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