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. 04 Dec 2019, G-SIB Scores for US Banks
  2. 26 Nov 2019, G-SIB Mechanics and Definitions
  3. 19 Nov 2019, Mechanics and Definitions of ISDA IBOR fallbacks
  4. 12 Nov 2019, SONIA Term Rates – which is best?
  5. 06 Nov 2019, What we need to do to fix MIFID II Data
  6. 22 Oct 2019, What does SOFR volatility mean for LIBOR Fallbacks?
  7. 15 Oct 2019, CAD Rates Markets and CORRA Reform
  8. 09 Oct 2019, NDF Clearing September 2019
  9. 02 Oct 2019, ISDA September 2019 Consultation on Final Parameters
  10. 25 Sep 2019, BIS Triennial Survey 2019
  11. 19 Sep 2019, SOFR Fixed at 5.25%. What happened to the volumes?
  12. 18 Sep 2019, SACCR vs CEM for FX Products
  13. 11 Sep 2019, Four Things to Understand about USD SOFR
  14. 04 Sep 2019, 5 Things That Are Making MIFID II Data Useless
  15. 04 Sep 2019, ESMA: Let’s Get Transparency Right
  16. 28 Aug 2019, SACCR vs CEM Comparisons
  17. 21 Aug 2019, USD Fed Funds and the FHLBs
  18. 30 Jul 2019, CCP Basis – The Cost of Clearing Fragmentation
  19. 09 Jul 2019, USD SOFR Volumes June 2019
  20. 02 Jul 2019, SEK STIBOR Reform
  21. 17 Jun 2019, Mechanics and Definitions of Singapore Benchmark Rates (SGD SOR and SGD SIBOR)
  22. 12 Jun 2019, LIBOR Fallbacks and Uncleared Margin Rules
  23. 04 Jun 2019, LIBOR Fallbacks Again
  24. 28 May 2019, NDF Clearing 2019
  25. 22 May 2019, Current Clearing Rates
  26. 07 May 2019, USD SOFR Volumes April 2019
  27. 30 Apr 2019, Indices are the best way to calculate compound interest
  28. 24 Apr 2019, Ameribor: The $1.5bn Index That You Need to Know About
  29. 17 Apr 2019, MIFID II Transparency Update
  30. 10 Apr 2019, NOK Rates – NIBOR and NOWA
  31. 02 Apr 2019, USD Swap Spreads Review Q1 2019
  32. 26 Mar 2019, €STR – What You Need to Know
  33. 20 Mar 2019, LIBOR Fallbacks – What will the GBP spread be?
  34. 13 Mar 2019, KCCP – Clearing is Getting Cheaper
  35. 04 Mar 2019, Is the Leverage Ratio impacting Swaps Trading?
  36. 27 Feb 2019, Compression Auctions for RFRs
  37. 20 Feb 2019, USD Swaps Market vs Futures Market Size
  38. 12 Feb 2019, What Traded On-SEF in 2018?
  39. 06 Feb 2019, What Traded Off-SEF in 2018?
  40. 24 Jan 2019, JPY Swaps – A Market Overview
  41. 16 Jan 2019, Mechanics and Definitions of Carry in Swap Markets
  42. 09 Jan 2019, ESTER Term Rates
  43. 19 Dec 2018, RFRs – CHF SARON Activity
  44. 12 Dec 2018, What is Left Uncleared in 2018?
  45. 04 Dec 2018, LIBOR Basis Swaps
  46. 27 Nov 2018, RFRs – ISDA announce LIBOR fallback methodology
  47. 20 Nov 2018, RFRs – OIS trades are getting longer!
  48. 07 Nov 2018, SA-CCR for US Banks
  49. 31 Oct 2018, SOFR Swaps – Block Trades and Fannie Mae Issuance
  50. 23 Oct 2018, CLARUS01 Risk Free Rates
  51. 17 Oct 2018, Scandie Swaps
  52. 02 Oct 2018, Cross Currency Basis and Turn of the Year
  53. 18 Sep 2018, ESTER – What You Need To Know
  54. 04 Sep 2018, Mechanics of FRA Risks
  55. 29 Aug 2018, SONIA Term Rates
  56. 22 Aug 2018, LIBOR OIS August 2018 Update
  57. 14 Aug 2018, USD Spreadovers and SEF Market Share
  58. 01 Aug 2018, How much of the swaps market is traded as an OIS?
  59. 25 Jul 2018, LIBOR Fallbacks
  60. 17 Jul 2018, SOFR Swaps Are Trading!
  61. 09 Jul 2018, How Much Data Do We Have?
  62. 05 Jul 2018, FRTB – Basic Approach for CVA
  63. 26 Jun 2018, Benchmark Reform – An EONIA replacement is coming very soon!
  64. 19 Jun 2018, FRTB in Excel
  65. 13 Jun 2018, Settle To Market – What You Need To Know about STM
  66. 05 Jun 2018, FICC Markets Standards
  67. 29 May 2018, MIFID II Data – It’s Finally Good News!
  68. 29 May 2018, Current Exposure Methodology – What You Need To Know
  69. 22 May 2018, NDF Volume Data
  70. 16 May 2018, SOFR – What you need to know
  71. 09 May 2018, Swaps Regulations Are Changing – Part Two, Capital and CCPs
  72. 02 May 2018, Swaps Regulations Are Changing – Part One, SEFs
  73. 25 Apr 2018, OIS Volumes – What is the Trend?
  74. 18 Apr 2018, USD Libor is changing!
  75. 09 Apr 2018, Cross Currency Swaps and Libor-OIS
  76. 04 Apr 2018, LIBOR OIS – March 2018 Update
  77. 27 Mar 2018, MIFID II Data – APA Market Share
  78. 21 Mar 2018, SONIA Market March 2018
  79. 20 Mar 2018, Libor OIS – What is Going On?
  80. 14 Mar 2018, NDF Clearing February 2018
  81. 06 Mar 2018, MIFID II Data – Bond Trading
  82. 27 Feb 2018, All time record volumes in Cross Currency Swaps
  83. 14 Feb 2018, Clarus Daily Briefing
  84. 06 Feb 2018, Tradeweb and Bloomberg MTF Market Share
  85. 31 Jan 2018, Tradeweb APA Data and the Trading Obligation
  86. 24 Jan 2018, Tradeweb MIFID Data – Interest Rate Swaps
  87. 17 Jan 2018, MIFID II Data – Bonds on Bloomberg
  88. 15 Jan 2018, MIFID II Data – $4trn in Compression
  89. 10 Jan 2018, Bloomberg MTF Data – Week One
  90. 04 Jan 2018, MIFID II Data Day Two
  91. 03 Jan 2018, MIFID II Live Blog – The Data
  92. 19 Dec 2017, FSB Survey on Derivatives
  93. 12 Dec 2017, G10 FX NDF Clearing
  94. 05 Dec 2017, LIBOR Reform – Latest Developments
  95. 28 Nov 2017, What is going on in Uncleared Derivative Markets?
  96. 21 Nov 2017, We found the CHF SARON Swaps!
  97. 15 Nov 2017, FX Clearing – the $750bn market that keeps growing
  98. 08 Nov 2017, CHF SARON – What is Going On?
  99. 08 Nov 2017, Bank Ring Fencing – What You Need to Know
  100. 31 Oct 2017, Initial Margin, Compression Volumes and why the time to Optimise is now
  101. 30 Oct 2017, Cross Currency Swap Volumes
  102. 10 Oct 2017, MIFID II – ESMA Finalises the Trading Obligation
  103. 03 Oct 2017, AUD Swap Markets in August 2017
  104. 26 Sep 2017, Libor Reform – What You Need to Know
  105. 20 Sep 2017, Introducing Our Daily Briefing, Direct to your inbox
  106. 12 Sep 2017, ISDA SIMM 2.0 – What You Need to Know
  107. 05 Sep 2017, VM Big Bang – Impact on FX Markets
  108. 30 Aug 2017, MIFID II Transparency will leave us in the dark
  109. 22 Aug 2017, Curve Trading in USD Swaps
  110. 16 Aug 2017, MAC Swap Trading
  111. 16 Aug 2017, Our Response to the ESMA Trading Obligation Consultation
  112. 09 Aug 2017, Array Formulas in Excel
  113. 01 Aug 2017, CCP Disclosures: How much does it cost to run a trading business?
  114. 25 Jul 2017, MIFID II: What Should Transparency Look Like?
  115. 18 Jul 2017, ISDA SIMM For Excel
  116. 12 Jul 2017, MIFID II Transitional Transparency
  117. 05 Jul 2017, GBP Swaps for Dummies
  118. 28 Jun 2017, MIFID II: ESMA Trading Obligation
  119. 20 Jun 2017, NDF Clearing Update
  120. 07 Jun 2017, Clearing Mandates 2017
  121. 31 May 2017, BREXIT: Moving Euro clearing conflicts with G20 Market Reforms
  122. 24 May 2017, CAD Swaps – What Does the Data Show?
  123. 16 May 2017, SONIA Reform – What is Going On?
  124. 09 May 2017, Euribor Reform – What Is Going On?
  125. 03 May 2017, How Big Is The Asset Swap Market?
  126. 18 Apr 2017, Mechanics of Cross Currency Swaps
  127. 05 Apr 2017, ISDA SIMM™ in Excel – Cross Currency Swaps
  128. 29 Mar 2017, The Unintended Consequences of Uncleared Margin Rules
  129. 22 Mar 2017, Fed Rate Hikes Are Reducing The Average Life Of USD Swaps
  130. 13 Mar 2017, SA-CCR – Explaining the Calculations
  131. 07 Mar 2017, NDF Trading After 1st March
  132. 01 Mar 2017, ISDA SIMM™ in Excel – Equity Options
  133. 22 Feb 2017, ISDA SIMM™ in Excel – Equity Derivatives
  134. 14 Feb 2017, FRTB Curvature Risk Charge
  135. 07 Feb 2017, FRTB Vega Risk Charge
  136. 31 Jan 2017, ISDA SIMM™: Concentration Thresholds
  137. 25 Jan 2017, The Average Maturity of Swaps Is Increasing
  138. 18 Jan 2017, VM Big Bang – Analysing CSA Amendments
  139. 11 Jan 2017, What percentage of client trades are cleared?
  140. 03 Jan 2017, Spreadovers
  141. 21 Dec 2016, NDF Volumes – It’s all about Clearing
  142. 14 Dec 2016, ISDA SIMM™ – Swaptions IM in Excel
  143. 06 Dec 2016, ISDA SIMM™ IM Comparisons
  144. 29 Nov 2016, What is the size of the Uncleared IRS Market?
  145. 22 Nov 2016, FRTB – Excel Calculator for the Standardised Approach
  146. 15 Nov 2016, Understanding BIS Derivatives Statistics
  147. 09 Nov 2016, What is a 0x3s FRA?
  148. 02 Nov 2016, BRL NDF Market – 30% of Dealer to Dealer flow is now cleared
  149. 26 Oct 2016, Calculating MVA under ISDA SIMM™
  150. 18 Oct 2016, BIS 2016 FX Data – how much of the NDF market is Cleared?
  151. 11 Oct 2016, BIS 2016 Data and Clearing Mandates
  152. 04 Oct 2016, NDF Clearing – what is trading?
  153. 03 Oct 2016, ISDA SIMM マルチ・カレンシー・ポートフォリオ
  154. 26 Sep 2016, ISDA SIMMをExcelで計算する
  155. 20 Sep 2016, ISDA SIMM™: Multi Currency Portfolios
  156. 07 Sep 2016, ISDA SIMM Excel Calculator
  157. 30 Aug 2016, Cross Currency Swaps – how much margin will they need?
  158. 24 Aug 2016, How much Initial Margin will Uncleared Derivatives require in the first month of trading?
  159. 16 Aug 2016, Compression and SPS in MXN Swaps
  160. 09 Aug 2016, Spreads and Butterflies – what is trading?
  161. 02 Aug 2016, SDR Data via Microservices
  162. 25 Jul 2016, Liquidity Conditions in USD Swaps
  163. 19 Jul 2016, Mechanics and Definitions of Bond Futures
  164. 13 Jul 2016, Will the Bank of England cut rates?
  165. 06 Jul 2016, Mechanics and Definitions of Short Term Interest Rate Futures
  166. 01 Jul 2016, BREXIT – What is Trading?
  167. 20 Jun 2016, Brexit: FX Option and FRA Analysis
  168. 14 Jun 2016, The CFTC’s New Clearing Mandate 2016
  169. 07 Jun 2016, Fed meetings and OIS Volumes
  170. 31 May 2016, Fewer customer trades & more compression. How does a trader make money in a market like this?
  171. 17 May 2016, FVA for Cleared Swaps
  172. 10 May 2016, What’s the average trade size in swap markets?
  173. 04 May 2016, What is Multilateral Netting – FX NDF Clearing
  174. 27 Apr 2016, What’s going on – FX NDF Trading 2016
  175. 20 Apr 2016, CME Invoice Spread Volumes – updated
  176. 13 Apr 2016, CME Compression and CCP Basis
  177. 05 Apr 2016, How to identify the CCP of trades from the SDR data
  178. 30 Mar 2016, Identifying CCP Basis Trades in the SDR
  179. 21 Mar 2016, Swaps Price Data – Painting the full Liquidity Picture
  180. 15 Mar 2016, Liquidity on the Bloomberg SEF
  181. 09 Mar 2016, BREXIT: What do the FX Option volumes tell us?
  182. 01 Mar 2016, Liquidity Variables in the Swaps Market
  183. 23 Feb 2016, Volatility and Trading Volumes in Swap Markets
  184. 17 Feb 2016, Invoice Spread Trading in the New CME Ultra-10 Year Treasury Futures Contract
  185. 09 Feb 2016, CDS – Record Volumes, Expiring Swaptions and Bloomberg
  186. 03 Feb 2016, SDR Prices, Python and plotly
  187. 25 Jan 2016, The Bank of England finds this interesting. So should you!
  188. 20 Jan 2016, Fed Pulse – A New OIS Index
  189. 15 Jan 2016, スワップのコンプレッション
  190. 05 Jan 2016, Fed Surprises in the USD OIS Data
  191. 21 Dec 2015, Fed Surprise Indicators
  192. 16 Dec 2015, Compression in Swaps
  193. 08 Dec 2015, Is that a fair price? Measuring Swap Execution
  194. 01 Dec 2015, SEF Trading on US Holidays
  195. 24 Nov 2015, A sideways look at Swap Spreads
  196. 17 Nov 2015, Is Balance Sheet contraction driving Swap Spreads negative?
  197. 11 Nov 2015, Negative Swap Spreads – Prices and Volume
  198. 09 Nov 2015, October 2015 Swaps Review – Wins for LCH, Trads & Tulletts
  199. 02 Nov 2015, Stop Losses Evident in CDX Price Action
  200. 26 Oct 2015, US Treasuries and Spreadovers – Market Comparisons
  201. 20 Oct 2015, Why trade level reporting is the only reporting that makes sense
  202. 12 Oct 2015, Performance of Block Trades on RFQ Platforms
  203. 07 Oct 2015, Identifying Customer Block Trades in the SDR Data
  204. 28 Sep 2015, AUD Cross Currency Swaps
  205. 23 Sep 2015, What’s the story behind Tradeweb block trading?
  206. 14 Sep 2015, AUD swap market: Concentration risks from the Clearing Mandate
  207. 08 Sep 2015, Is an All-to-All SEF Market about to arrive?
  208. 01 Sep 2015, August 2015 Review – What Summer lull?
  209. 28 Jul 2015, ECB QE and Eonia Swaps
  210. 21 Jul 2015, Is this the scariest chart in 2015 for Swap markets?
  211. 14 Jul 2015, Patterns in the Swaps data
  212. 08 Jul 2015, June 2015 Review – Clients start trading CME-LCH Basis
  213. 01 Jul 2015, CME-LCH Basis: Convexity in Eurodollar Futures
  214. 24 Jun 2015, Liquidity
  215. 17 Jun 2015, Technical Analysis in Swaps
  216. 09 Jun 2015, Volatility and Volumes in Europe
  217. 02 Jun 2015, May 2015 Review – CCP Basis and Increased Client Flows
  218. 26 May 2015, CME-LCH Basis – What does the Term Structure tell us?
  219. 18 May 2015, Mechanics of Asset Swaps and Government Bond Swap Spreads
  220. 11 May 2015, Mechanics and Definitions of Spreadovers (Swap Spreads)
  221. 05 May 2015, BIS and Clarus Data: The $200 trillion reconciliation
  222. 27 Apr 2015, Data Visualisation for Swaps – a Tufte Approach
  223. 21 Apr 2015, What percentage of the market is in the US SDR data?
  224. 15 Apr 2015, March 2015 Review – Bloomberg out in front
  225. 31 Mar 2015, The IMM Roll for Swaps – What is it and what are the volumes?
  226. 23 Mar 2015, Spreadovers: US Treasury Spreads in the Swaps Data
  227. 17 Mar 2015, Cross Currency Swaps: SEFs enjoy QE-fueled volume boost
  228. 10 Mar 2015, Come on, feel the noise!
  229. 03 Mar 2015, February 2015 Review – ICAP vs Bloomberg
  230. 23 Feb 2015, Swap Curve and Fly Trading: What goes in, must come out
  231. 16 Feb 2015, Swap Curve and Fly Trades: A quarter of all trades are not what they first seem
  232. 11 Feb 2015, ECB QE and EMIR Reporting. More transparency please!
  233. 03 Feb 2015, HFT in the Swaps market – it’s a good thing!
  234. 27 Jan 2015, Liquidity in USD Swaps
  235. 20 Jan 2015, FX Options and the Swiss National Bank
  236. 14 Jan 2015, Initial Margin and Swap Pricing
  237. 05 Jan 2015, December Volumes in Interest Rate Swaps
  238. 23 Dec 2014, Margin Games 2014
  239. 16 Dec 2014, Swaps Compression Continued
  240. 08 Dec 2014, Compression in USD Swaps
  241. 02 Dec 2014, USD Swaps Liquidity
  242. 25 Nov 2014, Cross Currency Swap Trends
  243. 18 Nov 2014, AUD Swap Market
  244. 04 Nov 2014, Butterflies and Spreads SEF Market Share
  245. 28 Oct 2014, NDFs and Clearing
  246. 22 Oct 2014, Market Share in the Swaps Market
  247. 16 Oct 2014, Swaps and the Flash Crash 15th October 2014
  248. 14 Oct 2014, Mechanics and Definitions of Spread and Butterfly Swap Packages
  249. 07 Oct 2014, USD Swaps: Spreads and Butterflies Part III
  250. 30 Sep 2014, USD Swaps: Spreads and Butterflies Part II
  251. 24 Sep 2014, USD Swaps: Spreads and Butterflies Part I
  252. 15 Sep 2014, USD IR Swaps Summary Statistics
  253. 09 Sep 2014, ECB Sep 2014 Meeting: EUR IRS Markets React
  254. 02 Sep 2014, ECB September Meeting – Activity versus Price Indicators
  255. 26 Aug 2014, Super Mario’s EONIA Effect
  256. 19 Aug 2014, Hawkeye and Super Slo-Mo for USD Swaps
  257. 11 Aug 2014, Sterling Work: Looking into GBP Swaps
  258. 06 Aug 2014, The Professionals: USD Swaps on Bloomberg SEF
  259. 30 Jul 2014, SONIA’S Mansion House: OIS Swaps on the Up and Up
  260. 22 Jul 2014, Portugal – Banks quibble over Ronaldo’s haircut
  261. 16 Jul 2014, The Land of Make Believe: Euribor and Eonia
  262. 09 Jul 2014, FRA Wars, Episode IV: A New Hope
  263. 01 Jul 2014, The Principals of Swap Trading
  264. 24 Jun 2014, A Voyeur’s Delight: Bond Issuance and Swaps
  265. 18 Jun 2014, ECB June Meeting – Were EUR Swaps Traders at Lunch?