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