Developing Markets

Developing markets offer great opportunities as global dynamics shift, demand for their resources increases and new technologies evolve. At the LMA, we seek to bring about increased efficiencies and standardisation in developing markets, whilst educating our members about the opportunities and challenges they may face when operating in these regions.

Latest News

South Africa: MPG publishes final paper on market conventions for ZARONIA-linked cash market instruments

On 25 January 2024, following a period of consultation with market participants, the South African Market Practitioners Group (MPG) released final papers on market conventions for cash market products (including for loans) using the South African Rand Overnight Index Average (ZARONIA).

The MPG has designated ZARONIA as the preferred successor rate to replace JIBAR. ZARONIA has been available for use as a reference rate in financial contracts since 3 November 2023.

The ZARONIA-linked loan paper contains recommendations intended to serve as the basis for new loans referencing ZARONIA. 

LMA updates Term SOFR commentary, as well as its developing markets and PXF facility agreements for RFRs

The LMA is pleased to have published updated versions of its developing markets and pre-export finance (PXF) facility agreements for the transition to risk-free rates (RFRs). We have also published an updated Term SOFR commentary which: (i) reflects these updates; and (ii) provides additional guidance on certain aspects in light of market feedback.    

The update to these documents is part of a wider ongoing documentation update exercise necessitated by the RFR transition, in particular to reflect which documents are most helpful for the market, as well as which currencies and rates are being used in which sectors and jurisdictions and is part of the LMA’s ongoing support to members across markets facilitating IBOR transition and fallbacks.    


LMA publishes South African law revised replacement of screen rate language to assist with JIBAR transition

On 2 November 2023, we published a user guide and revised recommended form of replacement of screen rate clause for the LMA’s South African law documents (“SA revised replacement of screen rate clause”). 

The SA revised replacement of screen rate clause is based on the LMA’s existing 2018 revised replacement of screen rate clause (as updated) produced in the context of LIBOR transition. However, it also has regard to the work of the MPG on sample reference language for bilateral loans and reflects specifics of the South African market and JIBAR transition. In order to provide additional context, there are footnotes explaining any differences in the LMA clause and the MPG sample clause.

Video Content

LMA Developing Market Conference 2023 Highlights


LMA Developing Market Conference 2023 - Baker McKenzie Interview

Interview with Nick Tostivin and Luka Lightfoot from Baker McKenzie


LMA Developing Markets Conference 2023 - Interview with Ana Radnev

Interview with Ana Radnev - CMS


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Amelia Slocombe

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