Following the global financial crisis, end-user access to traditional swap markets became limited with the increase in cost for bespoke OTC products under mandatory clearing and new bank capital rules.
Originally launched as an independent exchange in 2011, Eris introduced an innovative contract design to replicate the exact cash flows and much of the same yield curve granularity as OTC swaps, while also incorporating the operational benefits and cost efficiencies of listed, exchange-traded instruments.
Over the years, Eris has become the leading swap futures complex and we have entered into strategic licensing partnerships with the world largest global exchange groups to offer our proven contract design to the widest possible user audience. In December 2018, our flagship US dollar rate futures moved to CME Group, dramatically expanding the network of user access, and improving liquidity and distribution for Eris products.
While there remains some need for customized structures better suited to OTC transactions, the vast majority of trading and hedging is simply a transfer of bulk wholesale risk - benchmark rates and credit exposure. Eris offers an efficient format that is easily accessible to all end users.
Today, Eris Innovations incorporates a portfolio of intellectual property and services based on our award winning Eris Methodology® for replicating the convexity and cash flows of OTC swaps in a listed futures format. Though our exchange partners, we now offer interest rate swap futures in USD, EUR, GBP, and ZAR, and credit index futures in USD.