Please be advised that Eris Innovations is enacting changes to it's erisfutures.com website and public FTP file service to comply with the updated CME Group market data policy. Access to important information is changing, and we want you to be prepared.Please read this email carefully to ensure continuity of your access to important Eris data.What is going away, effective January 1, 2027? Eris public FTP site will be decommissionedThe public FTP site (ftp.erisfutures.com) and the https browser link (https://files.erisfutures.com/ftp) will be decommissionedParticipants who access files from this site today (e.g., Settlement Prices, PAI files, Instrument Files, Swap curve discount factors), will need to access this data from the alternative sources described belowErisfutures.com will cease displaying live market dataLive market data, trade recap, top day volume and open interest, and top day settlement prices will no longer be shown on public erisfutures.com pages, requiring users to access this data from alternative sources described belowHow can I get this data through alternative sources?New Eris SFTP site for filesStarting November 2, 2026, Eris will deliver all of its typical daily files via an SSH file transfer protocol (SFTP).Directory structure and file names will be identical.Certain files will be delivered on a 10-minute delayed basis, to comply with CME Group market data policies, including settlement prices.SFTP access is set up individually for each organization and requires registration with Eris and an SSH public key. Email Rishi Modi at rishi.modi@erisfutures.com to begin your SFTP setup.FTP and SFTP will run in parallel from November 2 through December 31, 2026. Please do not update production jobs until Eris confirms your connection details.New Eris https link for browser access to filesStarting November 2, 2026, Eris will make all of its typical daily files available via an alternative https link.Directory structure and file names will be identical.Certain files will be delivered on a 10-minute delayed basis, to comply with CME Group market data policies, including settlement prices.Access to the new https link requires login credentials, which you obtain by registering for the free Eris MarketView offering described below.New Eris MarketView website access (10-minute delayed market data)Eris is launching a new, web-based offering called Eris MarketView, featuring a login-based access to trade recap, volume and open interest, and settlement prices on erisfutures.com, as well as the https link (for files) described above.The new service is free, but requires user registration.Market data, including volume, trades (Time & Sales) and settlement prices, will be available, on a 10-minute delayed basis, to comply with CME Group market data policies.We plan to open registration on November 2, 2026. The current view will run through December 31, 2026.Realtime Market Data SourcesAnyone requiring realtime access (i.e., 10 minute delayed access is not acceptable) to market data (including volume, trades [Time & Sales], and settlement prices) is encouraged to obtain it via Bloomberg, Barchart, CME Direct or any CME licensed market data distributor. What do I need to do to prepare?Review the impacts above.FTP users: email Rishi Modi at rishi.modi@erisfutures.com to begin your SFTP setup.HTTPS users: email Rishi Modi at rishi.modi@erisfutures.com to log interest for Eris MarketView. Create your Eris MarketView login at erisfutures.com once registration is available (planned for November 2, 2026).Continue using your current access method until the new access is confirmed.Share this notice to anyone in your organization who uses erisfutures.com or the Eris FTP site.Why are these changes occurring?Eris Innovations is modifying the ways it provides access to CME Group data related to Eris SOFR Swap futures and Eris Options to comply with CME Group market data licensing policies. We apologize for the inconvenience.Whom do I call with questions?Rishi Modi from Eris Innovations, rishi.modi@erisfutures.com , +1 832 503 5808.
Eris SOFR Swap futures and Eris Options set another monthly volume record in September with 62,269 contracts ($6.2B notional) ADV. Q3 ADV also set a new record of just over 32,000 contracts ($3.2B notional), up more than 135% from the prior year. Asset Managers were a key driver of record volume, amassing significant positions during September of nearly 250,000 contracts ($25B notional) at the Sep 22 peak, according to CFTC Commitment of Traders reports
Bloomberg News covered the 45,000-contract, 2-year Eris SOFR mega block (View blocks here: https://lnkd.in/gJF6hUv4) traded Monday, record size for an outright block trade.Edward Bolingbroke of Bloomberg News: “Huge Block Trade in ERIS SOFR Swap Futures Signals Position Exit”The $4.5 billion notional ($820,000 DV01) block was traded mid-morning as treasury yields rose sharply. Open interest in Eris SOFR 2-year fell by 44,981 contracts, consistent with the large position exit.
Swap futures’ lower cleared margin appeals to directional buy-side swap hedgers while CME portfolio margining allows swap market-makers to directly hedge buy-side swap futures with CME swaps. Volumes show that Eris swap futures are growing versus MAC SOFR swaps which are a growing part of USD OIS. By volume, Eris swap futures were 11.4% as large as MAC SOFR swaps in Q2 2026, a percentage which was 6.9% in 2024, 8.8% in 2025, and 10.6% in H1 2026. Combining anecdotes with volume and OI stats, I tell the story of swap futures’ development.
Eris SOFR set a new daily volume record of 311,509 on Sep 9, crossing 300K for the first time. Currently in the midst of the quarterly roll, open interest (OI) also set a new record, reaching 846,937 contracts ($85B notional). Front month OI, a leading indicator of future volume, now stands at the record level of 543,936 contracts, having first crossed 500K on Aug 24
Eris open interest (OI) continued its steep rise, crossing 800,000 contracts ($80B notional) for the first time on July 29, hitting a record high 818,762 contracts on August 3
In a world where geopolitical shocks and data-dependent pivots have made interest rate direction more uncertain, the USD swaption market has become the front line of institutional defense. This market has evolved into a $14 trillion epicenter for hedging non-linear interest rate risk. In 2025 alone, traded notional surged by 53%, yet virtually 100% of this volume remains outside of central clearing. While bilateral service frameworks offer some operational relief, the underlying risk structure remains, leaving participants to navigate the manual friction of voice execution and the capital drag of 10-day ISDA SIMM™ margin.1
Investors piled into U.S. swap futures early this week after a sharp back-up in Treasury yields, as investors scrambled to hedge against further increases in borrowing costs — a sign of concern that rates could stay elevated for longer.
June capped a record quarter for Eris SOFR and Eris Options, with quarterly volume reaching 24,466 contracts, up 9% from the previous record (Q1 2026), and up 29% from Q2 last yearMonthly ADV of 49,888 contracts also set a new record, besting the previous record (March, 44,863) by 11%, with total volume surpassing one million contracts ($100 billion notional) for the first time in history
