A second feature of particular relevance has been the strengthening of the micro structure of financial markets in South Africa, again designed to ensure that our markets meet normal established international standards.
Perhaps more worrying still, the growth of these funds may give rise to protectionist pressures. To counterbalance these worries the SWFs can be very beneficial in times of financial market turmoil. The ability to ride out business cycles with a long-term view of their investments (no leverage) brings diversity to global markets.