Eurex Clearing to develop zloty IRS clearing market
19 November 2025 Poland
Image: Proxima Studio/stock.adobe.com
Eurex Clearing is developing its Polish zloty interest rate swap clearing market in direct response to new regulations under the European Market Infrastructure Regulation (EMIR) 3.0 and growing client demand.
EMIR 3.0 is primarily aimed at enhancing the competitiveness of EU central counterparties (CCPs) and promoting clearing activity in the region.
The initiative has already gained industry support, with most major banks and clearing members now operationally ready.
A number of 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 emerging market rates trading in Europe, at Barclays, states: 鈥淲e are seeing increased client activity in cleared zloty swaps and are pleased that Barclays is able to participate in the zloty OTC interest rate derivatives market at recognised EU clearing venues such as Eurex.鈥�
According to Eurex, adding a liquid zloty interest rate market complements the firm鈥檚 broader strategy to offer a comprehensive suite of clearing services across a number of currencies and products.
Clients that are consolidating their euro clearing at Eurex are now able to achieve significant capital and operational efficiencies through increased netting opportunities, the firm says.
Danny Chart, global lead for OTC interest rate derivatives at Eurex Clearing, comments: 鈥淭his broad industry support demonstrates a commitment to strengthening European financial infrastructure and delivering cost savings for market participants.
鈥淲e are now focused on building liquidity to deliver a best-in-class zloty swap clearing offering.鈥�
To build this ecosystem, a new market-making framework from Eurex aims to accelerate liquidity, while the development of basis and pricing screens by trading platforms and brokers such as Tradition, look to further enhance transparency.
Eurex also plans to launch the new reference rate, POLSTR, which is expected to be introduced in 2026 and aims to create a seamless client experience.
Tim Page, head of emerging markets at Tradition, comments: 鈥淭radition is committed to providing market participants with the tools they need to navigate the evolving regulatory landscape.
鈥淲e are supporting the Eurex PLN initiative by developing both a basis and price picture which brings much-needed transparency to this developing market.鈥�
The Polish zloty is the largest cleared interest rate derivatives market in Central and Eastern Europe, with 鈧�1.1 trillion of cleared volume and open interest reaching 鈧�2.2 trillion in September and October.
By establishing a EU-based clearing solution, Eurex says it now meets the regulatory requirements of EMIR 3.0 while solidifying its strategic position in this critical and growing region.
EMIR 3.0 is primarily aimed at enhancing the competitiveness of EU central counterparties (CCPs) and promoting clearing activity in the region.
The initiative has already gained industry support, with most major banks and clearing members now operationally ready.
A number of 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 emerging market rates trading in Europe, at Barclays, states: 鈥淲e are seeing increased client activity in cleared zloty swaps and are pleased that Barclays is able to participate in the zloty OTC interest rate derivatives market at recognised EU clearing venues such as Eurex.鈥�
According to Eurex, adding a liquid zloty interest rate market complements the firm鈥檚 broader strategy to offer a comprehensive suite of clearing services across a number of currencies and products.
Clients that are consolidating their euro clearing at Eurex are now able to achieve significant capital and operational efficiencies through increased netting opportunities, the firm says.
Danny Chart, global lead for OTC interest rate derivatives at Eurex Clearing, comments: 鈥淭his broad industry support demonstrates a commitment to strengthening European financial infrastructure and delivering cost savings for market participants.
鈥淲e are now focused on building liquidity to deliver a best-in-class zloty swap clearing offering.鈥�
To build this ecosystem, a new market-making framework from Eurex aims to accelerate liquidity, while the development of basis and pricing screens by trading platforms and brokers such as Tradition, look to further enhance transparency.
Eurex also plans to launch the new reference rate, POLSTR, which is expected to be introduced in 2026 and aims to create a seamless client experience.
Tim Page, head of emerging markets at Tradition, comments: 鈥淭radition is committed to providing market participants with the tools they need to navigate the evolving regulatory landscape.
鈥淲e are supporting the Eurex PLN initiative by developing both a basis and price picture which brings much-needed transparency to this developing market.鈥�
The Polish zloty is the largest cleared interest rate derivatives market in Central and Eastern Europe, with 鈧�1.1 trillion of cleared volume and open interest reaching 鈧�2.2 trillion in September and October.
By establishing a EU-based clearing solution, Eurex says it now meets the regulatory requirements of EMIR 3.0 while solidifying its strategic position in this critical and growing region.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities 麻豆影视传媒 Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities 麻豆影视传媒 Times
