Eris Futures on ICE

 

 
Trade Eris Futures on ICE
Credit and Interest Rate Futures
 
Eris cash-settled futures contracts, listed and cleared on ICE, are based on the patent-pending Eris Methodology and replicate the economics of Credit Default Swaps and Interest Rate Swaps.
 
 

  • Interest Rate Products Currency Index Symbol
     Eris Standard EUR Interest Rate Future EUR 6 Month Euribor See Spec
     Eris Standard GBP Interest Rate Future GBP 6 Month GBP LIBOR See Spec

     

    Credit Products Currency Index Symbol
     Eris CDX IG Credit Future (5 Year) USD CDX.NA.IG IG5
     Eris CDX HY Credit Future (5 Year) USD CDX.NA.HY HY5
     Eris iTraxx Main Credit Future (5 Year) EUR iTraxx Main MA5
     Eris iTraxx Crossover Credit Future (5 Year) EUR iTraxx Crossover XO

  • New Market Participants 

    Participants who cannot trade swaps (e.g. due to mandate restrictions)

    ETFs and futures-only funds (e.g. CTAs)

    New Trading Strategies 

    For both traditional futures market participants and swaps participants

    Futures vs. underlying swap basis / arbitrage trades

     

    Capital Efficiency

    Future margin requirements

    Offsets with correlated products

     

    Operational Efficiency

    Fully supported by existing futures infrastructure for execution and operations

    Flexible Block trading

     

    Regulation

    Operates in a structured, well understood, regulated futures environment


  • Product Design

    Replicates all of the cash flows and economics of analogous OTC Swaps including Price Alignment Interest (PAI)

    Variation Margin

    All cash flows are consolidated into a single cash flow in the form of variation margin resulting in simple post trade futures workflows

     

    Futures Construct For The Life of The Trade

    Cash settled at maturity with no risk of physical delivery

    Futures clearing economics, operations, regulatory treatment

    Standardization and automatic netting allows for favorable capital treatment under Basel III

     

    Replicates Swap Conventions

    IRS: Floating index, day count fractions, reset dates, holiday calendars

    CDS: First trading date, maturity, coupon date and amounts, credit events

     

    Capital Efficiency

    Margined as a futures contract with offsets to correlated products

     

    Operational Efficiency

    Leverages ICE’s futures infrastructure for execution, clearing and trade processing



Additional Information

 Eris Contract Design

 Eris Products on ICE

 WebICE Platform

 ICE API Specs