Goal
Position for a steepening or flattening in the yield curve by buying or selling Eris contracts of different tenors
Butterflies can also be traded to take advantage of outsized movement between the belly and the wings
Benefits of Eris
Most curve trades can easily be done as blocks in Eris, the $10mm notional threshold applies to the combined notional of the legs
Margin offsets are also available between the different Eris legs
Examples
Buy Eris 5y, sell Eris 10y (steepener); buy Eris 5y, sell Eris 2y and 10y (receive the belly of a butterfly)
