Chris Barnes


Chris Barnes

Chris has over 12 years experience trading OTC Derivatives markets. He cut his teeth trading Cross Currency Swaps at HSBC in London between 2002 and 2010, before helping to launch Rates Trading at State Street in London (2010-2012). Having relocated to Switzerland, he was most recently Director of Product Development at Gottex.

Chris holds an MA from the University of Cambridge in Natural Sciences, where his dissertation on artificial intelligence was published in 2001.


Posts by chris:

  1. 29 Jul 2020, ISDA-Clarus RFR Adoption Indicator
  2. 27 Jul 2020, €STR Discounting Switch
  3. 22 Jul 2020, Clarus at the CFTC
  4. 15 Jul 2020, Margin Calls During COVID-19
  5. 07 Jul 2020, SONIA Q2 2020 Update
  6. 01 Jul 2020, LIBOR Discontinuation has been Preannounced
  7. 24 Jun 2020, What Is the Total Size of Rates Markets?
  8. 17 Jun 2020, US Treasury Market Volumes During COVID
  9. 10 Jun 2020, What You Need to Know About CNY Swaps
  10. 02 Jun 2020, $300bn FX Swap Rollover
  11. 27 May 2020, Will GBP Interest Rates go negative in the UK?
  12. 19 May 2020, Are USD Rates About to Go Negative?
  13. 12 May 2020, CFTC Block Trading Consultation May 2020
  14. 06 May 2020, How Much Margin? 2019 Edition
  15. 28 Apr 2020, US Treasury Volumes and Market Size
  16. 21 Apr 2020, The GSIB Framework and Window Dressing
  17. 14 Apr 2020, Central Bank Responses to COVID-19: FX Swap Arrangements
  18. 07 Apr 2020, Swap Markets see Record Trading Volumes in response to COVID-19 Market Turmoil
  19. 01 Apr 2020, MIFID II Transparency – Can we get it right this time?
  20. 25 Mar 2020, USD Swap Markets during COVID-19 Pandemic
  21. 20 Mar 2020, Mechanics of Central Bank FX Swap Lines
  22. 18 Mar 2020, Cross Currency Swaps Trading During a Crisis
  23. 17 Mar 2020, Want to know all about Global Systemic Banks? Introducing GSIBView
  24. 11 Mar 2020, Is Transparency Helping Markets Function?
  25. 11 Mar 2020, SONIA Update
  26. 02 Mar 2020, SONIA Day – LIVE Blog
  27. 25 Feb 2020, Block Trades in HKD Derivative Markets
  28. 19 Feb 2020, Trading RFRs
  29. 10 Feb 2020, Block Trading
  30. 04 Feb 2020, Risk Free Rates Trading January 2020
  31. 28 Jan 2020, Will GBP LIBOR stop trading on 2nd March 2020?
  32. 21 Jan 2020, £700bn SONIA Traded on a Single Day
  33. 14 Jan 2020, NOK Rates: What You Need to NOWA
  34. 08 Jan 2020, What You Need to Know about MXN Swaps
  35. 18 Dec 2019, MIFID II Data for Bonds
  36. 11 Dec 2019, Four Trends in Swaps Data 2019
  37. 04 Dec 2019, G-SIB Scores for US Banks
  38. 26 Nov 2019, G-SIB Mechanics and Definitions
  39. 19 Nov 2019, Mechanics and Definitions of ISDA IBOR fallbacks
  40. 12 Nov 2019, SONIA Term Rates – which is best?
  41. 06 Nov 2019, What we need to do to fix MIFID II Data
  42. 22 Oct 2019, What does SOFR volatility mean for LIBOR Fallbacks?
  43. 15 Oct 2019, CAD Rates Markets and CORRA Reform
  44. 09 Oct 2019, NDF Clearing September 2019
  45. 02 Oct 2019, ISDA September 2019 Consultation on Final Parameters
  46. 25 Sep 2019, BIS Triennial Survey 2019
  47. 19 Sep 2019, SOFR Fixed at 5.25%. What happened to the volumes?
  48. 18 Sep 2019, SACCR vs CEM for FX Products
  49. 11 Sep 2019, Four Things to Understand about USD SOFR
  50. 04 Sep 2019, 5 Things That Are Making MIFID II Data Useless
  51. 04 Sep 2019, ESMA: Let’s Get Transparency Right
  52. 28 Aug 2019, SACCR vs CEM Comparisons
  53. 21 Aug 2019, USD Fed Funds and the FHLBs
  54. 30 Jul 2019, CCP Basis – The Cost of Clearing Fragmentation
  55. 09 Jul 2019, USD SOFR Volumes June 2019
  56. 02 Jul 2019, SEK STIBOR Reform
  57. 17 Jun 2019, Mechanics and Definitions of Singapore Benchmark Rates (SGD SOR and SGD SIBOR)
  58. 12 Jun 2019, LIBOR Fallbacks and Uncleared Margin Rules
  59. 04 Jun 2019, LIBOR Fallbacks Again
  60. 28 May 2019, NDF Clearing 2019
  61. 22 May 2019, Current Clearing Rates
  62. 07 May 2019, USD SOFR Volumes April 2019
  63. 30 Apr 2019, Indices are the best way to calculate compound interest
  64. 24 Apr 2019, Ameribor: The $1.5bn Index That You Need to Know About
  65. 17 Apr 2019, MIFID II Transparency Update
  66. 10 Apr 2019, NOK Rates – NIBOR and NOWA
  67. 02 Apr 2019, USD Swap Spreads Review Q1 2019
  68. 26 Mar 2019, €STR – What You Need to Know
  69. 20 Mar 2019, LIBOR Fallbacks – What will the GBP spread be?
  70. 13 Mar 2019, KCCP – Clearing is Getting Cheaper
  71. 04 Mar 2019, Is the Leverage Ratio impacting Swaps Trading?
  72. 27 Feb 2019, Compression Auctions for RFRs
  73. 20 Feb 2019, USD Swaps Market vs Futures Market Size
  74. 12 Feb 2019, What Traded On-SEF in 2018?
  75. 06 Feb 2019, What Traded Off-SEF in 2018?
  76. 24 Jan 2019, JPY Swaps – A Market Overview
  77. 16 Jan 2019, Mechanics and Definitions of Carry in Swap Markets
  78. 09 Jan 2019, ESTER Term Rates
  79. 19 Dec 2018, RFRs – CHF SARON Activity
  80. 12 Dec 2018, What is Left Uncleared in 2018?
  81. 04 Dec 2018, LIBOR Basis Swaps
  82. 27 Nov 2018, RFRs – ISDA announce LIBOR fallback methodology
  83. 20 Nov 2018, RFRs – OIS trades are getting longer!
  84. 07 Nov 2018, SA-CCR for US Banks
  85. 31 Oct 2018, SOFR Swaps – Block Trades and Fannie Mae Issuance
  86. 23 Oct 2018, CLARUS01 Risk Free Rates
  87. 17 Oct 2018, Scandie Swaps
  88. 02 Oct 2018, Cross Currency Basis and Turn of the Year
  89. 18 Sep 2018, ESTER – What You Need To Know
  90. 04 Sep 2018, Mechanics of FRA Risks
  91. 29 Aug 2018, SONIA Term Rates
  92. 22 Aug 2018, LIBOR OIS August 2018 Update
  93. 14 Aug 2018, USD Spreadovers and SEF Market Share
  94. 01 Aug 2018, How much of the swaps market is traded as an OIS?
  95. 25 Jul 2018, LIBOR Fallbacks
  96. 17 Jul 2018, SOFR Swaps Are Trading!
  97. 09 Jul 2018, How Much Data Do We Have?
  98. 05 Jul 2018, FRTB – Basic Approach for CVA
  99. 26 Jun 2018, Benchmark Reform – An EONIA replacement is coming very soon!
  100. 19 Jun 2018, FRTB in Excel
  101. 13 Jun 2018, Settle To Market – What You Need To Know about STM
  102. 05 Jun 2018, FICC Markets Standards
  103. 29 May 2018, MIFID II Data – It’s Finally Good News!
  104. 29 May 2018, Current Exposure Methodology – What You Need To Know
  105. 22 May 2018, NDF Volume Data
  106. 16 May 2018, SOFR – What you need to know
  107. 09 May 2018, Swaps Regulations Are Changing – Part Two, Capital and CCPs
  108. 02 May 2018, Swaps Regulations Are Changing – Part One, SEFs
  109. 25 Apr 2018, OIS Volumes – What is the Trend?
  110. 18 Apr 2018, USD Libor is changing!
  111. 09 Apr 2018, Cross Currency Swaps and Libor-OIS
  112. 04 Apr 2018, LIBOR OIS – March 2018 Update
  113. 27 Mar 2018, MIFID II Data – APA Market Share
  114. 21 Mar 2018, SONIA Market March 2018
  115. 20 Mar 2018, Libor OIS – What is Going On?
  116. 14 Mar 2018, NDF Clearing February 2018
  117. 06 Mar 2018, MIFID II Data – Bond Trading
  118. 27 Feb 2018, All time record volumes in Cross Currency Swaps
  119. 14 Feb 2018, Clarus Daily Briefing
  120. 06 Feb 2018, Tradeweb and Bloomberg MTF Market Share
  121. 31 Jan 2018, Tradeweb APA Data and the Trading Obligation
  122. 24 Jan 2018, Tradeweb MIFID Data – Interest Rate Swaps
  123. 17 Jan 2018, MIFID II Data – Bonds on Bloomberg
  124. 15 Jan 2018, MIFID II Data – $4trn in Compression
  125. 10 Jan 2018, Bloomberg MTF Data – Week One
  126. 04 Jan 2018, MIFID II Data Day Two
  127. 03 Jan 2018, MIFID II Live Blog – The Data
  128. 19 Dec 2017, FSB Survey on Derivatives
  129. 12 Dec 2017, G10 FX NDF Clearing
  130. 05 Dec 2017, LIBOR Reform – Latest Developments
  131. 28 Nov 2017, What is going on in Uncleared Derivative Markets?
  132. 21 Nov 2017, We found the CHF SARON Swaps!
  133. 15 Nov 2017, FX Clearing – the $750bn market that keeps growing
  134. 08 Nov 2017, CHF SARON – What is Going On?
  135. 08 Nov 2017, Bank Ring Fencing – What You Need to Know
  136. 31 Oct 2017, Initial Margin, Compression Volumes and why the time to Optimise is now
  137. 30 Oct 2017, Cross Currency Swap Volumes
  138. 10 Oct 2017, MIFID II – ESMA Finalises the Trading Obligation
  139. 03 Oct 2017, AUD Swap Markets in August 2017
  140. 26 Sep 2017, Libor Reform – What You Need to Know
  141. 20 Sep 2017, Introducing Our Daily Briefing, Direct to your inbox
  142. 12 Sep 2017, ISDA SIMM 2.0 – What You Need to Know
  143. 05 Sep 2017, VM Big Bang – Impact on FX Markets
  144. 30 Aug 2017, MIFID II Transparency will leave us in the dark
  145. 22 Aug 2017, Curve Trading in USD Swaps
  146. 16 Aug 2017, MAC Swap Trading
  147. 16 Aug 2017, Our Response to the ESMA Trading Obligation Consultation
  148. 09 Aug 2017, Array Formulas in Excel
  149. 01 Aug 2017, CCP Disclosures: How much does it cost to run a trading business?
  150. 25 Jul 2017, MIFID II: What Should Transparency Look Like?
  151. 18 Jul 2017, ISDA SIMM For Excel
  152. 12 Jul 2017, MIFID II Transitional Transparency
  153. 05 Jul 2017, GBP Swaps for Dummies
  154. 28 Jun 2017, MIFID II: ESMA Trading Obligation
  155. 20 Jun 2017, NDF Clearing Update
  156. 07 Jun 2017, Clearing Mandates 2017
  157. 31 May 2017, BREXIT: Moving Euro clearing conflicts with G20 Market Reforms
  158. 24 May 2017, CAD Swaps – What Does the Data Show?
  159. 16 May 2017, SONIA Reform – What is Going On?
  160. 09 May 2017, Euribor Reform – What Is Going On?
  161. 03 May 2017, How Big Is The Asset Swap Market?
  162. 18 Apr 2017, Mechanics of Cross Currency Swaps
  163. 05 Apr 2017, ISDA SIMM™ in Excel – Cross Currency Swaps
  164. 29 Mar 2017, The Unintended Consequences of Uncleared Margin Rules
  165. 22 Mar 2017, Fed Rate Hikes Are Reducing The Average Life Of USD Swaps
  166. 13 Mar 2017, SA-CCR – Explaining the Calculations
  167. 07 Mar 2017, NDF Trading After 1st March
  168. 01 Mar 2017, ISDA SIMM™ in Excel – Equity Options
  169. 22 Feb 2017, ISDA SIMM™ in Excel – Equity Derivatives
  170. 14 Feb 2017, FRTB Curvature Risk Charge
  171. 07 Feb 2017, FRTB Vega Risk Charge
  172. 31 Jan 2017, ISDA SIMM™: Concentration Thresholds
  173. 25 Jan 2017, The Average Maturity of Swaps Is Increasing
  174. 18 Jan 2017, VM Big Bang – Analysing CSA Amendments
  175. 11 Jan 2017, What percentage of client trades are cleared?
  176. 03 Jan 2017, Spreadovers
  177. 21 Dec 2016, NDF Volumes – It’s all about Clearing
  178. 14 Dec 2016, ISDA SIMM™ – Swaptions IM in Excel
  179. 06 Dec 2016, ISDA SIMM™ IM Comparisons
  180. 29 Nov 2016, What is the size of the Uncleared IRS Market?
  181. 22 Nov 2016, FRTB – Excel Calculator for the Standardised Approach
  182. 15 Nov 2016, Understanding BIS Derivatives Statistics
  183. 09 Nov 2016, What is a 0x3s FRA?
  184. 02 Nov 2016, BRL NDF Market – 30% of Dealer to Dealer flow is now cleared
  185. 26 Oct 2016, Calculating MVA under ISDA SIMM™
  186. 18 Oct 2016, BIS 2016 FX Data – how much of the NDF market is Cleared?
  187. 11 Oct 2016, BIS 2016 Data and Clearing Mandates
  188. 04 Oct 2016, NDF Clearing – what is trading?
  189. 03 Oct 2016, ISDA SIMM マルチ・カレンシー・ポートフォリオ
  190. 26 Sep 2016, ISDA SIMMをExcelで計算する
  191. 20 Sep 2016, ISDA SIMM™: Multi Currency Portfolios
  192. 07 Sep 2016, ISDA SIMM Excel Calculator
  193. 30 Aug 2016, Cross Currency Swaps – how much margin will they need?
  194. 24 Aug 2016, How much Initial Margin will Uncleared Derivatives require in the first month of trading?
  195. 16 Aug 2016, Compression and SPS in MXN Swaps
  196. 09 Aug 2016, Spreads and Butterflies – what is trading?
  197. 02 Aug 2016, SDR Data via Microservices
  198. 25 Jul 2016, Liquidity Conditions in USD Swaps
  199. 19 Jul 2016, Mechanics and Definitions of Bond Futures
  200. 13 Jul 2016, Will the Bank of England cut rates?
  201. 06 Jul 2016, Mechanics and Definitions of Short Term Interest Rate Futures
  202. 01 Jul 2016, BREXIT – What is Trading?
  203. 20 Jun 2016, Brexit: FX Option and FRA Analysis
  204. 14 Jun 2016, The CFTC’s New Clearing Mandate 2016
  205. 07 Jun 2016, Fed meetings and OIS Volumes
  206. 31 May 2016, Fewer customer trades & more compression. How does a trader make money in a market like this?
  207. 17 May 2016, FVA for Cleared Swaps
  208. 10 May 2016, What’s the average trade size in swap markets?
  209. 04 May 2016, What is Multilateral Netting – FX NDF Clearing
  210. 27 Apr 2016, What’s going on – FX NDF Trading 2016
  211. 20 Apr 2016, CME Invoice Spread Volumes – updated
  212. 13 Apr 2016, CME Compression and CCP Basis
  213. 05 Apr 2016, How to identify the CCP of trades from the SDR data
  214. 30 Mar 2016, Identifying CCP Basis Trades in the SDR
  215. 21 Mar 2016, Swaps Price Data – Painting the full Liquidity Picture
  216. 15 Mar 2016, Liquidity on the Bloomberg SEF
  217. 09 Mar 2016, BREXIT: What do the FX Option volumes tell us?
  218. 01 Mar 2016, Liquidity Variables in the Swaps Market
  219. 23 Feb 2016, Volatility and Trading Volumes in Swap Markets
  220. 17 Feb 2016, Invoice Spread Trading in the New CME Ultra-10 Year Treasury Futures Contract
  221. 09 Feb 2016, CDS – Record Volumes, Expiring Swaptions and Bloomberg
  222. 03 Feb 2016, SDR Prices, Python and plotly
  223. 25 Jan 2016, The Bank of England finds this interesting. So should you!
  224. 20 Jan 2016, Fed Pulse – A New OIS Index
  225. 15 Jan 2016, スワップのコンプレッション
  226. 05 Jan 2016, Fed Surprises in the USD OIS Data
  227. 21 Dec 2015, Fed Surprise Indicators
  228. 16 Dec 2015, Compression in Swaps
  229. 08 Dec 2015, Is that a fair price? Measuring Swap Execution
  230. 01 Dec 2015, SEF Trading on US Holidays
  231. 24 Nov 2015, A sideways look at Swap Spreads
  232. 17 Nov 2015, Is Balance Sheet contraction driving Swap Spreads negative?
  233. 11 Nov 2015, Negative Swap Spreads – Prices and Volume
  234. 09 Nov 2015, October 2015 Swaps Review – Wins for LCH, Trads & Tulletts
  235. 02 Nov 2015, Stop Losses Evident in CDX Price Action
  236. 26 Oct 2015, US Treasuries and Spreadovers – Market Comparisons
  237. 20 Oct 2015, Why trade level reporting is the only reporting that makes sense
  238. 12 Oct 2015, Performance of Block Trades on RFQ Platforms
  239. 07 Oct 2015, Identifying Customer Block Trades in the SDR Data
  240. 28 Sep 2015, AUD Cross Currency Swaps
  241. 23 Sep 2015, What’s the story behind Tradeweb block trading?
  242. 14 Sep 2015, AUD swap market: Concentration risks from the Clearing Mandate
  243. 08 Sep 2015, Is an All-to-All SEF Market about to arrive?
  244. 01 Sep 2015, August 2015 Review – What Summer lull?
  245. 28 Jul 2015, ECB QE and Eonia Swaps
  246. 21 Jul 2015, Is this the scariest chart in 2015 for Swap markets?
  247. 14 Jul 2015, Patterns in the Swaps data
  248. 08 Jul 2015, June 2015 Review – Clients start trading CME-LCH Basis
  249. 01 Jul 2015, CME-LCH Basis: Convexity in Eurodollar Futures
  250. 24 Jun 2015, Liquidity
  251. 17 Jun 2015, Technical Analysis in Swaps
  252. 09 Jun 2015, Volatility and Volumes in Europe
  253. 02 Jun 2015, May 2015 Review – CCP Basis and Increased Client Flows
  254. 26 May 2015, CME-LCH Basis – What does the Term Structure tell us?
  255. 18 May 2015, Mechanics of Asset Swaps and Government Bond Swap Spreads
  256. 11 May 2015, Mechanics and Definitions of Spreadovers (Swap Spreads)
  257. 05 May 2015, BIS and Clarus Data: The $200 trillion reconciliation
  258. 27 Apr 2015, Data Visualisation for Swaps – a Tufte Approach
  259. 21 Apr 2015, What percentage of the market is in the US SDR data?
  260. 15 Apr 2015, March 2015 Review – Bloomberg out in front
  261. 31 Mar 2015, The IMM Roll for Swaps – What is it and what are the volumes?
  262. 23 Mar 2015, Spreadovers: US Treasury Spreads in the Swaps Data
  263. 17 Mar 2015, Cross Currency Swaps: SEFs enjoy QE-fueled volume boost
  264. 10 Mar 2015, Come on, feel the noise!
  265. 03 Mar 2015, February 2015 Review – ICAP vs Bloomberg
  266. 23 Feb 2015, Swap Curve and Fly Trading: What goes in, must come out
  267. 16 Feb 2015, Swap Curve and Fly Trades: A quarter of all trades are not what they first seem
  268. 11 Feb 2015, ECB QE and EMIR Reporting. More transparency please!
  269. 03 Feb 2015, HFT in the Swaps market – it’s a good thing!
  270. 27 Jan 2015, Liquidity in USD Swaps
  271. 20 Jan 2015, FX Options and the Swiss National Bank
  272. 14 Jan 2015, Initial Margin and Swap Pricing
  273. 05 Jan 2015, December Volumes in Interest Rate Swaps
  274. 23 Dec 2014, Margin Games 2014
  275. 16 Dec 2014, Swaps Compression Continued
  276. 08 Dec 2014, Compression in USD Swaps
  277. 02 Dec 2014, USD Swaps Liquidity
  278. 25 Nov 2014, Cross Currency Swap Trends
  279. 18 Nov 2014, AUD Swap Market
  280. 04 Nov 2014, Butterflies and Spreads SEF Market Share
  281. 28 Oct 2014, NDFs and Clearing
  282. 22 Oct 2014, Market Share in the Swaps Market
  283. 16 Oct 2014, Swaps and the Flash Crash 15th October 2014
  284. 14 Oct 2014, Mechanics and Definitions of Spread and Butterfly Swap Packages
  285. 07 Oct 2014, USD Swaps: Spreads and Butterflies Part III
  286. 30 Sep 2014, USD Swaps: Spreads and Butterflies Part II
  287. 24 Sep 2014, USD Swaps: Spreads and Butterflies Part I
  288. 15 Sep 2014, USD IR Swaps Summary Statistics
  289. 09 Sep 2014, ECB Sep 2014 Meeting: EUR IRS Markets React
  290. 02 Sep 2014, ECB September Meeting – Activity versus Price Indicators
  291. 26 Aug 2014, Super Mario’s EONIA Effect
  292. 19 Aug 2014, Hawkeye and Super Slo-Mo for USD Swaps
  293. 11 Aug 2014, Sterling Work: Looking into GBP Swaps
  294. 06 Aug 2014, The Professionals: USD Swaps on Bloomberg SEF
  295. 30 Jul 2014, SONIA’S Mansion House: OIS Swaps on the Up and Up
  296. 22 Jul 2014, Portugal – Banks quibble over Ronaldo’s haircut
  297. 16 Jul 2014, The Land of Make Believe: Euribor and Eonia
  298. 09 Jul 2014, FRA Wars, Episode IV: A New Hope
  299. 01 Jul 2014, The Principals of Swap Trading
  300. 24 Jun 2014, A Voyeur’s Delight: Bond Issuance and Swaps
  301. 18 Jun 2014, ECB June Meeting – Were EUR Swaps Traders at Lunch?