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