In the interim, the SARB implemented the MPG’s proposed measures to strengthen Jibar by enhancing the transparency of market activity that underpins the benchmark and by introducing various provisions in the Jibar Code of Conduct and Operating Rules (Code). The SARB appointed Strate (Pty) Limited to be the publishing agent for all Jibar-related post-trade disclosures6.
Third, in the second quarter policy review last month, we announced the introduction of plain vanilla OTC single-name credit default swaps (CDS) for corporate bonds for resident entities. Fourth, a separate category of NBFCs – infrastructure NBFCs – is being introduced. Fifth, banks will be permitted to build up capital for “take-out” exposures in a phased manner.