ZARONIA Resource Centre

Find all your ZARONIA transition resources here, ON TRADEWEB.

Everything you need, all in one place

Here, you’ll find the information to help you prepare for the South African Rand Overnight Index Average (ZARONIA) transition from the Johannesburg Interbank Average Rate (JIBAR). We’ll provide updates, along with best practice and guidance from our experience with market participants, central banks and clearinghouses.

Deep regulatory experience

Our guidance on the ZARONIA transition is drawn from our extensive experience helping clients navigate regulatory reform and Risk-Free Rate (RFR) transitions across the globe – including SHIR, F-TIIE, SONIA, ESTR, SOFR, TONA.

Background

The current reference rate for South Africa’s ZAR-denominated interest rate swaps market, known as JIBAR, will transition to the South African Rand Overnight Index Average (ZARONIA) over the course of 2025/2026.

ZARONIA is South Africa’s new overnight RFR, introduced as part of the country’s move away from JIBAR. It reflects the average interest rate of overnight unsecured lending transactions between South African banks, based purely on observed market data.

Benchmark rate: ZAR-ZARONIA-OIS Compound

ZARONIA FAQs

Reference Rate Switch

Timeline for Transition

1. 2025 is critical for building ZARONIA liquidity, driven through ‘ZARONIA first’ initiatives
2. 2026 focuses on active transition of legacy contracts from JIBAR to ZARONIA

Clearing

As ZARONIA becomes a key benchmark in South Africa’s financial markets, the clearing of ZARONIA-based instruments will follow established frameworks adapted from international best practices, with integration into local infrastructure.

Clearinghouses

International clearinghouses such as LCH are live and supporting ZARONIA-based swaps
From Q4 2025 (note: tentative date) we expect CME to be live and supporting ZARONIA-based swaps too