Swap Futures
Get interest rate swap exposure with the margin efficiency, simplicity and safety of a standardized futures contract through the suite of Eris SOFR Swap futures products.
Get information on exchange rules, delivery procedures and clearing services. View CME Rulebook.
Trading swap spreads with Eris SOFR and Treasury futures unlocks the benefits of liquid, anonymous and electronic futures markets.
Available in tenors of 2, 5, 7 and 10 years, Eris/Treasury Swap Spreads offer single-price negotiation in a central limit order book (CLOB), with trades resulting in specific positions in each of the underlying futures contracts (Eris SOFR Swap futures and Treasury futures).
Eris SOFR Swap futures
Eris SOFR Swap futures are contracts that replicate all the cash flows of equivalent fixed versus floating, SOFR-indexed swaps. These contracts do not expire quarterly, but instead remain listed for the entire swap accrual period. This allows Eris SOFR Swap futures to be capital efficient, easy-to-implement hedging instruments for end users.
Swap Essentials
Why trade Swap futures?
Easy access to transparent markets
Liquid, transparent SOFR swap markets for all futures users; no swap lines or ISDA documents.
70% lower margin than cleared swaps
Requires 60% – 70% less margin to be posted as collateral, freeing up cash.
Eligible for hedge accounting
Unique futures can be held for years like swaps, enabling FASB ASC 815 hedge accounting.
Learn about Swap futures
Find out more about Swap futures with our latest research and analysis.
Resources
Master the Swap futures market
Take self-guided courses on Swap futures
If you’re new to futures, the courses below can help you quickly understand the Swap futures market and start trading today.
Contact a Swap futures expert
Connect with a member of our expert Interest Rates product team to get more information about our Swap futures products, find a broker or connect with a liquidity provider.
