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.