According to Suad Husnan (2005: 3) capital market can be defined as the market for various financial instruments (securities), long-term that can be traded, either in the form of debt or equity capital, both issued by the government, and private companies.
In the Indonesian capital market, especially stock markets, there are several institutions involved in stock trading, among others:
1. Stock exchanges, providing market facilities trade.
2. Company Securities (brokerage house), as an intermediary for investors who will do the buying and selling stocks, which also can act as underwriter for a company that will conduct the initial public offering of shares.
3. Custodian Bank, as a storage area or nursery stock / securities owned by customers.
4. Clearing and Settlement, as the party who will take care of settlement (settlement) trade.
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