All posts by Drew Shields, CTO

CTO

Mike Riddle,
COO of Eris Exchange

The passage of Dodd-Frank in 2010 required standardized derivatives to trade on open platforms and be submitted for clearing to central counterparties. As a result, many trades previously conducted over the counter moved onto exchanges backed by central counterparty clearing.

Drew Shields, our head of product management, sat down with Mike Riddle, the COO of Eris Exchange, a futures exchange that lists cash-settled interest rate swap futures, and Bill Campbell, TT’s director of fixed income products, to discuss the growth of swap futures and associated trading opportunities, specifically box trades.

Drew: Let’s take this from the top. Mike, can you talk to our readers about Eris Exchange?

Mike: Happy to. Eris Exchange is a futures exchange—a designated contract market regulated by the CFTC—that has been steadily growing since inception in 2011. We provide banks, commercials and prop traders a capital-efficient way to access interest rate swap futures. Increasingly, we are seeing prop trading groups access our market for unique trading opportunities.

Drew: Bill, as an expert in fixed income trading, can you tell our readers how they can leverage our connection to Eris using X_TRADER® and eventually our new TT platform?

Bill: X_TRADER already provides access to CBOT Treasury futures, cash markets at eSpeed and BrokerTec, along with Eris. A complete list of supported markets is on our website. Within this mix of liquidity pools, there are hundreds of ways to spread and trade fixed income contracts. Since Eris is the leading swap futures exchange, we’re planning to make that connection available very soon through our new TT platform. With our suite of automated trading tools including Autospreader®, Autotrader™ and the ADL® visual programming platform, our high-performance connections to the primary fixed income markets and our FIX and proprietary API solutions, it’s a great time to be trading fixed income products with X_TRADER and soon with the new TT.
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Autospreader was the focus of our ongoing #PreviewTT series last week on Twitter.

If you followed along, you already know that the TT version of Autospreader will provide a familiar experience to existing users along with significant functionality and performance enhancement that make Autospreader even faster, more powerful and easier to use.

For example, now you can:

  • Use the new Rule Builder to differentiate your spreading strategies. You can easily create custom pre-quote, pre-hedge and post-hedge logic from scratch, or simply tweak the pre-built Autospreader features by editing them in Rule Builder.
  • Launch spreads in the compact, tabbed MD Trader® to conserve screen space.
  • See prices that reflect the true instrument value rather than the raw exchange value.
  • Experience faster-than-ever performance thanks to our newly built collocated infrastructure, which features the most advanced technology. You can even view hedge latency in real time and see how your server-based strategies are performing. By the way, we think you’ll like what you see.

And with TT, all of your workspaces and spread configurations go where you go. You can create a spread using a laptop, deploy it from your office workstation and manage it from your phone. The experience is consistent no matter where you are and what device you use.

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Last week on Twitter, we showed how the new TT platform takes charting and analytics to new levels, with sophisticated tools for the high-performance professional trader.

TT allows you to create and access charts from virtually any computer as well as Android and iOS phones with support for a vast array of chart types, technical indicators and built-in drawing tools. You can add a chart to any workspace and customize it to your preferences to chart outrights and spreads from any TT-connected exchange. Charts are saved as part of your go-anywhere TT workspace so that when you go from the office to home or from one day to the next, you can quickly pick up where you left off.

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