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. Through 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 has been the Chief Executive Officer of Eris Innovations since the flagship USD swap futures transitioned to CME in 2018, having previously served as Chief Operating Officer of Eris Exchange. Before Eris, he was the Director of Alliance Management at CME Group, focusing on expanding international partnerships in Brazil, Dubai, Korea, and Mexico. Earlier in his career, Mr. Riddle held roles in trading technology at the Chicago Board of Trade and consulted on capital markets for Cap Gemini Ernst & Young. He earned 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 the Managing Director and Head of Agency Derivative Services at Barclays Bank, where he oversaw the global futures, OTC clearing, and FX prime brokerage businesses. In addition to his executive role, Mr. Stack also served on the board of the Futures Industry Association, contributing his expertise to the industry at large. He holds a Bachelor of Economics from the University of Sydney, Australia, further underlining his deep understanding of financial markets.
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.
Craig Haymaker
Managing Director, Hedging Solutions
Craig Haymaker is a managing director with Eris Innovations, responsible for hedging solutions. Prior to Eris, he was a managing director with HedgeStar—an outsourced, back-office hedging provider—overseeing sales, marketing, and operations. Craig is a Certified Public Accountant whose career has been focused on risk management and financial products at Deephaven Capital Management, Deloitte & Touche, Liberty Mutual Group, and US Bancorp. Craig is also a board member with the Professional Risk Managers International Association (PRMIA).
Greg Carter
Manager, Digital Marketing & Data Analytics
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
Trade swap spreads with futures
Open Interest hits 300K
Eris SOFR: Record June caps record volume quarter
