TUGASAN 2 P4122

Tugasan 2
P4122 - Pengurusan Pelaburan
Arahan : Sila jawab semua soalan


1. Terangkan DUA (2) andaian bagi Hipotesis Pasaran Cekap (EMH). (4 markah)

2. Bincangkan mana-mana DUA (2) bentuk kecekapan pasaran menurut Hipotesis
Pasaran Cekap (EMH). (9 markah)

3. Bincangkan DUA (2) ciri bagi industri yang berada dalam peringkat berikut:

i) Peringkat perintis (4 markah)
ii) peringkat pertumbuhan pesat; dan (4 markah)
iii) peringkat matang. (4 markah)

JUMLAH 25 MARKAH


DUE DATE 22 Mac 2010

Tugasan 1 P4122

TUGASAN 1 P4122
Modul : P4122- Pengurusan Pelaburan
Topik : Risiko dan Pulangan
Kursus : DPM 5B
Tarikh : 23 Februari 2010
Tarikh Hantar : 25 Februari 2010
Arahan : Jawab semua soalan. / Answer all the question:

GUIDELINE: Students can answer either in Bahasa Malaysia or English.
The assignment should hand - written (not computer generated)

1. Explain two (2) types of risk related to investment. (5 marks)

Jelaskan dua (2) jenis risiko berkaitan dengan pelaburan

2. You have consulted your broker on what his firm’s research department expects for the following four shares over the next year. The broker provides with the following information:
Broker anda telah menasihati anda mengenai jangkaan tentang 4 jenis saham bagi tahun hadapan. Maklumat berkaitan adalah seperti berikut :

Share Beta Expected Return (%)
A 0.25 8.0%
B 1.52 10.0%
C 0.65 12.0%
D 1.2 14.0%


In addition, you have been informed that the risk free rate is 3 percent and the return from market is 15 percent.
Anda telah diberitahu bahawa kadar bebas risiko adalah 3 % dan pulangan pasaran adalah 15 %.


You are required:
a. Which of the shares above are undervalued and which are overvalued based on the Capital Asset Pricing Model (CAPM)? Show your work clearly. (15 marks)
Tentukan saham yang terkurang nilai dan terlebih nilai berdasarkan kepada Model Perletakan Harga Aset Modal (CAPM). Tunjukkan jalan kerja dengan jelas.

b. Indicate what actions should you take with regards to these shares. Discuss your decisions. (2 marks)
Jelaskan keputusan anda

3. Based on one of the reputable research house, the risk free rate of return is 3% and the expected market return is 12%. If the beta of this share is 1.5, calculate required rate of return of the share. (3 marks)

Berdasarkan kepada sebuah penyelidikan diberi kadar bebas risiko 3% dan jangkaan pulangan dari pasaran adalah 12%. Jika nilai beta adalah 1.5 kirakan kadar pulangan yang diperlukan.

SELAMAT MENJAWAB..

p/s : bagi soalan (2)diatas dalam table share ada 4 iaitu A,B ,C dan D
nilai Beta A = 0.25 , Beta B = 1.52, Beta C = 0.65 dan Beta D = 1.2
Expected Return dalam % bagi A = 8%, B = 10%, C = 12% dan D = 14%

UNIT TRUST

Investing in Mutual Funds

What is a Mutual Fund?

A mutual fund pools your money with other investors' and the capital is used to invest in a diversified portfolio of securities. Mutual funds are professionally managed to pursue each fund’s specific goal.

As an investor in a mutual fund, you become a shareholder in a large portfolio of stocks, bonds and/or money market securities (or some combination of them). As a shareholder, you are entitled to a share of the capital appreciation, interest and dividends (or losses, as the case may be).

One of the benefits of a mutual fund is the opportunity to obtain greater diversification at a relatively inexpensive cost because generally, your share of the portfolio will cost less than what it would cost to purchase all of the individual securities held separately.

Load vs. No-load Mutual Funds
Those funds that include a sales charge paid by the investor -- usually at purchase, and occasionally when the fund shares are sold -- are called "load" funds. "No-load" funds do not charge this fee.

Typically, a sales charge is present when the mutual fund is purchased through a financial advisor or registered representative. The "load" pays for the financial advice the client receives for selecting his or her investment. "No load" mutual funds are typically used by investors who prefer to make investment decisions without an advisor.

The Mutual Fund Marketplace

Mutual funds have become a popular investment vehicle over the last 20 years. More than 40 million people in the U.S. invest in them. That's one of every three households in America.

The diversification feature of mutual funds tends to reduce the danger of company-specific declines to which investors in individual stocks may be subject. As an individual investor, it can be expensive to try to invest in a broad range of securities. Instead, individual investors tend to buy stock in a smaller number of companies. This exposes them to risk if the price of one of their chosen equities drops sharply.

But the investor in a diversified mutual fund buys a small piece of the entire fund, reducing the exposure to declining individual stocks and benefiting from owning dozens (perhaps hundreds) of different securities.
Although equity mutual funds typically carry more risk than fixed-income securities, they generally offer more capital growth potential. And with thousands of funds available in the marketplace, it is relatively easy to find a fund to meet almost any investment need.

Sales Charge Discount for Load Funds

Mutual fund companies typically offer sales charge discounts to investors who purchase a certain dollar amount of shares in either a specific mutual fund or multiple funds offered by the same mutual fund company.
Each investment purchase level at which the fund company offers a lower sales charge is known as a "breakpoint." An investor may also be entitled to a breakpoint through the following:
 "Rights of Accumulation" (ROA) permit a fund shareholder to obtain a sales charge discount on a current purchase if that purchase, added to the shareholder's existing fund holdings, reaches or exceeds a breakpoint level.
 A "Combined Purchase Privilege" (CPP) allows a purchaser to reach a breakpoint through ROA by combining his or her fund purchases with the purchases made by his or her family members in the same fund company.
 A "Letter of Intent" (LOI) allows a purchaser to receive a sales discount through his or her written promise to purchase sufficient number of fund shares to reach a breakpoint dollar amount within a certain amount of time.
Information on specific breakpoint levels can be found in the prospectus that accompanies each mutual fund. The eligibility for breakpoints, ROA, CPP and LOI vary by fund and are determined by the specific investment company as stated in the prospectus. Before you invest, obtain more complete information about mutual fund charges and expenses, by obtaining and reading the applicable prospectus.

Types of Funds

Before you invest in any fund, it's important to understand its objectives and strategies, which can be found in the prospectus. You want to be sure that the fund is appropriate for your goals and risk tolerance level.
 Aggressive Growth Funds seek to provide maximum growth of capital with secondary emphasis on income, and often invest in emerging growth companies that pay small dividends, if any, but with a potential for rapid growth. They are designed for investors who can afford to assume the risk of potential loss while seeking substantial gains.
For instance, small-cap funds, which target smaller companies with greater growth potential and risk, would be classified as aggressive. Such funds are subject to wide variations in value. Another example, sector funds, invest in securities of a specific industry or section of the economy (such as pharmaceuticals, health care, or chemicals); they offer a good opportunity for capital appreciation in a growing industry but also involve the risk of potential loss if an economic downturn hits that particular industry. Sector funds offer less diversification benefits than a broad industry fund.
 Growth Funds seek long-term capital growth first and current income second, and tend to favor established companies. Large-cap funds, which tend to specialize in established, dividend-paying companies are often classified as growth funds.
Index funds give the investor a broadly diversified portfolio by buying shares in all of the companies in a broad index, such as the S&P 500 Stock Index or some other benchmark. These funds are generally appropriate for someone who will not need to withdraw funds in the near future.

 Growth and Income Funds seek both long-term capital growth and current income, usually by investing in a portfolio of growth and income stocks, or in a combination of growth stocks, income stocks, preferred stocks, convertible securities or fixed-income securities. They are more suitable for investors who want moderate potential for growth and current income along with moderate stability of principal.Balanced funds invest in bonds as well as stocks (Bonds are typically more stable than stocks but bond prices do fluctuate with changes in interest rates. There is still a degree of risk involved if interest rates change.).Asset allocation funds are designed to provide diversification: they combine stocks, bonds and money markets, dividing their assets at the fund manager's discretion to take advantage of the most attractive markets at the appropriate time.
 Income Funds have a primary goal of providing current income with capital growth generally of secondary importance, and are more suitable for investors who are able to assume a degree of capital risk. Equity income funds invest primarily in high-dividend-paying blue chip stocks. There are a variety of bond funds, as well. Municipal bond funds provide shareholders with tax-advantaged income. Others specialize in U.S. government bonds.

 Money Market Income Funds are designed to provide the investor with income as well as with high stability of principal (though generally no capital appreciation) by investing exclusively in short-term debt securities issued by banks, corporations, and the U.S. Treasury (and U.S. government-sponsored enterprises such as Ginnie Mae, Fannie Mae, and Freddie Mac).Some funds, even more conservative, invest strictly in securities whose timely payment of interest and principal is guaranteed by the full faith and credit of the U.S. government. Municipal bond money market funds specialize in investing in short-term, high-rated municipal debt securities in order to provide their shareholders with tax advantages.
 International and Global Funds involve an added element of risk since they invest all over the world. Such funds involve added risks associated with currency fluctuations and economic and political instability. International funds generally seek growth through investments in companies outside the United States. Global funds seek growth by investing in securities around the world, including in the United States.International mutual funds are an excellent way to invest abroad because an individual American investor may be unfamiliar with foreign investment practices and currencies and may not have a clear understanding of economic or political events that can affect foreign securities. Some of these funds concentrate on a particular country, while others on a specific region of the world. Funds in these two categories are generally growth or aggressive growth funds.

Unit Investment Trust

What is a Unit Investment Trust?

A Unit Investment Trust (UIT) holds a fixed portfolio of securities, most often comprised of tax-exempt municipal bonds but also commonly consisting of government bonds, corporate bonds, mortgage-backed securities or common stocks. Unlike mutual funds, where securities are bought and sold as the portfolio manager deems appropriate considering the current market environment, the securities in a UIT are not actively managed. A UIT is sponsored by a securities firm or group of firms. The sponsor assembles a portfolio of stocks or bonds that remains unchanged for the life of the trust, which may run from 6 months to 30 years. Investors purchase trust units which represent ownership in the trust portfolio and an opportunity to share in the UIT's income and capital gains and appreciation, if any.
 Interest payments from bonds in a bond trust are distributed on a regular basis to investors in the trust, and each time a bond in the trust matures, the repaid principal is distributed to trust investors. When the last bond matures, the trust is liquidated.
 Similarly, dividend payments from stocks in a stock trust are distributed to investors on a regular basis. At the end of a specified period (set when the trust was created), the stocks are sold at that day's market price, the proceeds from the sale are distributed to investors, and the trust is liquidated.

RISK

Measuring Risk


Investment risk can never be entirely eliminated, but many of the risks associated with stock investments may be reduced with proper industry diversification.

Diversification can mitigate the effect that a particular stock's decline in value will have on your overall portfolio. While diversification, through mutual funds for example, can protect against risks from a single investment or a single type of investment, it will not protect you against market and inflation risks.

Any investor seeking higher returns must be willing to assume additional risk. As a general rule, the higher the potential gain, the greater the risk.

To get a clearer picture of the degree of risk involved, carefully analyze the historical volatility of each stock you're considering.

A traditional way to measure risk when considering volatility is by comparing "betas." A beta represents the volatility of a given stock vs. the market as a whole. In general, stocks with high betas are deemed to be aggressive, while those with lower betas are usually considered defensive. For example:
 A stock with a beta of one would be expected to move in tandem with the market averages.
 A stock with a beta of 1.3 would be 30 percent more volatile than the market as a whole.
 A stock with a beta of 0.5 would be expected to have half of the market's volatility (i.e., advancing 5 percent if the market advanced 10 percent or declining 5 percent if the market declined 10 percent).
Unsystematic Risk vs. Systematic Risk

Unsystematic risks are associated with a given company or industry. Examples include product delays, competitive issues, margin deterioration or weakening financial conditions within either a single company or an industry.

Systematic risks are associated with the stock market in general. While proper diversification can help eliminate much of the unsystematic risk from your portfolio, diversification with other stocks will not eliminate systematic risks. But diversification among different asset categories -- cash, bonds, real estate, etc. -- can reduce a portfolio's systematic risk below that found in stocks alone.

STOCKS

-Stocks

When used as part of a well-diversified portfolio, common stocks can play an integral role in your quest to achieve your financial goals. Historically, stocks outperform most other investments in achieving long-term capital growth, and may help minimize the negative, long-term effects of inflation. But the market risk with common stocks can be substantial. While an interest-bearing account might earn two percent over a year's time, the price of a stock can rise or fall by that amount or more in just minutes. And while there may be a certain appeal to making decisions on the fly (or trying to time the market as though you were a "trader"), there is no substitute for a long-term, well-thought-out financial strategy.

Your stock choices should be the result of extensive research. Take the time to sift through the securities available to find those that match your risk/return parameters, rather than chasing after short-term trades. This "investor" approach will help you avoid the volatility associated with day trading. Use H&R Block Financial Advisors' Research Center for timely information online.

Look for investments that have fundamental strengths. Stocks in companies with capable management, growing markets, and strong financial positions make sense for many investors. Once identified, examine the individual stocks for a closer analysis.

In addition to their risk, stocks may be volatile. A variety of factors contribute, including company performance; economic factors, such as changes in interest rates or in the rate of unemployment; political news; and events of national or international importance.

Diversification

It's also important to learn about the different types of stocks. Each stock possesses its own unique risk/return characteristics. Generally, the greater the desired return, the greater the risk of loss. Some stocks offer greater stability, while others that are more volatile offer more opportunity for a greater return.

As you consider your investment in stocks, remember the importance of diversification-- not only among different stocks but also among industries.
 Cyclical stocks. These are stocks in industries that go up and down with the economy. Cyclical stocks belong to companies that may report strong earnings in one cycle, yet in a downturn, turn around and post losses in the next. Cyclical industries include automotive, paper, chemical, steel and housing.
 Defensive stocks. These stocks are typically less volatile than average and thus provide a more conservative return on an investor's money than do the cyclicals. Defensive stocks can be found in sectors whose goods are in demand regardless of the economic environment, including the beverage, pharmaceutical, food and tobacco sectors.
 Interest-rate-sensitive stocks. These stocks, which include banks and utilities, fluctuate in value with interest rates since such companies tend to borrow large amounts of money. They typically perform well during times of declining interest rates but poorly during times of rising interest rates. Companies that typically perform better when interest rates are rising, such as those engaged in oil production or the mining of precious metals, are often sought as a hedge against inflation.
 Growth stocks. These stocks are in companies that have exhibited faster-than-average gains in revenue over the last few years and are expected to continue to show high levels of profit growth. They may offer investors opportunities for capital appreciation. Many of these stocks are found in the software, telecommunications, semiconductors or biotechnology industries. However, growth stocks tend to have greater volatility because the stock may often be selling at a higher price in the market in comparison to the stock's intrinsic value.
 Value stocks. Value stocks typically sell with relatively low valuation as determined by price/book, price/sales, and price/cash flow ratios, implying that their market value may be closer to their book value.

CHAPTER 7 : REGULATORY BODIES

Tajuk 7 – Badan-Badan Pengawalseliaan

7.1 Pengenalan
Industri sekuriti di Malaysia ditadbir oleh akta parlimen berikut:-

i. Akta Perindustrian Sekuriti (Securities Industry Act) 1983
ii. Akta Pendepositan Pusat (Securities Industry (Central Depositories Act) 1991)
iii. Akta Suruhanjaya Sekuriti (Securities Comission Act ) 1993
iv. Akta Syarikat (Companies Act) 1965
v. Akta Industri ‘Futures’ 1993 (Futures Industry Act 1993)
vi. Akta Industri Pesisiran Labuan 1995 (Labuan Offshore Securities Industry Act 1995)

Badan pengawalseliaan berikut adalah bertanggungjawab dalam menyelia dan mengurus industri sekuriti di Malaysia.

i. Suruhanjaya sekuriti (Securities Cimission/SC)

Ia ditubuhkan di bawah Akta Suruhanjaya Sekuriti 1993 bertujuan untuk membekalkan peraturan dan menasihati menteri Kewangan mengenai semua perkara-perkara berkait dengan kontrak-kontrak industri sekuriti dan futures.Antara fungsi-fungsinya adalah seperti berikut:-

• Menyelia pasaran, rumah penjelasan dan pendepositan pusat.
• Pendaftaran prospectus syarikat-syarikat .
• Meluluskan penerbitan bon korporat.
• Meguruskan semua perkara-perkara berkaitan dengan kontrak hadapan dan sekuriti.
• Menguruskan pengambil alihan dan penggabungan syarikat-syarikat.
• Menguruskan semua perkara-perkara berkaitan dengan skim unit amanah.
• Menguruskan pelesenan dan menyelia lesen orang-orang yang mempunyai lesen.

• Menggalakkan ‘self-regulation’
• Mempastikan pengendalian yang betul ke atas institusi pasaran dan orang-orang yang mempunyai lesen.

SECURITIES COMMISSION•

The Securities Commission or better known as SC, was set up in 1993 under the Securities
• Commission Act 1993. This statutory body is self-funded and it is entrusted with investigative as well as enforcement powers.
• The objective of this commission is to regulate and systematically develop the capital market in Malaysia. Besides this, the SC is also entrusted with the responsibility of protection of investors. The Securities Commission comes under the jurisdiction of the Minister of Finance.
• The functions of the Securities Commission are as follows:
1. Registration of prospectuses of firms engaging in initial public offerings or IPOs.
2. Supervision of the following institutions:
(a) Stock exchange
(b) Clearing houses
(c) Central depositories.
3. Approval of private debt securities (PDS) issues.
4. Regulation of all matters relating to:
(a) Securities and futures contracts and options
(b) Mergers and acquisitions
(c) Units trusts.
5. Licensing, supervision and ensuring the proper conduct of all licensed persons relate to the capital market such as brokers and remisiers.
6. Ensure the proper conduct of institutions in the securities market, unit trusts markets etc.

ii. Pendaftar Syarikat (Registrar of Companies/ROC)

Ia bertanggungjawab dalam mentadbir pelaksanaan Akta Syarikat 1965.

iii. Jawatankuasa pelaburan asing (Foreign Investment Committee/FIC)

Ia berfungsi dalam melaksanakan garispanduan kerajaan ke atas perturan-peraturan dalam perolehan asset atau kepentingan, penggabungan atau ambilalih syarikat dan perniagaan serta bertanggungjawab ke atas isu-isu penting dalam pelaburan asing.

iv. Bursa Saham Kuala Lumpur (Kuala Lumpur Stock Exchange/KLSE)

Ia merupakan organisasi yang mempunyai peraturannya sendiri serta mempunyai memorandum and articles of association’ yang tersendiri. Ia mentadbir pengendalian urusniaga sekuriti oleh ahli-ahlinya. Ia juga bertanggungjawab dari segi pengawasan pasaran dan penguatkuasaan keperluan penyenaraian

Bursa Malaysia Berhad
Corporate Historical Highlights
1870 - Initial trading of shares
1960 - Malayan Stock Exchange
1965 - Stock Exchange of Malaysia and Singapore (SEMS)
1973 - SEMS – The KLSE and The SES
1989 - SCORE Trading System
1998 - Acquisition of KLOFFE
2000 - Offshore exchange launched (LFX)
2001 - Consolidation of derivatives exchanges completed (KLOFFE + COMMEX = MDEX)
2002 - Consolidation of stock exchanges completed (MESDAQ merged with KLSE)
2004 - KLSE become a public company limited by shares – Bursa Malaysia
2005 - Listing of Bursa Malaysia – 18 March 2005 and is now listed on its own exchange.


7.2 Bahagian IX Akta Perindustrian Sekuriti 1983
(Urusniaga Yang Dilarang)

i. Transaksi Perdagangan Palsu Dan Penipuan Dalam Pasaran.
Seseorang telah mewujudkan suatu rupa yang palsu atau mengelirukan sebagai memperdagangkan sekuriti dalam pasaran jika:-
- telah melaksanakan transaksi yang tidak melibatkan apa-apa pertukaran dalam keupyaan atau kemilikansekuriti.
- Membuat suatu tawaran untuk menjual apa-apa sekuriti dengan harga tertentu.

ii. Manipulasi Pasaran Saham
Seseorang tidak boleh melaksanakan atau mengambil bahagian samada secara langsung atau tidak dalam apa-apa transaksi yang mungkin mempunyai kesan ke atas :-

- Kenaikan
- menurunkan atau
- mengekalkan harga sekuriti berkenaan.

iii. Pernyataan dan lain-lain yang palsu atau mengelirukan
Seseorang tidak boleh membuat suatu perbyataan atau menyebarkan maklumat yang palsu atau mengelirukan dalam satu butir yang material yang boleh mendorong orang lain untuk berurusan atau boleh memberi kesan ke atas kenaikan, penurunan atau pengekalan harga pasaran sekuriti.

iv. Mendorong orang-orang berniaga sekuriti secara fraud (menipu)
Seseorang tidak boleh ;
- membuat atau menerbitkan apa-apa pernyataan, janji atau telahan yang mengelirukan , palsu atau memperdaa.
- menyembunyikan fakta material secara curang (tidak jujur).

v. Penggunaan peranti manipulasi dan memperdaya

Adalah menyalahi undang-undang bagi mana-mana orang yang ada kaitan secara langsung atau tidak dengan transaksi mana-mana sekuriti dengan tujuan :-
- untuk menggunakan apa-apa peranti, muslihat atau tipu daya untuk menipu.
- untuk melibatkan diri dalam perbuatan, amalan atau perjalanan operasi sebagai penipuan atau memperdaya orang lain.
- untuk membuat kenyataan tak benar atas fakta material atau menyembunyikan fakta material.

vi. Penyebaran maklumat berkenaan degan transaksi haram
Seseorang tidak boleh mengedarkan atau menyebarkan apa-apa pernyataan atau maklumat yang bermaksud menaikkan, menurunkan atau pengekalan harga sekuriti.

vii. Liabiliti sivil bagi perlanggaran kesalahan di atas
Seseorang yang telah melakukan kesalahan di tas dan telah menyebabkan orang lain mengalami kerugian adalah bertanggungan ke atas kerugian tersebut.

7.3 Peranan Bursa saham kuala Lumpur (Bursa Malaysia)

i. Membekalkan kemudahan urusniaga pasaran saham, menyelia dan mengawal kemudahan.
ii. Mempromosi dan melindungi kepentingan serta kebajikan ahli-ahli Bursa Saham.
iii. Mempunyai kuasa untuk pelaksanaan undang-undang yang melibatkan ahli-ahli syarikat di bursa saham dan bertindak sebagai penyelesai masalah di kalangan ahli-ahli (oleh jawatankuasa pasaran)
iv. Membentuk prinsip-prinsip keadilan dalam pasaran sekuriti.
v. Menggubal dan meminda ke atas peraturan-peraturan yang melibatkan ahli syarikat dan urusniaga yang dilakukan nya dari semasa ke semasa.
vi. Menyediakan perkhidmatan kepada pelabur-pelabur dan mempromosikan minat mereka dalam pasaran sekuriti.
vii. Mempromosi industri sekuriti dan perdagangan Malaysia serta menambahkan kemudahan-kemudahan yang berkaitan.
viii. Menyediakan dan bertindak ke atas keperluan-keperluan penyenaraian dan menjaga kebajikan syarikat-syarikat tersenarai .
ix. Membentuk satu polisi pengawal-seliaan pasaran dan pendedahan korporat.


7.4 Peraturan Urusniaga di Bursa Saham Kuala Lumpur (Bursa Malaysia)

i. Penyelesaian dan penjelasan antara ahli-ahli mesti melalui rumah penjelasan iaitu institusi yang dilantik oleh Bursa saham.
ii. Urusniaga boleh dibuat ke atas sekuriti berikut :-

a) Sekuriti yang disebutharga dalam senarai rasmi BSKL.
b) Bil perbendaharaan, pinjaman, sekuriti jangka pendek dan lain-lain sekuriti yang diterbitkan oleh kerajaan Malaysia dan lain-lain Negara.
c) Saham amanah yang dikendalikan di Malaysia.
d) Lain-lain sekuriti tidak dibenarkan diurusniaga sehingga telah mendapat persetujuan dari BSKL secara rasmi.

iii. Senarai rasmi BSKL hendaklah terdiri dari semua sekuriti yang telah memenuhi keperluan penyenaraian.
iv. Jawatankuasa BSKL boleh mengumumkan mana-mana sekuriti tersenarai sebagai ‘designated securities’ dimana telah berlaku manipulasi atau spekulasi yang berlebihan. Jawatankuasa boleh meminta semua ahli syarikat untuk membekalkan semua butiran/maklumat ke atas semua kontrak-kontrak ‘outstanding’, urusniaga dan transaksi berkaitan dalam tempoh 24 jam.
v. Dalam kes terdapat hanya ada satu kumpulan yang mengawal /membeli mana-mana sekuriti yang menyebabkan kontrak-kontrak yang ada tidak boleh diselesaikan kecuali pada harga dan syarat yang diminta oleh kumpulan ini; jawatankuasa mempunyai kuasa untuk :-

a) Menunda masa penghantaran pada satu masa yang ditentukan oleh jawatankuasa.
b) menunda penghantaran sehingga tindakan selanjutnya diambil oleh jawatankuasa.
c) mengumumkan kontrak diselesaikan dengan pembayaran dan bukan penghantaran.

7.5 Ahli-ahli BSKL

Di Malaysia urusniaga dalam sekuriti hanya dilakukan oleh ahli-ahli syarikat atau syarikat broker saham.
Syarikat Broker saham terdiri dari :-

i. Syarikat Persendirian (private) dan
ii. Syarikat awam
iii. Keahlian BSKL terdiri dari :-

a. ‘Voting Members’ iaitu ahli syarikat BSKL.
b. ‘Non-voting members’ iaitu pemegang saham dan pengarah syarikat ahli.

Non-voting members terdiri dari :-

i. ‘Dealing members’ iaitu seorang pengarh eksekutif syarikat ahli yang memegang lessen wakil jualan.
ii. ‘Non-dealing members’ iaitu samada seorang pemegang saham syarikat korporat atau individu atau seorang pengarah bukan eksekutif sebuah syarikat ahli yang telah memenuhi syarat-syarat yang dinyatakan oleh BSKL.

7.6 Sistem Pendepositan Pusat (CDS)

CDS merupakan system penjelasan dan penyelesaian sekuriti secara berkomputer. Semua skrip saham fizikal disimpan dalam bentuk ‘jumbo certificates’ yang diuruskan oleh Malaysian Central Depository Sdn. Bhd. (MCD)

Objektif utama CDS ialah :-

i. Menubuhkan dan mengendalikan satu system pemusatan pengurusan sekuriti.
ii. Menambah kapasiti penjelasan dan penyelesaian sekuriti.
iii. Mengurangkan kos dan risiko penyelesaian sekuriti.
iv. Meningkatkan kecairan dan kecekapan pasaran modal Malaysia.
v. Mempromosikan kemampuan pasaran saham Malaysia dengan mematuhi piawaian antarabangsa terkini untuk penjelasan dan penyelesaian sekuriti.

Kebaikan CDS:-

a) Kepada pelabur

i. Tiada risiko kehilangan, tersalah letak atau pemalsuan skrip.
ii. Tiada masalah penghantaran dan pengambilan skrip dari atau kepada broker.
iii. Tidak perlu menghantar sijil-sijil untuk pendaftaran (berlaku secara automatic).
iv. Menjinatkan masa, yuran pendaftaran dan duti stem.

b) Kepada syarikat broker saham

i. Menghapuskan kesilapan manusia dalam menguruskan volum skrip yang besar secara fizikal.
ii. Menjimatkan ruang pejabat dan tenaga kerja yang akhirnya mengurangkan kos operasi.
iii. Kecekapan yang lebih baik dalam menyelesaikan masalah risiko.
iv. Pengurangan dalam menyelesaikan masalah risiko.
v. Pengurusan volum perniagaan yang lebih besar.

c) Kepada Syarikat-Syarikat Tersenarai dan Pendaftar Syarikat

i. Penjimatan kos pendaftaran.
ii. Kecekapan dari segi mengemaskini pengetahuan/maklumat.
iii. Sistem pendaftaran secara automatic.

d) Kepada bank-bank

i. Menjimatkan tenaga kerja dan ruang untuk tujuan pemprosesan dan penyimpanan skrip.
ii. Menawarkan perkhidmatan yang lebih baik dan kemudahan cagaran kepada pelanggan melalui CDS.

7.7 Kuala Lumpur Options And Financial Futures Exchange (KLOFFE)

KLOFFE ialah bursa elektronik sepenuhnya yang beroperasi secara besepadu antara urusniaga dan system penjelasan. Sistem ini dikenali sebagai KLOFFE automated Trading System. Ia ditubuhkan untuk membekalkan produk berbentuk derivative seperti futures dan opsyen. Tujuannya ialah untuk membukan peluang-peluang baru yang lebih canggih bagi menghasilkan pengurusan portfolio yang lebih berkesan.

Badan-badan yang mengawalselia industri ini ialah :-

i. Kemeterian Kewangan
ii. Suruhanjaya Sekuriti (Securities Comission).

KLOFFE terikat dengan ‘Futures Industry act 1993’ atau ‘Futures Industry (Amendment) Act 1995’ yang ditadbir oleh Suruhanjaya Sekuriti. Suruhanjaya Sekuriti ditubuhkan di bawah ‘securities Comission Act 1993’ yang bertujuan untuk mengendalikan dan memantau industri futures dan sekuriti.

Suruhanjaya Sekuriti juga bertanggung jawab dalam mengeluarkan lesen kepada :-

i. Broker futures dan wakilnya.
ii. Penasihat urusniaga futures dan wakilnya.
iii. Pengurus dana futures dan wakilnya.

KLOFFE mempunyai peraturan dan undang-undangnya sendiri dari aspek :-

i. Keahlian kepada KLOFFE.
ii. Pentadbiran KLOFFE.
iii. Perhubungan antara ahli-pelanggan.
iv. Amalan-amalan urusniaga.
v. Definisi produk yang diurusniaga dan spesifikasi produk ini.