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