​Kembara’s Financial Solutions – What is After tax basis? 
After tax basis is the calculation of returns after tax has been deducted. 

​Kembara’s Financial Solutions – What is After Sight? 
After sight are words used in a bill of exchange. After sight indicates the period of the bill should commence from the date on which the drawee presented with it for acceptance. 

​Kembara’s Financial Solutions – What is After Hours Trading? 
After hours trading also known as early bargain. 
It is a transactions made on a market after the market is officially closed at the end of its mandatory quote period. The deals are recorded as part of the next day’s trading. 

​Kembara’s Financial Solutions – What is After Date? 
After date are the words used in bill of exchange. “After date” means the period of the bill should commence from the date inserted on the bill. 

​Kembara’s Financial Solutions – What is African Union? 
African union is the successor to the Organization Of African Unity/OAU in 1963 which is an organization of African States. Created in 2001. The purpose of the African Union is to extend the OAU’S policy of seeking cooperative solutions to the political and economic problems. The long term goal is to establish an economic union or a Pan African parliament. 

​Kembara’s Financial Solutions – What is African Development Bank? 
African Development Bank provides the long term development loans. African Development Bank is formed by independent African nations in 1964 and it is modelled after the International Bank for Reconstruction / World Bank. In 1989, the membership was widened not just restricted to the African countries. 

​Investment Banks 
Investment banks arrange finance and advice for companies that want to float on the stock market. Investment banks also raised additional finance by issuing further bonds or shares and carry out mergers and acquisitions. 
Investment banks also have the role of providing services for the institutional firms which want to invest in shares and bonds such as asset managers and pension funds. 
Specifically, the roles of investment banks may include the following services: 
-Trading securities in equities, bonds and derivatives and the provision of broking and distribution facilities. 
-advisory work and finance raising both for government and companies. 
-assisting corporate clients in issuing new securities to raise capital 
-advising on mergers and acquisitions 
-treasury dealing for corporate clients in currencies 
-financial engineering services to protect them from fluctuation of the exchange rates and interest rates 
-manage the investments for sizeable investors such as corporate pension funds, charities, and wealthy private clients. 

​Insurance Market 
Insurance market is the market that regulates the personal risk, corporate risk and protection of life events. 
The largest insurance markets include, United States, Japan, China and the United Kingdom.
The major players who dominate the insurance activity include AXA, Allianz or China Life and Llyod’s. 
Llyod’s is one of the largest insurance organization in the world. Llyod’s is known for its reputation for innovation such as developing policies for burglary, aviation and cybercrime. It brings unusual specialist and complicated risks.
Llyod’s insures specialist and complex risk in casualty, energy, property, motor, marine aviation and reinsurance.
Reinsurance industry is when the insurers protect themselves by using reinsurance companies. 
An insurer may hedge some of the risks associated with insurance policies it has written by laying off some of that risk with a reinsurer. The contract of reinsurance may cover an entire portfolio of insurance or single risk. It may involve sharing the losses and premiums or just those exceeding a threshold. It may also cover large one off risks such as satellites, major constructions or large sporting events. 
The largest reinsurers in the world are Munich Re, Hannover Re, Swiss Re, Berkshire Hathaway and Llyod’s.

Derivatives 
Derivatives markets trade a range of complex products based on the underlying instruments such as indices, interest rates, currencies, commodities and credit risk.
The derivatives are available both on the OTC market and exchanged traded market. 
An OTC market is where the trading occurs directly between parties. Europe still dominates the OTC trading of the derivatives. Based on the notional amounts outstanding, the OTC derivatives markets are about 4 times the size of stock quoted in the stock exchanges. 
 However, trading of derivatives are started to move from OTC market to exchanged traded market. 
Chicago Mercantile Exchange is considered the largest exchanged traded derivatives market. 
Interest rate derivatives contracts are the most common form of outstanding derivatives contracts through the interest rate swaps. 
The interest rates derivatives markets are dominated by the US dollar and Euro. The growth in the derivative market is due to the stock market crash in 2000-2002as traders sough to hedge their position against interest rate risk. 
The second largest segment is foreign exchange derivatives which are used to speculate on currency movements and hedge the risks of currency positions.

Foreign Exchange Markets
The largest financial markets are the foreign exchange markets with an average daily turnover in excess of USD 6.6 trillion.
Supply and demand is considered in determining the strength of one currency in relation to another and the rate at which one currency is exchanged with another currency. 
For instance, if there is a strong demand from Euro investors for US dollars, the US dollars will rise in value relatives to Euro. 
The foreign exchange markets are active which enable individuals, companies and government to deal with the cash flow and cash inflow denominated in other countries. These foreign exchange markets are provided by the banks.
Each of the banks will provide rate of exchange at which they are willing to buy or sell the currencies. 
Most of the foreign exchange deals were arranged in the telephone. However, nowadays, electronic trading is prevalent. 
Foreign exchange may be in the form of over the counter market where brokers or dealers negotiate directly with one another There is no central exchange or cleaning house. Foreign exchange market is concentrated in a small number of financial centers.