is ooted in its history, BNI strives to provide the best services for the country and to ultimately become the Pride of the Nation, today and always.Currently BNI looking for qualified candidates to fill following position:


Frontliner (Teller Staff) work location Jakarta Kemayoran

Requirements

• Minimum Diploma 3 degree from accredited university
  
• Male/ female maximum 24 years old, single and not married
  
• Minimum GPA 2.50 of 4.00 (PTN) and 2.75 of 4.00 (PTS)
  
• Minimum height 165 cms (female) and 170 cms (male)
  
• Attractive, competent and possesses good communication skill
  
• Placement: BNI Kantor Wilayah Jakarta Kemayoran (Rawamangun, Jatinegara,Kelapa gading, Kramat, Gambir, Bekasi and Karawang)
  

Should you interested please apply at link below, no later than July 14, 2011.

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USD/JPY: Trading the US Consumer Sentiment

The preliminary release of US Consumer Sentiment by the University of Michigan is the last big release of the week and usually triggers action. Here is what expects us, and possible outcomes for USD/JPY, the preferred pair for the week’s last session. Published on Friday at 13:55 GMT. Indicator Background The University of Michigan, together

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SGX Announces New Appointments in its Regulatory Team

Singapore Exchange (“SGX”) announced June 14 that it has strengthened its Risk Management and Regulatory (RMR) team with new appointments to maintain robust regulation in today’s rapidly changing financial landscape. The enhanced RMR functions include “Regulation”, “Risk Management”, “Clearing Risk”, and “Regulatory Development & Policy”. The changes are effective from 1 July 2011.

Mr Richard Teng is appointed as Head of Regulation with expanded responsibilities in overseeing Issuer

Regulation, Catalist Regulation, Member Supervision, Market Surveillance and Enforcement. Mr Teng’s new role will focus on the supervision of issuers, market participants and intermediaries. He joined SGX in 2007 as Head of Issuer Regulation and Chief of Staff for the RMR team. In his new role, Mr Teng will closely support Ms Yeo Lian Sim, the Chief Regulatory officer, to fulfill and uphold SGX’s regulatory standards.

In addition to Mr Teng, Mr Kelvin Koh is appointed as Head of Market Surveillance and Ms Annie Ong as Acting Head of Enforcement.

With increased focus on risk management, Ms Agnes Siew is appointed as Head of Clearing Risk and is responsible for the formulation of risk frameworks for new products and services. The Risk Management function will assess the risk frameworks and continue to be responsible for risk monitoring and management of clearing members and over-arching risk policies.

The former Regulatory Policy unit has been expanded to include legal functions related to regulation in order to provide a more holistic perspective in regulatory formulations. The expanded unit, known as the “Regulatory Development & Policy” function, is headed by Mr Mohamed Nasser Ismail.

Sound regulation is integral to the attractiveness of our markets. We will maintain the high regulatory standards and effective risk management that are important for our trading and clearing services,” said Ms Yeo Lian Sim, Chief Regulatory Officer, Singapore Exchange.

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Axioma Opens Australia Office

Axioma, Inc., a leading provider of decision support, risk analysis and portfolio rebalancing and analysis tools, announces the establishment of an office in Sydney, Australia. The office is headed by Scott Hamilton who reports to Olivier d’Assier, Axioma managing director for Europe and Asia. It joins offices in the United States, Europe and Asia which help leading financial firms manage risk, increase returns and optimise the operational efficiency of their investment process.

“The Australian market is a sophisticated one, where risk management has been part of the regulatory framework since the banking crisis in the early eighties,” said d’Assier. “The major universities of Australia have been teaching quantitative techniques for more than two decades, making the Australian quant community one of the most sophisticated in the world. This is a natural market for Axioma’s innovative solutions to gain widespread appreciation and application.”

Hamilton previously served as a senior research analyst in Macquarie Securities’ Quant Research Group, where he was a client and user of Axioma products. In that role, he was responsible for research, product development, sales and marketing and client relationship management. He has served on the sell-side for more than 17 years and holds both a Masters of Applied Finance and a B.S. in computer science from Macquarie University in Sydney.

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Liquidnet Announces Two Key Hires in Asia

Liquidnet announced June 15 two key appointments in Asia-Pacific, aimed at further strengthening the company amid rapid growth across the region. James Chatfield joins the Sydney office, to support sales in Australia and New Zealand, while Angela Leong will lead sales efforts in Singapore. Both have in-depth experience in electronic trading and strong connections to the industry, including relationships with buy-side participants.

“Liquidnet Asia has achieved remarkable success in the region by providing a safe and efficient venue to execute large block trades since launching in Asia just over three years ago. These appointments will deliver additional value to the business and our growing Member base,” said Lee Porter, Liquidnet’s Head of Asia-Pacific. “Both James and Angela bring strong industry credentials and an appreciation of how Liquidnet, through technology, is changing the trading landscape in Asia by allowing Members to secure large blocks of liquidity in a safe trading environment.”

Liquidnet Asia has won multiple awards for its innovative services and continues to set new volume records. Volumes hit a record in the first quarter of 2011 with principal traded rising 32 percent year-on-year to reach US$4.95 billion. Record volumes were driven by a rapidly growing Member base in the region, marked by the signing of Liquidnet Asia’s 200th Member firm. Strong volumes were also fueled by a surge in trading activity and large demand in Indonesia.

James Chatfield reports to Sam Macqueen, Director of Liquidnet Australia. He joins Liquidnet in Australia from Lazard Asset Management Pacific Co. where he was responsible for trading equities in the Australian & Indian markets. Prior to joining Lazard in Australia, James worked for four years as a Portfolio Assistant in Lazard’s London office. He graduated from Loughborough University in the United Kingdom with a Bachelor of Science (Hons) Economics.

Angela Leong reports to Tracy Windham, head of Non-Japan Asia Pacific Sales. She joins Liquidnet Singapore from Bloomberg Tradebook, the electronic brokerage arm of Bloomberg LP, where she worked for four years providing DMA and algorithmic solutions to investment funds and private banks.

Liquidnet launched its Asian operations on 29 November 2007 in Hong Kong, Singapore, Korea and Japan. Trading in Australia commenced in 2008 followed by New Zealand and Malaysia in 2010 with Indonesia added in January 2011.

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Tips For Successful Day Trading

If you are a day trader or plan to get into the day trading market, you need to have a certain mindset and certain skills to be successful. Day trading takes time and dedication as well as knowledge and the ability to pay close attention to details. Day trading can be very lucrative, that is if you are good at it. Here are some tips to help you become a successful day trader.

• Time Commitment: In order to be a successful day trader the first thing you must have is a lot of time. Successful day trading is nearly impossible without time and dedication.


• Analytical Thinking Skills: Day traders need to have the ability to analyze and make moves quickly without second guessing their decisions.


• Knowledge: Day trading takes extensive skill and knowledge and in order to be good at it you must take the time to become educated on how the market works, the strategies you can use and so on. If you can, take courses and try out a simulator training game. Even experienced traders can improve their skills through ongoing education.


• Find A Mentor: A great way to learn the necessary skills and knowledge needed for day trading is to find a great mentor. Find someone who is successful at day trading and pick their brain. Ask for advice and training that could help you.


• Never Borrow Money Or Use Money You Can’t Afford To Lose: Borrowing money or using your mortgage money for day trading is a big no no. Never ever use money that you cannot afford to lose no matter how successful you might be. Even those that are great at playing the market sometimes see losses and you never want to risk losing money that you need for something else.


• Use Your Experience To Build Your Skills: Make sure you are always analyzing what works for you and what doesn’t. When a trade is successful, what did you look at and what was the strategy you used. The same goes for when you have losses. Write down what you did, what you learned and then use what you have learned for future trading strategies.


• Never Enter A Transaction Blindly: Don’t just make a trade for the heck of it. Make sure you have good sound reasoning behind every trade you make in the day trading market, in order to increase your chances for success.


• Start Slow: If you are new to day trading, don’t try to do too much too quickly. Day trading takes persistence and patience and you don’t want to risk getting in over your head. Start slow, build your knowledge and when you are confident in your abilities you can then increase your trades.

Don’t Give Up Too Quickly: Day trading is not easy and many people quit prematurely before they even realize their potential. Set a goal and work towards it. You might be surprised at just how quickly you really can catch on and make a success of it.

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