The South African financial markets comprise a range of activities, participants and instruments. Conceptually, they are concerned with two principal sets of activities: the transfer and trading of money or other financial claims, and the transfer and trading of risk. Understanding South African financial markets provides a framework for classifying and analysing these markets within the context of a modern capitalist system. This title gives an overview of the operation of various institutions in the South African financial system, as well as of the different financial markets in the South African economy and the instruments traded in those markets. Topics covered include the role of the South African Reserve Bank, technical features associated with the money market, and corporate governance and risk management. Each chapter opens with study objectives and jargon is explained in lay terms. Relevant international and local market practices and norms are applied.