The economics of swaps, the efficiency of futures
ICE’s cash-settled Eris credit and interest rate futures contracts, traded and cleared on the ICE platform, are based on the Eris Methodology™ and product design. The exchange listed futures contracts replicate the economics of credit default swaps and interest rate swaps, offering an efficient and accessible means of trading the swap curves.
Trade ERIS NowEris Methodology
| Replicates all of the cash flows and economics of analogous OTC Swaps including Price Alignment Interest (PAI) |
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| All cash flows are consolidated into a single cash flow in the form of variation margin |
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| Eris products remain outstanding as futures until the Maturity Date (e.g. 5Y will remain as a futures contract for 5 years) |
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| Replicates Swap Conventions |
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Benefits
| Capital Efficiency |
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| New Market Participants |
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| New Trading Strategies |
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| Operational Efficiency |
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| Regulation |
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Eris futures benefit from capital, margin and operational efficiencies of exchange traded derivatives and provide investors who may not have the operational capabilities or meet the necessary requirements to trade swaps, access to a similar hedging tool.
Credit
Eris Credit Futures
Futures based on Markit CDX and iTraxx indices trade on ICE Futures U.S. and clear on ICE Clear U.S.
How Eris Credit Futures Work
ICE credit and OTC specialists explain the Eris product design and trading use cases.
Take a look at the cash flow equivalence between an Eris credit futures contract and a cleared or uncleared OTC swap contract reference the same underlying index and maturity. View Now
Read our answers to frequently asked questions around the source, determination and timing of the U.S. Federal Funds Effective Rate that’s used in the calculation of the daily price alignment interest (PAI) included in the ‘C’ value of Eris credit futures contracts. View Now
Reports & Data
Interest Rates
Eris Interest Rate Futures
Futures based on EUR and GBP interest rates trade on ICE Futures Europe and clear on ICE Clear Europe.
An extended set of Eris interest rate futures contracts are available for trading, allowing participants to select certain contract features from a predefined set, such as:
View a complete list of Eris Interest Rate Futures Contracts & Codes
By combining the flexibility of the OTC swap market, with the efficiency of exchange traded futures, traders can design custom contracts that are aligned with their investment objectives.
How Eris Interest Rates Work
Reports & Data
How to Execute
Interested in trading Eris Futures?
Disclaimer
The names Markit, CDX, and iTraxx are registered trademarks of the Markit Group of companies and are used by ICE under license. Euribor® and Eonia® are registered trademarks of European Money Markets Institute (EMMI) and are used by ICE under license.
Eris products listed on ICE exchanges are based on the Eris Methodology™, Eris’ product design for constructing capital-efficient futures that incorporates intellectual property, expertise and patent-pending innovations.