ICE’s cash-settled Eris credit and interest rate futures contracts, traded and cleared on the ICE platform, are based on the Eris Methodology™ and product design. The exchange listed futures contracts replicate the economics of credit default swaps and interest rate swaps, offering an efficient and accessible means of trading the swap curves.
Eris futures benefit from capital, margin and operational efficiencies of exchange traded derivatives and provide investors who may not have the operational capabilities or meet the necessary requirements to trade swaps, access to a similar hedging tool.
New Market Participants
New Trading Strategies
Futures based on Markit CDX and iTraxx indices trade on ICE Futures U.S. and clear on ICE Clear U.S.
ICE credit and OTC specialists explain the Eris product design and trading use cases.
Take a look at the cash flow equivalence between an Eris credit futures contract and a cleared or uncleared OTC swap contract reference the same underlying index and maturity. View Now
Read our answers to frequently asked questions around the source, determination and timing of the U.S. Federal Funds Effective Rate that’s used in the calculation of the daily price alignment interest (PAI) included in the ‘C’ value of Eris credit futures contracts. View now
6 Month Euro (EUR)
6 Month Pound Sterling (GBP)
An extended set of Eris interest rate futures contracts are available for trading, allowing participants to select certain contract features from a predefined set, such as:
By combining the flexibility of the OTC swap market, with the efficiency of exchange traded futures, traders can design custom contracts that are aligned with their investment objectives.
The names Markit, CDX, and iTraxx are registered trademarks of the Markit Group of companies and are used by ICE under license. Euribor® and Eonia® are registered trademarks of European Money Markets Institute (EMMI) and are used by ICE under license. Eris products listed on ICE exchanges are based on the Eris Methodology™, Eris’ product design for constructing capital-efficient futures that incorporates intellectual property, expertise and patent-pending innovations.