DescriptionThis text discusses the structure, functions and operations of a modern financial system and, crucially, recognises that finance is a global business. Therefore, as well as solid integration of the local financial environment, the international aspect has been considered essential and means the text is as relevant to a commercial bank in Hong Kong as to an investment bank in Sydney. Comprehensively updated to take account of the continuing crisis in the world financial market, this text has been further improved with an additional chapter on risk management and derivatives. This provides flexibility to the lecturer, who may choose to cover the four chapters in Part 6 or rely simply on the more concise coverage of Chapter 18.