Eris Exchange, a US-based futures exchange offering capital-efficient interest rate swap futures, has announced that Wells Fargo has joined Eris Exchange to provide liquidity and clearing services to Wells Fargo’s global client base.
Wells Fargo’s swap desk recently executed its first Eris Swap Futures trade. Additionally, Wells Fargo launched support for customer clearing of Eris Swap Futures and client access to Eris SwapBookTM, Eris Exchange’s electronic central limit order book.
Neal Brady, CEO of Eris Exchange, said: "Eris Exchange welcomes Wells Fargo as our newest dealer bank trading partner. Adding Wells Fargo to our existing group of liquidity providers brings deeper and more liquid markets to our end user clients and will significantly accelerate the recent increases in volume and open interest we have seen as the Dodd-Frank deadline for mandatory swaps trading approaches in early 2014."
Cronin McTigue, managing director and head of Liquid Products Sales and Trading at Wells Fargo Securities, said: "Wells Fargo looks forward to providing liquidity in Eris Swap Futures as part of our continuing effort to consistently service our clients’ interest rate needs in an evolving market and regulatory environment."
George Simonetti, managing director and global head of Clearing for Wells Fargo Securities, said: "We’re proud to offer our clients clearing services and access to Eris Swap Futures markets. Our clients will enjoy industry leading portfolio margining, trading access to the deepest pools of swap futures liquidity, and margin offsets for Eris Swap Futures positions against other futures held at CME Clearing."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData