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