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"This work is a multidisciplinary analysis of the issue of insider dealing from the perspective of the applicability of criminal law to regulate it. First, it examines the nature of its prohibition in the European Union and in the United States of America. The text includes a more extensive overview of prohibition in four Member States of the European Union (France, the United Kingdom, Luxembourg and Poland). Then, it summarises the arguments presented by ethicists and economists in favour of and against insider dealing. Further, it analyses the foundations of criminal law and justifications that are given for its application. On the basis of this analysis, it presents a new two-step theory of criminalisation."

"Saat ini pasar valas berkembang dengan pesat. Pasar valas yang scbelumnya didominasi olch pasar interbank (interbank market), kini mcnjadi semakin ramai dengan berkcmbangnya pasar valas ritel. Hal ini ditandai oleh munculnya broker valas lokal mau pun internasional. Didukung oleh perkembangan teknologi informasi dan komunikasi, perdagangan galas menjadi semakin mudah dan cepat. Trader dapat dengan mudah bertransaksi melalui interact. PDA, telepon seluler, fax, dan media komunikasi Iainnya.Banyak broker menawarkan fasilitas khusus umiak menarik minat trader dan talon trader, mulai dari platform perdagangan yang cepat dan mudah dengan Iayanan yang kontinu (24 jam) sampai dengan biaya spread yang murah. Salah satu fasilitas yang menarik lainya adalah kapabilitas automatic trading system. Automatic Trading System adalah fasilitas yang niemungkinan trader memprogram strategi perdagangannya agar transaksi perdagangann dapat dilakukan secara otomatis tanpa atau setidak-tidaknya mengurangi campur tangan trader.Tujuan penulisan karya akhir ini adalah :- Memperkenalkan kemampuan automatic trading .system dalam melakukan perdagangan secara kontinu, akurat, dan konsislen.- MEmberikan guide line pembangunan automatic trading system- Memberikan contoh implemenlasi automatic trading system sederhana menggunakan indikalor moving average. hollinger hand, dan MACD beserta uji coba dan analisisnya.Berdasarkan basil uji coba dan analisis dapat disimpulkan bahwa automatic trading system dapat melakukan perdagangan secara kontinu, akurat, dan konsislen. Proses monitor berlangsung selama 24 jam sehari dan siriyal beli dan jual yang muncul tereksekusi dengan akurat secara real lime dan konsistcn.Pemilihan indikator yang digunakan dalam menerapkan strategi perdagangan sangat mempengaruhi tingkat proiitabilitas sistem. Strategi perdagangan yang kompleks cenderung mengungguli strategi perdagangan yang lebih sederhana. Hal ini terlihat pada basil uji coba di mana strategi perdagangan yang menggunakan indikator MACI) mengungguli strategi perdagangan yang menggunakan hollinger hand dan moving average dalam menghasilkan return investasi.

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Forex market is booming nowadays. Forex market, which was previously dominated by interbank market, has become more crowded with the booming of retail market. Forex trading is becoming easier and faster, supported by the development of information and communication technology. Traders can easily execute transaction using interne', P)11, fixed and mobile phone, fax, and other communication devices.

A lot of forex brokers offer special facilities to attract traders, ranging from easy and fast trading platform with 24 hours services to low cost spread. One of the interesting facilities is automatic trading system capability. The automatic trading system is a facility that allows traders to program their trading strategies in order to automate all their transactions or at least to reduce traders' intervention.

The purposes of this research are the following:

- To introduce automatic trading system capability in order to perform continuous, accurate, and consistent trading.

- To provide the guideline in the development process of automatic trading system.

- To provide examples of implementation of simple automatic trading systems using moving average, Hollinger hand, and MAC) technical indicators as well as its test.

Result and analysis.

Based on the test result and analysis, automatic trading system has the capability to perform continuous, accurate, and consistent trading. The monitoring process runs 24 hours a day and the trading signals are executed accurately and consistently in a real time manner. Technical indicator selection that is applied in trading strategies affects system profitability.

Complex trading strategies tends to be better than the simples ones. It is shown on the test result that trading strategy using MACD indicator provide better result than trading strategies using Bollinger band and moving average."

"Pasar modal merupakan pasar untuk memperjualbelikan instrument keuangan jangka menengah maupun jangka panjang. Keberadaan pasar modal sangat dibutuhkan dalam suatu negara, termasuk Indonesia, untuk meningkatkan ekonomi nasional. Terlepas dari segala manfaat positif pasar modal, perdagangan dalam pasar modal tidak luput dari timbulnya berbagai kejahatan, salah satunya adalah insider trading. Dalam perdagangan saham, informasi merupakan suatu hal yang dominan karena dapat menentukan tingkat harga saham. Oleh karena itu, informasi harus tersebar secara adil dan merata agar tidak terdapat pihak yang diuntungkan maupun dirugikan secara tidak adil. Namun demikian, pada prakteknya masih terdapat orang dalam, yang memanfaatkan informasi yang bersifat rahasia tersebut untuk mendapatkan keuntungan pribadi dalam perdagangan saham yang kemudian dikenal sebagai insider trading. Yoshiaki Murakami merupakan investor terkenal di Jepang sebagai pendiri dari M&A Consulting, Inc yang biasa dikenal dengan "Murakami Fund". Indikasi adanya insider trading bermula ketika Livedoor memutuskan untuk mengakuisisi saham dari Nippon Broadcasting System (NBS), yang kemudian disampaikan kepada Yoshiaki Murakami. Yoshiaki, berdasarkan informasi yang didapatkan melalui orang dalam, menjual sahamnya sehingga mendapatkan keuntungan yang sangat besar dengan penjualan sahamnya di NBS. Terhadap kasus ini, telah dikeluarkan putusan dan menyatakan bersalah Yoshiaki Murakami berdasarkan pasal 167 ayat (1) Financial Instruments and Exchange Act (FIEA) dengan dihukum penjara selama 3 (tiga) tahun penjara, denda sebanyak tiga juta yen dan denda tambahan sebesar 1,5 milyar yen.

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Capital market is a place to trade in both medium-term and long-term financial instruments. The existence of capital market is required in a country, including Indonesia, for the purpose of improving the national economy. Nevertheless, apart from the advantages such market can offer, there may also be conducts of unlawful acts, by way of illustration the act of insider trading. In a share trade, information is a vital aspect as it determines the standing of a share price. On that account, such information ought to be publicized fair and square with the intention that no parties will benefit or experience a drawback unjustly. In actuality, there are still a lot of practices of insider trading where classified information is used to conduct trade for a personal benefit. A case in point is the Yoshiaki Murakami case. Yoshiaki Murakami was a prominent investor in japan who served as the founder of M&A Consulting, Inc., also known as the Murakami Fund. The indications of insider trading were noticed when Livedoor decided to perform an acquisition of the shares from Nippon Broadcasting System (NBS), in which the decision was notified to Yoshiaki Murakami. Having obtained such information, Yoshiaki sold his shares in the NBS leading him to gain a huge amount of benefit. Concerning this case, a verdict was given and he was found guilty according to Article 167 verse (1) of the Financial Instruments and Exchange Act (FIEA), with a three-year imprisonment, a fine in the amount of three million yen and an additional fine of 1,5 trillion yen."