These new swap futures contracts will be cleared at the Canadian Derivatives Clearing Corporation (CDCC) and will be based on the Eris Methodology, owned by Eris Exchange.
The Eris Methodology replicates over-the-counter swaps economics into a single futures price, allowing the product to remain a futures contract throughout its full lifecycle.
Once launched, the IRSF contracts will be available for tenors of two, five and 10 years.
Neal Brady, CEO of Eris Exchange, added: "In Canada and around the world, the tightening capital constraints related to the introduction of margin on uncleared swaps, mandatory swap clearing, and revised Basel III leverage ratio calculations are driving banks and swap end users to embrace the capital efficiency of Eris swap futures."
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