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Block Trading
www.erisfutures.com © 2017 All rights reserved 11142017
www.erisfutures.com Contact Eris to get started: Call (888) 587-2699 option 2
for sales support or email [email protected]
View All Contract Details:
erisfutures.com/lookup
View Block Trades on the Eris Website: www.erisfutures.com/block-trades
Block Market Makers: Firm Contact Details Front Month /
On-The-Run1
Seasoned /
Off-The-Run2
DRW Joe Meissner: (312) 542-1090 [email protected]
Hydrus
Capital Carl Schmidt: (203) 403-3683
Morgan
Stanley Matt Grainger: (212) 761-0831
Societe
Generale Florent Ajas: (212) 278-7954
1Front Month / On-The-Run: Eris Standard contracts with Effective Dates as the
next two IMM dates 2Seasoned / Off-The-Run: Eris Standard contracts with Effective Dates of past
IMM dates
End-users may execute Block Trades with a
Block Market Maker or a Futures Broker
Execution Methods:
1) Block Trades are reported to Eris using one of the following options:
a. Eris BlockBox Users report Block Trades directly into Eris BlockBox using a
Clearing Firm Administrator pre-approved login ID
b. Indirect-Only PNT1 Submitters report Block Trades to the Eris Control Center.
Clearing Firm Administrators pre-approve the PNT Submitter list. An Eris
BlockBox user ID is not required.
2) Clearing Firms permission block limits and trade entry authorization
1PNT (Privately Negotiated Transactions) are off-exchange trades such as Block, EFR and EFP
A Block Trade is a privately negotiated transaction (PNT) that is subject to a minimum
threshold of 100 contracts ($10 million notional). Block Trades get reported to Eris
Exchange via the Eris BlockBox platform, a web-based user interface.
How to Report Block Trades:
Broker
End-User Market Maker Trade
Execution
ECC Contact:
• Phone:888-587-2699, option 1
• Email: [email protected]
• Bloomberg Chat: ERIS_ECC
www.erisfutures.com © 2017 All rights reserved 11142017
View All Contract Details:
erisfutures.com/lookup
www.erisfutures.com Contact Eris to get started: Call (888) 587-2699 option 2
for sales support or email [email protected]
Block Trading Guidelines
Trading Hours • Regular Trading Hours (RTH):
o Monday-Friday; 7:00 AM to 5:00 PM Eastern Time
• Other Trading Hours (OTH):
o All times that are not RTH, including weekends and holidays
Block Thresholds1 • RTH Trades:
o All tenors: 100 contracts ($10 million notional)
• OTH Trades:
o 2Y to <5Y remaining tenor: 10 contracts ($1 million notional)
o 5Y and above remaining tenor: 5 contracts ($0.5 million notional)
Block Reporting
Hours
• RTH (7:00 AM to 5:00 PM EST):
o Block reporting deadline: within 15 minutes of negotiation, up to 5:15 PM
o Submission for Clearing deadline: 5:15 PM on same calendar date
• OTH (5:00 PM to 11:59 PM EST):
o Block reporting deadline: 6:55 AM on next business date
o Submission for Clearing deadline: 5:15 PM on next business date
• OTH (12:00 AM to 6:45 AM EST):
o Block reporting deadline: 6:55 AM on same calendar date
o Submission for Clearing deadline: 5:15 PM on same business date
• OTH (6:46 AM to 7:00 AM EST):
o Block reporting deadline: within 15 minutes of negotiation on same calendar date
o Submission for Clearing deadline: 5:15 PM on same business date
Reporting Obligations • Brokered Transaction:
o Reporting obligation is the responsibility of the broker handling the Block Trade, unless otherwise
agreed upon by the counterparties
• Non-Brokered Transaction
o Reporting obligation is the responsibility of the Market Maker, unless otherwise agreed upon by the
counterparties
Information Required
for Reporting Block
Trades to ECC
• Name and phone number/email of party reporting trade
• Execution Time (in EDT) for when the trade was finalized
• Counterparty clearing accounts of both sides of the trade
• Trade Details: Contract Type, Tenor, Effective Month and Year
• NPV Price (Single basket price acceptable to report spreads)
• Quantity in number of contracts or notional (for each leg of spreads)
Block Account Setup
and Credit Limits
• Clearing Firm Administrators create block clearing account and credit limits via Eris BlockBox directly or
submission of Eris User ID and Credit Limits form
• Optional setup required only for client specific clearing account setup
Trade Entry Authority • Clearing Firm Administrators enable market makers and brokers with trade entry authority to client’s
clearing account in Eris BlockBox
1 Block Thresholds for multi-leg trades refer to the sum of all legs.
