- LCH SwapClear launches clearing eligibility for POLSTR OIS.
- Erste Group, ING Slaski, and Societe Generale were among the first participants to clear this new product.
- SwapClear’s PLN POLSTR eligibility extension is the latest demonstration of LCH’s commitment to supporting interest rate benchmark reform globally.
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.
Polish Zloty is SwapClear’s tenth largest currency in terms of registered notional for swaps, with USD 7 trillion equivalent cleared during H1 2026. SwapClear now offers clearing services in 28 currencies. Learn more about our services here: LCH SwapClear - Innovative Swap Clearing Solution.
Contacts
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About LCH
LCH builds strong relationships with credit, digital asset derivatives, equity, fixed income, foreign exchange (FX) and rates market participants to help drive innovative performance and deliver best-in-class risk management.
As a clearing member or client, partnering with us helps you increase capital and operational efficiency, while navigating an expanding and complex set of cross-border regulations, thanks to our experience and expertise.
In partnership with our stakeholders, we have helped the market transition to central clearing and continue to introduce innovative enhancements. Choose from a variety of solutions such as compression; sponsored clearing; credit index options clearing; contracts for differences clearing; and digital asset derivatives clearing. Our focus on innovation and our uncompromising commitment to service delivery makes LCH, an LSEG business, the natural choice of some of the world’s leading market participants globally.
About LSEG
LSEG is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world’s financial system.
With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing and risk management across multiple asset classes.
LSEG is headquartered in the United Kingdom, with significant operations in 65 countries across EMEA, North America, Latin America and Asia Pacific. We employ over 26,000 people globally, more than half located in Asia Pacific.
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