Societe Generale Prime Services, formerly Newedge, has taken a minority stake in U.S.-based Eris Exchange, marking its second stake in a swaps futures exchange.
Societe Generale Prime has been one of the main clearers for the Eris swap future and has provided voice and electronic execution services for its clients.
“Societe Generale continues to pursue innovative offerings to meet the needs of its clients in an increasingly capital-constrained marketplace,” says David Escoffier, Deputy Head of Global Markets for Societe Generale Corporate & Investment Banking and CEO at Newedge. “Acquiring a minority share reflects our commitment to developing a full range of innovative solutions in the new regulatory environment.”
The stake comes one month after the bank acquired a minority stake in London-based GMEX, another swap-future trading venue.
Swap futures have emerged as viable alternatives to OTC interest rate swaps which have become increasingly costly to trade due to global central clearing mandates.
Soc Gen Prime Takes in Eris Swaps Futures Exchange
Societe Generale Prime Services, formerly Newedge, has taken a minority stake in U.S.-based Eris Exchange, marking its second stake in a swaps futures exchange.