CHICAGO, May 10, 2018 /PRNewswire/ -- CME Group, the
world's leading and most diverse derivatives marketplace, and Eris
Exchange, a U.S.-based futures exchange group that offers swap
futures as the leading alternative to traditional over-the-counter
(OTC) swaps, today announced they have entered into an exclusive
licensing agreement to list USD Eris Interest Rate Swap futures,
which already clear at CME Clearing.
Pending regulatory approval, Eris futures will be listed with
and subject to the rules and regulations of CBOT, starting in the
fourth quarter of 2018, and 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, bringing together the
two leading interest rate swap futures on a single exchange venue.
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.
"Given strong participation and growing demand for greater
access to OTC 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,"
said Agha Mirza. CME Group's Global
Head of Interest Rate Products. "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."
"CME Group is the ideal platform to propel the next phase of
growth of USD Eris Swap Futures," said Neal
Brady, CEO of Eris Exchange. "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."
"As a leading liquidity provider in global fixed income
products, Virtu recently commenced streaming two-sided markets in
Eris' electronic order books," said Douglas
Cifu, CEO of Virtu Financial, Inc, and Eris board member.
"Pairing Eris' deep and liquid markets with CME Group's global
distribution is an exciting development that will further
accelerate the adoption of Eris Swap Futures as a benchmark future
for hedging LIBOR swap risk."
For more information, please visit
www.cmegroup.com/swapfutures
About CME Group
As the world's leading and most diverse derivatives marketplace,
CME Group (www.cmegroup.com) is where the world comes to manage
risk. Through its exchanges, CME Group offers the widest
range of global benchmark products across all major asset classes,
including futures and options based on interest rates, equity
indexes, foreign exchange,energy, agricultural products and
metals. CME Group provides electronic trading globally on its
CME Globex platform. The company also offers clearing
and settlement services across asset classes for exchange-traded
and over-the-counter derivatives through CME Clearing. CME
Group's products and services ensure that businesses around the
world can effectively manage risk and achieve growth.
CME Group, the Globe Logo, CME, Chicago Mercantile Exchange, CME
Direct and Globex are registered trademarks of Chicago Mercantile
Exchange Inc. All other trademarks are the property of their
respective owners.
About Eris Exchange
The Eris Exchange group includes a US futures exchange
registered as a Designated Contract Market with the CFTC, and owns
the Eris Methodology™, the intellectual property on which the USD
Eris Swap Futures contracts are based. These contracts currently
trade electronically on the Eris SwapBook electronic trading
platform, and clear through CME Clearing. Current open interest in
Eris U.S. dollar Interest Rate Swap Futures is over 209,000
contracts, and they receive automatic margin offsets against the
CME rates complex, including Eurodollar and U.S. Treasury
Futures.
Trademarks of Eris Exchange and/or its affiliates include Eris,
Eris Exchange, Eris SwapBook, Eris BlockBox, Eris PAI, Eris
Methodology, Eris Pricing Engine and the Eris Logo. For more
information, visit Eris Exchange online at
http://www.erisfutures.com or follow Eris on Twitter
@erisfutures.
CME-G
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SOURCE CME Group