SELECTED FINANCIAL INSTRUMENTS

		Outstanding at end	Transactions during	Other changes during	Outstanding at end
		Dec Qtr 2014	Mar Qtr 2015	Mar Qtr 2015	Mar Qtr 2015
		$b	$b	$b	$b
Currency and deposits
	Currency	71.1	-1.0	-	70.1
	Transferable deposits	682.6	22.9	1.7	707.2
	Other deposits	1 362.7	4.2	14.2	1 381.0
Short term debt securities
	Bills of exchange	85.8	-3.9	-	82.0
	One name paper	424.5	17.6	4.7	446.8
Long term debt securities
	Bonds, etc.	2 133.6	43.9	44.8	2 222.3
Derivatives
	Derivatives	585.1	-49.6	134.3	669.7
Loans and placements
	Short term	304.2	17.4	2.4	324.0
	Long term	3 122.0	65.2	22.1	3 209.3
Shares and other equity
	Listed	1 580.4	9.6	133.3	1 723.3
	Unlisted	2 677.4	17.9	96.5	2 791.8
Insurance technical reserves
	Reserves of pension funds and life offices	1 875.4	14.0	90.6	1 979.9
	General insurance prepayments and reserves	103.4	-0.1	-	103.4
- nil or rounded to zero (including null cells)

The listed share market rose $142.9b, with net transactions of $9.6b and valuation increases of $133.3b. Bank shares recorded the largest valuation increase ($66.1b) in March quarter 2015 followed by other private non-financial corporations shares ($51.1b) which recorded its first increase since December quarter 2013.

Loan market transactions ($82.6b) reached near record highs following large transactions in June quarter 2014 ($89.2b) and June quarter 2007 ($106.5b). March quarter 2015 transactions was driven by long term loans ($65.2b) where households borrowing from securitisers ($16.2) and banks ($11.1b) coupled with other private non-financial corporations borrowing from banks ($11.9b) were the largest drivers.

The bond market rose by $88.7b in the March quarter 2015 following a similar rise in December quarter 2014 of $87.1b. In the March quarter 2015 net transactions were $43.9b and valuation increases were $44.8b. The bond market has continued to grow with the most recent decrease occurring between September and December quarter 2010.

Net transactions in bonds were driven by securitisers ($17.6b) and national general government ($16.1b) net issuances during March quarter 2015. The valuation increase was driven by rest of world bonds ($19.1b) which recorded the largest valuation increase since the December quarter 2008 ($22.4b), followed by national general government bonds ($10.6b) and banks bonds ($7.9b).