OSTTRA MarkitWire is supporting Poland’s benchmark reform efforts, led by the National Working Group, by launching support for Overnight Index Swap (OIS) transactions referencing the POLSTR index.

As a leader in supporting global interest rate derivatives benchmark reform, we have  extended OSTTRA MarkitWire to facilitate the electronic confirmation of OIS referencing the Polish Short Term Rate (POLSTR). POLSTR is the selected risk-free rate (RFR) replacement for the WIBOR and WIBID benchmarks.

This new capability on MarkitWire aims to support the Q1 2026 implementation phase goal of increasing market liquidity by enabling banks to enter into and confirm POLSTR OIS bilateral derivatives.

The platform also supports connectivity for OTC Rates clearing to major international clearing houses, several of which are expected to offer central clearing for POLSTR OIS derivatives, as well as providing upstream connectivity to voice and electronic trading venues.

Market Developments and POLSTR Transition

The Steering Committee of the National Working Group has adopted an updated  roadmap for replacing the WIBOR and WIBID benchmarks, which outlines significant market changes anticipated in 2026:

• Debt Issuances: The launch of new debt instruments (such as bank, corporate, and municipal bonds) linked to the POLSTR index or a fixed interest rate.
• Central Clearing Readiness: National and foreign clearing houses with CPP status are expected to achieve the necessary operational and regulatory readiness to commence central clearing of POLSTR OIS derivative transactions.
• Market Shift: A transition in the POLSTR OIS derivatives market from bilateral to predominantly centrally cleared transactions is expected.
• Liquidity Development: The OIS market is projected to gradually achieve the required liquidity necessary to establish the term structure for POLSTR.