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: Inverse Vertical Ratio Put Spread Strategy Using Barrier Options for Hedging
Abstrak: Ketidakpastian kondisi pasar di masa yang akan datang menjadi salah satu faktor diperlukannya lindung nilai terhadap aset berisiko yang dimiliki. Untuk melindungi nilai saham dari risiko penurunan harga di masa depan, strategi inverse vertical ratio put spread diaplikasikan pada saham PT United Tractors Tbk yang laju penurunan sahamnya bergantung pada pergerakan harga batu bara. Pada penelitian ini strategi inverse vertical ratio put spread dilakukan dengan menggunakan dua macam opsi yang berbeda, yaitu opsi barrier dan opsi vanilla. Kedua opsi ini dibandingkan untuk mengetahui strategi terbaik yang menghasilkan keuntungan terbesar ketika kondisi pasar sedang menurun. Penghitungan masing-masing strategi dilakukan dengan kombinasi rasio jual beli yang berbeda. Berdasarkan hasil penghitungan, dapat disimpulkan bahwa strategi inverse vertical ratio put spread menggunakan opsi barrier lebih banyak mengambil peran dibandingkan dengan opsi vanilla dalam menghasilkan keuntungan terbesar, khususnya ketika kondisi pasar sedang mengalami penurunan., The uncertainty of market conditions in the future is one of the factor why hedging is needed on a risky underlying asset. To protect the value of the shares from the risk of future price drop, the inverse vertical ratio put spread strategy is applied to PT. United Tractors Tbk shares which its price depending on coal price movements. The inverse vertical ratio put spread strategy is carried out using two different options, namely barrier options and vanilla options. These opstions will be compared in order to find the best strategy to overcome a significant price drop. The calculation of each strategy is done with a different combination of buying and selling ratios. The result shows that the inverse vertical ratio put spread strategy formation using barrier options gives a greater role in generating profit than that of vanilla option, especially when market conditions decline.
Keyword: Inverse vertical ratio put spread, barrier option, vanilla option, price drop, hedging

Judul: Studi Kasus Patologi Infeksi Protozoa Tetrahymena spp pada Ikan Hias Guppy (Poecilia reticulata )
Abstrak: The study was aimed to explore the protozoan Tetrahymena spp infection in Guppy (Poecilia reticulata) fish, with intended to the morphology of parasites in tissue sections and the resulting tissue lesions. Sample of diseased Guppy fishes were used in the study. Observation of clinical symptoms of the Guppy were revealed lethargic, vertical swimming and impaired equilibrium. The fish organs were observed macroscopically and microscopically. The result of macroscopic observation showed that there were excessive haemorrhage and ulceration at skin particularly in the dorsal and lateral abdomen. Protozoan parasite in the skin, muscles and gill tissues were identified by histopathological examination using hematoxylin-eosin staining and positive responses to periodic acid Schiff staining. Study of protozoan morphology revealed a spherical shape pyriform with a narrow anterior end, have dimension in average 50.5 x 32.4 μm. The parasites cause skin erosion, and hemorrhage, muscular degeneration and necrosis along with gills edema. Severe fatty degeneration was presented in liver while there was edema and congestion in the intestinal mucosa. As these fishes were been cultured in the aquarium such disease is thought to be caused by the deterioration of water quality, feed contamination or a poor handling.
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