Eris Exchange, a US-based futures exchange offering swap futures as a capital-efficient alternative to traditional OTC interest rate swaps, today announced a conversion to a $100,000 notional size contract from the previous $1,000,000 notional size. Eris Exchange implemented this design modification in response to significant end user demand for increased granularity in trade allocations in advance of the June 10 Category 2 swap clearing mandate.
“The shift to a $100,000 notional contract size allows our traders to execute Eris Exchange swap futures for significantly more accounts,” said Michael O’Brien, vice president and director of global trading at Eaton Vance. “Eris Exchange futures’ ease of execution and futures processing provide significant value to the asset manager community working to accommodate the upcoming swap clearing mandate. Certain beneficial owner accounts and complex orders that we work in the market require additional granularity, and Eris’ $100,000 notional size makes these sub-account allocations straightforward.”
“Our flagship electronic execution platform, CFOX, is well positioned to serve the needs of asset managers and other institutional clients adding swap futures to their portfolio,” said Antonio Reyes, managing director and global head of electronic execution, Citi Futures and OTC Clearing. “We are excited to clear Eris futures and provide end-users the ability to execute Eris Standards and Eris Flexes in the near future.”
