LCH SwapClear Clears First POLSTR Swaps as Poland Moves Away From WIBOR

LCH SwapClear has cleared its first swaps referencing POLSTR, marking a significant step in the development of Poland’s new risk-free interest rate and the broader transition away from WIBOR in the Polish zloty rates market.

The new clearing capability introduces POLSTR overnight indexed swaps (OIS) to LCH SwapClear, supporting the objectives of Poland’s National Working Group (NWG), which was to coordinate an orderly transition from WIBOR. A key part of that process is encouraging the adoption of POLSTR across the over-the-counter derivatives market.

Nick Rustad, Group Head of SwapClear and Listed Rates at LCH Ltd, said the addition of POLSTR OIS demonstrates the clearing house’s commitment to the continued evolution of global swap markets and the wider shift toward risk-free reference rates.

LCH SwapClear Clears First POLSTR Swaps as Poland Moves Away From WIBOR

Market participants also highlighted the importance of central clearing in establishing liquidity around the new benchmark. Bartlomiej Wit, Head of Trading at ING Slaski, said access to POLSTR OIS clearing through LCH SwapClear would be an important component in building market liquidity.

Societe Generale’s Myriam Sifaoui described the launch as an important milestone in the transition from WIBOR to POLSTR, emphasizing the role of clearing in supporting liquidity and risk management as market participants adopt the new benchmark.

Erste Group’s Goran Hoblaj similarly noted that the development of liquidity in cleared POLSTR swaps will help market participants manage PLN interest-rate exposure and support an orderly benchmark transition.

GPW Benchmark began publishing POLSTR on June 2, 2025. The benchmark has since gained further importance through its inclusion as the fallback to WIBOR in the latest version of ISDA’s 2021 Interest Rate Derivatives Definitions.

The transition is also becoming more time-sensitive for derivatives participants. Restrictions on the use of WIBOR in swaps are scheduled to begin applying from early 2027, increasing the importance of developing sufficient liquidity, clearing infrastructure and risk-management tools around POLSTR ahead of the deadline.

The launch therefore gives banks and other market participants an additional mechanism to manage Polish zloty interest-rate risk while supporting the gradual migration toward the new benchmark.

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