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