Eris Exchange (Eris), a U.S.-based futures exchange group offering cash-settled swap futures as the leading alternative to traditional OTC swaps, announced the opening of a London office and the hiring of Timothy Stack as Managing Director, Head of Europe.
Mr. Stack will be based in London and will be responsible for sales, marketing and strategic partnerships in Europe. Prior to joining Eris, Mr. Stack worked for more than two decades at Barclays Investment Bank, where he most recently was Head of Agency Derivative Services, and was responsible for the global futures, OTC clearing and FX prime brokerage businesses. Previously, Mr. Stack also served as a board member of the Futures Industry Association.
"Tim's deep expertise in managing the global futures and OTC clearing business for a top-tier bank will be invaluable to Eris as we scale to meet the increased client demand we are experiencing," said Neal Brady, CEO of Eris Exchange. "Given the recent capital requirements for holding uncleared swaps and the implementation of European swap clearing mandates and MiFID2, the timing is ideal for Eris to expand to Europe and to add to our management team an industry professional of Tim's caliber."
Eris' expansion to Europe follows in the wake of a strategic investment by CBOE in late May, and complements an aggressive expansion of its global sales and marketing team. Geoffrey Sharp joined Eris late last year as the Global Head of Sales, and is overseeing the expansion of the group's sales and marketing capabilities in London, New York and Chicago. Mr. Sharp has more than twenty years of experience trading and selling OTC derivative products in London, Tokyo and New York at Nomura, Barclays, Lehman Brothers and Credit Suisse.
In July, Mark Dziura joined Eris in Chicago to focus on sales to proprietary trading groups. Mr. Dziura was most recently with RTS Real Time Systems and Bloomberg, and previously was a futures trader in both Chicago and London. Eris is currently recruiting for additional sales and other roles in London, New York and Chicago.