Five Chicago firms partner in OTC exchange venture

With financial reform on its way to becoming law -- and, with it, new requirements that would push private derivatives deals to exchanges -- five Chicago firms are finalizing plans to launch a new OTC derivatives exchange.

The budding venture will trade contracts based on interest-rate swap derivatives. It is backed by Getco LLC, Chicago Trading Co., DRW Holdings, Infinium Capital and Nico Holdings. The venture, which will be known as the Eris Exchange, will clear through the CME Group's clearing facility.

According to reports, former CME executive Neal Brady will run the exchange.

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