This work has been written to provide students of South African financial markets and institutions with a structured and up-to-date source of information. Topics covered in the book"s 22 chapters include: the role of institutions as intermediaries in the financial system; the time value of money; the money and capital markets and the securities traded therein; interest-rate term structure theory; foreign exchange; derivative instruments and their markets; banks, banking and financial markets legislation; bank asset/liability; liquidity and credit risk management; investment risk management; insurance companies and pension funds; unit trusts; and international markets and institutions, including the Euromarket, the International Monetary Fund and the European Monetary System.