Describing the various financial sectors in clear and easy-to-understand terms, this book reflects the fact that the world is moving towards a single global market and provides a broad and balanced introduction to financial markets across the world. This fourth edition has been updated to cover developments in the field. These include the impact of September 11th and the relative collapse of the world stock markets; new capital ratios for banks; current retail banking developments; the results of the latest world FX survey; the problems faced by the European Economic Union; attempts to reform Lloyd's of London and a review of current trends. Providing comprehensive coverage of commercial and investment banking, foreign exchange, money and bond markets, trade finance, stock markets and options, futures and other derivatives, this book provides a primer for those who require a basic understanding or are new to the world of finance.