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. 16 Aug 2017, MAC Swap Trading
  2. 16 Aug 2017, Our Response to the ESMA Trading Obligation Consultation
  3. 09 Aug 2017, Array Formulas in Excel
  4. 01 Aug 2017, CCP Disclosures: How much does it cost to run a trading business?
  5. 25 Jul 2017, MIFID II: What Should Transparency Look Like?
  6. 18 Jul 2017, ISDA SIMM For Excel
  7. 12 Jul 2017, MIFID II Transitional Transparency
  8. 05 Jul 2017, GBP Swaps for Dummies
  9. 28 Jun 2017, MIFID II: ESMA Trading Obligation
  10. 20 Jun 2017, NDF Clearing Update
  11. 07 Jun 2017, Clearing Mandates 2017
  12. 31 May 2017, BREXIT: Moving Euro clearing conflicts with G20 Market Reforms
  13. 24 May 2017, CAD Swaps – What Does the Data Show?
  14. 16 May 2017, SONIA Reform – What is Going On?
  15. 09 May 2017, Euribor Reform – What Is Going On?
  16. 03 May 2017, How Big Is The Asset Swap Market?
  17. 18 Apr 2017, Mechanics of Cross Currency Swaps
  18. 05 Apr 2017, ISDA SIMM™ in Excel – Cross Currency Swaps
  19. 29 Mar 2017, The Unintended Consequences of Uncleared Margin Rules
  20. 22 Mar 2017, Fed Rate Hikes Are Reducing The Average Life Of USD Swaps
  21. 13 Mar 2017, SA-CCR – Explaining the Calculations
  22. 07 Mar 2017, NDF Trading After 1st March
  23. 01 Mar 2017, ISDA SIMM™ in Excel – Equity Options
  24. 22 Feb 2017, ISDA SIMM™ in Excel – Equity Derivatives
  25. 14 Feb 2017, FRTB Curvature Risk Charge
  26. 07 Feb 2017, FRTB Vega Risk Charge
  27. 31 Jan 2017, ISDA SIMM™: Concentration Thresholds
  28. 25 Jan 2017, The Average Maturity of Swaps Is Increasing
  29. 18 Jan 2017, VM Big Bang – Analysing CSA Amendments
  30. 11 Jan 2017, What percentage of D2C Swap trades are cleared?
  31. 03 Jan 2017, Spreadovers
  32. 21 Dec 2016, NDF Volumes – It’s all about Clearing
  33. 14 Dec 2016, ISDA SIMM™ – Swaptions IM in Excel
  34. 06 Dec 2016, ISDA SIMM™ IM Comparisons
  35. 29 Nov 2016, What is the size of the Uncleared IRS Market?
  36. 22 Nov 2016, FRTB – Excel Calculator for the Standardised Approach
  37. 15 Nov 2016, Understanding BIS Derivatives Statistics
  38. 09 Nov 2016, What is a 0x3s FRA?
  39. 02 Nov 2016, BRL NDF Market – 30% of Dealer to Dealer flow is now cleared
  40. 26 Oct 2016, Calculating MVA under ISDA SIMM™
  41. 18 Oct 2016, BIS 2016 FX Data – how much of the NDF market is Cleared?
  42. 11 Oct 2016, BIS 2016 Data and Clearing Mandates
  43. 04 Oct 2016, NDF Clearing – what is trading?
  44. 03 Oct 2016, ISDA SIMM マルチ・カレンシー・ポートフォリオ
  45. 26 Sep 2016, ISDA SIMMをExcelで計算する
  46. 20 Sep 2016, ISDA SIMM™: Multi Currency Portfolios
  47. 07 Sep 2016, ISDA SIMM Excel Calculator
  48. 30 Aug 2016, Cross Currency Swaps – how much margin will they need?
  49. 24 Aug 2016, How much Initial Margin will Uncleared Derivatives require in the first month of trading?
  50. 16 Aug 2016, Compression and SPS in MXN Swaps
  51. 09 Aug 2016, Spreads and Butterflies – what is trading?
  52. 02 Aug 2016, SDR Data via Microservices
  53. 25 Jul 2016, Liquidity Conditions in USD Swaps
  54. 19 Jul 2016, Mechanics and Definitions of Bond Futures
  55. 13 Jul 2016, Will the Bank of England cut rates?
  56. 06 Jul 2016, Mechanics and Definitions of Short Term Interest Rate Futures
  57. 01 Jul 2016, BREXIT – What is Trading?
  58. 29 Jun 2016, BREXIT – Day Four, What is Trading?
  59. 28 Jun 2016, BREXIT – Day Three, What is Trading?
  60. 27 Jun 2016, BREXIT – Day Two, What is Trading?
  61. 24 Jun 2016, BREXIT – What is Trading after the result? Day One
  62. 20 Jun 2016, Brexit: FX Option and FRA Analysis
  63. 14 Jun 2016, The CFTC’s New Clearing Mandate 2016
  64. 07 Jun 2016, Fed meetings and OIS Volumes
  65. 31 May 2016, Fewer customer trades & more compression. How does a trader make money in a market like this?
  66. 17 May 2016, FVA for Cleared Swaps
  67. 10 May 2016, What’s the average trade size in swap markets?
  68. 04 May 2016, What is Multilateral Netting – FX NDF Clearing
  69. 27 Apr 2016, What’s going on – FX NDF Trading 2016
  70. 20 Apr 2016, CME Invoice Spread Volumes – updated
  71. 13 Apr 2016, CME Compression and CCP Basis
  72. 05 Apr 2016, How to identify the CCP of trades from the SDR data
  73. 30 Mar 2016, Identifying CCP Basis Trades in the SDR
  74. 21 Mar 2016, Swaps Price Data – Painting the full Liquidity Picture
  75. 15 Mar 2016, Liquidity on the Bloomberg SEF
  76. 09 Mar 2016, BREXIT: What do the FX Option volumes tell us?
  77. 01 Mar 2016, Liquidity Variables in the Swaps Market
  78. 23 Feb 2016, Volatility and Trading Volumes in Swap Markets
  79. 17 Feb 2016, Invoice Spread Trading in the New CME Ultra-10 Year Treasury Futures Contract
  80. 09 Feb 2016, CDS – Record Volumes, Expiring Swaptions and Bloomberg
  81. 03 Feb 2016, SDR Prices, Python and plotly
  82. 25 Jan 2016, The Bank of England finds this interesting. So should you!
  83. 20 Jan 2016, Fed Pulse – A New OIS Index
  84. 15 Jan 2016, スワップのコンプレッション
  85. 05 Jan 2016, Fed Surprises in the USD OIS Data
  86. 21 Dec 2015, Fed Surprise Indicators
  87. 16 Dec 2015, Compression in Swaps
  88. 08 Dec 2015, Is that a fair price? Measuring Swap Execution
  89. 01 Dec 2015, SEF Trading on US Holidays
  90. 24 Nov 2015, A sideways look at Swap Spreads
  91. 17 Nov 2015, Is Balance Sheet contraction driving Swap Spreads negative?
  92. 11 Nov 2015, Negative Swap Spreads – Prices and Volume
  93. 09 Nov 2015, October 2015 Swaps Review – Wins for LCH, Trads & Tulletts
  94. 02 Nov 2015, Stop Losses Evident in CDX Price Action
  95. 26 Oct 2015, US Treasuries and Spreadovers – Market Comparisons
  96. 20 Oct 2015, Why trade level reporting is the only reporting that makes sense
  97. 12 Oct 2015, Performance of Block Trades on RFQ Platforms
  98. 07 Oct 2015, Identifying Customer Block Trades in the SDR Data
  99. 28 Sep 2015, AUD Cross Currency Swaps
  100. 23 Sep 2015, What’s the story behind Tradeweb block trading?
  101. 14 Sep 2015, AUD swap market: Concentration risks from the Clearing Mandate
  102. 08 Sep 2015, Is an All-to-All SEF Market about to arrive?
  103. 01 Sep 2015, August 2015 Review – What Summer lull?
  104. 28 Jul 2015, ECB QE and Eonia Swaps
  105. 21 Jul 2015, Is this the scariest chart in 2015 for Swap markets?
  106. 14 Jul 2015, Patterns in the Swaps data
  107. 08 Jul 2015, June 2015 Review – Clients start trading CME-LCH Basis
  108. 01 Jul 2015, CME-LCH Basis: Convexity in Eurodollar Futures
  109. 24 Jun 2015, Liquidity
  110. 17 Jun 2015, Technical Analysis in Swaps
  111. 09 Jun 2015, Volatility and Volumes in Europe
  112. 02 Jun 2015, May 2015 Review – CCP Basis and Increased Client Flows
  113. 26 May 2015, CME-LCH Basis – What does the Term Structure tell us?
  114. 18 May 2015, Mechanics of Asset Swaps and Government Bond Swap Spreads
  115. 11 May 2015, Mechanics and Definitions of Spreadovers (Swap Spreads)
  116. 05 May 2015, BIS and Clarus Data: The $200 trillion reconciliation
  117. 27 Apr 2015, Data Visualisation for Swaps – a Tufte Approach
  118. 21 Apr 2015, What percentage of the market is in the US SDR data?
  119. 15 Apr 2015, March 2015 Review – Bloomberg out in front
  120. 31 Mar 2015, The IMM Roll for Swaps – What is it and what are the volumes?
  121. 23 Mar 2015, Spreadovers: US Treasury Spreads in the Swaps Data
  122. 17 Mar 2015, Cross Currency Swaps: SEFs enjoy QE-fueled volume boost
  123. 10 Mar 2015, Come on, feel the noise!
  124. 03 Mar 2015, February 2015 Review – ICAP vs Bloomberg
  125. 23 Feb 2015, Swap Curve and Fly Trading: What goes in, must come out
  126. 16 Feb 2015, Swap Curve and Fly Trades: A quarter of all trades are not what they first seem
  127. 11 Feb 2015, ECB QE and EMIR Reporting. More transparency please!
  128. 03 Feb 2015, HFT in the Swaps market – it’s a good thing!
  129. 27 Jan 2015, Liquidity in USD Swaps
  130. 20 Jan 2015, FX Options and the Swiss National Bank
  131. 14 Jan 2015, Initial Margin and Swap Pricing
  132. 05 Jan 2015, December Volumes in Interest Rate Swaps
  133. 23 Dec 2014, Margin Games 2014
  134. 16 Dec 2014, Swaps Compression Continued
  135. 08 Dec 2014, Compression in USD Swaps
  136. 02 Dec 2014, USD Swaps Liquidity
  137. 25 Nov 2014, Cross Currency Swap Trends
  138. 18 Nov 2014, AUD Swap Market
  139. 04 Nov 2014, Butterflies and Spreads SEF Market Share
  140. 28 Oct 2014, NDFs and Clearing
  141. 22 Oct 2014, Market Share in the Swaps Market
  142. 16 Oct 2014, Swaps and the Flash Crash 15th October 2014
  143. 14 Oct 2014, Mechanics and Definitions of Spread and Butterfly Swap Packages
  144. 07 Oct 2014, USD Swaps: Spreads and Butterflies Part III
  145. 30 Sep 2014, USD Swaps: Spreads and Butterflies Part II
  146. 24 Sep 2014, USD Swaps: Spreads and Butterflies Part I
  147. 15 Sep 2014, USD IR Swaps Summary Statistics
  148. 09 Sep 2014, ECB Sep 2014 Meeting: EUR IRS Markets React
  149. 02 Sep 2014, ECB September Meeting – Activity versus Price Indicators
  150. 26 Aug 2014, Super Mario’s EONIA Effect
  151. 19 Aug 2014, Hawkeye and Super Slo-Mo for USD Swaps
  152. 11 Aug 2014, Sterling Work: Looking into GBP Swaps
  153. 06 Aug 2014, The Professionals: USD Swaps on Bloomberg SEF
  154. 30 Jul 2014, SONIA’S Mansion House: OIS Swaps on the Up and Up
  155. 22 Jul 2014, Portugal – Banks quibble over Ronaldo’s haircut
  156. 16 Jul 2014, The Land of Make Believe: Euribor and Eonia
  157. 09 Jul 2014, FRA Wars, Episode IV: A New Hope
  158. 01 Jul 2014, The Principals of Swap Trading
  159. 24 Jun 2014, A Voyeur’s Delight: Bond Issuance and Swaps
  160. 18 Jun 2014, ECB June Meeting – Were EUR Swaps Traders at Lunch?