On 20 October 2025, the MPG announced that it is seeking a qualified vendor to calculate and publish forward-looking term rates based on ZARONIA. The selected administrator will be expected to begin publishing an MPG-recommended forward-looking ZARONIA term rate by the second quarter of 2026, contingent on sufficient liquidity in ZARONIA derivatives markets, as well as establishing recommended scopes of use for such term rates.

Submissions are due by 30 November 2025.

On 16 September 2025, the LMA hosted a live webinar (with Q&A) on EURIBOR fallbacks.

Attendees joined Kam Hessling, Managing Directors at the LMA, and Toby Mann, Knowledge Director at Clifford Chance, for a session that covered:

• An update on the LMA’s work on EURIBOR fallbacks and key messages: where things stood, why the LMA had focused on EURIBOR fallbacks, developments in the market and LMA documentation, and action points for loan market participants.
• An overview of the LMA’s recommended forms of single currency euro documentation: including how they addressed the Euro RFR Working Group’s recommendations on EURIBOR fallbacks and feedback from the LMA’s RFR Documentation Survey 2024.

On 10 September 2025, the MPG legal workstream hosted a Legal Industry webinar on the transition from JIBAR to ZARONIA.

Attendees joined Kam Hessling, Managing Director at the LMA, Ann Battle, Senior Counsel at ISDA, and Katie Kelly, Senior Director – Market Practice & Regulatory Policy at ICMA and others, for a session that covered:

• An introduction to the transition 
• An overview of JIBAR and ZARONIA transaction data 
• Insights from industry associations on the legal and market implications of the transition.
• Key market updates from senior treasury professionals 
• Practical experiences on JIBAR transactions shared by legal experts 
• A summary of the supervisory approach