Launches trading, execution support and client clearing services for Eris Swap Futures
Eris Exchange, a US-based futures exchange offering capital-efficient interest rate swap futures, today announced that Wells Fargo has joined Eris Exchange to provide liquidity and clearing services to Wells Fargo’s global client base. Wells Fargo’s swap desk recently executed its first Eris Swap Futures trade. Additionally, Wells Fargo launched support for customer clearing of Eris Swap Futures and client access to Eris SwapBookTM, Eris Exchange’s electronic central limit order book.
“Eris Exchange welcomes Wells Fargo as our newest dealer bank trading partner,” said Neal Brady, Chief Executive Officer of Eris Exchange. “Adding Wells Fargo to our existing group of liquidity providers brings deeper and more liquid markets to our end user clients and will significantly accelerate the recent increases in volume and open interest we have seen as the Dodd-Frank deadline for mandatory swaps trading approaches in early 2014.”
“Wells Fargo looks forward to providing liquidity in Eris Swap Futures as part of our continuing effort to consistently service our clients’ interest rate needs in an evolving market and regulatory environment,” said Cronin McTigue, Managing Director and Head of Liquid Products Sales and Trading at Wells Fargo Securities.
“We’re proud to offer our clients clearing services and access to Eris Swap Futures markets,” said George Simonetti, Managing Director and Global Head of Clearing for Wells Fargo Securities. “Our clients will enjoy industry leading portfolio margining, trading access to the deepest pools of swap futures liquidity, and margin offsets for Eris Swap Futures positions against other futures held at CME Clearing.”
