LCH SwapClear has cleared its first swap referencing POLSTR, the new risk-free rate for Polish zloty-denominated swaps.
The new clearing capability supports the wider global shift in interest rate benchmark reform, with Poland currently transitioning away from WIBOR in PLN rates markets, including efforts to drive adoption of POLSTR across OTC derivatives markets. The country began publishing POLSTR on 2 June 2025, and Fallback Rate (POLSTR) has since been incorporated as the fallback to WIBOR. Restrictions on the use of WIBOR in swaps will begin to apply from early 2027.
Erste Group, ING Śląski, and Société Générale were among the first participants to clear the new product.
Nick Rustad, group head of SwapClear and Listed Rates at LCH, said the milestone is “a further demonstration of our commitment to global swap market evolution and to the ongoing wave of risk-free rate transitions.”
