The Market Practitioners Group (MPG) has published two new papers setting out recommended approaches for the transition from JIBAR to ZARONIA. No New JIBAR outlines a proposed market‑wide milestone from 1 May 2026, aimed at preventing the creation of new JIBAR-linked exposures ahead of cessation. Transition Approach Recommendations provides guidance on the active, passive and legislative pathways available for transitioning legacy JIBAR exposures across key product markets, helping firms plan and manage the transition.

The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) have released Joint Communication 1 of 2026, expanding the supervisory expectations supporting South Africa’s transition from JIBAR to ZARONIA. The communication builds on earlier guidance and reinforces the ‘No new JIBAR’ initiative, under which financial institutions should cease issuing new JIBAR‑referencing products from 1 May 2026, except in clearly defined exceptional cases. It outlines minimum expectations on limiting new JIBAR exposure, using ZARONIA for new products, applying strong governance, and ensuring any permitted exceptions do not create additional JIBAR risk.

On 11 March 2026, the LMA submitted a joint response (along with ISDA, GFXD, UK Finance) to HM Treasury’s consultation on the future UK benchmarks regime.

We broadly support the proposed Specified Authorised Benchmarks Regime (SABR), recognising its aim of creating a more proportionate, internationally competitive framework focused on benchmarks whose failure could pose systemic risk. Our response emphasises that while the move toward a narrower, effects‑based regime is positive, aspects of the proposals risk creating ambiguity and unintended cliff‑edge consequences.