• Eurex develops EU-based PLN swap clearing market in response to EMIR 3.0 and rising client demand.
• Broad industry support achieved, with twelve leading banks and several end clients already executing trades.
• A new market-making program will accelerate liquidity, while partners such as Tradition will enhance price transparency with new services.

Eurex Clearing, one of the leading clearing houses globally, is actively developing its Polish Zloty (PLN) interest rate swap clearing market in direct response to new regulations under EMIR 3.0 and growing client demand. The initiative has already gained significant industry support, with most major banks and clearing members now operationally ready. Twelve leading banks, including BNP Paribas, Deutsche Bank, J.P. Morgan and UniCredit along with several clients, have executed their first trades.

Syed-Wajahat Hassan, Head of EM Rates Trading – Europe at Barclays: “We are seeing increased client activity in cleared PLN swaps and are pleased that Barclays is able to participate in the PLN OTC interest rate derivatives market at recognized EU clearing venues such as Eurex.”

Unlocking capital and operational efficiencies for clients\

Adding a liquid PLN interest rate swap market complements Eurex’s broader strategy to offer a comprehensive suite of clearing services across multiple currencies and products. It allows clients that are consolidating their Euro clearing at Eurex to achieve significant capital and operational efficiencies through increased netting opportunities.

Danny Chart, Global Lead for OTC IRD at Eurex Clearing: “This broad industry support demonstrates a commitment to strengthening European financial infrastructure and delivering cost savings for market participants. We are now focused on building liquidity to deliver a best-in-class PLN swap clearing offering.”

Building liquidity and transparency

To build this ecosystem, a new market-making framework from Eurex will accelerate liquidity, while thedevelopment of basis and pricing screens by trading platforms and brokers such as Tradition will further enhance transparency. To ensure seamless client experience, Eurex also plans to launch the new reference rate, POLSTR, which is expected to be introduced in 2026.

Tim Page, Head of Emerging Markets at Tradition: “Tradition is committed to providing market participants with the tools they need to navigate the evolving regulatory landscape. We are supporting the Eurex PLN initiative by developing both basis and price picture which brings much-needed transparency to this developing market.”

The Polish Zloty is already the largest cleared interest rate derivatives market in Central and Eastern Europe (CEE), with EUR 1.1tn of cleared volume and open interest reaching EUR 2.2tn in September and October. By establishing a robust, EU-based clearing solution, Eurex not only meets the regulatory requirements of EMIR 3.0 but also solidifies its strategic position in this critical and growing region.

Source: Eurex