SwapClear POLSTR Swaps Clearing Advances WIBOR Transition

SwapClear POLSTR swaps clearing officially begins as LCH SwapClear clears its inaugural batch of swaps linked to POLSTR, the newly established risk-free benchmark for Polish Zloty-denominated interest rate swaps. Consequently, the clearing house becomes one of the first venues globally to support the emerging rate, marking a significant step forward in Poland’s shift away from WIBOR. This development directly supports the goals that Poland’s National Working Group (NWG) set out, having formed to steer an orderly transition away from WIBOR across PLN rates markets.

Among its core objectives, the NWG has been actively pushing for wider adoption of POLSTR within over-the-counter derivatives trading, and SwapClear’s move adds real momentum to that effort. Nick Rustad, Group Head of SwapClear and Listed Rates at LCH Ltd, welcomed the milestone, saying, “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.”

SwapClear POLSTR Swaps Clearing Advances WIBOR Transition

Meanwhile, market participants have responded positively to the news. Bartlomiej Wit, Head of Trading at ING Slaski, noted, “We welcome the chance 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.”

Similarly, Myriam Sifaoui, Global Emerging & FX Business Manager at Societe Generale, described the launch as “an important milestone in the transition from WIBOR to POLSTR,” adding that clearing plays a vital role in “building liquidity and supporting effective risk management in the new benchmark.” Echoing this sentiment, Goran Hoblaj, Head of Group Fixed Income Markets at Erste Group, called the shift to POLSTR “an important development for the Polish interest rate market,” and confirmed his firm’s support in “supporting an orderly benchmark transition.”

Notably, GPW Benchmark began publishing POLSTR rates on 2 June 2025, and since then, ISDA has written the Fallback Rate (POLSTR) into the latest edition of its 2021 Interest Rate Derivatives Definitions as the designated fallback for WIBOR. Looking ahead, regulators will restrict WIBOR’s use in swaps starting early 2027, further accelerating the market’s move toward the new benchmark.

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