Who We Are
Eris Innovations is an intellectual property licensing company that partners with global exchanges to develop futures products based on our patented product design, the Eris Methodology.
We invented a way to list exchange-traded futures that replicate interest rate swaps and licensed it to CME Group. They list Eris SOFR Swap futures as a native product in their industry-leading USD interest rate derivative complex, alongside Treasury futures and SOFR futures.
See the timeline below for a brief history of Eris Innovations. Today, Eris SOFR is a thriving futures product, with an ever-expanding group of market participants and growing volume and open interest. Eris Innovations partners with CME Group to develop the Eris SOFR market.
How We Can Help You
As product experts who earn royalties from CME Group when people trade Eris SOFR Swap futures, we focus on cultivating the Eris SOFR ecosystem. So we educate market participants, distribute stats, make introductions, wrangle vendors, highlight interesting dynamics, research new products, say smart things at conferences, and post on social media. To be clear, we are not an exchange, counterparty, broker, or market participant. Trading Eris SOFR doesn't involve any formal relationship with Eris Innovations. We're just here to help.
How can we help you? Here are ways we can help you take the next step with Eris SOFR.
- Eris SOFR introduction: Request a Zoom session with a product expert
- Bloomberg Launchpad: Click here for the best tool to view Eris SOFR markets on Bloomberg
- Product basics: Useful resources on this site include Product Specifications, Margin Savings, Cash Flow Examples and Contract Lookup
- Market Data: Check out Historical Open Interest, Trade Log, Volume & Open Interest and Live Markets (including DV01s).
- Use Cases: See our library of articles about how Eris SOFR is used by MSR Owners, REITs, Private Lenders and Banks & Credit Unions. Even Hedge Accounting, if you’re into that sort of thing.
- News: Check out our News page for the latest happenings. And subscribe to our newsletter to receive updates in your inbox.
Brief History
2010
We started as Eris Exchange and built a US futures exchange with Libor-based swap futures cleared by CME Clearing
2018
We moved Eris Libor Swap futures to CME Group, rebranded as Eris Innovations, and spun out the futures exchange to offer cryptocurrency derivatives (acquired by Cboe Global Markets)
2020
CME Group launched Eris SOFR Swap futures, which fully replaced Eris Libor in 2023
2023
CME Group enabled portfolio margining between Eris SOFR and cleared interest rate swaps, unlocking capital efficiencies and sparking our current run of rapid growth
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.
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).
John Douglas
Director of Sales
John Douglas recently joined the team at Eris Innovations as Director of Sales. John has over 20 years experience in mortgages, finance and business development. His experience spans in all mortgage channels: retail, wholesale and correspondent lending. John has led correspondent sales teams for larger conduits and has even built his own IMB platform in the past. Most recently John covered the Mid-Atlantic and Northeast for Merchants Bank correspondent. His prior roles were with Homeward Residential Capital, Bank of America, Franklin American Mortgage and Arc Home. John holds a BA and MA from CUA in Washington DC. In addition, he is Green Belt Six Sigma Certified.
Greg Carter
Manager, Digital Marketing & Data Analytics
Greg Carter is the Manager of Digital Marketing and Data Analytics at Eris Innovations, where he supports strategic marketing initiatives and data analysis to drive growth. He develops digital campaigns, analyzes Eris Markets data, and provides key support to the sales and development teams. Greg holds an MSF from the Illinois Institute of Technology. He specializes in leveraging data analytics to enhance decision-making, optimize marketing strategies, and drive engagement in the interest rate derivatives market.
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.
Kurt Rudolph
Principal Software Engineer
Kurt Rudolph rejoined Eris Innovations in 2025 as Principal Software Engineer, bringing more than a decade of experience designing high‑performance trading, data, and risk‑management platforms. He previously led DevSecOps and search‑engineering initiatives at GovSpend/SmartProcure and architected distributed energy‑trading systems at LO3 Energy. From 2013 to 2017 he served as Senior Software Engineer at Eris Exchange, where he built the exchange’s real‑time futures‑pricing engine and event‑driven task architecture. Kurt holds a B.S. in Computer Science from the University of Illinois at Urbana‑Champaign.
Eris in the News
Geoff Sharp discusses the value of using SOFR swaps to hedge non-agency mortgage risk with
Eris SOFR average daily volume currently stands at 13,756 contracts for 2025, up nearly 40% from
Craig Haymaker, CPA presented at the American Institute of Certified Public Accountants (AI
Proud Members of the Eris SOFR Community
