Judul: Strategi Long Straddle dan Bull Spreads untuk Lindung Nilai Crude Oil
Abstrak: Konflik Geopolitik Rusia-Ukraina, pemotongan produksi OPEC+, dan China mempercepat vaksinisasi menyebabkan harga crude oil meningkat. Lindung nilai menggunakan strategi opsi dapat menjadi solusi untuk mengurangi risiko jika menghadapi kondisi bullish di masa depan. Penelitian ini menggunakan tiga strategi opsi, yaitu long straddle, bull call spread, dan bull put spread. Berdasarkan hasil perhitungan, ketiga strategi opsi memiliki keuntungan maksimum dan kerugian maksimum pada kondisi dan nilai yang berbeda-beda jika terjadi peningkatan spot price. Long straddle lebih menguntungkan pada kondisi bullish atau bearish, sedangkan bull call spread lebih menguntungkan pada kondisi neutral. Harga jual lindung nilai long straddle merupakan yang terendah pada kondisi bearish dan bullish, sedangkan pada kondisi neutral harga jual lindung nilai terendah terjadi ketika diterapkan strategi bull call spread.
Keyword: Crude oil

Judul: Comparison Bull Spreads Strategies Using Vanilla Options and Barrier Options to Hedging TSR20 Rubber Prices
Abstrak: Komoditas karet menjadi salah satu komoditas penting di dunia, salah satunya karena karet merupakan bahan baku utama yang dibutuhkan dalam industri otomotif. Adanya cuaca ekstrem yang melanda negara-negara produsen karet TSR20 mengakibatkan harga komoditas ini mengalami fluktuasi dan cukup sulit untuk diprediksi. Untuk mengatasi hal tersebut, perlu dilakukan lindung nilai terhadap harga komoditas karet TSR20. Produk derivatif yang digunakan dalam melindungi harga komoditas karet TSR20 ialah opsi. Pada penelitian ini, dicari strategi terbaik antara strategi bull spreads menggunakan opsi vanilla dan strategi bull spreads menggunakan opsi barrier untuk melindungi investor komoditas karet TSR20 terhadap kenaikan harga. Opsi barrier yang digunakan, yaitu up and knock-in. Berdasarkan hasil perhitungan, strategi bull spreads menggunakan opsi barrier merupakan strategi lindung nilai terbaik karena menghasilkan keuntungan terbesar dan harga beli yang lebih murah dibandingkan dengan strategi bull spreads menggunakan opsi vanilla., Rubber commodity is one of the essential commodities in the world, partly because rubber is the primary raw material needed in the automotive industry. The existence of extreme weather that hit the TSR20 rubber-producing countries resulted in the price of this commodity fluctuating and was quite challenging to predict. To overcome this, it is necessary to hedge the price of the TSR20 rubber commodity. Derivative products used to protect the price of the TSR20 rubber commodity are options. In this study, the best strategy is sought between the bull spreads strategy using vanilla options and the bull spreads strategy using the barrier option to protect TSR20 rubber commodity investors against price increases. The barrier options used are up and knock-in. Based on the calculation results, the bull spreads strategy using the barrier option is the best hedging strategy because it produces the most significant profits and a lower purchase price than the bull spreads strategy using vanilla options.
Keyword: hedging, barrier options, vanilla options, rubber TSR20, bull spreads

Judul: Bioecology of Earthworm Pheretima darnleiensis
Abstrak: Pheretima darnleiensis is a native earthworm in Southeast Asia, India, Japan, and Indonesia, however there is lack of study on P. darnleiensis. Determining the characteristics of P. darnleiensis and the ecology surrounding its habitat is needed in order to culture the earthworm. Hence, this study was aimed to study the structure of several organs and morphological characters that can be used to identify P. darnleiensis and its habitat condition. Earthworms were collected in a plot of 100 x 100 x 20 cm in 10 locations and were identified. The structure of P. darnleiensis organs was studied histologically using paraffin. Pheretima darnleiensis did not have diverticula and stalked gland on copulatory pouches, nephridia occurred on bithecate spermatheca, and the first spermathecal pores were at segment 4/5. Based on this study, the highest population of P. darnleiensis was found in an area containing abundance of other earthworm species at 15 individuals/m2, plant cover at 25.00%, soil arthropods at 16.32 individuals/kg fresh soil, abiotic component cover at 78.50%, soil temperature at 27.42 ± 1.01 oC, soil pH at 5.77 ± 0.53, soil moisture at 19.83 ± 9.92%, organic carbon at 3.39%, N at 0.29%, P at 286.80 ppm, K at 500.00 ppm, sand at 28.76%, silt at 38.74%, and clay at 32.50%. Silt fraction could be considered as one of factors influencing P. darnleiensis abundance.
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