1NVEST0R MAND1R1 maen SAHAM bener

belajar MANDIRI, akan JAUH LEBE SUKSES (SEJAK 210809)

“robot” MAEN SAHAM neh … 110510 1 April 2010

Filed under: Investasi Umum — bumi2009fans @ 3:21 pm

Senin, 10/05/2010 15:39 WIB
BNP Paribas Jajaki Algo Trading
Whery Enggo Prayogi – detikFinance
Jakarta – BNP Paribas sedang menjajaki penerapan Algo Trading dalam sistem transaksi mereka. Penjajakan ini pun telah disampaikan kepada Bursa Efek Indonesia (BEI).

Demikian disampaikan Direktur Perdagangan dan Pengaturan Anggota BEI Wan Wei Yiong, saat ditemui di kantornya, SCBD, Jakarta, Senin (10/5/2010).

“BNP sudah sampaikan ke kita. Tapi presentasinya belum,” jelas Yiong.

Menurutnya, seluruh sekuritas yang tercatat di BEI akan dievaluasi bagaimana penerapan Algo Trading yang mereka lakukan. Ini penting agar tidak terjadi kesalahan (error) dalam transaksi perdagangan.

“Semuanya kita sesuaikan dengan pasar kita. Di New York saja sudah menerapkan tapi terjadi kesalahan,” ungkap Yiong.

Ia menambahkan, penyesuaian pasar yang dimaksud adalah transaksi dilakukan secara wajar, teratur dan efisien. “Kan ada beberapa. Penerapan Algo yang seperti apa, kan nggak bisa juga dilakukan 100%,” katanya.

Credit Suisee, seperti disampaikan Yiong, juga telah mempresentasikan Algo Tradingnya. Namun penerapan ini belum dilakukan, karena masih harus ditelaah oleh Tim internal Divisi Perdagangan dan Pengaturan Anggota.

“Iya, minggu kemarin mereka presentasi. Credit Suisse cabang regional yang langsung presentasi. Mereka sampaikan Algo yang ingin mereke terapkan. Kita kaji terlebih dahulu oleh tim. Kita cek dulu pola transaksinya. Mana yang boleh, mana yang tidak,” paparnya.

(wep/dro)
Stock plunge raises alarm on algo trading
Thu, May 6 2010
By Matthew Goldstein
NEW YORK (Reuters) – A spine-chilling slide of nearly 1,000 points in the Dow Jones Industrial Average, its biggest intraday points drop ever, led to heightened calls for a crackdown on computer-driven high-frequency trading.
The slide, which in one 10-minute stretch knocked the index down nearly 700 points, may have been triggered by a trading error. Major stock indexes eventually recovered from their 9 percent drops to close down a little more than 3 percent.
But the follow-through selling that pushed stocks of some highly regarded companies into tailspins exacerbated concerns that regulators can quickly lose control of the markets in a world of algorithmic trading.
“The potential for giant high-speed computers to generate false trades and create market chaos reared its head again today,” Senator Edward Kaufman said in a statement.
“The battle of the algorithms — not understood by nor even remotely transparent to the Securities and Exchange Commission — simply must be carefully reviewed and placed within a meaningful regulatory framework soon.”
Kaufman and Senator Mark Warner — both Democrats — said Congress needs to investigate the causes of the market plunge, which at its deepest point wiped nearly $1 trillion off equity values.
Citigroup Inc said it was investigating a rumor that one of its traders entered the trade, a spokesman for the bank said on Thursday. Citigroup, the third-largest U.S. bank, currently has no evidence that an erroneous trade has been made, the spokesman said.
‘SCREWED UP’
Earlier, sources told Reuters that the plunge in the Dow Jones Industrial average may have been caused by an erroneous trade entered by a person at a big Wall Street bank.
Market sources said the erroneous trade may have involved E-Mini contracts — stock market index futures contracts that trade on the Chicago Mercantile Exchange’s Globex trading platform. The composition of the E-Mini is similar to the stocks in the S&P 500.
“I can confirm that our markets operated properly and there were no problems,” a CME Group spokesman said.
Other market sources said the erroneous trading involved the IWD exchange-traded fund or the S&P 500 Mini. A person close to BlackRock , which manages the IWD, said there was no unusual trading in the iShares product.
During the sell-off, Procter & Gamble shares plummeted nearly 37 percent to $39.37 at 2:47 p.m. ET (1847 GMT), prompting the company to investigate whether any erroneous trades had occurred. The shares are listed on the New York Stock Exchange, but the significantly lower share price was recorded on a different electronic trading venue.
“We don’t know what caused it,” said Procter & Gamble spokeswoman Jennifer Chelune. “We know that that was an electronic trade … and we’re looking into it with Nasdaq and the other major electronic exchanges.”
A different P&G spokesman had said earlier the company contacted the Securities and Exchange Commission, but Chelune said that he spoke in error.
One NYSE employee leaving the Big Board’s headquarters in lower Manhattan said the P&G share plunge lay at the center of whatever happened.
“I’ll give you a tip,” the employee said, speaking on condition of anonymity. “P&G. Check out the low sale of the day. Something screwed up with the system. It traded down $30 at one point.”
WIDE SWINGS
Nasdaq said it was working with other major markets to review the market activity that occurred between 2:00 p.m. and 3:00 p.m., when the market plunge happened.
The exchange later said it was investigating potentially erroneous transactions involving multiple securities executed between 2:40 and 3:00 p.m.
Nasdaq also said participants should review their trading activity for potentially erroneous trades.
NYSE Euronext CEO Duncan Niederauer seized on the problems in an interview with CNBC to stress that the exchange was a safer place to trade because it deliberately slowed down market making when it realized there was something extraordinary happening.
The exchange has been in a battle over recent years with a series of upstart trading venues, many of which advertise either lower prices or faster transaction speeds.
The market plunge and especially wide swings in some individual stocks reignited some wider criticism of high-frequency trading, a strategy using lightning-fast computer programs to track market trends.
“We did not know what a stock was worth today, and that is a serious problem,” said Joe Saluzzi of Themis Trading in New Jersey, a frequent critic of computer-driven high frequency trading.
Investors had already been on edge throughout the trading day after the European Central Bank did not discuss the outright purchase of European sovereign debt as some hoped they would to calm markets.
(Additional reporting by Dan Wilchins, Roberta Rampton, Ann Saphir, Deepa Seetharaman and Maria Aspan; Editing by Gary Hill)
01 Apr 2010
BEI Batasi Penerapan Algo Trading
Bursa Efek Indonesia (BEI) akan melakukan peninjauan lebih lanjut terhadap penerapan perdagangan berbasis algoritma (algo trading). AB yang akan menerapkan Algo Trading harus mempresentasikan sistemnya ke hadapan BEI.

Demikian disampaikan Direktur Keanggotaan dan Perdagangan BEI Wan Wei Yiong, saat ditemui di kantornya, SCBD Jakarta Kamis (1/4/2010).

“Algo Trading diperbolehkan, namun selektif. Kami harapkan mereka mempresentasikan Algo Trading mereka, karena ada beberapa yang boleh dan ada yang tidak boleh,” kata Yiong.

Ia menambahkan, otoritas bursa akan melihat dengan seksama bagaimana penerapan sistem terbaru, yang dapat memecahkan order dalam satu satuan waktu. Khususnya, dilihat pada kapasitas mesin, apakah telah memadai atau tidak.

“Kita juga tidak mau, kalai order seolah-olah banyak, padahal hanya satu,” ujarnya.

Otoritas bursa juga tidak dapat melarang penerapan sistem Algo Trading ini, karena hal ini juga telah banyak dilakukan di beberapa bursa besar dunia. “Tidak bisa dibatasi 100%. Kita lihat kepentingan pasar, sesuai apa tidak,” paparnya.

Lanjutnya, “tiap brokeraje punya algo masing-masing, dan dapat masukkan order pake mesin. Untuk aturan online dan DME, kita akan buat aturan Algoritmic Trading,” ucapnya.

Dari broker yang telah menerapkan Algo Trading, BEI akan mereview penerapan sistem ini. Tujuannya lagi-lagi supaya tidak terjadi spekulasi pasar.

“Kita lihat Credit Suisse dan UBS seperti apa. CS sudah di-review. Mereka datang presentasi. Kita lihat, ada yang boleh dan ada yang jangan,” jelasnya.

Meskipn ada batasan, bukan berarti otoritas bursa tidak mempersiapkan diri atas kapasitas mesin yang dimiliki. Dari kapasitas 1 juta order dan 500 ribu transaksi yang telah tersedia saat ini, rencananya di 2010 akan ditingkatkan menjadi lima kali lipat.

“Kita sedang kaji implementasinya jadi lima kali lipat di 2010, jadi 5 juta order dan 2,5 juta order. Ini kita lihat dari perkembangan perdagangan online yang ada. Minggu lalu saja kita sudah 130 ribu trade,” imbuhnya.

Sebelumnya, pada semester I 2009, saat bursa baru dibuka kurang dari 5 menit, salah satu broker memasukkan order beli saham tertentu sebanyak 10 lot pada sistem remote trading. Dan hasilnya terjadi order yang dimasukkan terkirim berulang kali mencapai 220.086 kali.

Pihak otoritas mensinyalir adanya anomali dan langsung menghentikan sistem baru perdagangan BEI. Setelah ditemukan pelaku dan penyebabnya, BEI meminta broker agar order berulang tersebut, ditarik dari pasar dan 10 menit kemudian bursa dima lanjutkan kembali.Namun, penarikan order justru menambah jumlah order menjadi dua kali lipat sehingga dalam waktu yang singkat mesin mengalami error dan pasar terhenti selama lebih kurang dua jam.

Pada praktiknya, Algo Trader akan menganalisis berbagai informasi yang tersedia, termasuk dari Google, Bloomberg, dan Reuters untuk mengeksekusi order sesuai strategi investasi tertentu yang telah ditanamkan dalam program algoritma, dan dijalankan dalam komputer canggih yang supercepat.

Awalnya Algo Trader dikembangkan oleh bank investasi dan perusahaan broker besar berskala internasional. Kemudian hal tersebut diikuti oleh para hedge fund sejalan dengan semakin murahnya biaya investasi teknologi informasi. Semua pihak dengan tujuannya masing-masing berlomba- lomba mengembangkan Algo Trader dengan strategi yang berbeda-beda.

Sumber: detikcom

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