a)"The transactions and the precautionary demand for money is income-determined, but the speculative demand for money is income-determining." Explain (5 marks)

b)Briefly explain the sub-markets operating in a typical money market(5 marks)

c)What do you understand by exchange control? Discuss its effects on the availability of 'local' capital in Kenya(5 marks)

d)Every investment advisor and fund managers' discretionary funds has to appoint a custodian for the assets of the funds. The same requirement applies to investment banks when they undertake similar authorized functions

Required:

In relation to the above statement, summarize five duties of a custodian