1377 South Africa’s financial markets are undergoing a profound structural transformation that will reshape the landscape for banks, corporates, and particularly asset managers. The long-standing Johannesburg Interbank Average Rate (JIBAR), which has been the dominant interest rate benchmark for floating-rate instruments in the country, is being phased out. In its place, the South African Reserve Bank (SARB) is ushering in the South African Rand Overnight Index Average (ZARONIA)—a near risk-free rate (NRFR) designed to reflect real market transactions and enhance financial stability.