Eris Overview

Chicago-based Eris Exchange is a registered Designated Contract Market (DCM) that lists Spot and Forward Starting Interest Rate Swap (IRS) Futures that replicate the cash flows of traditional OTC Interest Rate Swaps. The GovEx exchange is a secondary market available through Eris for trading US Treasury Securities, and lists When-Issued (WI), On-The-Runs (OTR), and Off-The-Runs (OLD) TBills, TNotes, and TBonds.

The Eris SwapBook™ electronic trading platform is based on State Street’s e-Exchange industry-leading Currenex and GovEx platforms and distribution network, and includes a state-of-the-art central limit order book (CLOB) and RFQ matching engine customized specifically for Eris Exchange. The platform supports open application programming interfaces (APIs) based on the FIX protocol.

Matching Engine

TT supports trading of both Eris and GovEx products, which are available through the same FIX session. Orders for both Eris and GovEx are matched at the same matching engine located in Chicago. Eris trades are cleared through CME Clearing in Chicago; all GovEx trades are cleared by NewEdge.

Matching Algorithms

Eris/GovEx orders are matched solely on a First-In First-Out (FIFO) basis.

Connectivity Options

The TT® platform provides connectivity to the exchange, so you do not have to contact the exchange regarding connectivity options. Refer to TT Access for more details about your connectivity options for connecting to TT.