MPG conferences and industry forums

South Africa’s transition from the Johannesburg Interbank Average Rate (Jibar) to the South African Rand Overnight Index Average (ZARONIA) is entering its final phase as the Jibar cessation approaches.

Changes to pricing, funding and risk management are already underway.

The 2026 MPG Conference theme, ‘Beyond Jibar: Navigating Reference Rate Transitions and Market Reforms’, captures the priorities at this stage: completing the transition and building on reforms already reshaping financial markets.

Click here for the full agenda and speaker bios.

Agenda
07:30	Registration
08:00	Jibar transition: A refresher The refresher will provide a common foundation for the day’s discussions as the transition enters its final phase. Presentation: Naweed Hoosenmia Presentation \| Jibar transition: A refresher
09:00	Welcome: Programme directors: Keitu Montshioa and Muka Phungo
09:10	Opening remarks \| Deputy Governor Rashad Cassim, South African Reserve Bank Read the full speech
09:25	Completing the Jibar transition: Key issues As the Jibar cessation approaches, the panel will assess progress and examine the remaining legal, regulatory and market dependencies. It will consider the coordinated action needed to resolve outstanding issues, give market participants greater certainty and complete an orderly transition. Discussion themes Progress to date and remaining priorities Tough legacy contracts, the legislative solution and SARB notices Term ZARONIA readiness and scope of use Synthetic Jibar and active transition initiatives London Clearing House conversion, noteholder consent and fallback language Moderator: Ajay Bhowan Discussants: Jacob Rank-Broadley, FTSE Russell; Paul Burgoyne, Standard Bank; Zakhele Gininda, SARB. Presentation \| Completing the Jibar transition: Key Issues
10:30	Coffee break
10:45	Risks and opportunities in ZARONIA derivatives markets Liquidity migration from Jibar to ZARONIA is reshaping derivatives trading, hedging and risk management. The discussion will examine the resulting risks and opportunities, with a focus on effective price discovery and risk transfer during the transition and after the Jibar cessation. Discussion themes Developments in ZARONIA-linked derivatives and market-making Managing interest rate and liquidity risk Active adjustment spreads relative to the credit adjustment spread Futures, options, forward-starting swaps and the future of forward rate agreements Hedge effectiveness, portfolio compression and ZARONIA discounting Moderator: Richard Klotnick, Absa Discussants: Dain Winsnes, Matrix Fund Managers; Paulo Teixeira, Nedbank; Pieter Venter, Rand Merchant Bank
11:45	Credit market developments Benchmark reform, changing funding conditions and evolving practices are reshaping South Africa’s credit market. The presentation and panel discussion will explore participants’ responses and opportunities to support issuance, improve efficiency and deepen liquidity in primary and secondary markets. Discussion themes Patterns in debt issuance and ZARONIA compounding conventions Money Market Code of Conduct Liquidity management, funding strategies and capital structure optimisation Efficiency in primary and secondary markets Reducing issuance costs and deepening liquidity through technology and regulation Presenter: Ryan van Breda, Perpetua Moderator: Andries du Toit, FirstRand Discussants: Ian Norden, Intengo Market; Portia Boshomane, STANLIB Presentation \| Credit market developments
12:30	Lunch
13:30	Transition strategies for financial institutions Drawing on practical experience, the speakers will examine how financial institutions are executing their Jibar transition programmes and addressing the remaining strategic, financial and operational challenges. They will highlight implementation lessons relevant to the final phase of transition. Discussion themes Practical institution-wide transition strategies Asset and liability management approaches Disclosure and tax considerations Stakeholder engagement and supervisory expectations Implementation challenges and lessons learnt Presentation: Vuwani Nthakheni, Standard Bank Moderator: Ivan Ruscic, FirstRand Discussants: Alan Joffe, Discovery Bank; Niven Mangrey, Nedbank; Khanyisa Cingo-Ngandu, SNG Grant Thornton; Sivenesan Govender, Prudential Authority Presentation \| Transition strategies for financial institutions
14:30	Benchmarks: Reforms, regulation and resilience South Africa’s benchmark landscape is evolving as markets adapt to new reference rates, regulatory expectations and investment practices. Panellists will examine reforms beyond Jibar and their implications for pricing, investment mandates and market resilience. Discussion themes Proposed transition from the prime lending rate Discontinuation of the South African Benchmark Overnight Rate (Sabor) Implications of the Jibar transition for Short-Term Fixed-Interest Composite Index (STeFI) and investment mandates Development and use of the ZARONIA swap curve Benchmark regulation and conduct standards Moderator: Naweed Hoosenmia, SARB Discussants: Benjamin April, KPMG; Mark Randall, JSE; Odette Eybers, FSCA; Zakhele Gininda, SARB Presentation \| Benchmarks: Reforms, regulation and resilience
15:15	Coffee break
15:30	Enhancing the functioning and resilience of the repo market A well-functioning repo market supports liquidity management, collateral mobilisation and monetary policy transmission. The presentation and ensuing discussion will explore reforms to strengthen South Africa’s repo market, broaden access and enhance resilience. Discussion themes Recent developments and the need for a coordinated response Transition towards a classic repo framework Broader participation and an expanded framework for eligible collateral Triparty collateral management and central counterparty clearing Implications for regulation and supervision Presenter: Farzana Khan, Strate Moderator: Bafundi Maronoti, SARB Discussants: Bhulesh Singh, FirstRand; Tshepo Hlongwane, Standard Bank Presentation \| Enhancing the functioning and resilience of the repo market
16:30	Closing remarks: Zafar Parker, SARB
16:45	Networking

Watch: Market Practitioners Group (MPG) Conference, November 2026

Previous conferences

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. [Watch]
09:00	Official welcome
09:10	MPG Chairperson’s keynote address \| Deputy Governor Rashad Cassim (SARB) [Watch] Read the full speech
09:30	Implications of the Jibar cessation date announcement Moderator: Zakhele Gininda (SARB) Panellists: Elmarie Hamman (FSCA), Gizelle Boyce (Standard Bank), Kumar Tulsi (PwC) [Watch] Download: Transition Approach Recommendations (Draft)
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) Panellists: Mesias Alfeus (Stellenbosch University), Neo Moloto (JSE), Obeid Mahomed (Absa) [Watch] Download: Event-Aware Jump-Diffusion for the JIBAR–ZARONIA Spread Download: Historical estimation of the ZARONIA OIS curve
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) Moderator: Varushka Singh (SARB) Panellists: Andries du Toit (FirstRand), Gregory Naicker (Strate), John de Beer (Standard Bank), Serena McGinn (Sappi) [Watch]
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) Moderator: Paul Burgoyne (Standard Bank) Panellists: Abdul Khaliq Ismail (SA Home Loans), Ivan Ruscic (FirstRand), Kedibone Dikokwe (FSCA), Mluleki Shongwe (SARB) [Watch] 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) Panellists: Nomathibana Okello (Terebinth), Pieter Venter (RMB), Zakhele Nyandeni (BDO) [Watch]
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) Panellists: Ajay Bhowan (Absa), Khanyisa Cingo (SNG Grant Thornton), Paul Burgoyne (Standard Bank), Sivenesan Govender (Prudential Authority) [Watch] Download: Tax Considerations of Transitioning from JIBAR to ZARONIA for Legacy Contracts
16:00	Closing remarks
16:15	Networking

Playlist: Market Practitioners Group (MPG) Conference, December 2025

The fourth MPG Legal Industry Webinar on the transition to ZARONIA took place on 20 August 2026.

Click here for the full agenda.

Clicker here for the webinar presentation.

Watch the full webinar below:

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) [Watch]
09:40	Reference rate reforms and the emerging opportunities set Moderator: Zakhele Gininda (SARB) Discussants: Elmarie Hamman (FSCA), Gill Raine (ASISA), Richard Klotnick (Absa), Zafar Parker (SARB) [Watch]
10:45	Developing ZARONIA-based derivatives and cash markets Moderator: Parin Gokaldas Discussants: Ajay Bhowan (Absa), Eulali Gouws (STANLIB), Ivan Ruscic (FirstRand), Jurgens Steyn (Momentum) [Watch]
13:00	Managing interest rate and liquidity risk during the Jibar transition Presenters: Bhulesh Singh (FirstRand) and Richard Klotnick (Absa) [Watch]
13:45	Minimising the risk of economic value transfer in legacy contracts Moderator: Zakhele Gininda (SARB) Discussants: Ahmed Essay (Standard Bank), Khanyisa Cingo-Ngandu (SNG Grant Thornton), Mosidi Vilakazi (SARB), Nkosi Makoko (FSCA), Steven Breslin (Deloitte) [Watch]
14:45	Operational readiness and infrastructure modernisation Moderator: Ryan Rossam (Standard Bank) Discussants: Gill Raine (ASISA), Gregory Naicker (Strate), Kim Robertson (FirstRand), Ruan Roux (SARB) [Watch]
15:30	Preparing for the Jibar transition Presenter: Cecile Lotter (Deloitte) [Watch]
15:55	Closing remarks
Breakaway session
14:30	Technical discussion for derivatives market practitioners Moderator: Ajay Bhowan (Absa) Discussants: Leenesh Moodliyar (Liberty), Obeid Mahomed (Absa), Pieter Venter (FirstRand), Thomas McWalter (Analytical) [Watch]