GPW Benchmark publishes New Reference Rate Documentation
The New Reference Rate Documentation supersedes the Rules for Fixing WIBID and WIBOR Reference Rates
The WIBID and WIBOR fixing organiser GPW Benchmark has published the New Reference Rate Documentation effective as of 1 February 2018. The file includes the WIBID and WIBOR Fixing Participant Code of Conduct as well as the WIBID and WIBOR Reference Rate Rules.
The Code of Conduct governs relations between GPW Benchmark and the banks participating in the reference rate fixings. The Code defines the scope of policies, procedures and rules of conducts for banks recommended by GPW Benchmark in accordance with the requirements of the European benchmark reform.
The Reference Rate Rules define the terms of determination and publication of the reference rates, as well as the terms of their use by users including credit institutions, issuers of securities, and investment funds.
“Reference rates play a key role in the Polish economy: they serve as benchmarks for the interest rates of most loans and for the valuation of many financial instruments. The mission of GPW Benchmark is to support the WIBID and WIBOR reference rates and to ensure that they remain credible, adequate and representative,” said GPW Benchmark CEO Rafał Wyszkowski.
The amendment of the documentation follows from the harmonisation of the WIBID and WIBOR reference rates with the requirements of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds.
“The publication of the New Reference Rate Documentation is an important step in the alignment of the WIBID and WIBOR reference rates with the European and global standards. We will take next steps with the engagement of the key stakeholders including the National Bank of Poland, the Polish Financial Supervision Authority, the Office of Competition and Consumer Protection, and financial market institutions,” said GPW Benchmark CEO Rafał Wyszkowski.
The New Reference Rate Documentation supersedes the Rules for Fixing WIBID and WIBOR Reference Rates. The WIBID and WIBOR Fixing Participant Code of Conduct and the WIBID and WIBOR Reference Rate Rules are available on the GPW Benchmark website: www.gpwbenchmark.pl.