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The 2025 MPG Conference brings together experts to discuss the transition from the Johannesburg Interbank Average Rate (Jibar) to the South African Rand Overnight Index Average (ZARONIA) ‒ a development that represents the most significant reform of the country’s financial markets in decades.
The South African Reserve Bank and the Market Practioners Group will hold its 2025 conference on Wednesday, 3 December 2025 in Johannesburg under the theme ‘The Jibar transition: The last mile’.
Click here for the full agenda and speaker bios.
Agenda |
|
|---|---|
| 07:00 | Registration |
| 08:00 | Primer on ZARONIA and the Jibar transition This session will provide an overview of the background and context surrounding the Jibar transition. It is specifically designed for participants who may not be familiar with the reference rate reform programme. The aim is to ensure that all attendees have a solid understanding to actively engage in the subsequent discussions. |
| 09:00 | Official welcome |
| 09:10 | MPG Chairperson’s keynote address | Deputy Governor Rashad Cassim (SARB) |
| 09:30 |
Implications of the Jibar cessation date announcement Moderator: Zakhele Gininda (SARB) |
| 10:15 | Break |
| 10:30 | ZARONIA-linked yield curve dynamics ZARONIA is the designated successor rate for Jibar. It is essential that market participants understand the factors driving this benchmark and how expectations and risk are factored into the ZARONIA-linked yield curve. The curve will set the foundation for pricing, valuation, trading and risk-management frameworks. Panellists will discuss the key determinants of ZARONIA, methods for modelling changes in monetary policy and approaches to constructing the yield curve. Moderator: Lisa MacLeod (Ninety One) Download: Event-Aware Jump-Diffusion for the JIBAR–ZARONIA Spread |
| 11:20 | Development of the credit market The MPG, regulators and market infrastructure providers have developed various solutions to enable the adoption of ZARONIA in the corporate credit market. Nevertheless, ongoing challenges in the market may limit the widespread uptake of ZARONIA. This session will explore the possibility of leveraging the institutional arrangements of the Jibar transition to address these issues and ensure a smooth transition to ZARONIA. Presentation: Andries du Toit (FirstRand) |
| 12:15 | Lunch |
| 13:00 | Tough legacy contracts: The case of mortgages and securitised notes This session will open with a presentation on how SA Home Loans is managing the Jibar transition. The presentation will demonstrate the impact of this reform on business models and explore the structural complexities that tough legacy contracts introduce. After the presentation, the panel will unpack what constitutes tough legacy contracts and examine the envisaged legislative solutions for their transition. This discussion will focus on retail mortgages and securitisation. Presentation: Abdul Khaliq Ismail (SA Home Loans) Download: Recommendations for a ZARONIA transition in the retail market |
| 13:50 | Managing risk during the Jibar transition The Jibar transition programme is fundamentally a risk management exercise. Firms will face various risks, including basis risk, liquidity risk and legal risk. It is critical that all firms implement effective risk management strategies. The panel will discuss different risk assessment approaches, potential hedging instruments and the reporting implications relevant to corporates and asset managers. Moderator: Richard Klotnick (Absa) |
| 14:45 | Break |
| 15:00 | The endgame for Jibar This session provides a forward-looking view as the market enters the final stages of the Jibar transition. As the cessation date draws near, panellists will discuss the operational, legal and regulatory frameworks necessary for the ‘No new Jibar’ milestone, including readiness expectations and strategic considerations for treasury teams. The panel will also address accounting and tax matters, supervisory priorities and safeguards to support an orderly transition to ZARONIA. Moderator: Zakhele Gininda (SARB) Download: Tax Considerations of Transitioning from JIBAR to ZARONIA for Legacy Contracts |
| 16:00 | Closing remarks |
| 16:15 | Networking |
The 2024 MPG Conference will apprise market participants on key developments and unpack the next milestones and challenges that will shape the Jibar transition. This will enable them to advance their organisation’s Jibar transition plans, adopt ZARONIA, and minimise the risk of economic value transfer in legacy contracts. Given size of the market’s Jibar-related exposure, it is critical that the transition process remains at the forefront of market participants’ strategic priorities.
Click here for the full agenda and speaker bios.
Agenda |
|
|---|---|
| 09:00 | Opening remarks | Programme Director: Delisile Mtsweni (SARB) |
| 09:10 | MPG Chairperson’s keynote address | Deputy Governor Rashad Cassim (SARB) |
| 09:40 |
Reference rate reforms and the emerging opportunities set Moderator: Zakhele Gininda (SARB) |
| 10:45 | Developing ZARONIA-based derivatives and cash markets Moderator: Parin Gokaldas |
| 13:00 | Managing interest rate and liquidity risk during the Jibar transition Presenters: Bhulesh Singh (FirstRand) and Richard Klotnick (Absa) |
| 13:45 | Minimising the risk of economic value transfer in legacy contracts Moderator: Zakhele Gininda (SARB) |
| 14:45 | Operational readiness and infrastructure modernisation Moderator: Ryan Rossam (Standard Bank) |
| 15:30 | Preparing for the Jibar transition Presenter: Cecile Lotter (Deloitte) |
| 15:55 | Closing remarks |
| Breakaway session | |
| 14:30 | Technical discussion for derivatives market practitioners Moderator: Ajay Bhowan (Absa) |
Presentations
Recordings
Presentations
Recordings
If you have further questions about MPG, please do not hesitate to contact us on MPGSecretariat@resbank.co.za.
