- CME Group recently extended their Market Maker Program for Eris/Treasury Swap Spreads (ETSS) through July 31, providing incentives for participants to stream two-sided markets during regular trading hours
- Incentives helped fuel the recent increase in liquidity in ETSS markets, where the 5-year ETSS bid/ask spread was tighter than 0.44 basis points 91% of January
- As exchange-listed spreads of Eris SOFR Swap futures vs. CME Treasury futures, ETSS enable electronic trading in an anonymous, continuously-quoted order book market, with futures margin efficiency
- ETSS users include hedgers (transferring between Eris SOFR and Treasuries), algo brokers (executing for dealers and hedge funds), proprietary traders (taking views on swap spreads) and market makers (hedging Eris SOFR block flow)
- For more information, reply to this email to contact Eris Innovations
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