.jpg)
- On 6 December 2019, GPW Benchmark filed an application with the Polish Financial Supervision Authority (KNF) for the authorisation as administrator of the WIBID and WIBOR Reference Rates
- Due to its systemic importance to the financial market, WIBOR is listed by the European Commission as a key benchmark alongside LIBOR, EURIBOR, EONIA and STIBOR
On 6 December 2019, according to schedule, GPW Benchmark filed an application with the Polish Financial Supervision Authority (KNF) for the authorisation as administrator of interest rate benchmarks including a key benchmark. The complete documentation of the WIBID and WIBOR Reference Rates aligned with the Benchmarks Regulation was attached to the application.
“The filing of the WIBID and WIBOR benchmark documentation aligned with the BMR is a result of GPW Benchmark’s efforts carried out in close partnership with the banking industry and in consultation with public institutions since GPW Benchmark took control of the provision of the rates on 30 June 2017,” said Aleksandra Bluj, Vice-President of GPW Benchmark.
The WIBID and WIBOR reference rates are currently in a transitional period applicable until the KNF authorisation decision, provided that the application is filed before 1 January 2020. It ensures the continuity of the application of WIBID and WIBOR by supervised entities in contracts and financial instruments both before and after 1 January 2020.
“We would like thank everyone involved in this demanding phase of the alignment of the WIBID and WIBOR Reference Rates. The filing of the application does not close the alignment process. We will now undergo an administrative process, file potential additions and clarifications in the process, and introduce amendments required by the supervisory authority. In parallel, the requirements of the new documentation will be implemented by GPW Benchmark and the Fixing Participants. Before making a decision, the supervisory authority has to make sure that the provisions of the documents work in practice. We will be very busy in 2020,” said Aleksandra Bluj.
The WIBID and WIBOR Reference Rate Fixing Participants include: Bank Gospodarstwa Krajowego, Bank Handlowy w Warszawie, Bank Millennium, Bank Polska Kasa Opieki, BNP Paribas Bank Polska, Deutsche Bank Polska, ING Bank Śląski, mBank, PKO Bank Polski, Santander Bank Polska.
“GPW has since the very beginning provided broad support to GPW Benchmark in this process of key relevance to the Polish financial market. WIBID and WIBOR are our priority. We are glad that the work proceeds according to plan. GPW will actively endorse initiatives which support the money market,” said Jacek Fotek, Vice-President of GPW.
Following the authorisation concerning the key interest rate benchmark WIBOR, GPW Benchmark will be in a position to provide other interest rate benchmarks to the market.
The website www.gpwbenchmark.pl presents selected documents related to the application as well as interest rate indices which may become alternative benchmarks.
***
The Warsaw Stock Exchange Group (GPW Group) operates trading platforms for shares, Treasury and corporate bonds, derivatives, electricity and gas, and provides indices and benchmarks including WIBOR and WIBID. The index agent FTSE Russell classifies the Polish capital market as a Developed Market since 2018. The markets operated by the GPW Group are the biggest in Central and Eastern Europe. For more information, visit www.gpw.pl
