On 28 September 2023, the South African Market Practitioners Group (MPG) published three consultation papers on market conventions for cash market products (including for loans) using the South African Rand Overnight Index Average (ZARONIA). The MPG has designated the ZARONIA rate as the preferred successor rate to replace JIBAR. 

Each paper focuses on a particular segment of the cash market: (i) loans; (ii) bonds; and (iii) money market instruments.

The ZARONIA-linked loan consultation paper contains recommendations intended to serve as the basis for new loans that reference ZARONIA. The paper is not intended to prescribe, mandate, or limit the ways in which loan market participants may transact based on their needs and requirements. 

Responses to the consultation papers are due by 27 October 2023. We would encourage our members who use JIBAR to submit responses to the loans and other relevant consultations directly.    

We will be holding our 10th annual Developing Markets Conference in London on 22 May 2024. 

LMA's Developing Markets Conference focuses on developing markets including the Sub-Saharan Africa, North Africa, CIS and the Middle East.

Click here to watch highlights from the 2023 Developing Markets Conference.

Scott McMunn has been appointed CEO of the Loan Market Association (“LMA”). The LMA's key objective is to improve liquidity, efficiency and transparency in the loan markets across EMEA for its 845+ members. Scott started his new role on 1 September 2023.

Charlotte Conlan, Chair of the LMA Board said, “We are delighted to welcome Scott as the new Chief Executive of the LMA.  He brings with him tangible experience and knowledge of the loan market and has strong strategic capabilities and operational effectiveness to drive the LMA forward. The Board looks forward to working with Scott and helping the LMA continue to deliver outstanding service to its members.”