LCH SwapClear has cleared its first Overnight Index Swaps (OIS) referencing POLSTR, the new risk free rate for Polish Zloty denominated swaps, marking a significant step in the country’s transition away from WIBOR.
Erste Group, ING Slaski, and Societe Generale were among the first participants to clear the new product. The move supports the objectives of Poland’s National Working Group, which was established to ensure an orderly shift from WIBOR in PLN rates markets and to encourage broader adoption of POLSTR in OTC derivatives.
Nick Rustad, Group Head of SwapClear and Listed Rates at LCH Ltd, said the addition of POLSTR OIS reflects the firm’s ongoing commitment to supporting global benchmark reform efforts.
Representatives from the participating banks welcomed the development, noting that clearing capability will be central to building liquidity and enabling effective risk management as markets adjust to the new benchmark.
GPW Benchmark began publishing POLSTR on June 2, 2025, and the rate has since been incorporated as the fallback to WIBOR under the latest version of ISDA’s 2021 Interest Rate Derivatives Definitions. Restrictions on WIBOR usage in swaps are due to take effect from early 2027.
Polish Zloty currently ranks as SwapClear’s tenth largest currency by registered notional, with USD 7 trillion equivalent cleared during the first half of 2026. SwapClear now provides clearing services across 28 currencies globally.
