SELECTED FINANCIAL INSTRUMENTS

		Outstanding at end	Transactions during	Other changes during	Outstanding at end
		Jun Qtr 2015	Sep Qtr 2015	Sep Qtr 2015	Sep Qtr 2015
		$b	$b	$b	$b
Currency and deposits
	Currency	69.6	2.8	0	72.4
	Transferable deposits	734.1	24.1	2.3	760.4
	Other deposits	1 361.2	27.6	17.1	1 405.9
Short term debt securities
	Bills of exchange	78.5	-4.5	-	74.1
	One name paper	434.9	-0.5	9.6	443.9
Long term debt securities
	Bonds, etc.	2 213.4	42.8	50.5	2 306.7
Derivatives
	Derivatives	465.9	-18.7	179.3	626.5
Loans and placements
	Short term	347.5	20.4	2.6	370.6
	Long term	3 297.2	63.8	20.5	3 381.5
Shares and other equity
	Listed	1 616.0	23.6	-121.6	1 517.9
	Unlisted	2 932.6	30.7	-50.1	2 913.2
Insurance technical reserves
	Reserves of pension funds and life offices	1 977.9	13.8	-83.5	1 908.3
	General insurance prepayments and reserves	105	1.4	-	106.4
- nil or rounded to zero (including null cells)

The listed share market fell -$98.1b in September quarter 2015, with net transactions of $23.6b and a valuation decrease of -$121.6b. Other private non-financial corporations shares recorded the largest valuation decrease (-$59.1b) followed by banks (-$55.8b). Bank shares recorded its second consecutive falls in valuation reversing positive increases recorded in the December and March quarter.

Loan market transactions ($84.2b) returned to high levels after a subdued June quarter 2015 ($58.7b). September quarter 2015 transactions were driven by long term loans ($63.8b) as other private non-financial corporations ($19.6b) and households ($19.8b) increased loan borrowings from banks.

The bond market increased by $93.3b in the September quarter 2015 returning to record highs after the decline recorded in the June quarter 2015. In the September quarter 2015 net transactions were $42.8b and valuation increases were $50.5b.

Net transactions in bonds were driven by net issuances by national general government ($24.0b) and securitisers ($9.4b). Valuation increases in the bond market was driven by banks ($22.7b) which was one of the largest valuation increases seen in this sector since the series began, followed by other private non-financial corporations ($13.0b), the largest increase recorded since the series began and national general government bonds ($7.1b).

Derivatives recorded a net settlements of -$18.7b and valuation increase of $179.3b. This valuation increase was the largest since the time series began.