LCH SwapClear has cleared its first swaps referencing POLSTR, the new risk-free rate for Polish Zloty-denominated swaps.

This new clearing capability aligns with the objectives of the Poland’s National Working Group (NWG), established to ensure orderly transition away from WIBOR in PLN Rates markets, including driving the adoption of POLSTR in OTC derivatives markets.

Nick Rustad, Group Head of SwapClear and Listed Rates, LCH Ltd, said:

“We are delighted to add POLSTR OIS as the latest new product to be cleared in SwapClear. This is a further demonstration of our commitment to global swap market evolution and to the ongoing wave of risk-free rate transitions.”

Bartlomiej Wit, Head of Trading, ING Slaski, said:

“We are very pleased to take advantage of LCH SwapClear’s POLSTR OIS clearing capability. The ability to clear POLSTR OIS at LCH SwapClear will be one of the key components in building market liquidity.”

Myriam Sifaoui, Global Emerging & FX Business Manager, Societe Generale, said:

“The launch of cleared POLSTR OIS by SwapClear marks an important milestone in the transition from WIBOR to POLSTR. Clearing is essential to building liquidity and supporting effective risk management in the new benchmark. Societe Generale is committed to supporting clients throughout this transition, providing the expertise, liquidity, and risk management solutions they need to confidently adopt POLSTR.”

Goran Hoblaj, Head of Group Fixed Income Markets, Erste Group, said:

“The transition to POLSTR represents an important development for the Polish interest rate market. Erste Group is pleased to support the development of liquidity in POLSTR cleared swaps. This marks an important step in supporting an orderly benchmark transition and enabling our clients to manage PLN interest-rate risk effectively”

GPW Benchmark began to publish POLSTR on 2 June 2025, and Fallback Rate (POLSTR) has been incorporated as the fallback to WIBOR in the latest version of ISDA’s 2021 Interest Rate Derivatives Definitions. Restrictions on the use of WIBOR in swaps will begin to apply from early 2027 onwards.