Dentons assisted GPW Benchmark in preparing the new documentation for the WIBID (Warsaw Interbank Offer Bid Rate) and WIBOR (Warsaw Interbank Offered Rate) reference rates which will be effective as of February 1, 2018.

The documentation includes the WIBID and WIBOR Reference Rate Rules and the WIBID and WIBOR Fixing Participant Code of Conduct, which governs relations between GPW Benchmark and the banks participating in the reference rates fixing. Full documentation is available at GPW Benchmark.

The implementation of the documentation constitutes another step in the process of harmonizing 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.

Dentons partner Marcin Bartczak, Co-head of the Capital Markets practice in Warsaw, provided legal advice on the project. Previously, he advised on GPW Benchmark taking over the role of WIBOR and WIBID reference rates fixing organiser and calculation agent from ACI Polska (the Polish Financial Markets Association).

“We feel privileged to be able to advise on this prestigious project of adjusting the WIBID and WIBOR reference rates to European standards. 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 and highly professional manner," said Marcin Bartczak.