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