Introduction Readers of this book will, no doubt, have different backgrounds and varying levels of understanding of global financial markets. The first part of this chapter, therefore, is intended primarily for readers who are new to the world of financial markets. It explores these markets through the lens of different products and services offered in them, the different types of financial institutions that deliver such products and services, and the types of markets in which they are delivered. The chapter then examines the securities trading function within a financial institution to illustrate how records relate to the activities and processes undertaken by such institutions. This type of ‘business systems analysis’ is typical of the work required to build records management tools such as business classification schemes and retention schedules. Inevitably, this chapter introduces many technical terms, but wherever possible such terms are explained on first use. Products and services Financial markets exist to transfer capital efficiently from those who have it to those who want it for whatever purpose (e.g. for Global financial markets VICTORIA L. LEMIEUX, DAVID LONG AND DAVID KEMP 1 Capital broadly refers to wealth: both material things such as land, buildings or commodities and social things such as money, stocks or bonds. Essentially, capital represents the invested savings of individuals, corporations and other types of organizations. These invested savings can be used directly by individuals buying a home, a company expanding its business or a government building new transport infrastructure, or indirectly through savers buying stocks and bonds issued by companies and governments.