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. 01 Apr 2020, MIFID II Transparency – Can we get it right this time?
  2. 25 Mar 2020, USD Swap Markets during COVID-19 Pandemic
  3. 20 Mar 2020, Mechanics of Central Bank FX Swap Lines
  4. 18 Mar 2020, Cross Currency Swaps Trading During a Crisis
  5. 17 Mar 2020, Want to know all about Global Systemic Banks? Introducing GSIBView
  6. 11 Mar 2020, Is Transparency Helping Markets Function?
  7. 11 Mar 2020, SONIA Update
  8. 02 Mar 2020, SONIA Day – LIVE Blog
  9. 25 Feb 2020, Block Trades in HKD Derivative Markets
  10. 19 Feb 2020, Trading RFRs
  11. 10 Feb 2020, Block Trading
  12. 04 Feb 2020, Risk Free Rates Trading January 2020
  13. 28 Jan 2020, Will GBP LIBOR stop trading on 2nd March 2020?
  14. 21 Jan 2020, £700bn SONIA Traded on a Single Day
  15. 14 Jan 2020, NOK Rates: What You Need to NOWA
  16. 08 Jan 2020, What You Need to Know about MXN Swaps
  17. 18 Dec 2019, MIFID II Data for Bonds
  18. 11 Dec 2019, Four Trends in Swaps Data 2019
  19. 04 Dec 2019, G-SIB Scores for US Banks
  20. 26 Nov 2019, G-SIB Mechanics and Definitions
  21. 19 Nov 2019, Mechanics and Definitions of ISDA IBOR fallbacks
  22. 12 Nov 2019, SONIA Term Rates – which is best?
  23. 06 Nov 2019, What we need to do to fix MIFID II Data
  24. 22 Oct 2019, What does SOFR volatility mean for LIBOR Fallbacks?
  25. 15 Oct 2019, CAD Rates Markets and CORRA Reform
  26. 09 Oct 2019, NDF Clearing September 2019
  27. 02 Oct 2019, ISDA September 2019 Consultation on Final Parameters
  28. 25 Sep 2019, BIS Triennial Survey 2019
  29. 19 Sep 2019, SOFR Fixed at 5.25%. What happened to the volumes?
  30. 18 Sep 2019, SACCR vs CEM for FX Products
  31. 11 Sep 2019, Four Things to Understand about USD SOFR
  32. 04 Sep 2019, 5 Things That Are Making MIFID II Data Useless
  33. 04 Sep 2019, ESMA: Let’s Get Transparency Right
  34. 28 Aug 2019, SACCR vs CEM Comparisons
  35. 21 Aug 2019, USD Fed Funds and the FHLBs
  36. 30 Jul 2019, CCP Basis – The Cost of Clearing Fragmentation
  37. 09 Jul 2019, USD SOFR Volumes June 2019
  38. 02 Jul 2019, SEK STIBOR Reform
  39. 17 Jun 2019, Mechanics and Definitions of Singapore Benchmark Rates (SGD SOR and SGD SIBOR)
  40. 12 Jun 2019, LIBOR Fallbacks and Uncleared Margin Rules
  41. 04 Jun 2019, LIBOR Fallbacks Again
  42. 28 May 2019, NDF Clearing 2019
  43. 22 May 2019, Current Clearing Rates
  44. 07 May 2019, USD SOFR Volumes April 2019
  45. 30 Apr 2019, Indices are the best way to calculate compound interest
  46. 24 Apr 2019, Ameribor: The $1.5bn Index That You Need to Know About
  47. 17 Apr 2019, MIFID II Transparency Update
  48. 10 Apr 2019, NOK Rates – NIBOR and NOWA
  49. 02 Apr 2019, USD Swap Spreads Review Q1 2019
  50. 26 Mar 2019, €STR – What You Need to Know
  51. 20 Mar 2019, LIBOR Fallbacks – What will the GBP spread be?
  52. 13 Mar 2019, KCCP – Clearing is Getting Cheaper
  53. 04 Mar 2019, Is the Leverage Ratio impacting Swaps Trading?
  54. 27 Feb 2019, Compression Auctions for RFRs
  55. 20 Feb 2019, USD Swaps Market vs Futures Market Size
  56. 12 Feb 2019, What Traded On-SEF in 2018?
  57. 06 Feb 2019, What Traded Off-SEF in 2018?
  58. 24 Jan 2019, JPY Swaps – A Market Overview
  59. 16 Jan 2019, Mechanics and Definitions of Carry in Swap Markets
  60. 09 Jan 2019, ESTER Term Rates
  61. 19 Dec 2018, RFRs – CHF SARON Activity
  62. 12 Dec 2018, What is Left Uncleared in 2018?
  63. 04 Dec 2018, LIBOR Basis Swaps
  64. 27 Nov 2018, RFRs – ISDA announce LIBOR fallback methodology
  65. 20 Nov 2018, RFRs – OIS trades are getting longer!
  66. 07 Nov 2018, SA-CCR for US Banks
  67. 31 Oct 2018, SOFR Swaps – Block Trades and Fannie Mae Issuance
  68. 23 Oct 2018, CLARUS01 Risk Free Rates
  69. 17 Oct 2018, Scandie Swaps
  70. 02 Oct 2018, Cross Currency Basis and Turn of the Year
  71. 18 Sep 2018, ESTER – What You Need To Know
  72. 04 Sep 2018, Mechanics of FRA Risks
  73. 29 Aug 2018, SONIA Term Rates
  74. 22 Aug 2018, LIBOR OIS August 2018 Update
  75. 14 Aug 2018, USD Spreadovers and SEF Market Share
  76. 01 Aug 2018, How much of the swaps market is traded as an OIS?
  77. 25 Jul 2018, LIBOR Fallbacks
  78. 17 Jul 2018, SOFR Swaps Are Trading!
  79. 09 Jul 2018, How Much Data Do We Have?
  80. 05 Jul 2018, FRTB – Basic Approach for CVA
  81. 26 Jun 2018, Benchmark Reform – An EONIA replacement is coming very soon!
  82. 19 Jun 2018, FRTB in Excel
  83. 13 Jun 2018, Settle To Market – What You Need To Know about STM
  84. 05 Jun 2018, FICC Markets Standards
  85. 29 May 2018, MIFID II Data – It’s Finally Good News!
  86. 29 May 2018, Current Exposure Methodology – What You Need To Know
  87. 22 May 2018, NDF Volume Data
  88. 16 May 2018, SOFR – What you need to know
  89. 09 May 2018, Swaps Regulations Are Changing – Part Two, Capital and CCPs
  90. 02 May 2018, Swaps Regulations Are Changing – Part One, SEFs
  91. 25 Apr 2018, OIS Volumes – What is the Trend?
  92. 18 Apr 2018, USD Libor is changing!
  93. 09 Apr 2018, Cross Currency Swaps and Libor-OIS
  94. 04 Apr 2018, LIBOR OIS – March 2018 Update
  95. 27 Mar 2018, MIFID II Data – APA Market Share
  96. 21 Mar 2018, SONIA Market March 2018
  97. 20 Mar 2018, Libor OIS – What is Going On?
  98. 14 Mar 2018, NDF Clearing February 2018
  99. 06 Mar 2018, MIFID II Data – Bond Trading
  100. 27 Feb 2018, All time record volumes in Cross Currency Swaps
  101. 14 Feb 2018, Clarus Daily Briefing
  102. 06 Feb 2018, Tradeweb and Bloomberg MTF Market Share
  103. 31 Jan 2018, Tradeweb APA Data and the Trading Obligation
  104. 24 Jan 2018, Tradeweb MIFID Data – Interest Rate Swaps
  105. 17 Jan 2018, MIFID II Data – Bonds on Bloomberg
  106. 15 Jan 2018, MIFID II Data – $4trn in Compression
  107. 10 Jan 2018, Bloomberg MTF Data – Week One
  108. 04 Jan 2018, MIFID II Data Day Two
  109. 03 Jan 2018, MIFID II Live Blog – The Data
  110. 19 Dec 2017, FSB Survey on Derivatives
  111. 12 Dec 2017, G10 FX NDF Clearing
  112. 05 Dec 2017, LIBOR Reform – Latest Developments
  113. 28 Nov 2017, What is going on in Uncleared Derivative Markets?
  114. 21 Nov 2017, We found the CHF SARON Swaps!
  115. 15 Nov 2017, FX Clearing – the $750bn market that keeps growing
  116. 08 Nov 2017, CHF SARON – What is Going On?
  117. 08 Nov 2017, Bank Ring Fencing – What You Need to Know
  118. 31 Oct 2017, Initial Margin, Compression Volumes and why the time to Optimise is now
  119. 30 Oct 2017, Cross Currency Swap Volumes
  120. 10 Oct 2017, MIFID II – ESMA Finalises the Trading Obligation
  121. 03 Oct 2017, AUD Swap Markets in August 2017
  122. 26 Sep 2017, Libor Reform – What You Need to Know
  123. 20 Sep 2017, Introducing Our Daily Briefing, Direct to your inbox
  124. 12 Sep 2017, ISDA SIMM 2.0 – What You Need to Know
  125. 05 Sep 2017, VM Big Bang – Impact on FX Markets
  126. 30 Aug 2017, MIFID II Transparency will leave us in the dark
  127. 22 Aug 2017, Curve Trading in USD Swaps
  128. 16 Aug 2017, MAC Swap Trading
  129. 16 Aug 2017, Our Response to the ESMA Trading Obligation Consultation
  130. 09 Aug 2017, Array Formulas in Excel
  131. 01 Aug 2017, CCP Disclosures: How much does it cost to run a trading business?
  132. 25 Jul 2017, MIFID II: What Should Transparency Look Like?
  133. 18 Jul 2017, ISDA SIMM For Excel
  134. 12 Jul 2017, MIFID II Transitional Transparency
  135. 05 Jul 2017, GBP Swaps for Dummies
  136. 28 Jun 2017, MIFID II: ESMA Trading Obligation
  137. 20 Jun 2017, NDF Clearing Update
  138. 07 Jun 2017, Clearing Mandates 2017
  139. 31 May 2017, BREXIT: Moving Euro clearing conflicts with G20 Market Reforms
  140. 24 May 2017, CAD Swaps – What Does the Data Show?
  141. 16 May 2017, SONIA Reform – What is Going On?
  142. 09 May 2017, Euribor Reform – What Is Going On?
  143. 03 May 2017, How Big Is The Asset Swap Market?
  144. 18 Apr 2017, Mechanics of Cross Currency Swaps
  145. 05 Apr 2017, ISDA SIMM™ in Excel – Cross Currency Swaps
  146. 29 Mar 2017, The Unintended Consequences of Uncleared Margin Rules
  147. 22 Mar 2017, Fed Rate Hikes Are Reducing The Average Life Of USD Swaps
  148. 13 Mar 2017, SA-CCR – Explaining the Calculations
  149. 07 Mar 2017, NDF Trading After 1st March
  150. 01 Mar 2017, ISDA SIMM™ in Excel – Equity Options
  151. 22 Feb 2017, ISDA SIMM™ in Excel – Equity Derivatives
  152. 14 Feb 2017, FRTB Curvature Risk Charge
  153. 07 Feb 2017, FRTB Vega Risk Charge
  154. 31 Jan 2017, ISDA SIMM™: Concentration Thresholds
  155. 25 Jan 2017, The Average Maturity of Swaps Is Increasing
  156. 18 Jan 2017, VM Big Bang – Analysing CSA Amendments
  157. 11 Jan 2017, What percentage of client trades are cleared?
  158. 03 Jan 2017, Spreadovers
  159. 21 Dec 2016, NDF Volumes – It’s all about Clearing
  160. 14 Dec 2016, ISDA SIMM™ – Swaptions IM in Excel
  161. 06 Dec 2016, ISDA SIMM™ IM Comparisons
  162. 29 Nov 2016, What is the size of the Uncleared IRS Market?
  163. 22 Nov 2016, FRTB – Excel Calculator for the Standardised Approach
  164. 15 Nov 2016, Understanding BIS Derivatives Statistics
  165. 09 Nov 2016, What is a 0x3s FRA?
  166. 02 Nov 2016, BRL NDF Market – 30% of Dealer to Dealer flow is now cleared
  167. 26 Oct 2016, Calculating MVA under ISDA SIMM™
  168. 18 Oct 2016, BIS 2016 FX Data – how much of the NDF market is Cleared?
  169. 11 Oct 2016, BIS 2016 Data and Clearing Mandates
  170. 04 Oct 2016, NDF Clearing – what is trading?
  171. 03 Oct 2016, ISDA SIMM マルチ・カレンシー・ポートフォリオ
  172. 26 Sep 2016, ISDA SIMMをExcelで計算する
  173. 20 Sep 2016, ISDA SIMM™: Multi Currency Portfolios
  174. 07 Sep 2016, ISDA SIMM Excel Calculator
  175. 30 Aug 2016, Cross Currency Swaps – how much margin will they need?
  176. 24 Aug 2016, How much Initial Margin will Uncleared Derivatives require in the first month of trading?
  177. 16 Aug 2016, Compression and SPS in MXN Swaps
  178. 09 Aug 2016, Spreads and Butterflies – what is trading?
  179. 02 Aug 2016, SDR Data via Microservices
  180. 25 Jul 2016, Liquidity Conditions in USD Swaps
  181. 19 Jul 2016, Mechanics and Definitions of Bond Futures
  182. 13 Jul 2016, Will the Bank of England cut rates?
  183. 06 Jul 2016, Mechanics and Definitions of Short Term Interest Rate Futures
  184. 01 Jul 2016, BREXIT – What is Trading?
  185. 20 Jun 2016, Brexit: FX Option and FRA Analysis
  186. 14 Jun 2016, The CFTC’s New Clearing Mandate 2016
  187. 07 Jun 2016, Fed meetings and OIS Volumes
  188. 31 May 2016, Fewer customer trades & more compression. How does a trader make money in a market like this?
  189. 17 May 2016, FVA for Cleared Swaps
  190. 10 May 2016, What’s the average trade size in swap markets?
  191. 04 May 2016, What is Multilateral Netting – FX NDF Clearing
  192. 27 Apr 2016, What’s going on – FX NDF Trading 2016
  193. 20 Apr 2016, CME Invoice Spread Volumes – updated
  194. 13 Apr 2016, CME Compression and CCP Basis
  195. 05 Apr 2016, How to identify the CCP of trades from the SDR data
  196. 30 Mar 2016, Identifying CCP Basis Trades in the SDR
  197. 21 Mar 2016, Swaps Price Data – Painting the full Liquidity Picture
  198. 15 Mar 2016, Liquidity on the Bloomberg SEF
  199. 09 Mar 2016, BREXIT: What do the FX Option volumes tell us?
  200. 01 Mar 2016, Liquidity Variables in the Swaps Market
  201. 23 Feb 2016, Volatility and Trading Volumes in Swap Markets
  202. 17 Feb 2016, Invoice Spread Trading in the New CME Ultra-10 Year Treasury Futures Contract
  203. 09 Feb 2016, CDS – Record Volumes, Expiring Swaptions and Bloomberg
  204. 03 Feb 2016, SDR Prices, Python and plotly
  205. 25 Jan 2016, The Bank of England finds this interesting. So should you!
  206. 20 Jan 2016, Fed Pulse – A New OIS Index
  207. 15 Jan 2016, スワップのコンプレッション
  208. 05 Jan 2016, Fed Surprises in the USD OIS Data
  209. 21 Dec 2015, Fed Surprise Indicators
  210. 16 Dec 2015, Compression in Swaps
  211. 08 Dec 2015, Is that a fair price? Measuring Swap Execution
  212. 01 Dec 2015, SEF Trading on US Holidays
  213. 24 Nov 2015, A sideways look at Swap Spreads
  214. 17 Nov 2015, Is Balance Sheet contraction driving Swap Spreads negative?
  215. 11 Nov 2015, Negative Swap Spreads – Prices and Volume
  216. 09 Nov 2015, October 2015 Swaps Review – Wins for LCH, Trads & Tulletts
  217. 02 Nov 2015, Stop Losses Evident in CDX Price Action
  218. 26 Oct 2015, US Treasuries and Spreadovers – Market Comparisons
  219. 20 Oct 2015, Why trade level reporting is the only reporting that makes sense
  220. 12 Oct 2015, Performance of Block Trades on RFQ Platforms
  221. 07 Oct 2015, Identifying Customer Block Trades in the SDR Data
  222. 28 Sep 2015, AUD Cross Currency Swaps
  223. 23 Sep 2015, What’s the story behind Tradeweb block trading?
  224. 14 Sep 2015, AUD swap market: Concentration risks from the Clearing Mandate
  225. 08 Sep 2015, Is an All-to-All SEF Market about to arrive?
  226. 01 Sep 2015, August 2015 Review – What Summer lull?
  227. 28 Jul 2015, ECB QE and Eonia Swaps
  228. 21 Jul 2015, Is this the scariest chart in 2015 for Swap markets?
  229. 14 Jul 2015, Patterns in the Swaps data
  230. 08 Jul 2015, June 2015 Review – Clients start trading CME-LCH Basis
  231. 01 Jul 2015, CME-LCH Basis: Convexity in Eurodollar Futures
  232. 24 Jun 2015, Liquidity
  233. 17 Jun 2015, Technical Analysis in Swaps
  234. 09 Jun 2015, Volatility and Volumes in Europe
  235. 02 Jun 2015, May 2015 Review – CCP Basis and Increased Client Flows
  236. 26 May 2015, CME-LCH Basis – What does the Term Structure tell us?
  237. 18 May 2015, Mechanics of Asset Swaps and Government Bond Swap Spreads
  238. 11 May 2015, Mechanics and Definitions of Spreadovers (Swap Spreads)
  239. 05 May 2015, BIS and Clarus Data: The $200 trillion reconciliation
  240. 27 Apr 2015, Data Visualisation for Swaps – a Tufte Approach
  241. 21 Apr 2015, What percentage of the market is in the US SDR data?
  242. 15 Apr 2015, March 2015 Review – Bloomberg out in front
  243. 31 Mar 2015, The IMM Roll for Swaps – What is it and what are the volumes?
  244. 23 Mar 2015, Spreadovers: US Treasury Spreads in the Swaps Data
  245. 17 Mar 2015, Cross Currency Swaps: SEFs enjoy QE-fueled volume boost
  246. 10 Mar 2015, Come on, feel the noise!
  247. 03 Mar 2015, February 2015 Review – ICAP vs Bloomberg
  248. 23 Feb 2015, Swap Curve and Fly Trading: What goes in, must come out
  249. 16 Feb 2015, Swap Curve and Fly Trades: A quarter of all trades are not what they first seem
  250. 11 Feb 2015, ECB QE and EMIR Reporting. More transparency please!
  251. 03 Feb 2015, HFT in the Swaps market – it’s a good thing!
  252. 27 Jan 2015, Liquidity in USD Swaps
  253. 20 Jan 2015, FX Options and the Swiss National Bank
  254. 14 Jan 2015, Initial Margin and Swap Pricing
  255. 05 Jan 2015, December Volumes in Interest Rate Swaps
  256. 23 Dec 2014, Margin Games 2014
  257. 16 Dec 2014, Swaps Compression Continued
  258. 08 Dec 2014, Compression in USD Swaps
  259. 02 Dec 2014, USD Swaps Liquidity
  260. 25 Nov 2014, Cross Currency Swap Trends
  261. 18 Nov 2014, AUD Swap Market
  262. 04 Nov 2014, Butterflies and Spreads SEF Market Share
  263. 28 Oct 2014, NDFs and Clearing
  264. 22 Oct 2014, Market Share in the Swaps Market
  265. 16 Oct 2014, Swaps and the Flash Crash 15th October 2014
  266. 14 Oct 2014, Mechanics and Definitions of Spread and Butterfly Swap Packages
  267. 07 Oct 2014, USD Swaps: Spreads and Butterflies Part III
  268. 30 Sep 2014, USD Swaps: Spreads and Butterflies Part II
  269. 24 Sep 2014, USD Swaps: Spreads and Butterflies Part I
  270. 15 Sep 2014, USD IR Swaps Summary Statistics
  271. 09 Sep 2014, ECB Sep 2014 Meeting: EUR IRS Markets React
  272. 02 Sep 2014, ECB September Meeting – Activity versus Price Indicators
  273. 26 Aug 2014, Super Mario’s EONIA Effect
  274. 19 Aug 2014, Hawkeye and Super Slo-Mo for USD Swaps
  275. 11 Aug 2014, Sterling Work: Looking into GBP Swaps
  276. 06 Aug 2014, The Professionals: USD Swaps on Bloomberg SEF
  277. 30 Jul 2014, SONIA’S Mansion House: OIS Swaps on the Up and Up
  278. 22 Jul 2014, Portugal – Banks quibble over Ronaldo’s haircut
  279. 16 Jul 2014, The Land of Make Believe: Euribor and Eonia
  280. 09 Jul 2014, FRA Wars, Episode IV: A New Hope
  281. 01 Jul 2014, The Principals of Swap Trading
  282. 24 Jun 2014, A Voyeur’s Delight: Bond Issuance and Swaps
  283. 18 Jun 2014, ECB June Meeting – Were EUR Swaps Traders at Lunch?