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