However, the non-bank participants that buy and sell NCDs tend to transact bilaterally with the issuing bank, with the price struck at the (yet to be determined) BBSW ahead of the actual rate set, rather than at a directly negotiated rate.
It is important for policy makers, such as ourselves, to understand the limits of our powers, but it is also important for South Africans to understand the limitations of, in this case, monetary policy.