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GPW Benchmark Publishes New WIBID and WIBOR Reference Rate Documentation

Warsaw, 1 December 2017

GPW Benchmark Publishes New WIBID and WIBOR Reference Rate Documentation

PRESS RELEASE

• GPW Benchmark has published the New Reference Rate Documentation effective as of 1 February 2018
• It is another step in the alignment of the WIBID and WIBOR reference rates with the European requirements
• The New Reference Rate Documentation supersedes the Rules for Fixing WIBID and WIBOR Reference Rates

On 30 November 2017, 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.

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GPW Benchmark S.A. is a member of the Warsaw Stock Exchange Group responsible for the development and implementation of benchmarks for the Polish financial market. The core business of GPW Benchmark S.A. is to administer the development of the WIBID and WIBOR Reference Rates. For more information, visit http://www.gpwbenchmark.pl.

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The Warsaw Stock Exchange (GPW) is one of the fastest growing exchanges in Central and Eastern Europe. GPW operates a regulated market of shares and derivative instruments and the alternative stock market NewConnect for growing companies. GPW is developing Catalyst, a market for issuers of corporate and municipal bonds. Towarowa Giełda Energii (TGE), a member of the GPW Group since February 2012, offers trade in electricity, natural gas, property rights and guarantees of origin, and CO2 emission allowances. Since 9 November 2010, GPW is a public company listed on Warsaw Stock Exchange. For more information, visit http://www.gpw.pl.