Vela adds Eris Exchange to DMA platform
Extending Vela’s Fixed Income initiative for market data and execution solutions to help tackle market fragmentation
New York, Chicago, London – April 25, 2018 – Vela, a leading provider of trading and market access technology, and Eris Exchange (Eris), a U.S.-based CFTC registered futures exchange that offers Eris Swap Futures as the leading alternative to traditional over-the-counter (OTC) swaps, are pleased to announce the expansion of Vela’s award-winning Direct Market Access (DMA) platform market coverage to include trading connectivity access to Eris Swap Futures.
The addition of Eris to Vela’s fully-managed DMA platform is part of an ongoing program to provide clients with access to an ever-increasing number of global trading destinations in the Fixed Income markets. Eris is also available as a feed handler supported by Vela’s ticker plant, which provides normalized access to more than 200 venues across multiple regions and asset classes. Adding Eris to the DMA platform extends access across the Vela stack through its trading, data and risk APIs.
Gerry Turner, Global Head of DMA Platform at Vela, said, “We are very pleased to add Eris to our growing list of trading venues to meet client demands. Our DMA platform is a modular component of the Vela stack and allows our clients to connect to Eris, and other global futures exchanges, through a fully-provisioned market access solution to reduce the costs and complexity of accessing global liquidity. The addition of the Eris markets further supports our Fixed Income initiative to help clients increase opportunities across futures, swaps and treasury markets.”
“Vela’s decision to offer DMA access to Eris Swap Futures is a great development for the markets,” said Grant Oliver, Director of Business Development and Chief Operating Officer of FME, the London based trading company. “FME is a market maker for exchange traded products in the global Fixed Income markets, and we have long regarded swaps as our next frontier. With Vela’s DMA access to Eris, we are excited to be entering this market, bringing valuable liquidity to an important market which Eris makes easy to access and simple to trade.”
Geoff Sharp, Managing Director and Head of Sales for Eris Exchange, said, “Enabling our users to connect to our exchange efficiently and cost effectively using Vela’s DMA platform is an important step in making Eris accessible to a wider user base.” He added, “Having an externally-supported and maintained DMA solution also allows us to focus on our product offering and client coverage.”
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Vela is a leading independent provider of trading and market access technology for global multi-asset electronic trading. Our software enables clients to successfully execute on their trading strategies and manage risk across multiple fragmented markets, liquidity pools, and data sources. We help firms successfully differentiate and innovate in an ever-changing, increasingly-regulated and fiercely-competitive landscape, while also reducing total cost of ownership.
Vela’s ticker plant, execution gateways, trading platform, and risk and analytics software deliver a unique, ultra-low latency technology stack for electronic low-touch and Direct Market Access (DMA) execution and pricing. We leverage the latest innovations in technology to deliver cutting-edge performance, features and reliability. Our modular stack is accessed through a single set of trading, data and risk APIs and can be delivered as-a-Service from multiple co-location data centers globally.
With access to more than 200 venues, Vela provides global coverage across all major asset classes. Clients are supported by an award-winning team of technical and business experts available 24x7 from our multiple offices in the US, Europe, and Asia. Vela’s clients include traders, market makers, brokers, banks, investment firms, exchanges, and other market participants.
Visit us at www.tradevela.com. Follow us on Twitter @TradeVela.
About Eris Exchange, LLC
Eris Exchange is a U.S. futures exchange registered as a Designated Contract Market with the CFTC. Eris lists futures contracts based on the patented Eris Methodology®, which replicates the functionality and convexity of OTC swaps. Eris USD Interest Rate Swap Futures trade electronically on Eris SwapBook and clear through CME Clearing. Current open interest in Eris USD Interest Rate Swap Futures is approximately 210,000 contracts, and they receive seamless margin offsets against the CME rates complex, including Eurodollar and U.S. Treasury Futures. Additionally, Eris licenses the Eris Methodology® to ICE, where Eris Credit Index Futures and Eris EURIBOR and GBP LIBOR Interest Rate Futures are listed for trading. Trademarks of Eris Exchange and/or its affiliates include Eris, Eris Exchange, Eris SwapBook, Eris BlockBox, Eris PAI, Eris Methodology, Eris Pricing Engine and the Eris Logo. For more information, visit Eris Exchange online at http://www.erisfutures.com or follow Eris on Twitter @erisfutures.
For media inquiries, please contact:
Melanie Budden, The Realization Group for Vela
Tel: +44 7974 937970
Managing Director for Eris Exchange
Tel: +1 646 961 4489