• IMPORTANT: Clearing and Bookkeeping Processing For Eris Interest-Rate Swap Futures - Effective Monday, July 26, 2010

      • To
      • Clearing Member Firms; Chief Financial Officers; Back Office Managers
      • From
      • CME Clearing
      • #
      • 10-311
      • Notice Date
      • 22 July 2010
      • Effective Date
      • 26 July 2010
    • On Monday July 26, CME Clearing will begin clearing processing for Eris Exchange, LLC (“Eris”) Interest-Rate Swap Futures.  Eris is a separate entity and is not part of CME Group Inc.  Eris is an exempt board of trade (“EBOT”), and because it is an EBOT, Eris is not registered with, or recognized, designated, licensed or approved by the CFTC.


      Eris contracts will trade on the Eris platform (erisfutures.com).  All transactions executed on Eris will be submitted for clearing to CME Clearing. 


      At launch, customer positions will be cleared through the 30.7 Secured regulatory status.  Customers must be Eligible Contract Participants (ECPs) under CFTC regulations to trade Eris products.


      A distinguishing feature of Eris Interest-Rate Swap Futures is that all periodic cash flows will be subsumed within daily variation margin processing.  In other words, from a functional point of view, these products work exactly like any other cash-settled futures product.


       For full text of this advisory, please click here.