The Financial Markets Liaison Group (FMLG) is a consultative forum and was established as a joint initiative between the South African Reserve Bank (SARB), as the central bank, and key participants in the financial markets. The FMLG strives to facilitate an active dialogue between the SARB and market participants on topics of common interest and acts as a valuable platform to exchange views on market functioning.

FMLG meetings are chaired by the deputy governor of the SARB responsible for markets and international. Members include senior representatives from the major domestic banks, the International Banking Association, National Treasury and various departments of the SARB. Representatives from the Prudential Authority, the Banking Association South Africa, the Association for Savings and Investment South Africa, the exchanges, the central securities depositories, and other relevant parties are invited occasionally to present on topics of particular interest.

The FMLG meetings are held semi-annually, as a means for the SARB and market participants to maintain regular contact at senior level. Special FMLG meetings are convened when specific issues need to be discussed as a matter of urgency.

The FMLG structure provides for subcommittees that undertake projects and report to it on a regular basis. The FMLG subcommittees are:

  • Money Market Subcommittee;
  • Fixed Income and Derivatives Subcommittee; and
  • Financial Markets Infrastructure Subcommittee. 

 

Contact details

Chairperson

Deputy Governor Markets and International
Dr R Cassim
+27 12 313 3922 

FMLG Secretariat

Mr E Makgopa
+27 12 313 4124

Edwin.Makgopa@resbank.co.za

 

The FMLG is a joint initiative between the Bank, as the central bank of the Republic, and key participants in the financial markets. It emerged from the Money Market Liaison Group (MMLG), which was initiated in 2005 when market participants were consulted on modifications to the Bank’s refinancing system.

 

Dr Rashad Cassim

Deputy Governor (SARB and Chairperson of the FMLG)

Mr Zafar Parker

Head Financial Markets Department (SARB and Chairperson of the SAFXC)

Mr Tim Masela

Head National Payment System Department (SARB)

Dr Nicola Brink

Head Financial Stability Department (SARB)

Ms Mmakgoshi Lekhethe

Deputy Director General (National Treasury)

Dr Christopher Axelson

Deputy Director General (National Treasury)

Mr Garth Klintworth

Head of Markets (ABSA Bank)

Mr Parin Gokaldas

Group Treasurer (ABSA Bank)

Mr Andries du Toit

Group Treasurer (FirstRand Group)

Mr Theo Thomas

Head of Global Markets (FirstRand Group)

Mr Lourens van Rensburg

Head of Corporate and Institutional Banking (Investec)

Mr Clive Sindelman

Treasurer (Investec)

Mr George Kerby

Group Treasurer (Nedbank)

Mr James Glover

Head of Global Markets (Nedbank)

Mr Douglas Hendry

Group Treasurer (Standard Bank)

Mr Guido Haller

Head of Global Markets (Standard Bank)

Dr Kweku Bedu-Addo

CEO (Standard Chartered Bank – JHB Branch and Chairperson of IBA)

Mr Mark Brits

Senior General Manager Prudential Regulation (BASA)

Ms Gill Raine

Senior Policy Advisor (ASISA)

Mr Victor Mphaphuli

Head of Fixed Income (Stanlib and ASISA)

Mr Anton Gildenhuys

Retail Affluent (Sanlam and ASISA)

Mr Richard Treagus

Chief Risk Officer (Old Mutual Group and ASISA)

Mr Nishan Maharaj

Head of Fixed Income (Coronation and ASISA)

Mr Bashier Omar

Portfolio Manager (Ninety-One and ASISA)

Mr Trevor Starke

Group Treasurer (AECI Limited and ACTSA)

Mr Bafundi Maronoti

Senior Manager of Market Operation and Analysis (SARB and Chairperson of MMS)

Mr Richard de Roos

Head of Operations of Corporate and Investment Banking (Standard Bank and Deputy Chairperson of SAFXC)

Mr Heath Beckley

Senior Interest rates Trader (Nedbank and Chairperson of the FI&DS)

Mr Edwin Makgopa

Senior Financial Markets Specialist, FMLG Secretariat (SARB)

Mr Daron Hendricks

Financial Markets Specialist, FMLG Secretariat (SARB)

   

Dates Where
05 June 2024
10h00
South African Reserve Bank
Microsoft Teams
05 November 2024
11h00
South African Reserve Bank
Microsoft Teams

The South African Foreign Exchange Committee (SAFXC) is a forum representing industry-wide key market professionals involved in the wholesale foreign exchange market under the sponsorship and leadership of the South African Reserve Bank (SARB). The processes to establish SAFXC commenced after South Africa became a member of the Global Foreign Exchange Committee in May 2017 (see https://www.globalfxc.org/ for more detail).

The purpose of the Committee is to provide guidance in the foreign exchange market by endorsing and upholding the FX Global Code and to facilitate market participants’ adherence to the Code with the intention of promoting a fair and transparent market, as well as compliance with international best practice.

SAFXC is chaired by Mr Zafar Parker, Head: Financial Market Department, SARB, with Mr Richard de Roos, Head: Foreign Exchange serving as Deputy Chairperson. The Committee shall meet at least four times per annum.

Membership of the committee include representatives of the SARB, Authorised Dealers, the interdealer broker community, the Association for Savings and Investment South Africa, Association Cambiste International South Africa, the Banking Association South Africa, a securities exchange, the Association of Corporate Treasurers of Southern Africa, and other market participants, as determined by the Committee.

The following are the functions of the Committee:

  • to endorse, actively promote and uphold the non-legislative FX Global Code, and contribute to its updating;
  • to promote compliance with international best practice;
  • to discuss the functioning of the South African FX market and propose ways to improve its efficiency;
  • to discuss topical issues relating to spot and derivative trading activities in the domestic FX market; and
  • to exchange views on trends and developments in global FX markets, including the structure and functioning of those markets.

 

Contact details

Chairperson

Mr Zafar Parker
+27 12 313 4707

Deputy Chairperson

Mr Richard de Roos
+27 11 415 7903

Meeting Secretaries

Ms Lucy Mabuza
+27 12 313 4537
Lucy.Mabuza@resbank.co.za

Mr Chris Tsotsa 
+27 12 313 4950
Chris.Tsotsa@resbank.co.za

 

The South African Foreign Exchange Committee is a forum representing industry-wide key market professionals involved in the wholesale foreign exchange market under the sponsorship and leadership of the South African Reserve Bank (SARB). This Committee has no legal powers to impose legal or regulatory obligations on market participants, but rather intends to provide them with guidance by identifying and promoting global good practices.

 

Mr Zafar Parker

South African Reserve Bank (Chairperson)

Mr Richard de Roos

Authorised Dealer (Deputy Chairperson)

Mr Gerald Katsenga

Association Cambiste Internationale (ACI) South Africa

Mr Chris Paizis

Authorised Dealer

Mr Steve Panos

Authorised Dealer

Mr Brice Parise

Authorised Dealer

Mr Atlasaone Khaas

The Association of Corporate Treasurers of Southern Africa (ACTSA)

Ms Gill Raine

The Association for Savings and Investment South Africa (ASISA)

Mr Gary Haylett

Banking Association South Africa (BASA)

Mr Marius de Jongh

Financial Sector Conduct Authority (FSCA)*

Mr Paul Wilson

Interdealer Broker

Mr Elaine Mabiletsa

Securities Exchange

Mr Carlos Martins

South African Association of Treasury Advisors (SAATA)

Ms Samantha Springfield

South African Reserve Bank

Mr Andries Tshishonga

South African Reserve Bank

Ms Lesego Malehopo

South African Reserve Bank

Ms Lucy Mabuza

South African Reserve Bank — Meeting Secretary

Mr Chris Tsotsa

South African Reserve Bank — Meeting Secretary 

* FSCA serves in an observer capacity

 

Dates Where

Thursday, 7 March 2024 (Time: 10:00 – 11:30)

South African Reserve Bank - Virtual meeting

Thursday, 20 June 2024 (Time: 10:00 – 11:30)

Standard Bank - ‘In-person’ meeting

Tuesday, 27 August 2024 (Time: 10:00 – 11:30)

South African Reserve Bank - Virtual meeting

Thursday, 31 October 2024 (Time: 10:00 – 11:30) 

Standard Bank - ‘In-person’ meeting

In August 2018, the SARB published the “Consultation paper on selected interest rate benchmarks in South Africa”. The paper made key recommendations regarding the reform of the Johannesburg Interbank Average Rate (Jibar) and the South African Benchmark Overnight Rate on Deposits (Sabor). It proposed new interest rate benchmarks that the SARB would calculate and monitor in order to enhance the transparency of monetary policy transmission and enrich the current framework for systemic risk identification and monitoring.

The paper recommended the establishment of the Market Practitioners Group (MPG), which is a joint public and private sector body. The primary purpose of the MPG is to make the final decisions on the choice of interest rate benchmarks to be used as reference interest rates for financial and derivative contracts, as well as to provide input to the SARB and the Financial Sector Conduct Authority (FSCA) on the operationalisation of the interest rate benchmark proposals contained in the paper. Please refer to the MPG page for comprehensive detail on the review of domestic interest rate benchmarks.

The MPG functions alongside other structures, such as the Financial Markets Liaison Group (FMLG), and is chaired by the Deputy Governor: Markets and International of the SARB. It comprises members of the SARB and the FSCA, and senior professionals from a variety of institutions to reflect different market interest groups active in the domestic money market.

The MPG will remain in existence until the new benchmarks have been implemented and embedded, after which the Reference Rate Working Group of the FMLG will assume responsibility for further work on reference interest rates. 

For more information on MPG click here.

Contact details

MPGSecretariat@resbank.co.za