Global financial services firm Morgan Stanley has agreed to acquire strategic equity stake in US futures exchange Eris, to participate on the exchange as a provider of liquidity and clearing services.
Financial details of the agreement have not been disclosed.
Under terms of the transaction, which is scheduled to close in early 2013, Morgan Stanley will join the board of directors of the exchange holding company.
Morgan Stanley US liquid flow rates head Patrick Haskell said the partnership will offer its clients with flexible alternatives of traditional OTC rates swap, which is varying due to structural, economic and regulatory changes.
The acquirer has commenced its integration with the Eris SwapBook electronic trading platform and will start offering electronic and block trade liquidity for both Eris Standards and Eris Flexes in early 2013.
Managing more than 1,200 offices in 43 countries, Morgan Stanley delivers investment banking, securities, investment management and wealth management services.