Eris Exchange, a multi-asset OTC provider of derivatives products, has extended its global offering as it reports the selection of its new low latency technology provider. Perseus Telecom, a New York headquartered provider of high-speed global connectivity, High Precision Time™ and Market-to-Market networks, will be offering trading access and time verification for Eris Exchange Swap Futures, accessible at Equinix data centres in Chicago, London and Tokyo. The move highlights Eris Exchange’s commitment of enhancing its trading infrastructure for automated trading.
Perseus Telecom’s High Precision Time™, a sophisticated offering that connects exchanges and users for all applications & synchronization will be available on Eris Exchange. The derivatives trading venue continues to enhance its operating framework as high-frequency and algorithmic traders take heed of the bourse.
Dr. Jock Percy, Chief Executive of Perseus Telecom, commented about the new partnership in a statement: “Perseus is pleased to be recognized as a global network provider for Eris Exchange and together, with High Precision Time™ for regulatory compliance makes our overall offering unique, coupling trading with risk control already tested and deployed.
We connect leading investment banks, hedge funds and market makers for the fastest, most secure execution and our global managed service infrastructure, with the US Government timescale, adds key security & audit practices for risk-management standards, all delivered on a simple cross connect.”
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Eris Exchange, established in Chicago in 2010, is an open access futures exchange for interest rate risk management, in addition, it offers forward starting and spot starting interest rate swap futures contracts.
Eris Exchange’s Chief Operating Officer, Michael Riddle, spoke about the firm’s appointment of Perseus Telecom: “Eris Exchange has spent years enhancing the distribution of our benchmark swap futures offering and we are well positioned to grow with innovative technology companies such as Perseus.”
Eris Exchange has seen exponential growth in trading activity. The venue has reported seven consecutive quarters of growth, quarter-on-quarter. Year-to-date, the exchange reported 401% in Open Interest from figures reported a year early.
“We foresee increasing volumes and aligning with a leading global network provider demonstrates our focus on accelerating market growth. Through the Perseus High Precision Time™ offering, Eris Exchange trading firms have immediate access to respond to their regulatory requirements while adding business value to our diversified market,” added Mr. Riddle.
Listed interest rate derivatives are gaining traction among users after the dismal 2008 period which saw fixed income markets collapse. However, after new rules in the US, under the Dodd-Frank Act, the market is picking up as participants appreciate enhanced transparency through exchanges and SEFs.