The Polish Financial Supervision Commission has published an update on the National Working Group's benchmark reform Roadmap, reflecting the Steering Committee's 30 June 2026 decision to revise the transition plan in light of market progress and current conditions. The update incorporates the May 2026 announcements by GPW Benchmark SA and KNF on ending development of WIBID and WIBOR, confirms that no statutory replacement benchmark needs to be designated for WIBOR, and sets the transition toward POLSTR as the replacement reference rate. It also states that from the beginning of 2027, WIBID and WIBOR should no longer be used in new contracts and financial instruments, except for derivatives used to manage interest rate or liquidity risk in legacy portfolios entered into by the end of 2026. The revised timeline records several milestones already reached since the March 2025 version of the Roadmap. These include updated ISDA Definitions and Protocol in September 2025, recommendations for POLSTR-based new production across product categories, the first floating-rate Treasury bonds linked to POLSTR and the first POLSTR-based corporate lending products in November 2025, and further recommendations covering legacy corporate banking products, debt securities and discount instruments. On the infrastructure side, KDPW-CCP launched clearing for POLSTR-based overnight index swap derivatives in June 2026, with international clearing houses expected to be ready to clear those products by the end of the third quarter of 2026. The cessation path for WIBID and WIBOR is also restated: selected tenors were withdrawn in late 2025, WIBID and WIBOR O/N will stop being published from 1 October 2026, and the key 1M, 3M and 6M tenors enter an orderly wind-down with a final publication date of 31 December 2036. The next step set out in the updated Roadmap is the market-wide discontinuation of WIBID and WIBOR in new business from the start of 2027, supported by contractual changes between the administrator and users, supervisory measures by KNF and legislation restricting WIBOR use in new production.
Polish Financial Supervision Commission (KNF)2026-06-30
Polish Financial Supervision Commission publishes updated benchmark reform roadmap, from 2027 new contracts to stop using WIBID and WIBOR
The Polish Financial Supervision Commission published an updated benchmark reform Roadmap showing Poland's transition from WIBID and WIBOR to POLSTR. It confirms that no statutory replacement benchmark is required for WIBOR and that, from the beginning of 2027, new contracts and financial instruments should stop using WIBID and WIBOR, except certain legacy-risk derivatives. The update also restates the phased cessation schedule for existing tenors and recent POLSTR product and clearing milestones.