The Eris Exchange, a new platform backed by proprietary trading groups, on Thursday introduced interest rate swap futures contracts as its initial product group ahead of a planned launch July 26.

The venture is working to recruit customers, and will open its doors to clients and futures brokerages next week, according to a release.

Eris, backed by firms including Getco LLC and DRW Holdings, is an effort by private trading firms to break into the market for over-the-counter derivatives, long the dominion of the biggest Wall Street banks.

The goal of the new futures platform is to inject more price transparency and liquidity into the $349 trillion interest-rate swaps market, a task that has proven difficult in the past for exchanges.

“We are excited to provide a flexible swap futures product tailored to the OTC market’s needs that offers competitive liquidity, independent daily settlements, and robust central counterparty clearing,” said Neal Brady, chief executive of Eris, in a statement.

Alongside DRW and Getco, Infinium Capital Management, Nico Holdings and Chicago Trading Company are also shareholders in the Eris Exchange. The backing firms rank among the biggest liquidity providers in exchange-listed futures markets.

The exchange is registered as an exempt board of trade with the Commodity Futures Trading Commission, and will use the facilities of Chicago-based CME Group Inc. to clear transactions.

Eris’ model will convert interest-rate swaps to futures contracts for the purposes of trading and clearing. The futures can be customized with any coupon rate and maturity, and each contract carries a face value of $1 million, according to the company.

The backing firms committed to making markets in the contracts.