Dentons has assisted GPW Benchmark in preparing documentation for the new Warsaw Interbank Offer Bid Rate and Warsaw Interbank Offered Rate reference rates, which will become effective on February 1, 2018.
The documentation includes the WIBID and WIBOR Reference Rate Rules and the Fixing Participant Code of Conduct, which governs relations between GPW Benchmark and the banks participating in the reference rates fixing.
According to Dentons, "the implementation of the documentation constitutes another step in the process of harmonizing the WIBID and WIBOR reference rates based on the requirements of Regulation (EU) 2016/1011 of the European Parliament and the Council of June 8, 2016 on Indices, which are used as benchmarks in financial instruments and financial contracts, or to measure the performance of investment funds."
Warsaw office Dentons’ Partner Marcin Bartczak advised GPW Benchmark. Previously, he advised GPW Benchmark on its taking over the role of WIBOR and WIBID reference rates fixing organizer and calculation agent from ACI Polska, the Polish Financial Markets Association.
“Since these rates are regarded as the most important and are the most commonly referred to in the Polish financial system, it is critical that the harmonization process is carried out in a smooth manner," Bartczak commented.