History
Following the global financial crisis, end-user access to traditional swap markets became limited with the increase in cost for bespoke OTC products under mandatory clearing and new bank capital rules.
Originally launched as an independent exchange in 2011, Eris introduced an innovative contract design to replicate the exact cash flows and much of the same yield curve granularity as OTC swaps, while also incorporating the operational benefits and cost efficiencies of listed, exchange-traded instruments.
Over the years, Eris has become the leading swap futures complex and we have entered into strategic licensing partnerships with the world largest global exchange groups to offer our proven contract design to the widest possible user audience. In December 2018, our flagship US dollar rate futures moved to CME Group, expanding the network of user access, and improving liquidity and distribution for Eris products.
Eris Today
While there remains some need for customized structures better suited to OTC transactions, the vast majority of trading and hedging is simply a transfer of wholesale risk benchmark rates and credit exposure. Eris offers an efficient format that is easily accessible to all end users.
Today, Eris Innovations comprises a portfolio of intellectual property and services based on our award winning Eris Methodology® for replicating the convexity and cash flows of OTC swaps in a listed futures format. Though our exchange partners, we now offer interest rate swap futures in USD, EUR, GBP, and ZAR, as well as credit index futures in USD.
Our Team
Michael Riddle
CEO
Michael Riddle was Director of Alliance Management at CME Group, where he was responsible for the growth of the CME's international partnerships in Brazil, Dubai, Korea and Mexico. Prior to CME Group, Mr. Riddle held trading technology-related positions at Chicago Board of Trade and in the Capital Markets consulting practice for Cap Gemini Ernst & Young. Mr. Riddle holds a B.A. in Economics from Northwestern University and an M.B.A. from the Kellogg School of Management.
Geoffrey Sharp
Managing Director
Geoffrey Sharp joined Eris in 2015, with over 2 decades of global capital markets experience. In previous roles he was a Managing Director of Interest Rate Sales at Nomura Securities International during their US expansion and previously held senior-level derivatives sales and trading roles at Lehman Brothers in Tokyo and New York. Mr. Sharp holds a B.Eng. from The University of Bristol, England.
Timothy Stack
Managing Director
Timothy Stack was Managing Director and Head of Agency Derivative Services at Barclays Bank, where he was responsible for the global futures, OTC clearing and FX prime brokerage businesses. Mr. Stack also served as a board member of the Futures Industry Association. Mr. Stack holds a B.Econ. from University of Sydney, Australia.
Laurence Brazeau
Director, Operations and Technology
Laurence Brazeau runs the day-to-day operations at Eris Innovations, having joined the Eris team in June 2019. His primary responsibilities include overseeing the daily settlement process for Eris Swap Futures and managing client service inquiries from market participants. Prior to joining Eris, Mr. Brazeau was on the DevOps team at Trading Technologies covering production operations for the TT Platform.
Greg Carter
Senior Analyst
Greg Carter is the Senior Analyst at Eris Innovations. He holds a MSF from Illinois Institute of Technology specializing in High Frequency Finance and Financial Programming. Prior to joining Eris Innovations, Greg was an independent derivatives trader since 2014.
Eris in the News
SOFR OIS volume grew 67% in February to new high, led by the 1-3Y sector
Eris SOFR Swap Futures show strong early volume as firms prepare to
migrate from Libor to SOFR