[email protected] Copyright ©2014 Eris Exchange, LLC. All Rights Reserved. WEBINAR: RTS Realtime Systems Demonstrates Eris Markets Through RTD Tango Trader May 1, 2014
RTS Realtime Systems demonstrates Eris markets through RTD Tango Trader
Jun 15, 2015
See the presentation of RTS Realtime Systems and Eris Futures Exchange webinar.
• Brief introduction to RTS Realtime Systems and RTD Tango Trader
• Overview of Eris Exchange and the benefits of Eris Swap Futures.
• In the recorded webinar we demonstrate through RTD Tango Trader how to trade Eris Standards and Flexes, Spreading Functionality including Calendar Rolls, Invoice Spreads, and Swap Spreads, wrapping up with the set-up of basic algo trade.
• Brief introduction to RTS Realtime Systems and RTD Tango Trader
• Overview of Eris Exchange and the benefits of Eris Swap Futures.
• In the recorded webinar we demonstrate through RTD Tango Trader how to trade Eris Standards and Flexes, Spreading Functionality including Calendar Rolls, Invoice Spreads, and Swap Spreads, wrapping up with the set-up of basic algo trade.
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
[email protected] ©2014 Eris Exchange, LLC. All Rights Reserved.
WEBINAR:
RTS Realtime Systems Demonstrates Eris Markets Through RTD Tango Trader
May 1, 2014
Agenda
• Opening Remarks and Introductions• RTS Realtime Systems Overview• Eris Exchange Interest Rate Swap Futures• How to Trade Eris Markets through RTD Tango Trader
• Eris Standards and Eris Flexes • Flatteners, Steepeners • Calendar Rolls, Swap Spreads, and Invoice Spreads• Set Up a Simple Algo Trade
• Audience Question and Answer
2
Speaker Biography
3
Mr. Riddle is the Chief Operating Officer of Eris Exchange. Prior to joining Eris Exchange, Mr. Riddle served as Director of Alliance Management at CME Group, where he was responsible for the growth of the CME's international partnerships in Brazil, Dubai, Korea and Mexico. Prior to joining the Chicago Board of Trade in 2002 and transitioning to CME Group during the 2007 acquisition of CBOT, Mr. Riddle worked in the Capital Markets consulting practice for Cap Gemini Ernst & Young. Mr. Riddle earned a bachelor’s degree in economics from Northwestern University, and holds an MBA from the Kellogg School of Management.
Michael Riddle
Chief Operating Officer, Eris Exchange
Speaker Biography
4
Joseph DesnoyersSenior Product Manager, RTS Real Time Systems
Joe Desnoyers joined RTS August 2005 as a Product manager. Prior to joining, he traded US Bonds and Treasury futures. His current position is Team Lead of the US Solution dept. He is responsible for managing all Americas region exchange certifications with Development/QA, deployment of major software and exchange releases.
Joe pioneered and built RTS strong presences in Mexico through MexDer. RTS has been the official front-end for MexDer members in Mexico since 2009.
5
RTS Realtime Systems Global Solutions
In order to provide the greatest breadth possible, we constantly add connections to emerging markets and redefine ultra-low latency on existing connections. We also have a local presence in all major trading hubs globally.
• Connectivity to 150+ global exchanges • Co-location services to 95+ venues • 11 Data centers worldwide
Full line of trading solutions including micro-second round-trip latency and superior execution handling for multiple exchanges.
• Algorithmic Trading • Click Trading• Combined Algorithmic and Click Trading
EASY ACCESS TO GLOBAL MARKETS
TRADE WITH A COMPETITIVE EDGE
6
RTS Coverage Map and Products
• Sophisticated performance monitoring tools
• Fully optimized customer environments
• Industry leading ultra-low latency to 150 global
markets standard with all platforms
• One-stop-shop solution for all trading needs
• Harness all opportunities through multi-broker
capability
• Managed, maintained and supported by local
RTS experts
Key Advantages
Ultra-low Latency Algorithmic Solution
Algorithmic and Click Trading Front-end
Sophisticated Lightweight Click Trading Front-end
RTD Tango Trader® is designed to leverage firms’ existing infrastructure and enable more brokers, traders and clients to benefit from customized algorithms.
7
Combined Algorithmic and Click Trading Front-end
RTD Tango Trader
• More than 30 customizable analytical indicators
• Full chart analytical package at no extra cost
• Off-the-shelf algos and canned strategies
• Advanced spreading technology
• Inter-market spreads across asset classes
• Vertical dartboard and Spread Matrix
• Comprehensive pre-trade risk controls
• Integrated algo order book to manage trades
• White label and multi-language capabilities
Eris Swap Futures
• Futures exchange (DCM)• USD interest rate swap futures• Cleared by CME Group as futures• Contracts are futures through
maturity date• Standardized contracts • Flexible date contracts
• OTC-like yield curve granularity• Trade electronically and traditional
voice execution
• Regulated as futures through maturity date
• Intra-market trading and spreading• Flatteners• Steepeners
• Inter-market trading strategies• Pre-trade credit controls• Open FIX APIs; Engine located in
Chicago at 350 East Cermak • Access provided by CME Futures
Clearing firms (FCMs)
8
Historical Eris Swap Futures Open Interest
9
Open Interest Record Extends to 6 Quarters
The Product: Eris Swap Futures
10
A futures product solution to Dodd-Frank requirements
Up-front and termination payments
Interest paid on collateral
Fixed and floating
payments
Collateral posted
Variation
Margin
Collateralized IRS OTC Cash Flows
• Unique contract design replicates OTC Swap economics• Contracts can be held until final Maturity as futures contracts (no physical
delivery or mandatory early termination) • Existing OTC Swap curves and models can be used to value Eris Swap
Futures
11
Liquidity, transparency and efficiency of futures
Set of 5 quarterly contracts listed with IMM Effective Dates
and short codes
• Can be rolled or held to maturity, as futures (no risk of physical delivery)• Streaming quotes past the Effective Date• 2 day VaR margin through the maturity date• Positions automatically net• $100k contract size
Eris Standards: Quarterly Swap Futures
Streaming Quotes in NPV
per contract
Fixed rate set at listing near par rate
Par Rate Equivalents are
shown below each contract
-278
-680
-3690
-2450
-9880
-274
-640
-2420
-3660
-9820
12
Eris Flexes: Date Flexible Swap Futures
Yield curve granularity with accounting treatment of OTC swaps
• Effective Dates: Any good business day up to 10 years out• Maturity Dates: Any good business day up to 30 years
following the Effective Date• Compression tools available for line item management• 5 day VaR margin• RFQ for contracts not being streamed• $100k contract size
Spot starting contracts for
benchmark tenors
Each rate and date combination is a distinct contract; millions of potential contracts
Streaming quotes in par rate terms
Fixed rate assigned at execution
Eris Spread Trade Scenarios
• Flatteners and Steepeners
• The trade exploits the difference between two points on the
yield curve with a view that the curve will flatten or steepen
• Calendar Spreads
• Discrete spread traded in a separate order book from either of
the order books of the underlying contracts, thereby eliminating
legging risk when rolling from one quarterly contract to the next
• Invoice Spreads
• Trading the differential between swap and treasury yields using
an Eris Swap Future and a treasury future with similar maturities
• Swap Spreads
• Trading the differential between swap and treasury yields using
an Eris Swap Future and a cash treasury with similar maturities
13
JUNE(sell)
SEPT(buy)
Rolling Position
Eris Standard 7Y
(buy)
Tsy FutureCTD(buy)
Eris Flex(buy)
Cash Treasury
(buy)
Thomas Anderson Tel: (312) 604-8423
Stephane DiTullio Tel: (646) 855-5319
John Lovisolo Tel: (212) 526-6548
Ziad IskandarTel: (212) 471-8033
Neil Burke Tel: (212) 538-0761
Matthew WiffenTel: (212) 723-5491
Patrick Bobay Tel: (312) 294-8752
Mary Foreman Tel: (212) 761-8114
Frank Perry Tel: (312) 441-4603
Michael SchneiderTel: (212) 436-8009
Alexander Palese Tel: (212) 618-3369
John ColemanTel: (312) 373-5190
Christina McCaugheyTel: (212) 259-3127
Daniel DormanTel: (312) 341-7041
Jeff GoreTel: (704) 410-5205
Nicholas MascioTel: (212) 618-2845
Justin BiggsTel: (212) 713-3921
Access Provided by CME Clearing Firms
14
Key Resources
• View RTD Tango Trader Tutorial• www.rtsgroup.net/trading/rtd-tango-trader
• Trade Eris Through RTD Tango Today• www.erisfutures.com/EE/RTS_Connectivity.pdf
• Eris Traders’ Corner • www.erisfutures.com/traderscorner
(312) [email protected]
15
16
Contact
(312) [email protected]
Contact
(888) 587-2699, select [email protected]
Audience Q&A Session
Questions can be sent two ways: • Submit through the webinar tool• Email directly to [email protected]
Related Documents
