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. 19 Feb 2020, Trading RFRs
  2. 10 Feb 2020, Block Trading
  3. 04 Feb 2020, Risk Free Rates Trading January 2020
  4. 28 Jan 2020, Will GBP LIBOR stop trading on 2nd March 2020?
  5. 21 Jan 2020, £700bn SONIA Traded on a Single Day
  6. 14 Jan 2020, NOK Rates: What You Need to NOWA
  7. 08 Jan 2020, What You Need to Know about MXN Swaps
  8. 18 Dec 2019, MIFID II Data for Bonds
  9. 11 Dec 2019, Four Trends in Swaps Data 2019
  10. 04 Dec 2019, G-SIB Scores for US Banks
  11. 26 Nov 2019, G-SIB Mechanics and Definitions
  12. 19 Nov 2019, Mechanics and Definitions of ISDA IBOR fallbacks
  13. 12 Nov 2019, SONIA Term Rates – which is best?
  14. 06 Nov 2019, What we need to do to fix MIFID II Data
  15. 22 Oct 2019, What does SOFR volatility mean for LIBOR Fallbacks?
  16. 15 Oct 2019, CAD Rates Markets and CORRA Reform
  17. 09 Oct 2019, NDF Clearing September 2019
  18. 02 Oct 2019, ISDA September 2019 Consultation on Final Parameters
  19. 25 Sep 2019, BIS Triennial Survey 2019
  20. 19 Sep 2019, SOFR Fixed at 5.25%. What happened to the volumes?
  21. 18 Sep 2019, SACCR vs CEM for FX Products
  22. 11 Sep 2019, Four Things to Understand about USD SOFR
  23. 04 Sep 2019, 5 Things That Are Making MIFID II Data Useless
  24. 04 Sep 2019, ESMA: Let’s Get Transparency Right
  25. 28 Aug 2019, SACCR vs CEM Comparisons
  26. 21 Aug 2019, USD Fed Funds and the FHLBs
  27. 30 Jul 2019, CCP Basis – The Cost of Clearing Fragmentation
  28. 09 Jul 2019, USD SOFR Volumes June 2019
  29. 02 Jul 2019, SEK STIBOR Reform
  30. 17 Jun 2019, Mechanics and Definitions of Singapore Benchmark Rates (SGD SOR and SGD SIBOR)
  31. 12 Jun 2019, LIBOR Fallbacks and Uncleared Margin Rules
  32. 04 Jun 2019, LIBOR Fallbacks Again
  33. 28 May 2019, NDF Clearing 2019
  34. 22 May 2019, Current Clearing Rates
  35. 07 May 2019, USD SOFR Volumes April 2019
  36. 30 Apr 2019, Indices are the best way to calculate compound interest
  37. 24 Apr 2019, Ameribor: The $1.5bn Index That You Need to Know About
  38. 17 Apr 2019, MIFID II Transparency Update
  39. 10 Apr 2019, NOK Rates – NIBOR and NOWA
  40. 02 Apr 2019, USD Swap Spreads Review Q1 2019
  41. 26 Mar 2019, €STR – What You Need to Know
  42. 20 Mar 2019, LIBOR Fallbacks – What will the GBP spread be?
  43. 13 Mar 2019, KCCP – Clearing is Getting Cheaper
  44. 04 Mar 2019, Is the Leverage Ratio impacting Swaps Trading?
  45. 27 Feb 2019, Compression Auctions for RFRs
  46. 20 Feb 2019, USD Swaps Market vs Futures Market Size
  47. 12 Feb 2019, What Traded On-SEF in 2018?
  48. 06 Feb 2019, What Traded Off-SEF in 2018?
  49. 24 Jan 2019, JPY Swaps – A Market Overview
  50. 16 Jan 2019, Mechanics and Definitions of Carry in Swap Markets
  51. 09 Jan 2019, ESTER Term Rates
  52. 19 Dec 2018, RFRs – CHF SARON Activity
  53. 12 Dec 2018, What is Left Uncleared in 2018?
  54. 04 Dec 2018, LIBOR Basis Swaps
  55. 27 Nov 2018, RFRs – ISDA announce LIBOR fallback methodology
  56. 20 Nov 2018, RFRs – OIS trades are getting longer!
  57. 07 Nov 2018, SA-CCR for US Banks
  58. 31 Oct 2018, SOFR Swaps – Block Trades and Fannie Mae Issuance
  59. 23 Oct 2018, CLARUS01 Risk Free Rates
  60. 17 Oct 2018, Scandie Swaps
  61. 02 Oct 2018, Cross Currency Basis and Turn of the Year
  62. 18 Sep 2018, ESTER – What You Need To Know
  63. 04 Sep 2018, Mechanics of FRA Risks
  64. 29 Aug 2018, SONIA Term Rates
  65. 22 Aug 2018, LIBOR OIS August 2018 Update
  66. 14 Aug 2018, USD Spreadovers and SEF Market Share
  67. 01 Aug 2018, How much of the swaps market is traded as an OIS?
  68. 25 Jul 2018, LIBOR Fallbacks
  69. 17 Jul 2018, SOFR Swaps Are Trading!
  70. 09 Jul 2018, How Much Data Do We Have?
  71. 05 Jul 2018, FRTB – Basic Approach for CVA
  72. 26 Jun 2018, Benchmark Reform – An EONIA replacement is coming very soon!
  73. 19 Jun 2018, FRTB in Excel
  74. 13 Jun 2018, Settle To Market – What You Need To Know about STM
  75. 05 Jun 2018, FICC Markets Standards
  76. 29 May 2018, MIFID II Data – It’s Finally Good News!
  77. 29 May 2018, Current Exposure Methodology – What You Need To Know
  78. 22 May 2018, NDF Volume Data
  79. 16 May 2018, SOFR – What you need to know
  80. 09 May 2018, Swaps Regulations Are Changing – Part Two, Capital and CCPs
  81. 02 May 2018, Swaps Regulations Are Changing – Part One, SEFs
  82. 25 Apr 2018, OIS Volumes – What is the Trend?
  83. 18 Apr 2018, USD Libor is changing!
  84. 09 Apr 2018, Cross Currency Swaps and Libor-OIS
  85. 04 Apr 2018, LIBOR OIS – March 2018 Update
  86. 27 Mar 2018, MIFID II Data – APA Market Share
  87. 21 Mar 2018, SONIA Market March 2018
  88. 20 Mar 2018, Libor OIS – What is Going On?
  89. 14 Mar 2018, NDF Clearing February 2018
  90. 06 Mar 2018, MIFID II Data – Bond Trading
  91. 27 Feb 2018, All time record volumes in Cross Currency Swaps
  92. 14 Feb 2018, Clarus Daily Briefing
  93. 06 Feb 2018, Tradeweb and Bloomberg MTF Market Share
  94. 31 Jan 2018, Tradeweb APA Data and the Trading Obligation
  95. 24 Jan 2018, Tradeweb MIFID Data – Interest Rate Swaps
  96. 17 Jan 2018, MIFID II Data – Bonds on Bloomberg
  97. 15 Jan 2018, MIFID II Data – $4trn in Compression
  98. 10 Jan 2018, Bloomberg MTF Data – Week One
  99. 04 Jan 2018, MIFID II Data Day Two
  100. 03 Jan 2018, MIFID II Live Blog – The Data
  101. 19 Dec 2017, FSB Survey on Derivatives
  102. 12 Dec 2017, G10 FX NDF Clearing
  103. 05 Dec 2017, LIBOR Reform – Latest Developments
  104. 28 Nov 2017, What is going on in Uncleared Derivative Markets?
  105. 21 Nov 2017, We found the CHF SARON Swaps!
  106. 15 Nov 2017, FX Clearing – the $750bn market that keeps growing
  107. 08 Nov 2017, CHF SARON – What is Going On?
  108. 08 Nov 2017, Bank Ring Fencing – What You Need to Know
  109. 31 Oct 2017, Initial Margin, Compression Volumes and why the time to Optimise is now
  110. 30 Oct 2017, Cross Currency Swap Volumes
  111. 10 Oct 2017, MIFID II – ESMA Finalises the Trading Obligation
  112. 03 Oct 2017, AUD Swap Markets in August 2017
  113. 26 Sep 2017, Libor Reform – What You Need to Know
  114. 20 Sep 2017, Introducing Our Daily Briefing, Direct to your inbox
  115. 12 Sep 2017, ISDA SIMM 2.0 – What You Need to Know
  116. 05 Sep 2017, VM Big Bang – Impact on FX Markets
  117. 30 Aug 2017, MIFID II Transparency will leave us in the dark
  118. 22 Aug 2017, Curve Trading in USD Swaps
  119. 16 Aug 2017, MAC Swap Trading
  120. 16 Aug 2017, Our Response to the ESMA Trading Obligation Consultation
  121. 09 Aug 2017, Array Formulas in Excel
  122. 01 Aug 2017, CCP Disclosures: How much does it cost to run a trading business?
  123. 25 Jul 2017, MIFID II: What Should Transparency Look Like?
  124. 18 Jul 2017, ISDA SIMM For Excel
  125. 12 Jul 2017, MIFID II Transitional Transparency
  126. 05 Jul 2017, GBP Swaps for Dummies
  127. 28 Jun 2017, MIFID II: ESMA Trading Obligation
  128. 20 Jun 2017, NDF Clearing Update
  129. 07 Jun 2017, Clearing Mandates 2017
  130. 31 May 2017, BREXIT: Moving Euro clearing conflicts with G20 Market Reforms
  131. 24 May 2017, CAD Swaps – What Does the Data Show?
  132. 16 May 2017, SONIA Reform – What is Going On?
  133. 09 May 2017, Euribor Reform – What Is Going On?
  134. 03 May 2017, How Big Is The Asset Swap Market?
  135. 18 Apr 2017, Mechanics of Cross Currency Swaps
  136. 05 Apr 2017, ISDA SIMM™ in Excel – Cross Currency Swaps
  137. 29 Mar 2017, The Unintended Consequences of Uncleared Margin Rules
  138. 22 Mar 2017, Fed Rate Hikes Are Reducing The Average Life Of USD Swaps
  139. 13 Mar 2017, SA-CCR – Explaining the Calculations
  140. 07 Mar 2017, NDF Trading After 1st March
  141. 01 Mar 2017, ISDA SIMM™ in Excel – Equity Options
  142. 22 Feb 2017, ISDA SIMM™ in Excel – Equity Derivatives
  143. 14 Feb 2017, FRTB Curvature Risk Charge
  144. 07 Feb 2017, FRTB Vega Risk Charge
  145. 31 Jan 2017, ISDA SIMM™: Concentration Thresholds
  146. 25 Jan 2017, The Average Maturity of Swaps Is Increasing
  147. 18 Jan 2017, VM Big Bang – Analysing CSA Amendments
  148. 11 Jan 2017, What percentage of client trades are cleared?
  149. 03 Jan 2017, Spreadovers
  150. 21 Dec 2016, NDF Volumes – It’s all about Clearing
  151. 14 Dec 2016, ISDA SIMM™ – Swaptions IM in Excel
  152. 06 Dec 2016, ISDA SIMM™ IM Comparisons
  153. 29 Nov 2016, What is the size of the Uncleared IRS Market?
  154. 22 Nov 2016, FRTB – Excel Calculator for the Standardised Approach
  155. 15 Nov 2016, Understanding BIS Derivatives Statistics
  156. 09 Nov 2016, What is a 0x3s FRA?
  157. 02 Nov 2016, BRL NDF Market – 30% of Dealer to Dealer flow is now cleared
  158. 26 Oct 2016, Calculating MVA under ISDA SIMM™
  159. 18 Oct 2016, BIS 2016 FX Data – how much of the NDF market is Cleared?
  160. 11 Oct 2016, BIS 2016 Data and Clearing Mandates
  161. 04 Oct 2016, NDF Clearing – what is trading?
  162. 03 Oct 2016, ISDA SIMM マルチ・カレンシー・ポートフォリオ
  163. 26 Sep 2016, ISDA SIMMをExcelで計算する
  164. 20 Sep 2016, ISDA SIMM™: Multi Currency Portfolios
  165. 07 Sep 2016, ISDA SIMM Excel Calculator
  166. 30 Aug 2016, Cross Currency Swaps – how much margin will they need?
  167. 24 Aug 2016, How much Initial Margin will Uncleared Derivatives require in the first month of trading?
  168. 16 Aug 2016, Compression and SPS in MXN Swaps
  169. 09 Aug 2016, Spreads and Butterflies – what is trading?
  170. 02 Aug 2016, SDR Data via Microservices
  171. 25 Jul 2016, Liquidity Conditions in USD Swaps
  172. 19 Jul 2016, Mechanics and Definitions of Bond Futures
  173. 13 Jul 2016, Will the Bank of England cut rates?
  174. 06 Jul 2016, Mechanics and Definitions of Short Term Interest Rate Futures
  175. 01 Jul 2016, BREXIT – What is Trading?
  176. 20 Jun 2016, Brexit: FX Option and FRA Analysis
  177. 14 Jun 2016, The CFTC’s New Clearing Mandate 2016
  178. 07 Jun 2016, Fed meetings and OIS Volumes
  179. 31 May 2016, Fewer customer trades & more compression. How does a trader make money in a market like this?
  180. 17 May 2016, FVA for Cleared Swaps
  181. 10 May 2016, What’s the average trade size in swap markets?
  182. 04 May 2016, What is Multilateral Netting – FX NDF Clearing
  183. 27 Apr 2016, What’s going on – FX NDF Trading 2016
  184. 20 Apr 2016, CME Invoice Spread Volumes – updated
  185. 13 Apr 2016, CME Compression and CCP Basis
  186. 05 Apr 2016, How to identify the CCP of trades from the SDR data
  187. 30 Mar 2016, Identifying CCP Basis Trades in the SDR
  188. 21 Mar 2016, Swaps Price Data – Painting the full Liquidity Picture
  189. 15 Mar 2016, Liquidity on the Bloomberg SEF
  190. 09 Mar 2016, BREXIT: What do the FX Option volumes tell us?
  191. 01 Mar 2016, Liquidity Variables in the Swaps Market
  192. 23 Feb 2016, Volatility and Trading Volumes in Swap Markets
  193. 17 Feb 2016, Invoice Spread Trading in the New CME Ultra-10 Year Treasury Futures Contract
  194. 09 Feb 2016, CDS – Record Volumes, Expiring Swaptions and Bloomberg
  195. 03 Feb 2016, SDR Prices, Python and plotly
  196. 25 Jan 2016, The Bank of England finds this interesting. So should you!
  197. 20 Jan 2016, Fed Pulse – A New OIS Index
  198. 15 Jan 2016, スワップのコンプレッション
  199. 05 Jan 2016, Fed Surprises in the USD OIS Data
  200. 21 Dec 2015, Fed Surprise Indicators
  201. 16 Dec 2015, Compression in Swaps
  202. 08 Dec 2015, Is that a fair price? Measuring Swap Execution
  203. 01 Dec 2015, SEF Trading on US Holidays
  204. 24 Nov 2015, A sideways look at Swap Spreads
  205. 17 Nov 2015, Is Balance Sheet contraction driving Swap Spreads negative?
  206. 11 Nov 2015, Negative Swap Spreads – Prices and Volume
  207. 09 Nov 2015, October 2015 Swaps Review – Wins for LCH, Trads & Tulletts
  208. 02 Nov 2015, Stop Losses Evident in CDX Price Action
  209. 26 Oct 2015, US Treasuries and Spreadovers – Market Comparisons
  210. 20 Oct 2015, Why trade level reporting is the only reporting that makes sense
  211. 12 Oct 2015, Performance of Block Trades on RFQ Platforms
  212. 07 Oct 2015, Identifying Customer Block Trades in the SDR Data
  213. 28 Sep 2015, AUD Cross Currency Swaps
  214. 23 Sep 2015, What’s the story behind Tradeweb block trading?
  215. 14 Sep 2015, AUD swap market: Concentration risks from the Clearing Mandate
  216. 08 Sep 2015, Is an All-to-All SEF Market about to arrive?
  217. 01 Sep 2015, August 2015 Review – What Summer lull?
  218. 28 Jul 2015, ECB QE and Eonia Swaps
  219. 21 Jul 2015, Is this the scariest chart in 2015 for Swap markets?
  220. 14 Jul 2015, Patterns in the Swaps data
  221. 08 Jul 2015, June 2015 Review – Clients start trading CME-LCH Basis
  222. 01 Jul 2015, CME-LCH Basis: Convexity in Eurodollar Futures
  223. 24 Jun 2015, Liquidity
  224. 17 Jun 2015, Technical Analysis in Swaps
  225. 09 Jun 2015, Volatility and Volumes in Europe
  226. 02 Jun 2015, May 2015 Review – CCP Basis and Increased Client Flows
  227. 26 May 2015, CME-LCH Basis – What does the Term Structure tell us?
  228. 18 May 2015, Mechanics of Asset Swaps and Government Bond Swap Spreads
  229. 11 May 2015, Mechanics and Definitions of Spreadovers (Swap Spreads)
  230. 05 May 2015, BIS and Clarus Data: The $200 trillion reconciliation
  231. 27 Apr 2015, Data Visualisation for Swaps – a Tufte Approach
  232. 21 Apr 2015, What percentage of the market is in the US SDR data?
  233. 15 Apr 2015, March 2015 Review – Bloomberg out in front
  234. 31 Mar 2015, The IMM Roll for Swaps – What is it and what are the volumes?
  235. 23 Mar 2015, Spreadovers: US Treasury Spreads in the Swaps Data
  236. 17 Mar 2015, Cross Currency Swaps: SEFs enjoy QE-fueled volume boost
  237. 10 Mar 2015, Come on, feel the noise!
  238. 03 Mar 2015, February 2015 Review – ICAP vs Bloomberg
  239. 23 Feb 2015, Swap Curve and Fly Trading: What goes in, must come out
  240. 16 Feb 2015, Swap Curve and Fly Trades: A quarter of all trades are not what they first seem
  241. 11 Feb 2015, ECB QE and EMIR Reporting. More transparency please!
  242. 03 Feb 2015, HFT in the Swaps market – it’s a good thing!
  243. 27 Jan 2015, Liquidity in USD Swaps
  244. 20 Jan 2015, FX Options and the Swiss National Bank
  245. 14 Jan 2015, Initial Margin and Swap Pricing
  246. 05 Jan 2015, December Volumes in Interest Rate Swaps
  247. 23 Dec 2014, Margin Games 2014
  248. 16 Dec 2014, Swaps Compression Continued
  249. 08 Dec 2014, Compression in USD Swaps
  250. 02 Dec 2014, USD Swaps Liquidity
  251. 25 Nov 2014, Cross Currency Swap Trends
  252. 18 Nov 2014, AUD Swap Market
  253. 04 Nov 2014, Butterflies and Spreads SEF Market Share
  254. 28 Oct 2014, NDFs and Clearing
  255. 22 Oct 2014, Market Share in the Swaps Market
  256. 16 Oct 2014, Swaps and the Flash Crash 15th October 2014
  257. 14 Oct 2014, Mechanics and Definitions of Spread and Butterfly Swap Packages
  258. 07 Oct 2014, USD Swaps: Spreads and Butterflies Part III
  259. 30 Sep 2014, USD Swaps: Spreads and Butterflies Part II
  260. 24 Sep 2014, USD Swaps: Spreads and Butterflies Part I
  261. 15 Sep 2014, USD IR Swaps Summary Statistics
  262. 09 Sep 2014, ECB Sep 2014 Meeting: EUR IRS Markets React
  263. 02 Sep 2014, ECB September Meeting – Activity versus Price Indicators
  264. 26 Aug 2014, Super Mario’s EONIA Effect
  265. 19 Aug 2014, Hawkeye and Super Slo-Mo for USD Swaps
  266. 11 Aug 2014, Sterling Work: Looking into GBP Swaps
  267. 06 Aug 2014, The Professionals: USD Swaps on Bloomberg SEF
  268. 30 Jul 2014, SONIA’S Mansion House: OIS Swaps on the Up and Up
  269. 22 Jul 2014, Portugal – Banks quibble over Ronaldo’s haircut
  270. 16 Jul 2014, The Land of Make Believe: Euribor and Eonia
  271. 09 Jul 2014, FRA Wars, Episode IV: A New Hope
  272. 01 Jul 2014, The Principals of Swap Trading
  273. 24 Jun 2014, A Voyeur’s Delight: Bond Issuance and Swaps
  274. 18 Jun 2014, ECB June Meeting – Were EUR Swaps Traders at Lunch?