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The Market Practitioners Group (MPG) Derivatives Workstream has published recommendations for a “ZARONIA-First” initiative for derivatives. The “ZARONIA-First” initiative for derivatives would be a phased initiative for switching trading conventions from the Johannesburg Interbank Average Rate (Jibar) to the South African Rand Overnight Index Average (ZARONIA). This phased initiative will facilitate a shift in market liquidity towards ZARONIA, bringing benefits for a range of market participants as they transition to the new rate.
Market participants are requested to provide comments to the MPG Secretariat (mpgsecretariat@resbank.co.za) before 10 January 2025.
