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South African Reserve Bank

Financial Markets Liaison Group – FMLG 

The Financial Markets Liaison Group (FMLG) is a joint initiative between the South African Reserve Bank (Bank), as the central bank of the Republic, and key participants in the financial markets. The FMLG strives to facilitate an active dialogue between the Bank and different market participants on topics of common interest and acts as a valuable platform to exchange views on market functioning.
The Deputy Governor of the Bank responsible for markets chairs the FMLG meetings. The FMLG meetings are held semi-annually, as a means for the Bank and market participants to maintain regular contact at senior level.
Special FMLG meetings are occasionally convened when market conditions warrant it. In addition to members in the banking institutions, other relevant parties such as the Johannesburg Securities Exchange (JSE), Financial Services Board (FSB), and Banking Association South Africa (BASA) are invited to discuss matters of particular interest.
The FMLG functions in a  form of sub-committee structures that undertake projects and report to it on a quarterly basis. The FMLG sub-committees are:
  • Money Market Sub-committee;
  • Foreign Exchange Sub-committee;
  • Fixed Income and Derivatives Sub-committee; and
  • Financial Markets Infrastructure Sub-committee. 
Contact details:
Deputy Governor Markets
Mr D Mminele
+27 12 313 3740
Meeting Secretary
Mr E Makgopa
+27 12 313 4124


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