EXECUTIVE BRIEF · 7 OCTOBER 2026

CME sets JIBAR conversion rehearsal; JSCC activates Phase 15.

Two operational changes missed in the prior scan enter the register with their original source dates and unresolved readiness evidence.

RESEARCH CUT-OFF 7 OCT · 06:50 CEST2material changes

Published content frozen

HISTORICAL CATCH-UP · Sources are dated 30 September and 4 October. CME’s rehearsal occurs after this cut-off; no successful test is inferred. JSCC confirmed its go-live decision, not the release scope or first-day outcome.

EXECUTIVE TAKEAWAYS

01RELATES TO · JIBAR CONVERSION ↓
Rates / clearing / operations · Reconcile in-scope trades, replacement ZARONIA bookings and compensation cash in UAT, then retain the 28 October contingency path.
02RELATES TO · JSCC PHASE 15 ↓
APAC OTC / technology · Obtain the Phase 15 change pack and reconcile participant messages, reports and exceptions before treating the release as operationally closed.

Action radar

NEWLY INDEXED · WATCH01

Operations · INT-2026-063 · 58/100 · SOURCE 2026-09-30

CME schedules JIBAR-to-ZARONIA rehearsal before November conversion

FACT · CME’s 30 September advisory schedules a UAT dress rehearsal for 7 October at 18:00 ET, ahead of the primary conversion of cleared three-month ZAR-JIBAR swaps on 20 November. The rehearsal covers contracts with fixings beyond the 31 December cessation date.

PRIMARY SOURCEPrimary source ↗PRIMARY SOURCERelated CCP conversion notice ↗

Why it matters

GDI ANALYSIS · Conversion, replacement bookings and cash compensation create a reconciled position-and-payment control event; a scheduled test is not evidence that participants or production are ready.

Likely business impact

Rates / clearing / operations · Reconcile in-scope trades, replacement ZARONIA bookings and compensation cash in UAT, then retain the 28 October contingency path.

What to watch

7 October UAT results and unresolved position or payment breaks
20 November production conversion; 4 December contingency date
LCH’s separate 10 October rehearsal and 21 November conversion

NEWLY INDEXED · WATCH02

Technology · INT-2026-064 · 47/100 · SOURCE 2026-10-04

JSCC activates Phase 15 of its OTC derivatives clearing system

FACT · JSCC said on 4 October that its Phase 15 OTC derivatives clearing-system update received go-live approval and would enter production on 5 October as scheduled.

PRIMARY SOURCEPrimary source ↗

Why it matters

GDI ANALYSIS · The production decision is confirmed, but the public notice does not disclose the functional scope, participant changes or first-day operating evidence; those gaps limit any broader readiness claim.

Likely business impact

APAC OTC / technology · Obtain the Phase 15 change pack and reconcile participant messages, reports and exceptions before treating the release as operationally closed.

What to watch

Phase 15 functional and interface scope
Participant acknowledgements, breaks and fallback evidence
First production-day outcome beyond JSCC’s go-live decision

Urgent open matters

LCH RepoClear sponsored minimum DFCunchanged since 5 October · scheduled effective date reachedNEXT TRIGGERActual £100,000 minimum application; sponsor terms and all-in cost →Eurex T+2 intraday liquidityUNCHANGED SINCE 3 OCTOBERNEXT TRIGGERActual calls, currency peaks and local holidays →Project UNO migrationUNCHANGED SINCE 3 OCTOBERNEXT TRIGGER24 October inventory, transfer and reconciliation evidence →CORRA / TIIE de Fondeo clearingUNCHANGED SINCE 8 SEPTEMBERNEXT TRIGGER8 October compliance readiness →EMIR Article 7d commentsUNCHANGED SINCE 18 SEPTEMBERNEXT TRIGGER12 October consultation close and retrospective data scope →