South Africa is partnering with the London Stock Exchange to facilitate the offshore transition to its new benchmark rate, Zaronia, ahead of the planned phase-out of the legacy Johannesburg Interbank Average Rate, or Jibar, on Dec. 31.

The South African Reserve Bank is working directly with LCH Swap Clear, the London Stock Exchange’s clearing house, to convert outstanding derivative contracts tied to the old rand reference rate. This collaboration aims to accelerate international adoption of Zaronia among global financial institutions.

By engaging with major offshore infrastructure, South Africa seeks to ensure a smooth benchmark transition that minimizes disruption for market participants. The move underscores the country’s commitment to aligning with global benchmark reform standards while strengthening the international profile of its new risk-free rate.

The initiative reflects broader efforts across emerging markets to modernize benchmark frameworks and enhance transparency in financial markets.