"...the most exciting news is still Eris licensing their futures to CME - this is moderately seismic..." - Exchange Invest, Patrick Young

On May 10th, CME Group and Eris announced an exclusive licensing agreement to move Eris USD Interest Rate Swap Futures from Eris Exchange to CME Group in Q4 2018. The listing at CME Group will be subject to normal regulatory approval.

Eris USD Swap Futures will be available through CME Group's global distribution partners, removing the barriers that limit participant access to Eris products today.

  • The deal paves the way for the next stage of growth of Swap Futures
  • Eris contracts will trade on CME's Globex platform
  • The move will make Eris available to CME Group's global clients through their existing FCMs
  • Eris will be available alongside US Treasury Futures, Eurodollar Futures, SOFR Futures and MAC Swap Futures
  • Subject to market demand and regulatory approvals, future product development at CME Group includes the opportunity for OTC margin offsets with Eris products, and options on Eris Swap Futures

Listing Eris USD Swap Futures at CME Group is expected to bring new sources of liquidity providing an alternative swap futures product that is easy to access and use, and a product which meets the liquidity and functional hedging needs of all participants in the market, from commercial hedgers to traders and investors.
Transition Overview >> Eris Moves to CME Group
CME Globex Notice >> Eris Swap Futures on Globex
Changes for Current Eris Users
  • All Eris Standard contracts (2, 3, 4, 5, 7, 10, 12, 15, 20, & 30Y tenors), including seasoned Off-The-Runs, will move to CBOT
  • CME Group will provide a wide time window prior to the Q4 switchover for testing, to ensure seamless migration of Eris portfolios
  • The key change to the contracts will be the quoting/trading convention, which will change from swap NPV to futures price, the same methodology used for settlement price
  • The Eris buy/sell direction will change to match industry standards; at CME Group “buying Eris” will reflect “receiving fixed”
  • Changes make Eris consistent with futures and fixed income products
  • Long positions in Eris@Eris will be replaced with short positions in Eris@CME Group, and vice versa
  • There will be no P&L impact as a result of the move
  • Eris Z-codes will be discontinued and replaced with CME product codes, which will match today's Eris Bloomberg tickers (see ERIS1 <go> on Bloomberg)

To learn more, contact your futures broker, FCM or CME Group relationship manager today. Alternatively, register here to be kept notified of the timetable for testing and migrating your Eris positions to Eris@CME Group in Q4.
New Eris Users Tighten Markets and Set Open Interest Records
Eris markets have gained momentum in the weeks leading up to and following the CME Group announcement, attracting financial firms in need of medium term interest rate hedges, global investors, and new market makers, including Virtu Financial and several other independent global trading and market making firms.

Eris bid/ask spreads have continued to tighten, notably at the short end of the curve where the 2, 3, and 4Y tenors each hit their respective all time tightest average levels in the month of April and have been trending tighter in May.
New Eris users continue to drive open interest (OI) to all time highs. Eris Standard USD Swap Futures OI set 15 records over the last 21 trading days in May.
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