• Starting from June 30th, 2017, GPW Benchmark has acted as the organizer of WIBID and WIBOR reference rate fixing.
• June 30th, 2017 is the first day of publication of WIBID and WIBOR reference rates by GPW Benchmark.

Takeover of organization of WIBID and WIBOR reference rate fixing is the first stage of adaptation to the requirements of the regulation of the European Parliament and the Council of Europe, imposed upon institutions that calculate reference rates.

Commencement of publication of WIBID and WIBOR reference rate fixing by GPW Benchmark results from takeover of administration of this process from ACI Polska and the associated entry into force of the new Fixing Regulations for these rates as of June 30th, 2017. The new Regulations introduce changes with regard to the reference rate fixing organizer and the calculation agent. Both of these functions are to be taken over by GPW Benchmark.

The previous organizer of reference rate fixing, ACI Polska, has resigned from this function as a result of introduction of the 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.

It is worth underlining that the process of takeover of WIBID and WIBOR reference rate fixing organization by GPW Benchmark is accompanied by taking over of the calculation agent's tasks by the same institution. The Council for Fixing of WIBID and WIBOR reference rates, within the scope of its competences based on the Fixing Regulations, monitors day-to-day operations and approves changes in Fixing organization. “In my opinion, involvement of a GPW Group member allows for a smooth takeover, making it easier to adapt Fixing organization to the regulatory requirements”, says Sławomir Panasiuk, Chairman of the Council for WIBID and WIBOR Fixing, Vice President of the Management Board of KDPW.

Replacement of the organizer and calculation agent by GPW Benchmark will not result in changes in the present methodology and hours of publication of reference rates. Moreover, the current reference rates and back data will be accessible on the Website www.gpwbenchmark.pl.

GPW Benchmark is also taking action to ensure compliance of the reference rate provision methodology used on the Polish money market with the Regulation (EU) 2016/1011 of the European Parliament and of the Council  of 8 June 2016, which is to come into force on January 1st, 2018. The process takes place in cooperation with banks being WIBID and WIBOR Fixing Participants.

This fact is particularly significant due to the role played by banks in this process and the scope of use of reference rates in banking activity.

Transfer of the WIBID and WIBOR reference rate fixing organizer and calculation agent function to GPW Benchmark is one of the most important events in the recent years, associated with the process. “We are particularly glad of the fact that the Fixing takeover process is going smoothly for panel banks, as well as distributors of information”, said Dariusz Kułakowski, President of the Management Board of GPW Benchmark.

WIBID and WIBOR Reference Rates

WIBOR rate has been calculated since 1991, and WIBID rate - since 1995. The rates published at 11:00 represent the average levels, at which banks are willing to enter into transactions on the money market. From the beginning, the entity responsible for fixing organization was ACI Polska, formerly known as the Polish Banking Dealers Association FOREX Polska. At present, every rate is calculated for 9 different terms. WIBID and WIBOR rates are among the most important and most broadly used reference rates in the Polish financial system. It is estimated that they serve as a benchmark for loan and deposit agreements worth PLN 850 billion, variable interest State Treasury bonds, as well as bonds of 147 issuers listed on the Catalyst market. Moreover, they are used for valuation of a number of financial instruments and for measurement of results achieved by investment funds.

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GPW Benchmark S.A. is a member of GPW Group, established in the first quarter of year 2017. The core area of GPW Benchmark S.A. business operations will be organization, and in the future - administration of WIBID and WIBOR reference rate provision. Moreover, GPW Benchmark is to perform the functions of a Calculation Agent.

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Warsaw Stock Exchange (GPW) is the biggest stock exchange in the region of Central and Eastern Europe. GPW runs a regulated market for shares and derivative instruments, as well as an alternative NewConnect share market for growth-oriented companies. GPW also develops the Catalyst - a market for issuers of corporate and municipal bonds and commodity markets. Since November 9th, 2010, GPW has been listed on Warsaw Stock Exchange. More information: http://www.gpw.pl.