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