The NWG Steering Committee has endorsed a recommendation on the standard OIS transaction based on WIRON

Following the issuance of draft recommendations for the definition of technical parameters for a „standard OIS (overnight index swap) transaction based on the PLN WIRON index, the Warsaw Interest Rate Overnight index“, including the parameters for the calculation of the interest on the floating leg of an OIS based on the compounded PLN WIRON index, the National Working Group for the benchmark reform (NWG) has now published the finalized recommendations. The final recommendations are thereby identical to those proposed, as the NWG did not receive any comments to its draft version.
The NWG notes that these recommendations shall only serve as a standard and financial market participants are free to use different parameters that suit their particular business needs. The final parameters include the following:
Table 1 – Parameters for a Standard OIS based on WIRON

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The Working Group also published a press statement to announce a first transaction using WIRON in an overnight index swap. The transaction had a low value and was primarily conducted for testing purposes (testing the „operational and technological capacity for applying WIRON in financial instruments“). The two counterparties were ING Bank Śląski S.A. and PKO BP S.A.