For South Africa, the decline in the gold price has seen the dollar value of gold holdings decline from $ 7,1 billion in September 2012 to $ 4,6 billion at the end of October 2015. Another consequence of the global financial crisis was a significant tightening in the regulatory framework.
The new regulatory environment (introduction of Basel III and DoddFrank) in financial markets has raised concerns about liquidity, especially in fixed income markets. The concerns stem from the fact that many global investment banks and market makers are adjusting their balance sheets, and consequently their business operating models, in order to comply with these new regulations and deal with the associated costs structures.