South Africa's financial markets are consistently praised as the most advanced in Africa, while its financial regulatory system, particularly at stock exchange level, has been judged on more than one occasion to be the best in the world. Regulatory excellence was no doubt an important factor in the unusual resilience displayed by the financial sector during the global financial crisis of 2007/8. However, South African regulatory authorities, not wanting to be complacent, are continuing to follow international good-practice initiatives to enhance the resilience and integrity of the financial system. Market practitioners, too, are striving to keep up to date with financial and technical innovation, globalisation, increased competition and the blurring of traditional boundaries between financial institutions and financial products and services. Understanding South African financial markets provides a comprehensive overview of the various aspects of South African financial markets and the institutions that operate within them. Understanding South African financial markets has been compiled by practitioners from the financial markets and experienced faculty members in economics and financial management. Each chapter starts with study objectives relevant to the material covered. Jargon that may be unfamiliar is explained in lay terms, and both international and local market practices and norms are discussed where relevant. Understanding South African financial markets is an introductory text that should serve as a useful reference and guide for commerce students, public servants and members of the business fraternity alike. Karin van Wyk is the CEO of the South African Institute of Financial Markets, a professional body for the financial markets recognised by SAQA. SAIFM conducts examinations for the financial markets and the JSE Ltd. She holds a BA (Law) and an LLB from the University of Pretoria, and a BCom (Economics and Business Economics) from Unisa. She also holds a Diploma in Financial Markets from the University of Johannesburg.