Eris Exchange, a US-based futures exchange, today announced that ION Trading, a provider of electronic trading, pricing and risk management systems across asset classes, will introduce a new gateway providing connectivity to Eris Exchange in July.
The gateway will allow ION's existing clientele of prominent swap dealer banks and leading niche financial specialists to use familiar tools to stream quotes for Eris Exchange Interest Rate Swap Futures, commencing with spot starting swap futures in July, and adding support for IMM dated swap futures with standardized dates and rates in October.
"ION provides an industry-leading platform for trading interest rate swap derivatives, and their decision to connect to Eris Exchange significantly extends our reach among existing swap users," said Neal Brady, CEO of Eris Exchange. "The established dealer banks currently on-boarding to trade Eris Exchange Interest Rate Swap Futures view ION support as a critical prerequisite to move beyond providing block trade liquidity to full-scale electronic trading integration."
The ION solution for Eris Exchange will provide traders with market data, order management and streaming quote capabilities using its existing interest rate swap trading interface, and will integrate to the Eris SwapBook™ electronic trading platform. For direct physical connectivity, customers can choose from a range of options that include direct cross-connects at prominent data centers in Chicago and New York, third-party extranets and dedicated data lines.
ION will integrate with the Eris SwapBook electronic trading platform, which provides central limit order book trading for Eris Interest Rate Swap Futures, with dedicated liquidity providers streaming two-sided quotes in benchmark contracts, and on-demand, all-to-all RFQ support for less liquid points on the curve.