City of Johannesburg seeks flexibility and autonomy



Confusion over the freedom to use derivatives within the South African legal framework is exercising the minds of all of the local market’s participants.

“We have had such a plethora of new financial laws published over the past few years that it sometimes seems almost impossible to judge what you can or can’t do in this market,” says one Johannesburg-based banker.

It is not entirely a minority view. Take the Municipal Financial Management Act (MFMA), which came into force on July 1, 2004 and re

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