Trade Ticker Conventions

 >> Eris Exchange Trade Ticker Conventions

Eris Exchange offers two distinct product groups, Eris Standards and Eris Flexes, that utilize the same 14 character ticker convention, but the ticker creation process is unique to each product. Eris Standards and their ticker symbols are pre-defined by the Eris Exchange Product Development Group and disseminated to market participants prior to their listing date (see rules for creation below). Eris Flexes are dynamically created instruments that have a ticker symbol assigned by the Eris Exchange matching engine upon a trade occurring in a specified instrument (see rules below).

Rules for Ticker Symbol creation – Eris Standards:

1. An Eris Exchange Standard Instrument will have a pre-defined 14 digit ticker symbol comprised of Clearing Code ‘Z (+tenor category)’,Standard contract identifier (9), Primary/Secondary coupon identifier (1 or 2), exact tenor of the instrument (02=2YR / 05=5YR / 10=10YR / 30=30YR), concatenated with the Period representing the maturity date in YYYYMMDD format. Tenor category will be:

ZA = 0 to 2 years tenor

ZB = 2+ to 5 years tenor

ZC = 5+ to 10 years tenor

ZD = 10+ years tenor

Example: An Eris Standard Instrument that has an effective date of the next Quarterly IMM Date (December 19, 2012), is the primary listed contract, and has a Tenor of 5 years (Maturity Date December 19, 2017) will have the pre-defined Ticker Symbol ZB910520171219. The B denotes that this is the 2+ to 5 years tenor category, the 9 is the standard contract identifier, the 1 is the primary coupon code identifier, the 05 is the tenor in years, and the 20171219 is the maturity date in the YYYYMMDD format.

Example: An Eris Standard Instrument that has an effective date of the second Quarterly IMM Date (March 20, 2013), is the secondary coupon listed contract, and has a Tenor of 5 years (Maturity Date March 20, 2018) will have the pre-defined Ticker Symbol ZB920520180320. The B denotes that this is the 2+ to 5 years tenor category, the 9 is the standard contract identifier, the 2 is the secondary coupon code identifier, the 05 is the tenor in years, and the 20180320 is the maturity date in the YYYYMMDD format.

The chart below contains more detailed examples of Eris Standard Instruments for illustration purposes:

Rules for Ticker Symbol creation – Eris Flexes:

1. The first new trade for a given maturity date will be issued (by Eris Exchange systems) a ticker symbol comprised of Clearing Code ‘Z(tenor category)0001’, concatenated with the Period representing the maturity date in YYYYMMDD format. Tenor category will be:

ZA = 0 to 2 years tenor

ZB = 2+ to 5 years tenor

ZC = 5+ to 10 years tenor

ZD = 10+ years tenor

Example: Let us assume that the trade is a 10-year swap initiated on 16-Dec-2010 with effective date of 20-Dec-2010 and coupon of 0.710. As the first trade that carries the maturity date 20-Dec-2020, it will be issued ticker symbol ZC000120201220. The C denotes that this is in the 5+ to 10 years tenor category.

2. New trades with identical effective date, maturity date and coupon to a previous trade will receive the same ticker symbol that the system previously issued for trades with those characteristics.

Example: All spot-starting, 10-year swap futures with coupon 0.710 initiated on 16-Dec-2010 will be issued ticker symbol ZC000120201220, as they have identical effective date, maturity date and coupon as the previous trade.

3. New trades that fall on the same maturity date as a previous trade, but containing EITHER a unique coupon OR a unique effective date will be issued the next incremental Clearing Code for a given Period.

Example: If the next 10-year swap future that traded on 16-Dec-2010 carried a coupon of 0.800, it would be issued ticker ZC000220201220. A subsequent 10-year swap that traded on 16-Dec-2010 with a different coupon, say 0.900, would be issued ticker ZC000320201220.

The chart below contains more detailed examples of Eris Flexes for illustration purposes: