Eris Exchange announced today the first execution of Eris Standard Swap Futures by UBS Securities LLC, a division of UBS AG, acting for a buy-side client. Buy-side market participants can take advantage of familiar agency execution and clearing of Eris Swap Futures as an alternative to OTC interest rate swaps, which are mandated for trading through Swap Execution Facilities (SEF) beginning later in February.
“Eris is delighted to have UBS join the exchange and offer its leading buy-side focused clearing and execution services for our margin efficient swap futures,” said Neal Brady, Chief Executive Officer of Eris Exchange. “UBS’ participation on our platform is well-timed to coincide with swap end users’ increasing demand for agency execution services that will allow them to maintain anonymity and achieve execution cost saving while simultaneously complying with the new Dodd-Frank execution mandates.”
“UBS is pleased to add client access to Eris, bolstering our offering to over 80 exchanges. Eris Swap Futures can be executed through our dedicated, global execution teams, which offer our clients superior trade execution, anonymity and capital efficiency,” said Ed Pla, Global Head of Execution & Clearing at UBS. “Our recent launch of support for Eris Standards is particularly timely as the derivatives market experiences a revolutionary shift to mandatory SEF trading of OTC interest rate products.”
“Eaton Vance is interested in any product which may offer margin efficient instruments coupled with an increasingly popular agency execution model, which is a framework well suited to investing our clients’ funds,” said Michael O’Brien, Director of Global Trading at Eaton Vance. “Streaming bids and offers, familiar futures transparency, and the liquidity and anonymity of central limit order book traded instruments are attractive characteristics as we head into the execution mandate.”
