The Chicago Board Options Exchange (CBOE) Holdings has continued its expansion into interest rate derivatives by purchasing a minority stake in Eris Exchange.
With the tie up CBOE becomes the first exchange to financially back the swaps-futures platform, and joins other investors including Fidelity, Morgan Stanley, State Street and Societe Generale.
Financial terms of the stake were not disclosed.
“Our partnership with Eris demonstrates CBOE’s ongoing focus on leveraging our product innovation expertise to capitalize on the continuing convergence of the OTC and listed marketplaces,” says Edward Tilly, CEO, CBOE Holdings.
CBOE also holds a stake in LSE’s CurveGlobal, the incoming London-based interest rate derivatives exchange.
“Our partnership with Eris, like our partnership in CurveGlobal, positions CBOE to tap into that opportunity by bringing new capital efficiencies and exchange-traded products to the interest rate marketplace,” Tilly adds.
The partnership will also see the two exchanges work on new product launches.
“We’re thrilled to collaborate with CBOE on new product, market data and index initiatives and to provide access to Eris products to CBOE’s global trading community,” adds Neal Brady, CEO and co-founder of Eris.