This artikel discusses about pasar modal saham (bursa efek) and the process of transactions in the capital market.
The process of selling shares on the stock exchange market (the stock market or capital market or securities exchange) generally uses an auction system (auction) so that the secondary market is also often referred to leleang market (auction market). Referred to an auction market because it is done openly and prices determined by supply (supply) and demand (requests) from exchange members, who shouted ask price (or offer price or lowest offer price for selling) and bid price (the highest asking price to buy) . New York Stock Exchange (NYSE), Tokyo Stock Exchange (TSE), Indonesia Stock Exchange (BEI) using an auction system, namely the purchase and sale orders in securities until the price reached an agreement.

We have the largest secondary market in the world is the New York Stock Exchange (NYSE) and Tokyo Stock Exchange (TSE). NYSE was founded in 1792. American Stock Exchange (AMEX) is also a secondary market in the United States.

Transactions on the stock is done by the standard order in round lot sizes, namely 100 1embar saharn (the NYSE) or multiples (the BEI, round lot is 500 sheets saharn for individual investors). Jumiah sheet less than 100 (or 500 sheets for IDX) called with odd lots. _

Investors can not directly conduct transactions on the bourses, but was represented by the broker. Investors can choose their own type of broker you want, such as full service broker or discount broker.
Full service brokers offer a complete service including the following:

1. Investment research and advice (Consultant)
Not all individual investors can melakukar. their own high-quality research due to limited funds, time and expertise. This kind of research can be provided by a bona fide broker in the form of reports or publications regularly. The research required by investors may include market trends, future prospects of a company and so forth.

2. Asset management (Lender)
Brokers can function as commercial banks, which provide loans and manage the funds entrusted. For these purposes, investors can open
account in the broker called margin accounts (margin accounts).

3. Order execution.
Without going through the service broker, buying and selling securities is not easy. For example, without going through the broker, the seller must find himself a suitable buyer at the price offered. With brokers, investors do not have to worry about with all the buying and selling activities of this.

4. Clearing
Once an order is executed, is still a lot of work to wait for subsequent administration. In addition to these administrative job long enough, they also have to be done should not deviate by all regulations and laws that apply.

Discount Broker whereas only offer the minimum services with low commissions. Discount brokers typically offer only order execution and clearing

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