Explanation:

- Option 1: Banking and non-banking financial institutions

- This includes entities like commercial banks, credit unions, and financial service companies.

- They provide services like loans, savings accounts, and financial advice.

- Option 2: Stock exchange market

- This is a platform for buying and selling stocks, bonds, and other securities.

- It plays a crucial role in the economy by enabling capital formation.

- Option 3: Foreign exchange market

- This market deals with the trading of currencies and is crucial for international trade.

- It determines the foreign exchange rates.

- Option 4: All of the above

- All the above components are indeed parts of the financial sector.

- They collectively contribute to the functioning and stability of global and local economies.