A reference and guide for commerce students, public servants and the business fraternity, giving an overview of how the various institutions in the South African financial system operate as well as of the different financial markets in the economy and the instruments traded in those markets.

An introductory text which should serve as a useful reference and guide for commerce students, public servants and members of the business fraternity alike. It gives the reader an overview of how the various institutions in the South African financial system operate as well as of the different financial markets in the South African economy and the instruments traded in those markets. This publication is aimed particularly at South African students. Each chapter starts with study objectives relevant to the material covered. Jargon that may be unfamiliar is explained in lay terms. It refers throughout to both international and local market practices and norms where relevant. Students in financial management and monetary economics will find this a helpful aid to understanding the financial markets in South Africa.

• Rudiments of the South African financial system. The South African Reserve Bank. Banks. Microfinance institutions. Regulation of the financial markets. Insurers. Retirement funds. Investment institutions. Risk and return. The money market. The bond market. The share market. The foreign exchange market. Derivatives.