CME Group and Eris Exchange have entered into an exclusive licensing agreement to list the dollar-denominated interest rate swap futures developed by Eris on CME’s electronic trading platform. Pending regulatory approval, Eris futures will begin trading on CME in the fourth quarter and existing open interest in the contracts will be transferred to CME Group at that time. Until the migration in late 2018, Eris swap futures will remain listed at Eris Exchange and will continue to be cleared at CME Clearing.
“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,” said Neal Brady, CEO of Eris Exchange.
Eris was established in 2010 by five proprietary trading firms and subsequently added several banks and buyside firms to its ownership structure. The company has licensed its swap futures methodology to several other exchanges, including ICE Futures Europe.