CHICAGO, March 12, 2015 - Eris Exchange (Eris), a U.S.-based futures exchange group offering swap futures as a capital-efficient alternative to OTC interest rate swaps, today announced that Societe Generale Prime Services - formerly Newedge - has completed an equity investment in Eris. As part of the arrangement, Societe Generale will join Eris' board of directors.
Societe Generale Prime Services' business has been a leading clearer for Eris Swap Futures for several years and offers a diverse set of voice and electronic execution services to its clients. The bank's US based swap desk has recently completed live trades and participates on the exchange as a market maker, providing liquidity for block markets. It will also provide streaming electronic markets in the coming months.
"Societe Generale continues to pursue innovative offerings to meet the needs of its clients in an increasingly capital-constrained marketplace," said David Escoffier, Deputy Head of Global Markets for Societe Generale Corporate & Investment Banking and CEO at Newedge. "We believe Eris' futurized products, ranging from standardized to customized swap futures, constitute an interesting alternative to OTC interest rate swaps for our clients. Acquiring a minority share reflects our commitment to developing a full range of innovative solutions in the new regulatory environment."
"Eris welcomes Societe Generale as an anchor liquidity provider for voice and electronic markets, as an equity investor and a member of our board, at a time when BASEL III regulatory framework and capital constraints challenge traditional OTC markets," said Neal Brady, CEO of Eris Exchange. "Clients will benefit from the commitment by Societe Generale's leading rates trading team to stream live quotes for the two-sided markets electronically and to offer block liquidity in capital-efficient Eris Swap Futures."
About Eris Exchange
Eris Exchange is a futures exchange registered as a Designated Contract Market with the CFTC. The Exchange lists cash-settled interest rate swap futures with current open interest exceeding 159,000 contracts. Eris Swap Futures listed on Eris Exchange are cleared by CME Clearing, and are based on the Eris Methodology™, our award-winning product design for constructing swap futures in a capital-efficient manner through intellectual property, expertise and patent-pending innovations. The Eris Methodology is also licensed by Intercontinental Exchange and Montreal Exchange. Trademarks of Eris Exchange and/or its affiliates include Eris, Eris Exchange, Eris SwapBook, Eris BlockBox, Eris PAI and Eris Methodology. For more information, visit Eris Exchange online at www.erisfutures.com or follow us on Twitter @erisfutures.
Societe Generale is one of the largest European financial services groups. Based on a diversified universal banking model, the Group combines financial solidity with a strategy of sustainable growth, and aims to be the reference for relationship banking, recognised on its markets, close to clients, chosen for the quality and commitment of its teams.
Societe Generale has been playing a vital role in the economy for 150 years. With more than 148,000 employees, based in 76 countries, we accompany 32 million clients throughout the world on a daily basis. Societe Generale's teams offer advice and services to individual, corporate and institutional customers in three core businesses:
- Retail banking in France with the Societe Generale branch network, Credit du Nord and Boursorama, offering a comprehensive range of multichannel financial services on the leading edge of digital innovation;
- International retail banking, financial services and insurance with a presence in emerging economies and leading specialised businesses;
- Corporate and investment banking, private banking, asset management and securities services, with recognised expertise, top international rankings and integrated solutions.
Societe Generale is included in the main socially responsible investment indices: FTSE4Good (Global and Europe), Euronext Vigeo (Global, Europe, Eurozone and France), ESI Excellence (Europe) from Ethibel and 4 of the STOXX ESG Leaders indices.
For more information, you can follow us on twitter @societegenerale or visit our website www.societegenerale.com
Societe Generale Corporate & Investment Banking
At the core of Societe Generale's universal banking business model, the Corporate & Investment Bank is a well-diversified and leading playerwith nearly 10 500 professionals present in more than 31 countries across Europe, the Americas and Asia-Pacific.
Standing by its clients across sectors, the Corporate & Investment Bank tailors solutions for them by capitalising on its worldwide expertise in investment banking, global finance, and global markets.
- For Corporates, Financial Institutions and Public Sector: providing a global advisory approach (M&A, debt, equity transaction, capital structure, and asset & liability management), as well as quality capital raising solutions across the debt and equity spectrum, optimised financing and expert risk management responses notably in the realm of foreign exchange and rates derivatives.
For Investors: offering reliable and sound investment opportunities and risk management solutions through its integrated global markets platform delivering seamless access to markets (equity, rates, credit, currencies, commodities and derivatives), as well as advice and solid financial engineering, quality of execution - both Agency and principal-, forward-looking research across asset classes, an industry-leading clearing proposition and prime brokerage services. www.sgcib.com