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The Warsaw Voice » Business » October 10, 2018
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ESME survey
October 10, 2018   
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Poland launched a probe towards eventual interbank benchmark reform with a survey of interbank participants by the WSE's benchmark administrator showing a broad range of updates or replacements for the WIBID/WIBOR system all on the table.
A survey to the 11 existing participants (set for reduction to nine on account of ongoing consolidation) shows administrator GPW Benchmark ready to update the old or create new reference rates for any number of spot and forward rates on any number of transactions, tenors or securities.
The survey shows no shortage of open-ended questions in what is clearly a sounding for broad directions in addition to some specifics on benchmark creation.
As an alternative to a full array of rates bearing future rate expectations, where volumes have been little or nil to date for nearly all tenor, the WSE is also sounding out options for the industry to build margin products based on average running rates for overnight rates, the survey shows.
A summary of results will be published following meetings being slated for early November.
Under the ESMA benchmark reform plan, Poland has to end-2019 to secure approval for an updated set of benchmarks or replace the batch .
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