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Financial system (institutional units and markets that interact,…
Financial system (institutional units and markets that interact, typically in a complex manner, for the purpose of mobilizing funds for investment, and providing facilities) 
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Instutitions
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Financial markets
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Services
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Instruments
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The role of financial institutions within the system is primarily to intermediate between those that provide funds and those that need funds
Financial markets provide a forum within which financial claims can be traded under established rules of conduct
In direct finance borrowers borrow funds directly from lenders in financial markets by selling them securities (also called financial instruments), which are claims on the borrower’s future income or assets
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money