The SARB is the administrator of the Johannesburg Interbank Average Rate (Jibar), which is widely used as a reference rate that underpins a significant number of financial contracts and valuations. The Jibar-related post-trade disclosures form part of the SARB’s efforts to reform critical interest rate benchmarks in the South African financial markets. The post-trade disclosures are aimed at strengthening the Jibar by increasing the transparency around market activity that supports Jibar and thereby enhancing its credibility.
The post-trade disclosures consist of three reports, namely the trade, yield percentiles and outstanding nominal values reports. The trade report details negotiable certificate of deposit (NCD), linked-NCD and floating rate note (FRN) transactions and summarises the value of the transactions traded daily. The yield percentiles report displays the daily volume weighted average rate and yield distribution for each traded instrument based on actual transactions. The outstanding nominal values report reflects the maturity profile of each issued instrument as at the previous business day (unless stated otherwise). The information contained in these reports can also be sourced from Strate, which is the publishing agent for Jibar-related post-trade disclosures.
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