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: The Effect of Futures Contracts on the Trading Risk of Rubber Commodity
Abstrak: Harga komoditi karet di pasar bebas sangat fluktuatif sehingga menimbulkan risiko bagi produsen maupun konsumen. Return aktual yang lebih kecil dari return yang diharapkan merupakan bagian dari risiko perdagangan. Kontrak berjangka dapat digunakan untuk lindung nilai (hedging) yang dapat mengurangi risiko. Dengan demikian penelitan ini bertujuan untuk memodelkan return komoditi karet dengan pendekatan model ARMA-GARCH dan menghitung Value-at-Risk dan Expected Shortfall (ES) dari return komoditi karet di pasar bebas dan di bursa berjangka. Data yang digunakan adalah return komoditi karet di pasar bebas dan bursa berjangka dari tanggal 4 Januari 2010 hingga 27 April 2017. Model ARMA(1,0)-GARCH(1,1) merupakan model terbaik bagi return karet di pasar bebas dan bursa berjangka. Dari perhitungan risiko menggunakan VaR, nilai rata-rata risiko perdagangan komoditi karet di bursa berjangka sebesar 2.80% sedangkan di pasar bebas sebesar 3.01%. Berdasarkan perhitungan risiko menggunakan ES, nilai rata-rata risiko perdagangan komoditi karet di bursa berjangka sebesar 4.37% sedangkan di pasar bebas sebesar 4.75%., The price of rubber commodity on the spot market fluctuates greatly, which creates risks for producers and consumers. The actual return which is smaller than the expected return is part of trading risk. Futures contracts can be used for hedging that can reduce risk. Thus, this research aims to model rubber commodity return using the ARMA-GARCH model approach and to calculate Value-at-Risk (VaR) and Expected Shortfall (ES) of rubber commodity return on the spot market and the futures exchange. The data used is rubber commodity return on the spot market and the futures exchange from January 4th, 2010 to April 27th, 2017. ARMA(1,0)-GARCH(1,1) model is the best model for rubber commodity return on the spot market and the futures exchange. From the risk calculation using VaR, the average risk value for trading of rubber commodity on the futures exchange is 2.80%, while on the spot market is 3.01%. Based on the risk calculation using ES, the average risk value for trading of rubber commodity on the futures exchange is 4.37%, while on the spot market is 4.75%.
Keyword: trading, risk, ARMA, GARCH, VaR, ES

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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