KAJIAN YURIDIS PERLINDUNGAN HUKUM DALAM TRANSAKSI MARGIN TRADING DAN SHORT SALES DI PASAR MODAL

Abstract

Short selling is a special type of stock trading transaction. The specialty of
this transaction is that at the time the transaction is carried out, the selling
investor does not own the shares being traded. The risk of delivery failure
in short selling transactions is greater than in general stock trading
transactions. In a simple short selling scheme, the seller engages in short
selling by borrowing shares from a securities company and then looking
for shares on the stock exchange to return the borrowed shares. The risk
of delivery failure in short selling transactions is greater than in general
stock trading transactions. Another risk is a significant price decrease.
This decrease in the price of securities occurs because, in practice, short
sellers will increase the supply of shares sold in addition to the sale of
shares by the actual owner/shareholder, where according to economic
law, with the large supply of shares sold and constant demand, it will
depress the share price lower, which can result in a decrease in the
Composite Stock Price Index. However, to prevent the negative effects that
may arise from short selling transactions, the role of the OJK (Financial
Services Authority) and the Stock Exchange in supervising the capital
market needs to be increased so that a well-organized, fair, and efficient
market will be created, so that investors feel comfortable investing in the
Indonesian capital market.