Eurex is developing a Polish Zloty (PLN) interest rate swap clearing market in light of EMIR 3.0 requirements.
The increased netting opportunities this provides will give clients consolidating Euro clearing through Eurex the ability to increase capital and operational efficiencies, the company says.
A total of 12 banks including BNP Paribas, Deutsche Bank, JP Morgan and UniCredit have executed interest rate swap trades on the platform. A number of Eurex’s clients have also been active.
PLN is the largest cleared interest rate derivatives market in Central and Eastern Europe. In September and October, cleared volumes were €1.1 trillion and open interest €2.2 trillion.
Eurex aims to increase liquidity and transparency in the currency, launching a new market-making framework and working with trading platforms and brokers to develop basis and pricing screens.
The firm expects to launch a POLSTR reference rate in 2026.
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