Eris Exchange Adds UBS for Swap Futures Execution, Clearing

Neal Brady, Eris Exchange CEO

Via its UBS Securities arm, the Swiss bank has completed its first trade on the venue, on behalf of asset manager Eaton Vance.

This and similar recent moves by Eris to bolster its dealer roster mean buy-side market participants can better take advantage of agency execution, and clearing of Eris's hybrid swap futures as an alternative to over-the-counter interest-rate swaps, which are mandated for trading through Swap Execution Facilities (SEF) beginning later this month.

"Eaton Vance is interested in any product which may offer margin-efficient instruments coupled with an increasingly popular agency execution model, which is a framework well suited to investing our clients' funds," says Michael O'Brien, director of global trading at Eaton Vance. "Streaming bids and offers, familiar futures transparency, and the liquidity and anonymity of central-limit order book-traded instruments are attractive characteristics as we head into the execution mandate."

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