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. 20 Jun 2017, NDF Clearing Update
  2. 07 Jun 2017, Clearing Mandates 2017
  3. 31 May 2017, BREXIT: Moving Euro clearing conflicts with G20 Market Reforms
  4. 24 May 2017, CAD Swaps – What Does the Data Show?
  5. 16 May 2017, SONIA Reform – What is Going On?
  6. 09 May 2017, Euribor Reform – What Is Going On?
  7. 03 May 2017, How Big Is The Asset Swap Market?
  8. 18 Apr 2017, Mechanics of Cross Currency Swaps
  9. 05 Apr 2017, ISDA SIMM™ in Excel – Cross Currency Swaps
  10. 29 Mar 2017, The Unintended Consequences of Uncleared Margin Rules
  11. 22 Mar 2017, Fed Rate Hikes Are Reducing The Average Life Of USD Swaps
  12. 13 Mar 2017, SA-CCR – Explaining the Calculations
  13. 07 Mar 2017, NDF Trading After 1st March
  14. 01 Mar 2017, ISDA SIMM™ in Excel – Equity Options
  15. 22 Feb 2017, ISDA SIMM™ in Excel – Equity Derivatives
  16. 14 Feb 2017, FRTB Curvature Risk Charge
  17. 07 Feb 2017, FRTB Vega Risk Charge
  18. 31 Jan 2017, ISDA SIMM™: Concentration Thresholds
  19. 25 Jan 2017, The Average Maturity of Swaps Is Increasing
  20. 18 Jan 2017, VM Big Bang – Analysing CSA Amendments
  21. 11 Jan 2017, What percentage of D2C Swap trades are cleared?
  22. 03 Jan 2017, Spreadovers
  23. 21 Dec 2016, NDF Volumes – It’s all about Clearing
  24. 14 Dec 2016, ISDA SIMM™ – Swaptions IM in Excel
  25. 06 Dec 2016, ISDA SIMM™ IM Comparisons
  26. 29 Nov 2016, What is the size of the Uncleared IRS Market?
  27. 22 Nov 2016, FRTB – Excel Calculator for the Standardised Approach
  28. 15 Nov 2016, Understanding BIS Derivatives Statistics
  29. 09 Nov 2016, What is a 0x3s FRA?
  30. 02 Nov 2016, BRL NDF Market – 30% of Dealer to Dealer flow is now cleared
  31. 26 Oct 2016, Calculating MVA under ISDA SIMM™
  32. 18 Oct 2016, BIS 2016 FX Data – how much of the NDF market is Cleared?
  33. 11 Oct 2016, BIS 2016 Data and Clearing Mandates
  34. 04 Oct 2016, NDF Clearing – what is trading?
  35. 03 Oct 2016, ISDA SIMM マルチ・カレンシー・ポートフォリオ
  36. 26 Sep 2016, ISDA SIMMをExcelで計算する
  37. 20 Sep 2016, ISDA SIMM™: Multi Currency Portfolios
  38. 07 Sep 2016, ISDA SIMM Excel Calculator
  39. 30 Aug 2016, Cross Currency Swaps – how much margin will they need?
  40. 24 Aug 2016, How much Initial Margin will Uncleared Derivatives require in the first month of trading?
  41. 16 Aug 2016, Compression and SPS in MXN Swaps
  42. 09 Aug 2016, Spreads and Butterflies – what is trading?
  43. 02 Aug 2016, SDR Data via Microservices
  44. 25 Jul 2016, Liquidity Conditions in USD Swaps
  45. 19 Jul 2016, Mechanics and Definitions of Bond Futures
  46. 13 Jul 2016, Will the Bank of England cut rates?
  47. 06 Jul 2016, Mechanics and Definitions of Short Term Interest Rate Futures
  48. 01 Jul 2016, BREXIT – What is Trading?
  49. 29 Jun 2016, BREXIT – Day Four, What is Trading?
  50. 28 Jun 2016, BREXIT – Day Three, What is Trading?
  51. 27 Jun 2016, BREXIT – Day Two, What is Trading?
  52. 24 Jun 2016, BREXIT – What is Trading after the result? Day One
  53. 20 Jun 2016, Brexit: FX Option and FRA Analysis
  54. 14 Jun 2016, The CFTC’s New Clearing Mandate 2016
  55. 07 Jun 2016, Fed meetings and OIS Volumes
  56. 31 May 2016, Fewer customer trades & more compression. How does a trader make money in a market like this?
  57. 17 May 2016, FVA for Cleared Swaps
  58. 10 May 2016, What’s the average trade size in swap markets?
  59. 04 May 2016, What is Multilateral Netting – FX NDF Clearing
  60. 27 Apr 2016, What’s going on – FX NDF Trading 2016
  61. 20 Apr 2016, CME Invoice Spread Volumes – updated
  62. 13 Apr 2016, CME Compression and CCP Basis
  63. 05 Apr 2016, How to identify the CCP of trades from the SDR data
  64. 30 Mar 2016, Identifying CCP Basis Trades in the SDR
  65. 21 Mar 2016, Swaps Price Data – Painting the full Liquidity Picture
  66. 15 Mar 2016, Liquidity on the Bloomberg SEF
  67. 09 Mar 2016, BREXIT: What do the FX Option volumes tell us?
  68. 01 Mar 2016, Liquidity Variables in the Swaps Market
  69. 23 Feb 2016, Volatility and Trading Volumes in Swap Markets
  70. 17 Feb 2016, Invoice Spread Trading in the New CME Ultra-10 Year Treasury Futures Contract
  71. 09 Feb 2016, CDS – Record Volumes, Expiring Swaptions and Bloomberg
  72. 03 Feb 2016, SDR Prices, Python and plotly
  73. 25 Jan 2016, The Bank of England finds this interesting. So should you!
  74. 20 Jan 2016, Fed Pulse – A New OIS Index
  75. 15 Jan 2016, スワップのコンプレッション
  76. 05 Jan 2016, Fed Surprises in the USD OIS Data
  77. 21 Dec 2015, Fed Surprise Indicators
  78. 16 Dec 2015, Compression in Swaps
  79. 08 Dec 2015, Is that a fair price? Measuring Swap Execution
  80. 01 Dec 2015, SEF Trading on US Holidays
  81. 24 Nov 2015, A sideways look at Swap Spreads
  82. 17 Nov 2015, Is Balance Sheet contraction driving Swap Spreads negative?
  83. 11 Nov 2015, Negative Swap Spreads – Prices and Volume
  84. 09 Nov 2015, October 2015 Swaps Review – Wins for LCH, Trads & Tulletts
  85. 02 Nov 2015, Stop Losses Evident in CDX Price Action
  86. 26 Oct 2015, US Treasuries and Spreadovers – Market Comparisons
  87. 20 Oct 2015, Why trade level reporting is the only reporting that makes sense
  88. 12 Oct 2015, Performance of Block Trades on RFQ Platforms
  89. 07 Oct 2015, Identifying Customer Block Trades in the SDR Data
  90. 28 Sep 2015, AUD Cross Currency Swaps
  91. 23 Sep 2015, What’s the story behind Tradeweb block trading?
  92. 14 Sep 2015, AUD swap market: Concentration risks from the Clearing Mandate
  93. 08 Sep 2015, Is an All-to-All SEF Market about to arrive?
  94. 01 Sep 2015, August 2015 Review – What Summer lull?
  95. 28 Jul 2015, ECB QE and Eonia Swaps
  96. 21 Jul 2015, Is this the scariest chart in 2015 for Swap markets?
  97. 14 Jul 2015, Patterns in the Swaps data
  98. 08 Jul 2015, June 2015 Review – Clients start trading CME-LCH Basis
  99. 01 Jul 2015, CME-LCH Basis: Convexity in Eurodollar Futures
  100. 24 Jun 2015, Liquidity
  101. 17 Jun 2015, Technical Analysis in Swaps
  102. 09 Jun 2015, Volatility and Volumes in Europe
  103. 02 Jun 2015, May 2015 Review – CCP Basis and Increased Client Flows
  104. 26 May 2015, CME-LCH Basis – What does the Term Structure tell us?
  105. 18 May 2015, Mechanics of Asset Swaps and Government Bond Swap Spreads
  106. 11 May 2015, Mechanics and Definitions of Spreadovers (Swap Spreads)
  107. 05 May 2015, BIS and Clarus Data: The $200 trillion reconciliation
  108. 27 Apr 2015, Data Visualisation for Swaps – a Tufte Approach
  109. 21 Apr 2015, What percentage of the market is in the US SDR data?
  110. 15 Apr 2015, March 2015 Review – Bloomberg out in front
  111. 31 Mar 2015, The IMM Roll for Swaps – What is it and what are the volumes?
  112. 23 Mar 2015, Spreadovers: US Treasury Spreads in the Swaps Data
  113. 17 Mar 2015, Cross Currency Swaps: SEFs enjoy QE-fueled volume boost
  114. 10 Mar 2015, Come on, feel the noise!
  115. 03 Mar 2015, February 2015 Review – ICAP vs Bloomberg
  116. 23 Feb 2015, Swap Curve and Fly Trading: What goes in, must come out
  117. 16 Feb 2015, Swap Curve and Fly Trades: A quarter of all trades are not what they first seem
  118. 11 Feb 2015, ECB QE and EMIR Reporting. More transparency please!
  119. 03 Feb 2015, HFT in the Swaps market – it’s a good thing!
  120. 27 Jan 2015, Liquidity in USD Swaps
  121. 20 Jan 2015, FX Options and the Swiss National Bank
  122. 14 Jan 2015, Initial Margin and Swap Pricing
  123. 05 Jan 2015, December Volumes in Interest Rate Swaps
  124. 23 Dec 2014, Margin Games 2014
  125. 16 Dec 2014, Swaps Compression Continued
  126. 08 Dec 2014, Compression in USD Swaps
  127. 02 Dec 2014, USD Swaps Liquidity
  128. 25 Nov 2014, Cross Currency Swap Trends
  129. 18 Nov 2014, AUD Swap Market
  130. 04 Nov 2014, Butterflies and Spreads SEF Market Share
  131. 28 Oct 2014, NDFs and Clearing
  132. 22 Oct 2014, Market Share in the Swaps Market
  133. 16 Oct 2014, Swaps and the Flash Crash 15th October 2014
  134. 14 Oct 2014, Mechanics and Definitions of Spread and Butterfly Swap Packages
  135. 07 Oct 2014, USD Swaps: Spreads and Butterflies Part III
  136. 30 Sep 2014, USD Swaps: Spreads and Butterflies Part II
  137. 24 Sep 2014, USD Swaps: Spreads and Butterflies Part I
  138. 15 Sep 2014, USD IR Swaps Summary Statistics
  139. 09 Sep 2014, ECB Sep 2014 Meeting: EUR IRS Markets React
  140. 02 Sep 2014, ECB September Meeting – Activity versus Price Indicators
  141. 26 Aug 2014, Super Mario’s EONIA Effect
  142. 19 Aug 2014, Hawkeye and Super Slo-Mo for USD Swaps
  143. 11 Aug 2014, Sterling Work: Looking into GBP Swaps
  144. 06 Aug 2014, The Professionals: USD Swaps on Bloomberg SEF
  145. 30 Jul 2014, SONIA’S Mansion House: OIS Swaps on the Up and Up
  146. 22 Jul 2014, Portugal – Banks quibble over Ronaldo’s haircut
  147. 16 Jul 2014, The Land of Make Believe: Euribor and Eonia
  148. 09 Jul 2014, FRA Wars, Episode IV: A New Hope
  149. 01 Jul 2014, The Principals of Swap Trading
  150. 24 Jun 2014, A Voyeur’s Delight: Bond Issuance and Swaps
  151. 18 Jun 2014, ECB June Meeting – Were EUR Swaps Traders at Lunch?