LCH SwapClear has cleared its first overnight index swaps (OIS) referencing POLSTR, the new risk-free rate for Polish zloty-denominated swaps, with Erste Group, ING Slaski and Societe Generale among the first participants.
The launch supports Poland’s transition from WIBOR to POLSTR and the National Working Group’s efforts to encourage adoption of the new benchmark in OTC derivatives markets. GPW Benchmark began publishing POLSTR in June 2025, while restrictions on the use of WIBOR in swaps are due to take effect from early 2027.
LCH said the addition extends SwapClear’s support for global interest rate benchmark reform. Polish zloty is currently SwapClear’s tenth-largest currency by registered swaps notional, with the equivalent of US$7 trillion cleared during the first half of 2026. SwapClear now provides clearing across 28 currencies.
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