​The process of reforming interest rate benchmarks in South Africa has been multi-faceted. A Consultation paper on selected interest rate benchmarks in South Africa, which contained proposals by the South African Reserve Bank (SARB) on the proposed reform of interest rate benchmarks in South Africa, was published in August 2018. This was followed by the Report on stakeholder feedback on the reform of interest rate benchmarks in South Africa, published in May 2019, which captured the outcome of a public consultation process and responses to the SARB proposals contained in the consultation paper. Parallel to the consultation process, the SARB established a Market Practitioners Group (MPG), which is a joint public and private sector body, comprised of representatives of the SARB, the Financial Sector Conduct Authority (FSCA), and other senior professionals representing different market interest groups active in the domestic financial markets. The MPG is chaired by SARB Deputy Governor: Markets and International...