Analisis Hukum Dark Pools Sebagai bentuk Transaksi Efek di Luar Bursa Saham

Abstract

Dark pools are a mysterious term even it is interpreted as something that would be a bad effect on the stock market. The term is given to indicate on the form of the 21st century financial markets. Even so, other opinion said that dark pools are not dangerous, but also gives benefit for sell-investors, buy-investors also to the broker. Dark pools also can form a rapid market growth. The mechanism of trading in dark pools has common way like alternative trading system, the trading conducted outside of stock exchange by ~sing an electronic device assisted by a broker in the process of selling and buying. The transaction mechanism in dark pools is considered one of the way for investors to trade securities in large quantities (block trade) to get the most benefit. Dark pools also known as anonymous trading is the order delivered in secret and are not visible to the market in general, because it does not appear in the quote order book as operated in the exchange. This study has three (3) problems; how does security exchange through dark pools under Indonesia capital market regulations, what potential can be offended by dark pools as a form of off exchange in Indonesia regulations, how does the supervision activity of dark pools as a form of off exchange under Indonesia capital market regulations. This thesis used normative study with descriptive analysis. This normative study used conceptual approach and analytical approach. The source of data used in this study is secondary data collected by a literature review (library research) and supported by primary data obtained through interviews with informants. There is no any regulation deals with dark pools recently In Indonesia but under Regulation No.III.A.JO concerning Security Exchange can be used for off exchange generally. · Off exchange meant in Regulation No.IIIA.10 concerning Security Exchange has same concept with dark pools generally but the lack of this regulation does not explain more details how the the security is done. The potentials that can be offended by dark of liquidity pools is able to disrupt _the market, interfere disclosure principal, reduce value added tax (PPn), income tax (PPh), eliminate commissions of Indonesia Stock Exchange, uses as a medium for money laundering, and it can interfere public order in terms of the cancellation of agreement based on the terms of Indonesian Civil .Code (KUHPerdata). These potentials are negative side of dark pools effects, but it also provides benefits such as providing investor to sell a block sale because it can make tax avoidance. Preventive and repressive supervision carried out by the Financial Services Authority with the Indonesia Stock Exchange cannot be done to efficiency because there is no regulation about dark pools and even the regulator does not give special attention to this activity Regulation of dark pools should be regulated in capital market law, so it will be the principle of legal certainty for the Financial Services Authority and the Indonesia Stock Exchange makes rules regarding the supervision of preventive and repressive. The existence of clear rules will ultimately provide for the optimization of both institutions in order to achieve an efficient and continuous supervision.