CME to list USD Eris interest rate swap futures
14 May 2018 Chicago
Image: Shutterstock
CME Group and Eris Exchange, a US-based futures exchange group, have entered into a licensing agreement to list USD Eris interest rate swap futures.
Pending regulatory approval, Eris futures will be listed with and subject to the rules and regulations of the platform, CBOT, starting in the fourth quarter of 2018. Existing open interest in the contracts will be transferred to CME Group at that time.
The Eris futures will trade alongside the MAC Swap Futures, though until the migration in late 2018, Eris Swap Futures will remain listed at Eris Exchange and cleared at CME Clearing, where they are subject to margin offsets with CME Group's interest rate futures.
Agha Mirza, global head of interest rate products at CME, said: "Given strong participation and growing demand for greater access to over-the-counter swap markets, making Eris products available to trade on our global, electronic and liquid CME Globex platform will provide market participants with greater capital efficiencies.”
He said: "We are committed to offering our customers a choice of products to best meet their evolving hedging needs, and we look forward to working with market participants in the coming months to ensure a smooth transition."
Neal Brady, CEO of Eris Exchange, said: "CME Group is the ideal platform to propel the next phase of growth of USD Eris Swap Futures.”
He added: The migration to CME Group provides Eris with access to expanded trading hours, thousands of international market participants, distribution through dozens of clearing firms and software providers, an enhanced set of portfolio margining opportunities, and the potential to offer options products in the future."
Pending regulatory approval, Eris futures will be listed with and subject to the rules and regulations of the platform, CBOT, starting in the fourth quarter of 2018. Existing open interest in the contracts will be transferred to CME Group at that time.
The Eris futures will trade alongside the MAC Swap Futures, though until the migration in late 2018, Eris Swap Futures will remain listed at Eris Exchange and cleared at CME Clearing, where they are subject to margin offsets with CME Group's interest rate futures.
Agha Mirza, global head of interest rate products at CME, said: "Given strong participation and growing demand for greater access to over-the-counter swap markets, making Eris products available to trade on our global, electronic and liquid CME Globex platform will provide market participants with greater capital efficiencies.”
He said: "We are committed to offering our customers a choice of products to best meet their evolving hedging needs, and we look forward to working with market participants in the coming months to ensure a smooth transition."
Neal Brady, CEO of Eris Exchange, said: "CME Group is the ideal platform to propel the next phase of growth of USD Eris Swap Futures.”
He added: The migration to CME Group provides Eris with access to expanded trading hours, thousands of international market participants, distribution through dozens of clearing firms and software providers, an enhanced set of portfolio margining opportunities, and the potential to offer options products in the future."
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