Eris swap futures volumes surge following CME migration

March is the largest volume month ever for Eris swap futures after the derivatives were migrated to CME Group at the end of last year.

Eris Swap futures volumes have surged following the recent migration of the derivatives to US exchange operator CME Group.

Eris reported that average daily volume of its swap futures surpassed 10,500 contracts daily in March month-to-date, more than five times the average for 2018 and prior to the CME Group migration.

Three-month trailing average of Eris average daily volumes is also over three times the average for 2018 before the migration of 6,000 contracts, with March already being the largest volume month on record for Eris swap futures.

CME Group added USD Eris swaps futures to its multi-asset futures and options electronic trading platform Globex in December, with ten firms actively trading the products as part of a licensing agreement aimed at helping market participants trade swap risk more efficiently.

The swap futures provide an alternative to traditional over-the-counter (OTC) interest rate swaps, offering margin offsets with CME’s suite of interest rate futures including treasury futures and euro dollar futures.

Shortly after announcing plans to migrate the derivatives to CME, BlueCrest Capital Management and Virtu Financial joined Eris exchange as equity partners, with Virtu streaming two-sided electronic markets and BlueCrest trading Eris to manage interest rate risk, to grow volumes ahead of the transition.

“We are pleased to offer our customers the ability to trade USD Eris Interest Rate Swap Futures here at CME Group,” said Agha Mirza, global head of interest rate products at CME Group, following the migration. “The innovative product design offers our customers another tool for capital-efficient risk management, with unparalleled global distribution to fixed income traders.”