The consultation paper, among other things, considered whether there was a case for the reform of the Johannesburg Interbank Average Rate (Jibar) and explored the development of new benchmarks.
The case for reforming the Jibar, which is the most widely used reference rate in South Africa and is therefore of systemic importance, was informed by a number of concerns, including that: i.  the Jibar is currently not underpinned by a large number transactions, which is a desirable and an essential characteristic of a benchmark interest rate according to the principles for financial benchmarks developed by the International Organization of Securities Commissions (IOSCO);  ii.